Slide 1: First Quarter 2026 Financial Results & Business Update
First Quarter 2026 Financial Results & Business Update A rendering of a 50-MW FuelCell Energy data center installation © 2026 © 2026 FuelCell FuelCell Energy Energy 1
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: About FuelCell Energy
About FuelCell Energy FuelCell Energy is an American clean energy company delivering continuous, scalable power to support mission-critical applications and grid resilience1 1 The metrics provided are as of January 31, 2026, unless otherwise provided. 2 Represents cumulative module deployments, incl
Slide 4: Key Messages
Key Messages Commercial Data Centers Opportunities: DC-native power, ready backbone for AI data centers, delivering scalable, continuous power that improves capital efficiency and protects long-term investment. Collaboration with SDCL targeting up to 450 MW of fuel cell power for global data cen
Slide 5: Commercial Update
Commercial Update © 2026 FuelCell Energy 5
Slide 6: FuelCell Energy Unique Value Proposition
FuelCell Energy Unique Value Proposition DC-native power, ready backbone for AI data centers, delivering scalable, continuous power that improves capital efficiency and protects long-term investment Accelerated Time to Power Infrastructure Grade Capital Preservation & Regulatory & Revenue Scalabilit
Slide 7: Power Built for How AI Runs: Carbonate Fuel Cells
Power Built for How AI Runs: Carbonate Fuel Cells Native DC output drives efficiency, reliability, responsiveness and cost reduction for the future of AI Fewer conversions Simpler, more reliable architecture Lower copper and installation cost Higher power density Higher system efficiency
Slide 8: Absorption Chilling: Turning Fuel Cell Heat into More Compute
Absorption Chilling: Turning Fuel Cell Heat into More Compute FuelCell Energy’s carbonate fuel cells generate high-grade heat that can enable high-efficiency absorption chilling at the scale required by today’s data centers, materially improving PUE1 and freeing up power for IT load Baseline 100 MW
Slide 9: Strategic Collaboration with SDCL
Strategic Collaboration with SDCL FuelCell Energy and SDCL signed LOI, targeting up to 450 MW of potential data center and AI-driven power projects Key Terms SDCL Profile Up to 450 MW$2.5N $2.5B $2.5N pipeline of near- and long-term identified in assets focused on energy efficiency projects and dece
Slide 10: Our Unique Value Proposition is Driving Demand
Our Unique Value Proposition is Driving Demand Our carbonate fuel cells are uniquely positioned to address macro trends driving global electricity demand growth Demand Growth Sales pipeline highlights: >1.5 GW of proposals were delivered in Q1 2026 Pipeline by type, Feb 2025 Pipeline by type, Feb
Slide 11: Operations Update
Operations Update © 2026 FuelCell Energy 11
Slide 12: South Korean Market
South Korean Market FuelCell Energy is an established long-term player in South Korea, with positioning aligned to increasing power demand from data-center applications Korea Repowering: Deliveries and Revenue 100-MW MOU with Inuverse FY ‘24 & July 2025: FuelCell Energy and Inuverse signed MOU for
Slide 13: Carbon Capture
Carbon Capture Market Feedback trends Project Unlike other carbon Pipeline capture Statistics technologies that require a power source, our carbonate fuel cell technology is unique in its design to natively capture CO2 and can do so without an external power source External Source Carbon Capture in
Slide 14: Planning for Global GW-scale Manufacturing Capacity
Planning for Global GW-scale Manufacturing Capacity Opportunities for localization and optimization of operating costs, product assembly, supply chain, logistics, service and job growth Torrington, CT factory expansion underway, which would enable a ramp to up to 350 MW of estimated annualized pro
Slide 15: Financial Update
Financial Update © 2026 FuelCell Energy 15
Slide 16: First Quarter 2026 Operating Performance
First Quarter 2026 Operating Performance (Q1) Three Months Ended January 31 (FYE = 10/31) (Amounts in millions, except per share amounts) 2026 2025 Total revenue $30.5 $19.0 Loss from Operations $(26.3) $(32.9) Net loss $(26.1) $(32.4) Net loss attributable to common stockholders $(23.7) $(29.1) Net
Slide 17: Q1 Fiscal 2026 Financial Performance and Backlog
Q1 Fiscal 2026 Financial Performance and Backlog Gross Loss and Operating Expenses ($M)1 $(5.9) $(5.2) $4.3 $(20.4) 14.1% $(27.6) Q1 2026 Q1 2025 $11.0 Gross Loss Operating Expenses 36.1% 39.3% $12.0 Backlog ($B) $1.31 10.5% $1.17 $0.11 $0.05 $0.03 $0.02 $3.2 $0.94 $1.00 Product Service Generation $
Slide 18: Cash and Liquidity, Path to Profitability
Cash and Liquidity, Path to Profitability Strong cash balance allows significant runway to pursue our focused strategy Our liquidity position has enabled us to execute on our Cash and Equivalents ($M) strategic initiatives through investment in manufacturing and R&D (advanced product development) Se
Slide 19: Thank you
Thank you © 2026 FuelCell Energy 19
Slide 20: Appendix
Appendix © 2026 FuelCell Energy 20
Slide 21: 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 22: 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 (1) Includes depreciation and amortization on our Generation portfolio of $8.7 million and $8.0 million for the three months ended J
Slide 23: 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 stock
Slide 24: Service Business Profile for Module Replacement
Service Business Profile for Module Replacement Module Size of Plant Est. Date of Next Projects with LTSA Restack (MW) Module Restack Quantity Near term replacement activities United Illuminating - Glastonbury 2.8 2 Q4-2026 limited with 5 expected before 2028 United Illuminating - Seaside 2.8 2 Q1
Slide 25: FuelCell Energy Owned U.S. Operating Portfolio Overview
FuelCell Energy Owned U.S. Operating Portfolio Overview On-Balance Sheet Generation Operating Portfolio as of January 31, 2026 Rated Capacity1 Actual Commercial PPA Term Project Name Power Off-Taker Location (MW) Operation Date 2 (Years) Central CT State University (”CCSU”) CCSU (CT University) New