Fuelcell Energy, Inc. · NASDAQ:FCEL
Fuelcell Energy — Q3 2021 Earnings Presentation
21 slides from Fuelcell Energy's earnings presentation, Sep 14, 2021
Slide 1: Third Quarter of Fiscal 2021 Financial Results & Strategy Update
Third Quarter of Fiscal 2021 Financial Results & Strategy Update September 14, 2021 FuelCell Energy Q3 2021 Investor Presentation
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 regarding future events or our future financial performance that involve certain contingencies and uncertainties, inclu
Slide 3: FuelCell Energy: A Global Leader in Fuel Cell Technology – Operating Since 1969
FuelCell Energy: A Global Leader in Fuel Cell Technology – Operating Since 1969 COMPANY OVERVIEW TOTAL FY 2020 REVENUE GLOBAL CUSTOMERS • Deliver clean and affordable fuel cell BREAKDOWN: $70.9M2 solutions for the supply, recovery and storage of energy • SureSource fuel cell systems provide 36% cont
Slide 4: Purpose Statement: Enable The World To Live A Life Empowered By Clean Energy
Purpose Statement Enable The World To Live A Life Empowered By Clean Energy Distributed Baseload – Energy Storage – Carbon Capture FuelCell Energy Q3 2021 Investor Presentation 4
Slide 5: Today's Messages
Today’s Messages Executing against project backlog 1 ✓ Commercial operations have begun at the 1.4MW Biogas project in San Bernardino, CA ✓ Commissioning at the 7.4MW U.S. Navy base project in Groton, CT delayed • Mechanical issue impacted our prior commissioning schedule, goal to complete commissio
Slide 6: Positioned to Serve the Evolving Energy Grid with Current & In-Development Platforms
Positioned to Serve the Evolving Energy Grid with Current & In-Development Platforms A growing source of clean, reliable power for microgrid, Carbon Capture, electrolysis and Hydrogen Energy Storage GENERATION TRANSMISSION DISTRIBUTION END USERS Combined Heat / • Long-Duration Cooling and Power Stor
Slide 7: Q3 2021 Financial Performance
Q3 2021 Financial Performance FuelCell Energy Q3 2021 Investor Presentation
Slide 8: Third Quarter of Fiscal 2021 Highlights
Third Quarter of Fiscal 2021 Highlights Winter 2020 Revenues increased to $26.8M compared to $18.7M for Q3 2020 FuelCell Project with CMEEC SureSourceTM 7.4 MW Location: U.S. Navy Subbase | Groton, CT • Service agreements and license revenues increased 102% to $14.3M from $7.1M, reflecting increased
Slide 9: Third Quarter of Fiscal 2021 Financial Performance and Backlog
Third Quarter of Fiscal 2021 Financial Performance and Backlog Net Loss to Common Stockholders, Net Loss, Backlog as of July 31st ($B) Loss from Operations and Adjusted EBITDA1 ($M) Q3 2021 $1.328 $1.299 Q3 2020 $0.052 $0.040 $(5.6) $(5.2) $1.100 $1.109 $(10.8) $(10.6) $(12.8) $(12.0) $(16.1) $(15.3
Slide 10: Cash, Liquidity and Project Assets
Cash, Liquidity and Project Assets Strong Liquidity Total cash, restricted cash and equivalents of $494.0M1 Cash and Equivalents ($M) Project Assets2 ($M) • Unrestricted cash and cash equivalents of $468.6M1, an $238.3 increase of $402.3M compared to July 31, 2020 $494.0 $190.6 • The increase in cas
Slide 11: Investing for Growth
Investing for Growth Generation Portfolio Expansion Manufacturing Capability Expanding manufacturing capability for our carbonate (Distributed Executing against project backlog to Generation, Distributed Hydrogen & increase output from our generation Carbon Separation/Carbon Capture) portfolio and s
Slide 12: Investing in Talent; Refreshing the Board
Investing in Talent Continuing to Refresh, Diversify and Add Advancing Human Capital New Capabilities to Our Board Management to Enable Our Next Phase of Growth • New appointments expand the Board to seven directors, six of whom are independent New Members of the Leadership Team: • Corporate Governa
Slide 13: Powerhouse Business Strategy: Well Positioned for LT Growth and Value Creation
Powerhouse Business Strategy: Well Positioned for LT Growth and Value Creation Grow Strengthen Penetrate Significant Market Opportunities Transform Where We Can Win Drive Operational Excellence Build a Durable Financial Foundation • Optimization of core business: Capitalizing on our and Enhance Fina
Slide 14: Long Term Targets and Goals
Long Term Targets and Goals KEYS TO BUSINESS PLAN ACHIEVEMENT FY 2022 TARGETS • Execution on project backlog & achieving key milestones • Winning new business around the world Grow Generation Portfolio1 100% • Continued cost control & efficient capital deployment Revenue Growth1 Double-digit CAGR •
Slide 15: Key Investment Highlights
Key Investment Highlights Strengthened balance sheet with liquidity to complete project backlog, accelerate commercialization of new technologies and 1 invest in capacity expansion for solid oxide and carbonate fuel cell manufacturing Leadership committed to project execution, achieving financial 2
Slide 16: Q&A
Q&A Fuel Cell Project: SureSourceTM 7.4 MW FuelCell Energy Q3 2021 Investor Presentation Yaphank, NY
Slide 17: Appendix
Appendix Fuel Cell Project: SureSourceTM 7.4 MW FuelCell Energy Q3 2021 Investor Presentation Yaphank, NY
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 1) Includes depreciation and amortization on our Generation portfolio of $3.3 million and $11.2 million for the three and nine months ended July 31, 2021, respectively, and $3.4 million and $9.9 million for the three and nine months ended July 31, 2020, respectively.
Slide 19: FuelCell Energy Operating Portfolio and Project Backlog Overview
FuelCell Energy Operating Portfolio and Project Backlog Overview Operating Generation Portfolio as of July 31, 2021 RATED CAPACITY ACTUAL COMMERCIAL PPA TERM PROJECT NAME POWER OFF-TAKER LOCATION (MW) OPERATION DATE (1) (YEARS) Central CT State University ("CCSU") CCSU (CT University) New Britian, C
Slide 20: Building on Multi-Featured Current Technology Strengths with Next-Gen Technologies
Building on Multi-Featured Current Technology Strengths with Next-Gen Technologies DISTRIBUTED GENERATION DISTRIBUTED HYDROGEN & HYDROGEN & ENERGY STORAGE CARBON CAPTURE CARBON SEPARATION* INDUSTRY APPLICATION • Enabling microgrid power • Building hydrogen distribution • Working to advance FuelCell
Slide 21: Positioned to Deliver Value At Every Step In The Hydrogen Value Chain
Positioned to Deliver Value At Every Step In The Hydrogen Value Chain Providing Flexible Hydrogen Solutions Applications capable of utilizing 3 Platforms Capable of for the Global Energy Transformation FuelCell Energy technology Delivering Hydrogen • Carbonate - Tri-Gen • Carbonate - REP & H • SOFC