Fuelcell Energy, Inc. · NASDAQ:FCEL
Fuelcell Energy — Q3 2025 Earnings Presentation
20 slides from Fuelcell Energy's earnings presentation, Sep 9, 2025
Slide 1: Third Quarter of Fiscal Year 2025 Financial Results & Business Update
Third Quarter of Fiscal Year 2025 Financial Results & Business Update A rendering of a 50-MW FuelCell Energy data center installation © 2025 FuelCell Energy 1 © 2025 FuelCell Energy
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: FuelCell Energy Snapshot
FuelCell Energy Snapshot FuelCell Energy is an American clean technology and manufacturing company providing large-scale, always-on, power and emissions management solutions. Who we are A global leader in electrochemical technology: 1 1 in operation for ~10 years Only fuel cell company with projects
Slide 4: Evolving Our Strategies and Plans
Evolving Our Strategies and Plans Plan to use carbonate platform to capitalize on baseload power demand and accelerate path to profitability Utilizing new policies Focusing on core Innovating for to support carbonate carbonate platform the future platform sales • Leverage 22-year track record in • H
Slide 5: Key Messages
Key Messages Global power demand is accelerating 1 • Propelled by data centers scaling AI and cryptocurrency workloads, exponential increases in server density, the imperative for grid resilience, and the rapid expansion of carbon capture and recovery technologies Strategic partnerships validate glo
Slide 6: Commercial Update
Commercial Update © 2025 FuelCell Energy 6
Slide 7: South Korean Market
South Korean Market Well established player in the largest fuel cell market in the world Market Opportunities: 1. Current Backlog Gyeonggi Green Energy (GGE) 58 MW CGN-Yulchon Generation Co., Ltd. (CGN) 10 MW Noeul Green Energy (NGE) 20 MW Korea Southern Power Company (KOSPO) 20 MW 2. Under MOU Inuv
Slide 8: Carbonate Fuel Cells for Data Centers
Carbonate Fuel Cells for Data Centers The only U.S. fuel cell manufacturer with projects proven in 10 MW, 20 MW, and 58 MW with more than seven years run time Reliability Incentives Baseload power delivered to Projects can qualify for federal, critical loads 24x7, up to 20% /min state and local ince
Slide 9: Scalable Manufacturing Supports Our Global Fleet
Scalable Manufacturing Supports Our Global Fleet FuelCell Energy has a stable supply chain that is designed for quality and scale Predictable order lead time Capital light manufacturing Scalable supply chain 100 MW orders expected to ship within Torrington, CT factory able to ramp to 200 MW 90% U.S.
Slide 10: Financial Update
Financial Update © 2025 FuelCell Energy 10
Slide 11: Q3 Fiscal 2025 Financial Performance
Q3 Fiscal 2025 Financial Performance (Amounts in millions, except per share amounts) Q3 2025 Q3 2024 Total revenue $46.7 $23.7 Loss from Operations $(95.4) $(33.6) Net loss attributable to common stockholders $(92.5) $(33.5) Net loss per share attributable to common stockholders 1 $(3.78) $(1.99) Ad
Slide 12: Q3 Fiscal 2025 Financial Performance and Backlog
Q3 Fiscal 2025 Financial Performance and Backlog Gross Loss and Operating Expenses ($M)1 Revenue Breakdown ($M) $(5.1) $(6.2) Q3 2025 Total Revenue: $46.7 million $(27.4) $5.3 11.2% $12.4 26.4% $(90.2) Q3 2025 Q3 2024 $26.0 Gross Loss Operating Expenses 6.7% $3.1 55.6% Backlog ($B) $1.24 $0.10 $1.20
Slide 13: Cash and Liquidity
Cash and Liquidity Cash and Equivalents & Short- Our liquidity position has enabled us to execute on our strategic Term Treasury Securities ($M) initiatives through investment in manufacturing and R&D Year-over-Year Sequential Quarters • $236.9M 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: Non-GAAP Financial Measures
Non-GAAP Financial Measures Financial results are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and amo
Slide 17: 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 July 31, Nine Months Ended July 31, (Amounts in thousands) 2025 2024 2025 2024 Net loss $ (91,896) $ (35,123) (16
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation The following table calculates Adjusted net loss attributable to common stockholders and reconciles that figure to the GAAP financial statement measure Net loss attributable to common stockholders, and calculates Adjusted net loss per share attributable to common stoc
Slide 19: Service Business Profile for Module Replacement
Service Business Profile for Module Replacement Module Size of Plant Est. Date of Next Completed a multi-year fleet Projects with LTSA Restack (MW) Module Restack Quantity upgrade City of Tulare 2.8 2 Q4-2025 • Replaced ~34 MW of modules United Illuminating - Seaside 2.8 2 Q2-2027 over the past 3 ye
Slide 20: FuelCell Energy Owned U.S. Operating Portfolio Overview
FuelCell Energy Owned U.S. Operating Portfolio Overview On-Balance Sheet Generation Operating Portfolio as of July 31, 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) New