FuelCell Energy (FCEL) Investor presentation summary

Strategic positioning and market opportunities

• Approaching 1 GW of deployed fuel cell capacity, with 687 blocks installed and 23 years of proven baseload power generation.

• Leading U.S. manufacturer with utility-scale platforms operating for an average of 10 years and 90% U.S.-based suppliers.

• Strong pipeline growth, with over 1.5 GW of proposals delivered in Q1 2026 and a 275% increase in total pipeline year-over-year, driven mainly by data center demand.

• Collaborations targeting up to 450 MW for global data centers and 100 MW in South Korea, leveraging partnerships with SDCL and Inuverse.

• Policy support from U.S. incentives, including the reinstated ITC and 45Q carbon capture credits, underpins long-term project economics.

Technology and product innovation

• Carbonate fuel cells offer modular, scalable, and fuel-flexible solutions for data centers, commercial, industrial, biogas, and carbon capture applications.

• Native DC output, high power density, and integration with absorption chilling improve efficiency and reduce emissions for AI data centers.

• Carbon capture modules can natively capture CO2 without external power, with pilot projects underway in Rotterdam and Torrington.

• Manufacturing scale-up in Torrington, CT, aims to triple output, with plans for global assembly and a scalable supply chain.

Operational and financial performance

• Q1 2026 revenue rose to $30.5M from $19.0M in Q1 2025, with net loss narrowing to $26.1M from $32.4M.

• Adjusted EBITDA improved to $(17.0)M from $(21.1)M year-over-year.

• Operating expenses decreased to $20.4M, mainly due to lower R&D costs.

• Backlog increased to $1.31B as of January 31, 2026, up from $1.17B a year earlier.

• Strong liquidity with $379.6M in cash, supported by equity and EXIM debt financing.