Key Takeaways FCEL has shifted toward AI data centers, with over 80% of its commercial pipeline tied to the sector.FCEL's 12.5 MW standardized blocks aim to speed deployment and boost contract conversions.FCEL faces backlog declines, low production volumes, and margin pressure as it works to scale manufacturing.FuelCell Energy (FCEL) is leaning into a single, urgent bottleneck for artificial intelligence infrastructure: power. As data centers strain grids, the case for reliable, on-site generation is moving ...

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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 forward-looking statements include, without limitation, statements with respect to the Company's anticipated financial results and statements regarding the Company's plans and expectations regarding the continuing development, commerci ...

Financial Data and Key Metrics Changes - For the full year 2025, consolidated revenues were $587.7 million, a modest increase from $581 million in 2024 [14] - Adjusted EBITDA for Q4 2025 was 53% higher compared to Q4 2024, while operating income increased by 373% year-over-year [12] - Net debt at the end of 2025 was $119.7 million, a significant improvement of $217.3 million from $337 million at the end of 2024 [13][17] Business Line Data and Key Metrics Changes - Parts and services revenue grew by over 17% in 2025, driven by increased coal generation usage and growing baseload demand in North America [5][14] - The backlog for continuing operations rose to $2.8 billion, a 470% increase compared to the end of 2024 [11] Market Data and Key Metrics Changes - The demand for power in North America is increasing, leading to a re-engagement of existing coal plants, which have been operating at less than 50% capacity [5][10] - The company’s pipeline of project opportunities exceeded $12 billion, growing by roughly 20% in 2025 [10][11] Company Strategy and Development Direction - The company aims to capitalize on the growing global demand for baseload electrical generation, particularly in the AI data center space [19] - A significant contract with Base Electron, valued at $2.4 billion, is expected to deliver 1.2 gigawatts of electricity, supporting AI factory campuses [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting construction timelines for the Base Electron project, with site visits and manufacturing processes already underway [30] - The company anticipates strong financial performance throughout 2026, driven by robust demand for its technologies [19][20] Other Important Information - The company has fully paid off outstanding bonds due in February 2026 and expects to pay off remaining bonds due in December 2026 [12][18] - The BrightLoop advancements are evolving, focusing on converting solid and gas fuels to hydrogen or steam generation while capturing CO2 [13][14] Q&A Session Summary Question: Can you talk about the dynamics of the Base Electron project and its timeline? - Management explained the transition from a limited notice to a full notice to proceed, highlighting the variability in project scope and contract terms [27][30] Question: What is the visibility into the guidance increase and expected contributions from the power generation project? - The guidance increase includes contributions from the power project, but specifics depend on the timing of costs incurred on-site [31][32] Question: Can you provide an update on the coal to gas project and its timeline? - Management confirmed that the project is on schedule, with completion expected in 2026 and into 2027 [38] Question: What is the capacity to take on additional projects in the pipeline? - The company is working closely with turbine manufacturers to ensure capacity and has confidence in meeting the demands of upcoming projects [48][50] Question: How have recent announcements impacted market interest? - Management noted a significant increase in inbound interest from various market participants following the announcement of the Applied contract [64][66]

Core Viewpoint - Amplify Energy Corp. has made significant progress in its strategic initiatives, including portfolio simplification, balance sheet strengthening, and focusing on high-potential assets, while also reporting year-end 2025 proved reserves and financial results for the fourth quarter and full-year 2025, along with guidance for 2026 [1][2]. Strategic Initiatives Update - The company has successfully simplified its portfolio by divesting assets in East Texas and Oklahoma, which has improved its financial flexibility and cash position [2][5]. - Amplify's drilling program at Beta has shown promising results, increasing confidence in future inventory and realizing cost savings at Bairoil [2][30]. 2025 Year-End Proved Reserve Update - As of year-end 2025, Amplify's proved reserves at Beta and Bairoil totaled 38.1 million barrels of oil equivalent (MMBoe), reflecting a year-over-year increase of approximately 2.6 MMBoe [3][4]. - Of the total proved reserves, 65% (24.6 MMBoe) were proved developed reserves, while 35% (13.5 MMBoe) were proved undeveloped reserves [3]. Financial Results - For the fourth quarter of 2025, Amplify reported a net income of approximately $64.4 million, a significant increase from a net loss of $21.0 million in the prior quarter, primarily due to gains from asset sales [8][10]. - Adjusted EBITDA for the fourth quarter was $21.5 million, with free cash flow of $2.0 million [9][10]. - The company generated total revenues of approximately $56.6 million in the fourth quarter, down from $66.4 million in the previous quarter [10][14]. Production and Pricing - Average daily production in the fourth quarter was approximately 17.1 MBoepd, with a product mix of 44% crude oil, 15% NGLs, and 41% natural gas [11][13]. - The average sales price for crude oil was $54.18 per barrel, down from $60.72 in the previous quarter [14][54]. Costs and Expenses - Lease operating expenses in the fourth quarter were approximately $29.7 million, a decrease of $5.9 million compared to the prior quarter, primarily due to lower CO2 and electricity costs [15][18]. - General and administrative expenses were $5.1 million, down from $6.7 million in the prior quarter [18][19]. 2026 Operational Plan - Amplify plans to focus on developing drilling opportunities at Beta and reducing costs at Bairoil, with a capital investment projection of $45 to $65 million for 2026 [23][35]. - The company anticipates drilling and completing five to eight wells at Beta in 2026, with a focus on the Joulters fault block [24][28]. Capital Investments - Cash capital investment during the fourth quarter of 2025 was approximately $16.2 million, primarily allocated to development drilling and facility upgrades at Beta [22][35]. - For 2026, the company plans to allocate $10 to $12 million for necessary facility upgrades at Beta [35][36]. Liquidity Update - As of December 31, 2025, Amplify had approximately $61 million in cash and no outstanding balance under its revolving credit facility [34][33].

