FuelCell Energy (FCEL) investor relations material

Executive summary

• Revenue for Q3 2025 increased 97% year-over-year to $46.7 million, driven by strong product sales and major long-term service agreements, especially in Korea.

• Net loss attributable to common stockholders was $92.5 million, up from $33.5 million, primarily due to $64.5 million in non-cash impairment and $4.1 million in restructuring expenses.

• Adjusted net loss per share improved to $0.95 from $1.74, reflecting early benefits of cost-saving and restructuring actions.

• Backlog increased 4% to $1.24 billion, supported by new long-term agreements and project wins in Korea and the U.S.

• Strategic focus sharpened on distributed power generation and data center opportunities, leveraging policy support and technology differentiation.

Financial highlights

• Q3 2025 revenues reached $46.7 million, up from $23.7 million in the prior year quarter.

• Gross loss for the quarter was $5.1 million, improved from $6.2 million year-over-year.

• Net loss per share was $3.78, compared to $1.99 in the prior year, mainly due to impairment and restructuring.

• Adjusted EBITDA was negative $16.4 million, an improvement from negative $20.1 million in the prior year.

• Cash, restricted cash, and equivalents stood at $236.9 million as of July 31, 2025.

Outlook and guidance

• Targeting a 30% reduction in annualized operating expenses compared to fiscal 2024.

• Expecting positive adjusted EBITDA once Torrington facility reaches 100 MW annualized production.

• Anticipate continued revenue growth from Korean module deliveries and new service agreements through fiscal 2026.

• Management expects sufficient liquidity for at least the next twelve months, supported by cash, backlog, and capital market access.

• Focus remains on scaling core carbonate technologies and leveraging market momentum in distributed generation.