Fuelcell Energy, Inc. · NASDAQ:FCEL
Fuelcell Energy — Q1 2024 Earnings Presentation
18 slides from Fuelcell Energy's earnings presentation, Mar 7, 2024
Slide 1: First Quarter 2024 Financial Results & Business Update
7 March 2024 First Quarter 2024 Financial Results & Business Update Exhibit 99.2
Slide 2: Forward-looking statements
© 2024 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
Slide 3: FuelCell Energy Snapshot
© 2024 FuelCell Energy 3 FuelCell Energy Snapshot What we do A global leader in electrochemical technology 1,2 Enable a world empowered by clean energy Who we are ~600 1969 188 3 Employees Modules in Commercial Operation 3 Founded Continents FCEL HQ 1 Patents held by FuelCell Energy, Inc., and our s
Slide 4: Key Messages
© 2024 FuelCell Energy 4 Continued operational progress 2 4 3 Strong balance sheet and disciplined capital allocation 1 5 Opportunistically evaluating options to benefit from global policy tailwinds Focused on accelerating global sales closure and long-term service agreement execution Key Messages A
Slide 5: Q1 2024 Financial Performance
© 2024 FuelCell Energy Q1 2024 Financial Performance 5
Slide 6: Q1 Fiscal 2024 Financial Performance
© 2024 FuelCell Energy 6 Total revenue Net loss Net loss per share attributable to common stockholders Adjusted EBITDA1 $16.7M $(44.4)M $(0.05) $(29.1)M $37.1M $(21.1)M $(0.05) $(14.4)M Q1 Fiscal 2024 Financial Performance 1 Reconciliation of Adjusted EBITDA to most directly comparable GAAP financia
Slide 7: Q1 Fiscal 2024 Financial Performance and Backlog
7 © 2024 FuelCell Energy Gross (Loss) Profit and Operating Expenses ($M) $0.100 $0.140 $0.934 $0.862 $0.027 $0.024 Q1 2023 Q1 2024 $1.026 $1.061 Q1 Fiscal 2024 Financial Performance and Backlog $5.2 $(11.7) $(27.7) $(30.8) 1Q23 1Q24 Q1 2023 Q1 2024 Backlog as of January 31 ($B) Gross (Loss) Profit O
Slide 8: FuelCell Energy Operating Portfolio Overview
© 2024 FuelCell Energy 8 1 ct to the Groton Project which did not achieve its design rated output of 7.4 MW until December 2023 2 Quarters for Actual Commercial Operation Date refer to FuelCell Energy fiscal quarters 1 FuelCell Energy Operating Portfolio Overview Generation Operating Portfolio as of
Slide 9: Service Business Profile for Module Replacement
© 2024 FuelCell Energy 9 Service Business Profile for Module Replacement Just completed a multi-year fleet upgrade • Replaced ~30 MW of modules over the past 3 years in our service business Entering a lighter module replacement cycle based on deployment of longer stack life modules Additional opport
Slide 10: Strong Liquidity
© 2024 FuelCell Energy 10 Our liquidity position enhances our ability to accelerate strategic initiatives through increased investment in manufacturing and R&D • $348.8M1 in total cash, restricted cash and equivalents Growing project assets2 of $308.9M reflects progress in completing projects in bac
Slide 11: Business & Operational Updates
© 2024 FuelCell Energy Business & Operational Updates 11
Slide 12: Powerhouse Business Strategy
© 2024 FuelCell Energy Powerhouse Business Strategy Our Existing Platform to Support Growth for the Future Significant Market Opportunities • Invest in commercialization • Extend process leadership • Broaden & deepen our team • Continue product innovations • Deepen participation in the developing hy
Slide 13: Solid Oxide Platform News
© 2024 FuelCell Energy Solid Oxide Platform News • U.S. Department of State private-public project to support ammonia production for agriculture in Ukraine • Use case: How to support food security through the production of hydrogen and ammonia for fertilizer. Project will evaluate design and economi
Slide 14: 2023 Sustainability Report
© 2024 FuelCell Energy 2023 Sustainability Report Our Commitment 2023 Sustainability Report second, covering our sustainability progress and performance Some 2023 Sustainability Highlights 14 Our ESG Strategy encompasses 12 broad action areas that will guide us in the coming years
Slide 15: Key Messages
© 2024 FuelCell Energy 15 Key Messages Consistent operational progress 2 4 3 Strong balance sheet and disciplined capital allocation 1 5 Opportunistically evaluating options to benefit from global policy tailwinds Advancing new technologies for pilot and commercial applications Focused on accelerati
Slide 16: Thank You
© 2024 FuelCell Energy 16 Thank You
Slide 17: Appendix
© 2024 FuelCell Energy Appendix 17
Slide 18: GAAP to Non-GAAP Reconciliation
© 2024 FuelCell Energy 18 GAAP to Non-GAAP Reconciliation 1) Includes depreciation and amortization on our Generation portfolio of $6.8 million and $4.2 million for the three months ended January 31, 2024 and 2023, respectively. 2) Other (expense) income, net includes gains and losses from transacti