Fuelcell Energy, Inc. · NASDAQ:FCEL

Fuelcell Energy — Q2 2023 Earnings Presentation

19 slides from Fuelcell Energy's earnings presentation, Jun 8, 2023

  1. Slide 1: Second Quarter 2023 Financial Results & Business Update

    8 June 2023 Second Quarter 2023 Financial Results & Business Update Exhibit 99.2

  2. Slide 2: Forward-looking statements

    © 2023 FuelCell Energy 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 and uncertainties, in

  3. Slide 3: FuelCell Energy Snapshot

    © 2023 FuelCell Energy 3 FuelCell Energy Snapshot Capacity in field >500 Employees 3 Listing: FCEL NASDAQ HQ Danbury, Connecticut >220 MW Million MWhs generated with patented technology Company Highlights2 95 Platforms in commercial operation3 >13 Continents 1 Patents are for FuelCell Energy, Inc.,

  4. Slide 4: Key Messages

    © 2023 FuelCell Energy 4 Executing current phase of solid oxide manufacturing capacity expansion plan • Calgary facility expansion underway • Manufacturing of unit to be delivered to Idaho National Laboratory has commenced Key Messages Consistent operational progress • New module exchanges at KOSPO

  5. Slide 5: Q2 2023 Financial Performance

    © 2023 FuelCell Energy Q2 2023 Financial Performance 5

  6. Slide 6: Q2 Fiscal 2023 Financial Performance

    © 2023 FuelCell Energy 6 134% increase in total revenue Net loss Net loss per share attributable to common stockholders Adjusted EBITDA1 $38.3M $(33.9)M $(0.09) $(26.0)M $16.4M $(30.1)M $(0.08) $(21.2)M Q2 Fiscal 2023 Financial Performance NOTES: 1 Reconciliation of Adjusted EBITDA to most directly

  7. Slide 7: Q2 Fiscal 2023 Financial Performance and Backlog

    © 2023 FuelCell Energy Gross Loss and Operating Expenses ($M) $0.121 $0.074 $1.109 $0.926 $0.035 $0.020 $0.060 Q2 2022 Q2 2023 $1.022 $1.326 Q2 Fiscal 2023 Financial Performance and Backlog $(7.3) $(6.1) $(20.9) $(29.8) 2Q22 2Q23 Q2 2022 Q2 2023 Backlog as of April 30 ($B) Gross Loss Operating Expen

  8. Slide 8: Liquidity Position

    © 2023 FuelCell Energy 8 Cash balance $353.5M1 in total cash, restricted cash and equivalents and short-term investments Added $46.1M in unrestricted cash subsequent to quarter end from new project lending facility Project assets2 $273.2M in project assets reflects progress in completing projects in

  9. Slide 9: New Project Financing Arrangement

    © 2023 FuelCell Energy 9 New Project Financing Arrangement Financing facility $87M non-recourse project financing facility with 7-year term loan Net proceeds $60.6M cash ($46.1M unrestricted, $14.5M restricted) Lenders Assets securing loan obligations Six projects representing 32.1 MW total capacity

  10. Slide 10: FY2023 Projected Investments on Track

    © 2023 FuelCell Energy 10 FY2023 Projected Investments on Track $0.4 $6.4 $21.1 $60 – $90 FY2020 FY2021 FY2022 FY2023E Capital Expenditures ($M) Research and Development ($M) $4.8 $11.3 $34.5 $50 – $70 FY2020 FY2021 FY2022 FY2023E Total Planned Capital Expenditures of $60M to $90M for Fiscal Year 20

  11. Slide 11: Q2 2023 Business & Operational Updates

    © 2023 FuelCell Energy Q2 2023 Business & Operational Updates 11

  12. Slide 12: Powerhouse Business Strategy

    © 2023 FuelCell Energy 12 Powerhouse Business Strategy Our Existing Platform to Support Growth for the Future Significant Market Opportunities • Invest • Extend process leadership • Broaden & deepen our human capital • Continue product innovations • Deepen participation in the developing hydrogen ec

  13. Slide 13: Planned Collaboration with Chart Industries

    © 2023 FuelCell Energy 13 Planned Collaboration with Chart Industries

  14. Slide 14: Summary

    © 2023 FuelCell Energy 14 Summary 2 1 3 Opportunistically evaluating options to benefit from global policy tailwinds Progressing activities and relationships for the development of advanced applications of our platforms 5 Executing current phase of solid oxide manufacturing capacity expansion plan C

  15. Slide 15: Q&A

    O&A & FuelCell Energy © 2023 FuelCell Energy 6

  16. Slide 16: Thank You

    © 2023 FuelCell Energy 16 Thank You

  17. Slide 17: Appendix

    © 2023 FuelCell Energy Appendix 17

  18. Slide 18: GAAP to Non-GAAP Reconciliation

    © 2023 FuelCell Energy 18 GAAP to Non-GAAP Reconciliation Financial results are presented in accordance with accounting principles generally accepted in the United States . Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes

  19. Slide 19: FuelCell Energy Operating Portfolio and Project Backlog Overview

    © 2023 FuelCell Energy 19 1 t to the Groton Project 2 The initial operating output is approximately 6.0 MW until a technical improvement plan is fully implemented. Please refer to t -Q for additional information with respect to this project, the technical improvement plan and future expectations. 3

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