Financial Data and Key Metrics Changes - In Q1 fiscal year 2026, total revenues increased to $30.5 million from $19 million in the prior year, representing a 61% increase driven by module deliveries [23] - Loss from operations improved to $26.3 million from $32.9 million year-over-year, marking a 20% improvement [23] - Net loss attributable to common stockholders was $23.7 million or $0.49 per share, compared to $29.1 million or $1.42 per share in the prior year [24] - Adjusted EBITDA totaled negative $17 million, an improvement from negative $21.1 million in the prior year [24] Business Line Data and Key Metrics Changes - Product revenues were $12 million, reflecting the delivery of 4 modules under long-term service agreements [25] - Service agreement revenue increased to $3.2 million from $1.8 million in the prior year, indicating higher service activity [25] - Generation revenues slightly decreased to $11 million from $11.3 million, reflecting lower output from the generation operating portfolio [26] Market Data and Key Metrics Changes - The company submitted over 1.5 GW of proposals, with data centers now making up over 80% of the pipeline, indicating a structural shift in customer demand [15] - The majority of proposals are weighted toward the US market, with average project sizes typically in the 50-300 MW range [55] Company Strategy and Development Direction - The company emphasizes proof over promise, focusing on disciplined execution and long-term value creation [8] - Strategic collaboration with Sustainable Development Capital (SDCL) aims to identify up to 450 MW of data center and distributed generation opportunities globally [15] - The company is advancing carbon capture technology, with plans to ship two carbon capture modules to ExxonMobil's Rotterdam site, marking a significant step in commercialization [18][19] Management's Comments on Operating Environment and Future Outlook - Management highlighted the urgent need for scalable power solutions due to the explosive growth of AI and digital infrastructure [7] - The company remains committed to converting its pipeline of opportunities and driving operational leverage through higher utilization of its Torrington facility [31] - Management expressed confidence in achieving positive adjusted EBITDA once the Torrington facility reaches an annualized production rate of 100 megawatts [31] Other Important Information - The company plans to invest $20 million-$30 million in fiscal year 2026 to support manufacturing optimization and capacity expansion [21] - As of January 31, 2026, the company had cash and equivalents of $379.6 million, indicating strong liquidity [30] Q&A Session Summary Question: What are the next steps for the 1.5 gigawatts of proposals submitted? - Management clarified that projects will not move to backlog until all contracts are finalized, and the team is actively negotiating technical details and contracts [33][34] Question: Can you discuss the MOU with Inuverse and key milestones? - Management noted that a key milestone was the land acquisition, and the next phase involves working on power delivery architecture with Inuverse [36] Question: What is the experience SDCL brings to the partnership? - Management highlighted SDCL's expertise in delivering large-scale infrastructure projects and their alignment in providing sustainable power generation [40][41] Question: What is the current run rate at Torrington and timeline for reaching 100 megawatts? - Management indicated a current run rate of 40-41 megawatts, with plans to increase as new commercial opportunities arise [42] Question: Can you explain the benefits of absorption chillers? - Management explained that absorption chillers enhance efficiency by leveraging thermal properties, reducing power required for cooling, and increasing power available for IT loads [46][48] Question: Can you break down the 1.5 gigawatts of proposals by geography? - Management stated that most projects are in the US market, with average sizes typically in the 50-300 MW range [54] Question: What are the next milestones for the carbon capture modules? - Management detailed that the modules will be shipped to Rotterdam for integration, demonstrating the ability to capture carbon while producing power and thermal energy [56][57] Question: Can you discuss the modular design for data centers? - Management described a 1.25 megawatt building block size that allows for scalability and alignment with data center power needs [61][62] Question: What are the current trends in contract negotiations with data center customers? - Management noted that there is no resistance to service agreements, and discussions focus on balancing service duration with grid connection timelines [72][74]

