Slide 1: Third Quarter 2024 Financial Results & Business Update
Third Quarter 2024 Financial Results & Business Update 5 September 2024
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 Snapshot
FuelCell Energy Snapshot Enable a world empowered by clean energy Who we are What we do A global leader in electrochemical technology 1,2 U.S. patents Patents in other 163 covering our fuel cell technology 368 jurisdictions covering our fuel cell technology 43 U.S. patents pending 124 Patents pendin
Slide 4: Key Messages
Key Messages Expanded backlog to $1.2B , including ~$160M GGE 1 contract that includes: • Sale of 42 fuel cell modules to GGE for use at theHwaseong 14 MW Derby, CT, the second largest fuel cell Baran Industrial Complex installation in N. America. • Seven-year service contract Continued operational
Slide 5: Operational Update
Operational Update © 2024 FuelCell Energy 5
Slide 6: Korean Market
Korean Market FuelCellEnergy is a trusted partner to the Korean clean energy market Noeul Green Energy (NGE) • Long-term service agreement with NGE • Agreement covers replacement of 16 modules and provides operations of the power plant over the next 14 years will be overseen by FuelCell Energy • NGE
Slide 7: Manufacturing Capabilities: Carbon Recovery
Manufacturing Capabilities: Carbon Recovery Deploying fuel cells can provide significant Carbon recovery customer tasting and benefits to food and beverage operations validation unit under construction • Important step to enable the sampling of CO2 by potential food and beverage customers • On site
Slide 8: Manufacturing Capabilities: First Carbon Capture Module
Manufacturing Capabilities: First Carbon Capture Module First full-scale commercial unit for carbon capture Gen2 design constructed: First article 60 0 kW carbon capture module on test at FuelCell Energy’s Headquarters in Danbury, CT • 60 0 kW modular unit design • Modular design allows scalability
Slide 9: Q3 2024 Financial Performance
Q3 2024 Financial Performance © 2024 FuelCell Energy 9
Slide 10: Q3 Fiscal 2024 Financial Performance
Q3 Fiscal 2024 Financial Performance Q3 2024 Q3 2023 Total revenue $23.7M $25.5M 2 Net loss $(35.1)M $(23.6)M Net loss per share attributable to 2 common stockholders $(0.07) $(0.06) Adjusted EBITDA1 $(20.1)M $(31.6)M Total cash and short-term investment position (includes restricted cash and cash e
Slide 11: Q3 Fiscal 2024 Financial Performance and Backlog
Q3 Fiscal 20 24 Financial Performance and Backlog Gross Loss and Operating Expenses ($M) Revenue Breakdown ($M) Q3 20 23 Q3 20 24 Q3 20 24 Total Revenue: $23.7 million $0 .3 $(6.2) $(8 .2) 1% $8 .6 $1.4 36% 6% $(27.4) $(33.2) Gross Loss 3Q23 Operating Expenses 3Q24 Backlog ($B) 57% $1.20 $1.06 $0.13
Slide 12: Cash and Liquidity
Cash and Liquidity Liquidity to fund projects in development and commercialization activities Our liquidity position has enabled us to execute on our Cash and Equivalents & Short- strategic initiatives through investment in manufacturing and Term Treasury Securities ($M) R&D Year-over-Year Sequentia
Slide 13: Thank You
Thank You © 2024 FuelCell Energy 13
Slide 14: Appendix
Appendix © 2024 FuelCell Energy 14
Slide 15: Powerhouse Business Strategy
Powerhouse Business Strategy We are in a dynamic period of transition, investing across our business with a goal of supporting future long-term, profitable growth GROW Significant Market Opportunities • Optimize the core business • Drive commercial excellence including building our sales pipeline •
Slide 16: 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 Three Months Ended July 31, Nine Months Ended July 31, (Amounts in thousands) 2024 2023 2024 2023 Net loss $ (35,123) $ (23,60 1) $
Slide 17: Service Business Profile for Module Replacement
Service Business Profile for Module Replacement Module Size of Est. Date of Next Recently completed a multi- Projects with LTSA Plant (MW) Restack Module Restack Quantity year fleet upgrade Hartford Hospital 1.4 1 Q4-20 24 • Replaced ~30 MW of modules Pepperidge Farm - 1 1.4* 1 Q1-20 25 over the pas
Slide 18: FuelCell Energy Operating Portfolio Overview
FuelCell Energy Operating Portfolio Overview Generation Operating Portfolio as of J uly 31, 20 24 Rated Capacity(1) Actual Commercial PPA Term Project Name Power Off-Taker Location (MW) Operation Date (2) (Years) Central CT State University (”CCSU”) CCSU (CT University) New Britain, CT 1.4 Q2 ’12 15
Slide 19: FY24 Planned / Projected Investments
FY24 Planned / Projected Investments Capital Expenditures $45 – $60 Expand manufacturing capacity $39.3 Target Range: $45M to $60M $21.1 • Calgary, Canada $6.4 ‒ Continued solid oxide production capacity expansion with certain scope of work shifting into 20 25 • Torrington, CT FY2021 FY2022 FY2023 F