Fuelcell Energy, Inc. · NASDAQ:FCEL
Fuelcell Energy — FY2023 Earnings Presentation
22 slides from Fuelcell Energy's earnings presentation, Dec 19, 2023
Slide 1: Fourth Quarter and Fiscal Year 2023 Financial Results & Business Update
19 December 2023 Fourth Quarter and Fiscal Year 2023 Financial Results & Business Update Exhibit 99.2
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
Slide 3: FuelCell Energy Snapshot
© 2023 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 Listing: FCEL NASDAQ HQ Danbury, Connecticut 1 Patents hel
Slide 4: Key Messages
© 2023 FuelCell Energy 4 Maintaining strong balance sheet and disciplined capital allocation 2 4 3 Continued execution on large projects and solid oxide capacity expansion 1 Progressing our growth plans, including advancing technology development, scaling our operations, and building our commercial
Slide 5: Q4 and Fiscal Year 2023 Financial Performance
© 2023 FuelCell Energy Q4 and Fiscal Year 2023 Financial Performance 5
Slide 6: Q4 and Fiscal Year 2023 Financial Performance
© 2023 FuelCell Energy 6 Total revenue Net loss Net loss per share attributable to common stockholders Adjusted EBITDA 1 $22.5 $(29.5) $(0.07) $(30.8) $39.2 $(42.0) $(0.11) $(36.1) Q4 and Fiscal Year 2023 Financial Performance Q4 2023 Q4 2022 Total cash and short-term investment position (includes r
Slide 7: Q4 Fiscal 2023 Financial Performance and Backlog
© 2023 FuelCell Energy $0.114 $0.141 $0.944 $0.872 $0.023 $0.015 $0.009 Q4 2022 Q4 2023 $1.090 $1.028 Gross Loss and Operating Expenses ($M) Q4 Fiscal 2023 Financial Performance and Backlog Q4 2022 Q4 2023 Backlog as of October 31 ($B) Gross Loss Operating Expenses Service Generation Adv. Tech. Prod
Slide 8: Cash Balance and Capital Allocation
© 2023 FuelCell Energy 8 Cash Balance • $403.3M1 in unrestricted cash, restricted cash and equivalents and short-term investments Capital Raising Activities • Entered into project financing facilities, with total gross proceeds of ~$100.5M during fiscal year 2023 • Raised ~$97.4M in net proceeds fro
Slide 9: Capital Expenditures and R&D Plans for Fiscal 2024
© 2023 FuelCell Energy $6.4 $21.1 $39.3 $60 – $75 FY2021 FY2022 FY2023 FY2024E Capital Expenditures ($M) Research and Development ($M) $11.3 $34.5 $61.0 $60 – $70 FY2021 FY2022 FY2023 FY2024E Total Planned Capital Expenditures of $60M to $75M for Fiscal Year 2024 • Calgary, Canada • Continued solid
Slide 10: Business & Operational Updates
© 2023 FuelCell Energy Business & Operational Updates 10
Slide 11: Powerhouse Business Strategy
© 2023 FuelCell Energy Powerhouse Business Strategy Our Existing Platform to Support Growth for the Future Significant Market Opportunities • Invest • Extend process leadership • Broaden & deepen our team • Continue product innovations • Deepen participation in the developing hydrogen and carbon cap
Slide 12: Commercial Progress Update
© 2023 FuelCell Energy 12 Commercial Progress Update Korea • Entered into a long-term service agreement with Noeul Green Energy Co., Ltd. and assumed full O&M responsibility for their 20 MW fuel cell park • 14-year agreement • $75.6 million added to service backlog • Additional sites totaling ~100 M
Slide 13: Building the Sales Pipeline
© 2023 FuelCell Energy Building the Sales Pipeline Themes driving pipeline growth and opportunities: • Operating Tri-gen site available for potential customers visits • Carbon recovery for food and beverage and other industrial users of CO2 • Electrolysis zero to low carbon hydrogen from renewable o
Slide 14: Well-Positioned for Hydrogen Market Development
© 2023 FuelCell Energy Well-Positioned for Hydrogen Market Development • DOE has selected seven hydrogen hubs to act as a catalyst for accelerating the clean energy transition • discussions with all seven • Production Tax Credit (PTC) should accelerate the hydrogen market • Delivery of SOEC unit to
Slide 15: Derby, CT Project Advancement and Solid Oxide Program
© 2023 FuelCell Energy 15 Derby, CT Project Advancement • 14 MW project was placed in service in December 2023 • 2.8 MW project expected to be placed in service in December 2023 • Utility scale distributed power grid support Advancing Strategic Priorities Solid Oxide Program Advancement • Investing
Slide 16: Advancing Carbon Capture
© 2023 FuelCell Energy 16 • ExxonMobil announced on December 18th that its affiliate, Esso Nederland BV, plans to build a direct flue gas carbon capture pilot plant at its Rotterdam Manufacturing Complex. • This site will be the first place in the world to use this technology for carbon capture purp
Slide 17: Key Messages
© 2023 FuelCell Energy 17 Maintaining strong balance sheet and disciplined capital allocation 2 4 3 Continued execution on large projects and solid oxide capacity expansion 1 Progressing our growth plans, including advancing technology development, scaling our operations, and building commercial rel
Slide 18: Q&A
O&A & FuelCell Energy © 2023 FuelCell Energy 18
Slide 19: Thank You
© 2023 FuelCell Energy 19 Thank You
Slide 20: Appendix
© 2023 FuelCell Energy Appendix 20
Slide 21: GAAP to Non-GAAP Reconciliation
© 2023 FuelCell Energy 21 GAAP to Non-GAAP Reconciliation 1 Includes depreciation and amortization on our Generation portfolio of $5.4 million and $20.3 million for the three months and year ended October 31, 2023, respectively, and $3.7 million and $15.5 million for the three months and year ended
Slide 22: FuelCell Energy Operating Portfolio and Project Backlog Overview
© 2023 FuelCell Energy 22 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 -K for additional information with respect to this project, the technical improvement plan and future expectations. 3