Financial Data and Key Metrics Changes - Total revenues for Q1 2026 were $30.5 million, a 61% increase from $19 million in Q1 2025, driven by module deliveries under long-term service agreements [22] - Loss from operations improved to $26.3 million from $32.9 million year-over-year, reflecting a 20% improvement [22] - Net loss attributable to common stockholders was $23.7 million or $0.49 per share, compared to $29.1 million or $1.42 per share in the prior year [23] - Adjusted EBITDA totaled negative $17 million, an improvement from negative $21.1 million in Q1 2025 [23] Business Line Data and Key Metrics Changes - Product revenues were $12 million, reflecting the delivery of 4 modules, while service agreement revenue increased to $3.2 million from $1.8 million [24] - Generation revenues slightly decreased to $11 million from $11.3 million, and advanced technology contract revenues decreased to $4.3 million from $5.7 million [25] - Backlog decreased approximately 10.8% to $1.17 billion year-over-year, primarily due to revenue recognized during the period [27] Market Data and Key Metrics Changes - The company submitted over 1.5 GW of proposals, with data centers now making up over 80% of the pipeline, indicating a structural shift in customer demand [14] - South Korea remains a significant market, with module deliveries driving product revenue and demonstrating utility-scale deployments [15][16] Company Strategy and Development Direction - The company emphasizes proof over promise, focusing on disciplined execution and long-term value creation [7] - Strategic collaboration with Sustainable Development Capital (SDCL) aims to identify up to 450 MW of data center and distributed generation opportunities globally [13] - The company is advancing carbon capture technology, with a project at ExxonMobil's refinery in Rotterdam expected to demonstrate the capability of capturing carbon while generating power [17][18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the urgent need for scalable power solutions due to the explosive growth of AI and digital infrastructure [6] - The company is focused on converting its pipeline of opportunities into contracted projects and driving operational leverage through higher utilization of its Torrington facility [29] - Management remains committed to achieving positive adjusted EBITDA as production scales to 100 megawatts per year [29] Other Important Information - The company plans to invest $20 million-$30 million in fiscal year 2026 to support manufacturing optimization and capacity expansion [20] - Liquidity remains strong, with cash and equivalents of $379.6 million as of January 31, 2026 [28] Q&A Session Summary Question: What are the next steps for the 1.5 gigawatts of proposals submitted? - Management clarified that projects will not move to backlog until all contracts are finalized, and the team is actively negotiating technical details and contracts [31][32] Question: Can you discuss the MOU with Inuverse and its milestones? - Key milestones include solidifying land agreements and working on power delivery architecture for the AI Daegu Data Center [33] Question: How does the partnership with SDCL impact project timelines? - SDCL brings experience in delivering large-scale infrastructure projects, which enhances the company's ability to execute [38][39] Question: What is the current run rate at the Torrington facility? - The current run rate is in the 40-41 megawatt range, with plans to increase as new commercial opportunities are secured [40] Question: What are the benefits of absorption chillers in your offerings? - Absorption chillers enhance overall system efficiency by leveraging thermal properties, reducing power required for cooling, and increasing power available for IT loads [44][45] Question: Can you break down the 1.5 gigawatts of proposals by geography? - The majority of proposals are in the US market, with average project sizes typically in the 50-300 MW range [53] Question: What are the next milestones for the carbon capture modules? - The modules will be shipped to Rotterdam for integration, demonstrating the ability to capture carbon while producing power and thermal energy [55][56] Question: Can you discuss the modular design for data centers? - The company uses a 1.25 megawatt modular block design, allowing for scalable power delivery that matches customer needs [60][61]

First Quarter 2026 Financial Results & Business Update A rendering of a 50-MW FuelCell Energy data center installation © 2026 FuelCell Energy © 2026 FuelCell Energy 1 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 forward-looking statements include, without li ...

Core Insights - BKV Corporation reported a net income of $173.1 million for 2025, equating to $1.98 per diluted share, with Q4 net income at $70.4 million and Adjusted EBITDAX of $109.3 million [1][2] Operational Growth - The company experienced operational growth due to increased production, with average net production rising to 835.5 MMcfe/d, supported by the Bedrock acquisition and favorable price conditions [2] - BKV expanded its presence in the energy value chain by acquiring an additional 25% interest in its Power Joint Venture (JV), increasing total ownership to 75% [2] - The Power JV's Temple plants generated 7,611 GWh in 2025, and the company is exploring power purchase agreements to meet rising demand from data centers and AI development [2] Carbon Capture Initiatives - BKV made significant advancements in its Carbon Capture, Utilization, and Sequestration (CCUS) business, with the Barnett Zero project sequestering 138,300 metric tons of CO2 in 2025 [3] - The company reached a final investment decision on its East Texas Project and established agreements with Comstock Resources to develop additional sequestration sites, aiming for a target of 1.5 million tons per annum by 2028 [3] Business Operations - BKV Corporation is engaged in the production and sale of natural gas in the Barnett Shale in Texas and the Marcellus Shale in Pennsylvania [4]

U.S. ENERGY CORP BOARD PRESENTATION Building America's Energy & Carbon Management Platform NASDAQ: USEG The Case for U.S. Energy One Asset. Three Revenue Streams. One Inflection Point. 50+ YEAR PRODUCING ASSET. $50MM MARKET CAP. 1.3 BCF of helium, 444 BCF of CO₂ resource, large proven oil basin — fully owned, fully operated, minimal third-party dependencies. 1.3 BCF Helium resource (Ryder Scott certified). 444 BCF CO₂ resource. 100% owned and operated. ~$92MM PHASE 1 45Q TAX CREDIT VALUE First moving U.S. C ...