Slide 1: Fourth Quarter and Fiscal Year 2024 Financial Results & Business Update
19 December 2024 Fourth Quarter and Fiscal Year 2024 Financial Results & Business Update Exhibit 99.2
Slide 2: Safe Harbor Statement
© 2024 FuelCell Energy Safe Harbor Statement 2 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
Slide 3: FuelCell Energy Snapshot
© 2024 FuelCell Energy FuelCell Energy Snapshot 3 What we do A global leader in electrochemical technology 1,2 Enable a world empowered by clean energy Who we are ~500 1969 188 3 Employees 3 Modules in Commercial Operation 4 Founded Continents FCEL HQ 1 Patents held by FuelCell Energy, Inc., and our
Slide 4: Key Messages
© 2024 FuelCell Energy Key Messages 4 2 4 3 1 5 Global restructuring, working to build a more efficient company, focused on optimizing for revenue generation and future profitability Continued operational progress • Replacement of 6 fuel cell modules for GGE • Ameresco biogas project advancing • acc
Slide 5: Global Restructuring Plan
© 2024 FuelCell Energy Global Restructuring Plan 5 (1) As compared with fiscal year 2024 Realigning resources toward advancing core technologies • Prioritizing commercially available technologies to reflect changing market opportunities with an updated strategic plan • Continuing to pursue strategie
Slide 6: Powerhouse Business Strategy
© 2024 FuelCell Energy Powerhouse Business Strategy 6 Our Existing Platform to Support Growth for the Future Significant Market Opportunities • Invest in commercialization • Extend process leadership • Strengthen our team • Expand geographically • Continue product innovations, including carbon captu
Slide 7: Operational Update
© 2024 FuelCell Energy Operational Update 7
Slide 8: Large-Scale Distributed Clean Energy Platforms Positioned for Significant Electric Generation Market
©2024 FuelCell Energy Large-Scale Distributed Clean Energy Platforms Positioned for Significant Electric Generation Market 8 Proven Operating Large-Scale Platforms • 8 operating platforms > 10+ MWs sites > 180 MWs in total • 7+ year average operating age of large-scale projects • Proven delivery of
Slide 9: Strains on the Grid, Need for Distributed Power
© 2024 FuelCell Energy 9 Despite regulatory efforts, interconnection queues are growing1 : • 2,600+ GW currently in queue in 2024 • 8x increase in queue from 2014 • 2x total installed capacity of 1,280 GW in US Strains on the Grid Need for Distributed Power Average interconnection queue times are in
Slide 10: Development and Operational Updates
© 2024 FuelCell Energy Development and Operational Updates 10 Generation and Service Execution • Generation portfolio and service activity provides line-of-site to expectation of increased revenue in fiscal 2025 • GGE service contract added to backlog: • ~$34 million over 7 years Product Deployment
Slide 11: Financial Update
© 2024 FuelCell Energy Financial Update 11
Slide 12: Q4 Fiscal 2024 Financial Performance
© 2024 FuelCell Energy Q4 Fiscal 2024 Financial Performance 12 (1) Reconciliation of Adjusted EBITDA to most directly comparable GAAP financial measure is included in the appendix (2) Historic per share information has been adjusted retroactively to reflect the reverse stock split implemented on Nov
Slide 13: Q4 Fiscal 2024 Financial Performance and Backlog
© 2024 FuelCell Energy Q4 Fiscal 2024 Financial Performance and Backlog 13 $0.14 $0.17 $0.87 $0.84 $0.02 $0.04 $0.11 Q4 2023 Q4 2024 Service Generation Adv. Tech. Product $1.16 $1.03 Revenue Breakdown ($M) Q4 2024 Total Revenue: $49.3 million Gross Loss and Operating Expenses ($M) $(1.5) $(10.9) $(3
Slide 14: Cash and Liquidity
© 2024 FuelCell Energy Cash and Liquidity 14 Our liquidity position has enabled us to execute on our strategic initiatives through investment in manufacturing and R&D • $318.0M in total cash (including restricted cash and equivalents) and short-term investments as of October 31, 2024 • Sale of ~1.9
Slide 15: FY25 Investment Targets
© 2024 FuelCell Energy FY25 Investment Targets 15 $6.4 $21.1 $39.3 $47.7 $20-$25 FY2021 FY2022 FY2023 FY2024 FY2025E $11.3 $34.5 $61.0 $55.4 $40-$45 FY2021 FY2022 FY2023 FY2024 FY2025E Capital Expenditures Expand manufacturing capacity Target Range: $20M to $25M • Calgary, Canada • Continued solid o
Slide 16: Thank you
© 2024 FuelCell Energy Thank you 16
Slide 17: Appendix
© 2024 FuelCell Energy Appendix 17
Slide 18: GAAP to Non-GAAP Reconciliation
© 2024 FuelCell Energy GAAP to Non-GAAP Reconciliation 18 1) Includes depreciation and amortization on our Generation portfolio of $6.9 million and $28.2 million for the three months and year ended October 31, 2024, respectively, and $5.4 million and $20.3 million for the three months and year ended
Slide 19: Service Business Profile for Module Replacement
© 2024 FuelCell Energy Service Business Profile for Module Replacement 19 Completed a multi-year fleet upgrade • Replaced ~30 MW of modules over the past 3 years in our service business Have entered a lighter module replacement cycle based on deployment of longer stack life modules Additional opport
Slide 20: FuelCell Energy Operating Portfolio Overview
© 2024 FuelCell Energy FuelCell Energy Operating Portfolio Overview 20 Generation Operating Portfolio as of October 31, 2024 Riverside Regional Water Quality Control Plant Pfizer, Inc. Santa Rita Jail Bridgeport Fuel Cell Project Tulare BioMAT San Bernardino LIPA Yaphank Project Groton Project Toyot