Fuelcell Energy, Inc. · NASDAQ:FCEL
Fuelcell Energy — Q2 2025 Earnings Presentation
18 slides from Fuelcell Energy's earnings presentation, Jun 6, 2025
Slide 1: Second Quarter of Fiscal Year 2025 Financial Results & Business Update
Second Quarter of Fiscal Year 2025 Financial Results & Business Update
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. The f
Slide 3: 2025 Global Restructuring Plan
2025 Global Restructuring Plan Prioritizes proven carbonate platform with the goal of accelerating the timeline to expected profitability Focus and Simplify Around Our Core Carbonate Platform • Prioritize capital investment and cash use strictly on growth-driven initiatives • Streamline Torrington’s
Slide 4: FuelCell Energy Snapshot
FuelCell Energy Snapshot FuelCell Energy is a clean technology and manufacturing company dedicated to improving energy efficiency, resilience and security with low-to-zero carbon solutions. Who we are A global leader in electrochemical technology 1,2 U.S. patents and Patents and patents 208 patents
Slide 5: Key Messages
Key Messages Global power demand remains strong, driven by data centers, 1 AI, cryptocurrency growth, the need for more resilient and reliable grids, and carbon recovery and capture, dynamics that transcend politics in the U.S. Dedicated Power Partners (DPP) formed for large-scale 2 deployment of ca
Slide 6: Powerhouse Business Strategy: Focus, Scale, Innovate
Powerhouse Business Strategy Focus Scale Innovate Significant Market Our Existing Platform to For the Future Opportunities Support Growth • Streamline business • Invest in commercialization • Continue product innovations, operations including carbon capture and carbon recovery • Extend process leade
Slide 7: Planning to meet the demand for reliable power
Planning to meet the demand for reliable power Dedicated Power Partners (DPP): An investment and development platform company formed by Diversified Energy, FuelCell Energy, and TESIAC. DPP provides turnkey solutions to meet the power needs of data centers and industrial end-users by delivering bridg
Slide 8: Future-Ready Power Today
Future-Ready Power Today Working to capitalize on the strategic alignment between our carbonate platform and the energy landscape Jason Few President, Chief Executive Officer • Our entire operating fleet today runs on hydrocarbons, either natural gas or biofuels—leveraging abundant energy sources to
Slide 9: Natural gas is critical to our global energy future
Natural gas is critical to our global energy future • We believe our carbonate platform unlocks the full potential of natural gas through non-combustion, electrochemical conversion, which is both cleaner and significantly more efficient than traditional combustion-based generation. • We believe our
Slide 10: Financial Update
Financial Update © 2025 FuelCell Energy 10
Slide 11: Q2 Fiscal 2025 Financial Performance
Q2 Fiscal 2025 Financial Performance (Amounts in millions, except per share amounts) Q2 2025 Q2 2024 Total revenue $37.4 $22.4 Loss from Operations $(35.8) $(41.4) Net loss attributable to common stockholders $(38.8) $(32.9) Net loss per share attributable to common stockholders 2 $(1.79) $(2.18) Ad
Slide 12: Q2 Fiscal 2025 Financial Performance and Backlog
Q2 Fiscal 2025 Financial Performance and Backlog Gross Loss and Operating Expenses ($M) Revenue Breakdown ($M) Q2 2025 Total Revenue: $37.4 million $(7.1) $(9.4) $4.1 11.0% $(26.4) $12.1 $(34.3) 32.4% Q2 2025 Q2 2024 34.9% $13.0 Gross Loss Operating Expenses Backlog ($B) 21.7% $1.26 $0.10 $8.1 $0.03
Slide 13: Cash and Liquidity
Cash and Liquidity Cash and Equivalents & Short- Our liquidity position has enabled us to execute on our strategic Term Treasury Securities ($M) initiatives through investment in manufacturing and R&D Year-over-Year Sequential Quarters • $240.0M in total cash (including restricted cash and equivalen
Slide 14: Thank you
Thank you © 2025 FuelCell Energy 14
Slide 15: Appendix
Appendix © 2025 FuelCell Energy 15
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 April 30, Six Months Ended April 30, (Amounts in thousands) 2025 2024 2025 2024 Net loss $ (37,749) $ (37,656) (7
Slide 17: Service Business Profile for Module Replacement
Service Business Profile for Module Replacement Completed a multi-year fleet Size of Plant Module Est. Date of Next Projects with LTSA Restack upgrade (MW) Quantity Module Restack • Replaced ~33 MW of modules City of Tulare 2.8 2 Q2-2026 over the past 3 years in our United Illuminating - Seaside 2.8
Slide 18: FuelCell Energy Owned U.S. Operating Portfolio Overview
FuelCell Energy Owned U.S. Operating Portfolio Overview On-Balance Sheet Generation Operating Portfolio as of April 30, 2025 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) Ne