Fuelcell Energy, Inc. · NASDAQ:FCEL
Fuelcell Energy — Corporate Update (April 2020)
22 slides from Fuelcell Energy's corporate update, Apr 7, 2020
Slide 1: Company Update April 2020
Company Update April 2020 Exhibit 99.1
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements with respect to the Company’s anticipated financial results and statements r
Slide 3: Purpose Statement
Purpose Statement Enable the world to live a life empowered by clean energy
Slide 4: A Global Leader in Fuel Cell Technology Operating Since 1969
A Global Leader in Fuel Cell Technology Operating Since 1969 Demand for Clean, Reliable Electricity Driving Adoption of Fuel Cell Technology As of the quarter ended January 31, 2020 unless otherwise noted GLOBAL CUSTOMERS COMPANY OVERVIEW FuelCell Energy delivers clean and affordable fuel cell solut
Slide 5: Fuel cells cleanly and efficiently convert chemical energy into electrical power
Fuel cells cleanly and efficiently convert chemical energy from hydrogen-rich fuels into electrical power and high quality heat via an electrochemical process The process is highly efficient and emits water rather than pollutants as there is no burning of fuel Similar to a battery, a fuel cell is co
Slide 6: In House Fuel Cell Manufacturing Expertise
In House Fuel Cell Manufacturing Expertise FuelCell Energy utilizes proprietary designs and processes, along with state-of-the-art manufacturing equipment, to produce the fuel cell components that are the heart of the Company’s SureSource systems 400 components are used to build one 350 kW fuel cell
Slide 7: Global Track Record
Utility-owned, rate-based Enhance resiliency 2.8 MW fuel cell on ¼ acre - ~23,000 MWh annually 2.2 MW solar on ~9 acres - ~3,000 MWh annually Power sold to grid Enhance resiliency Brownfield revitalization 15 MW on 1 ½ acres Only 12 mo. Installation Owned by FuelCell 5.6 MW with steam for company ca
Slide 8: Long-term Macro Trends Supporting Clean Energy
Long-term Macro Trends Supporting Clean Energy Well Positioned to Meet Growing Demand Source: Guardian Sierra Club Sustainable Clean Energy Renewable energy exceeded coal for the first time by providing 23% of U.S. power generation, compared to coal’s 20% share(1) in April 2019 FuelCell Energy expec
Slide 9: Recent Developments
Recent Developments Recent Strategic Actions Position FuelCell Energy for Long-term Success Tony Leo appointed CTO and Mike Lisowski appointed COO June Jason Few appointed CEO Fully implemented business restructuring initiatives to realize annualized operating savings of approximately $15 million Au
Slide 10: First Quarter of Fiscal 2020 Highlights
First Quarter of Fiscal 2020 Highlights Significantly Improved Financial Performance 9% decline in revenues to $16.3 million in the first quarter of fiscal 2020 versus $17.8 million in the first quarter of fiscal 2019 249% improvement in gross profit, with gross margin improving to 20.2% versus (12.
Slide 11: First Quarter of Fiscal 2020 Financial Performance
First Quarter of Fiscal 2020 Financial Performance Improved Financial Performance Resulting from Business Transformation Efforts Refer to GAAP reconciliation in appendix Backlog ($B) Net Loss, Loss from Operations and Adjusted EBITDA ($M) Adjusted EBITDA improved to $(0.2) million from $(12.1) milli
Slide 12: Current On-Balance Sheet Generation Portfolio and Backlog Provide Pathway to Profitability
Current On-Balance Sheet Generation Portfolio and Backlog Provide Pathway to Profitability Power Purchase Agreements Forecasted annual contracted revenue Execution rates of project backlog are subject to a number of underlying assumptions that may not be realized. There can be no assurances that we
Slide 13: Operating Portfolio and Project Backlog Overview
FuelCell Energy Operating Portfolio and Project Backlog Overview Operating Portfolio as of January 31, 2020 Projects in Process as of January 31, 2020 Refers to FCEL fiscal quarter
Slide 14: Long-Term Targets and Goals
Long-Term Targets and Goals Strengthened Financial Position Will Enable Profitable Growth FY 2022 Targets Grow Generation Portfolio(1) 100% Revenue Growth(1) Double-digit CAGR Adjusted EBITDA Deliver Positive Adjusted EBITDA Keys to Business Plan Achievement: Execution on project backlog Winning new
Slide 15: Key Company Highlights
Key Company Highlights Strengthened balance sheet with funding secured to deliver long-term projects to generate recurring revenue 1 New leadership committed to project execution, achieving financial milestones and operational efficiencies 2 On a three-year path of execution to Transform, Strengthen
Slide 16: Appendix
Appendix Mi
Slide 17: Capitalization Summary as of January 31, 2020
Capitalization Summary as of January 31, 2020 As of March 11, 2020 Future required payments totaled $16.3 million as of January 31, 2020. The outstanding financing obligation under the sale-leaseback transactions includes an embedded gain, which will be recognized at the end of each respective lease
Slide 18: Market Opportunity – Generation, Equipment Sales & Service
FuelCell Energy Market Opportunity – Generation, Equipment Sales & Service Significant Potential to Expand Market Adoption Baseload is the largest segment of the U.S. electricity market U.S. Electricity Generation 4,076,675,000 Megawatt hours (MWh) U.S. Electricity Baseload: 77% 3,139,039,750 MWh Al
Slide 19: Introduction to Carbon Capture Technology
Introduction to Carbon Capture Technology Disruptive Carbon Capture Technology Opening New Markets FuelCell Energy has a joint development agreement with ExxonMobil Research and Engineering to develop, and commercialize a carbon capture system which utilize the Company’s carbonate fuel cell technolo
Slide 20: Distributed Hydrogen Technology & Toyota Project
Distributed Hydrogen Technology & Toyota Project The SureSource Hydrogen fuel cell power plant is configured to produce additional hydrogen beyond what is needed for power production; generating a stream of hydrogen suitable for industrial or transportation applications This application helps to add
Slide 21: Relaunched Effort in Europe Including Sub-Megawatt Solutions
Relaunched Effort in Europe Including Sub-Megawatt Solutions International Growth Opportunities Are Expanding, Including Large Sub-MW Applications Increasing European Distributed Power Generation Demand European SureSource solutions in Europe include megawatt scale, as well as sub-megawatt plants in
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Other income, net includes gains and losses from transactions denominated in foreign currencies, changes in fair value of embedded derivatives, and other items incurred periodically, which are not the result of the Company’s normal business operations. The Company rec