Fuelcell Energy, Inc. · NASDAQ:FCEL
Fuelcell Energy — Q1 2022 Earnings Presentation
18 slides from Fuelcell Energy's earnings presentation, Mar 10, 2022
Slide 1: First Quarter 2022 Financial Results & Business Update
First Quarter 2022 Financial Results & Business Update March 10, 2022
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 FUELCELL ENERGY IS: TOTAL FY 2021 REVENUE A global leader in decarbonizing power and producing hydrogen through our proprietary fuel cell technology BREAKDOWN: $69.6M2 Working to: 37% • Produce low- to zero-carbon power
Slide 4: Enable the world to be empowered by clean energy
Purpose Statement Our purpose: Enable the world to be empowered by clean energy DECARBONIZE POWER — PRODUCE HYDROGEN © 2022 FuelCell Energy 4
Slide 5: Key Messages
Key Messages 1 Advancing strategic agenda to achieve long-term goals • Achieved commercial operation of our 7.4MW Utility Scale project in Yaphank, NY; added to the generation asset portfolio • Expect to restart commissioning of the 7.4MW U.S. Navy base project in Groton, CT upon the completion of r
Slide 6: Q1 2022 Financial Performance
Q1 2022 Financial Performance © 2022 FuelCell Energy 6
Slide 7: First Quarter of Fiscal 2021 Highlights
First Quarter of Fiscal 2021 Highlights • Revenues increased approximately 114% to $31.8M, primarily driven by $18.0M in product revenues from module sales to a subsidiary of POSCO Energy in South Korea • Loss from operations increased to $(44.8)M compared to $(14.4)M, primarily reflecting the impac
Slide 8: First Quarter of Fiscal 2022 Financial Performance and Backlog
First Quarter of Fiscal 2022 Financial Performance and Backlog NET LOSS TO COMMON STOCKHOLDERS, NET LOSS, LOSS BACKLOG AS OF JANUARY 31 ($B) FROM OPERATIONS AND ADJUSTED EBITDA1 ($M) $1.270 $1.307 $0.060 Q1 2021 Q1 2022 $0.044 $0.032 $(7.4) $(14.4) $(13.6) $1.062 $1.092 $(41.4) $(46.8) $(46.0) $(46.
Slide 9: Cash, Liquidity and Project Assets
Cash, Liquidity and Project Assets STRONG LIQUIDITY Total cash, restricted cash and equivalents of $405.4M1 CASH AND EQUIVALENTS ($M) PROJECT ASSETS2 ($M) • Unrestricted cash and cash equivalents of $377.0M1, a decrease of $55.2M (or ~13%) compared to October 31, 2021 $460.2 • The decrease in cash i
Slide 10: Q1 2022 Business & Operational Updates
Q1 2022 Business & Operational Updates © 2022 FuelCell Energy 10
Slide 11: Powerhouse Business Strategy Evolving to Next Phase
Powerhouse Business Strategy Evolving to Next Phase • Optimize the core business GROW Penetrate Significant Market Opportunities • Drive commercial excellence • Expand geographically and by market SCALE • Invest Scale Our Existing Platform • Extend process leadership to Support Growth • Broaden & de
Slide 12: Company Rebranding
Company Rebranding THREE DESIGN POINTS DEFINE THE NEW IDENTITY: Evolving the FuelCell 1 It represents the journey we are helping our customers take to carbon zero Energy brand is The design’s use of gradients signals the journey our customers are taking to carbon intended to be a signal zero. Additi
Slide 13: Yaphank Update
Yaphank Update • 7.4 MW SureSource™ fuel cell project located in Yaphank, Long Island, in New York • Fully operational as of January 2022 • Enables electrical resiliency to deliver clean base load power to central Long Island, while reducing above ground risk associated with long distance high volta
Slide 14: Commitment to Sustainability and 2022 Investor Day
Commitment to Sustainability and 2022 Investor Day SUSTAINABILITY REPORT ISSUED IN FEBRUARY 2022 “As a clean technology energy company, we are not just focused on advancing our business’ footprint; but we are also a corporate citizen wholly committed to protecting the environment and attaining net z
Slide 15: Q&A
Q&A QD FuelCell Energy © 2022 FuelCell Energy 15
Slide 16: Appendix
Appendix © 2022 FuelCell Energy 16
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss. (1) Includes depreciation and amortization on our Generation portfolio of $3.6 million and $4.4 million for the three months ended
Slide 18: FuelCell Energy Operating Portfolio and Project Backlog Overview
FuelCell Energy Operating Portfolio and Project Backlog Overview Generation Operating Portfolio as of January 31, 2022 RATED CAPACITY ACTUAL COMMERCIAL PPA TERM PROJECT NAME POWER OFF-TAKER LOCATION (MW) OPERATION DATE (YEARS) Central CT State University ("CCSU") CCSU (CT University) New Britian, CT