FuelCell Energy, Inc. (OTCPK:FCELB) Q1 2021 Earnings Conference Call March 16, 2021 10:00 AM ET Company Participants Tom Gelston - SVP, Finance and Investor Relations Jason Few - President, Chief Executive Officer and Chief Commercial Officer Mike Bishop - EVP, Chief Financial Officer and Treasurer Mike Lisowski - EVP and Chief Operating Officer Tony Leo - EVP and Chief Technology Officer Conference Call Participants Jeffrey Osborne - Cowen and Company Laurence Alexander - Jefferies Colin Rusch - Oppenheim ...

Financial Performance - Revenues decreased by 9% to $14.9 million[15] - Generation revenues decreased 10% to $4.9 million due to temporary shutdowns[15] - Net loss was $(46.0) million compared to $(40.2) million[15] - Adjusted EBITDA was $(7.4) million compared to $(0.2) million, reflecting lower revenues and higher expenses[15] Liquidity and Capital Structure - Completed an underwritten common stock offering netting proceeds of approximately $156.4 million[12] - Repaid $87.3 million under the Orion Credit Agreement in full[12] - Repaid $21.5 million owed to Enbridge under the Series 1 Preferred Shares in full[12] - Total cash, restricted cash, and equivalents at quarter end totaled $209.6 million[12] Project Backlog and Development - Near completion on 8.8 MW of new power platforms[12] - Began early-stage construction for 24.5 MW of projects[12] - Total MW Under Active Development is 40.7[53]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | |----------------------------------------------------------------------------------------------|-----------------------------------------------------| ...

Financial Data and Key Metrics Changes - Total revenue for fiscal year 2020 increased 17% to approximately $70.9 million, driven by growth in generation and advanced technologies revenues [32] - Fourth quarter total revenue increased 54% year-over-year to $17 million, primarily due to increases in service and license, and advanced technology contract revenues [28] - Net loss for the fourth quarter totaled $18.9 million, an improvement from a net loss of $35.2 million in the prior year [31] Business Line Data and Key Metrics Changes - Service and license revenues increased to $5.4 million from $800,000 in the fourth quarter of fiscal 2019 due to module exchanges at three plant locations [29] - Generation revenues decreased to $5.1 million due to maintenance activities, while advanced technology contract revenues increased 48% to $6.4 million due to the joint development agreement with ExxonMobil [28][30] - For the full fiscal year, generation revenues increased 42% to $19.9 million, reflecting revenue from electricity generated under power purchase agreements [32] Market Data and Key Metrics Changes - The company is refocusing efforts on product sales in South Korea and other global markets, with expectations for future growth in Europe and the Middle East [12] - The backlog at the end of fiscal year 2020 was approximately $1.29 billion, reflecting a 2.5% decrease due to execution and adjustments in generation backlog [36] Company Strategy and Development Direction - The company aims to drive operational excellence and deliver value to customers while adhering to prudent capital deployment [10] - The Powerhouse business strategy focuses on transforming, strengthening, and growing the company, with an emphasis on enhancing financial results and operational efficiency [43] - The company is targeting growth opportunities in clean energy, including distributed generation, hydrogen generation, and carbon capture technologies [47][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about energy transition opportunities despite challenges posed by the COVID-19 pandemic [12] - The company plans to focus on commercializing advanced technologies and expanding its market presence, particularly in Asia and Europe [46] - Management highlighted the importance of regulatory support for clean energy initiatives under the new administration in the U.S. [24] Other Important Information - The company raised over $325 million in capital during fiscal year 2020, significantly reducing corporate debt and enhancing liquidity [22][23] - The company expects to increase production to an annualized rate of 45 megawatts during 2021 [21] Q&A Session Summary Question: Regarding the reengagement with the South Korean market, will it be in the form of product sales? - Management confirmed that the South Korean market will continue to be a product sale opportunity [56] Question: What is the timeframe for product sales in South Korea? - Management indicated that it is still too early to provide a specific timeframe, as the RFP process can take six months or longer [58] Question: Why is the backlog flat despite expectations for growth? - Management explained that revenue was recognized as they executed the business plan, but product sales were zero, impacting backlog growth [60] Question: Can the company participate in the methane cap initiative with existing technology? - Management stated that their current technology can address decarbonization requirements without needing special milestones [65] Question: What is the strategy for entering European and Asian markets? - Management outlined plans to expand existing partnerships and add resources to drive sales in these regions [68] Question: How does solid oxide fuel cell technology relate to long-duration storage for intermittent resources? - Management explained that solid oxide technology allows for efficient electrolysis and reversible operation, enabling hydrogen storage and power generation [73]

FuelCell Energy, Inc. (NASDAQ:FCEL) Q3 2020 Earnings Conference Call September 10, 2020 10:00 AM ET Company Participants Tom Gelston - SVP, Finance and IR Jason Few - President, CEO, and CCO Michael Bishop - EVP, Chief Financial Officer, and Treasurer Conference Call Participants Colin Rusch - Oppenheimer & Co Eric Stine - Craig-Hallum Capital Group LLC Operator Ladies and gentlemen, thank you for standing by, and welcome to FuelCell Energy’s Fiscal Third Quarter 2020 Financial Results and Business Update C ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-14204 | --- | --- | |----------------------------------------------------------------------------------------------|------------------------- ...

FuelCell Energy, Inc. (NASDAQ:FCEL) Q2 2020 Earnings Conference Call June 12, 2020 10:00 AM ET Company Participants Tom Gelston - Senior Vice President of Finance and Investor Relations Jason Few - President, Chief Executive Officer and Chief Commercial Officer Michael Bishop - Executive Vice President, Chief Financial Officer and Treasurer Ben Toby - Senior Vice President, Direct Sales and Customer Service Conference Call Participants Jeffrey Osborne - Cowen and Company Eric Stine - Craig-Hallum Capital Gr ...