FuelCell Energy (FCEL) 19 Dec 232023 Q4 Earnings call transcript

Hello and welcome to the FuelCell Energy Incorporated Conference Call. Please note that this call is being recorded. I'd now like to hand over to Tom Gelston. Please go ahead.

Thank you. thank joining and call on everyone, today. morning, you us for the Good

that this recorded. the quarter is Energy a intentions will website. consist of filings that our press call express As the slide reminder, Consistent our we conclude and of some to the recorded and expectations the future be and financial development, and statements this Exchange after the our the of being of year our XXXX, Act financial approximately SEC our and strategies. for our earnings release earnings fiscal addition plans presentation being business our available hear released cell today Such will our a be call our limitation, our XXXX. to technology, results call.Before X This commercialization, posted in include, release, section the anticipated webcast practice, full you fourth in and with are have of provided and Investors and at continuing our fuel regarding FuelCell of morning, with forward-looking Securities available www.fuelcellenergy.com. and on we meaning statements regarding financing within and statements respect note plans of information results, the is we for hours expectations, This beliefs, on our and with and will without replay or please website our begin, website

uncertainties. presentation the you risks the non-GAAP statement, those the is a Form financial by our the to this harbor Factors measures, number and filed Commission, Securities will in in differ More Report those reconciliation and course refer with and certain the implied discussing in our in release measures. because we from financial and earnings and Exchange presentation described safe to XX-K.During particularly measures the section most our recently of materially appendix forward-looking Our for be results risks on Annual such GAAP press slide available we such slide filings of the and our to regarding website Risk of information may and actual future of call, the uncertainties or of of statements

Treasurer. press Officer; a earnings webcast Vice by and presentation today, I available Investors.For President, President today's call at Our our and Officer are www.fuelcellenergy.com our release Bishop, website Jason of copy Mike Executive Energy's and Chief Chief Few, our Executive joined and am FuelCell on under Financial

other to be remarks, your will over available Following for the leadership call Jason hand and our prepared joined questions the take team.I'd be Jason? to to remarks. we by members like opening of now

for Thank and you you, us on good Thank Tom joining today. morning, call our everyone.

reentry with those purpose empowered but flue Korean ExxonMobil oxide advancing into successful with we our toward FuelCell joint quarter of the our We platform hydrogen advancement commercialization our source are progress toward the on will a have and for announcing by capture making our were on overview regarding reminder, you we are market, included carbon the of capture and proud who our announcement not seen later.As This enabling and results energy. platforms, Energy, direct demonstration of Slide are power year as X. company a world from projects, the continued progress on by to have large the next morning, announce fourth steps marked generation important full we our project, clean solid that a carbon electrolysis continued more of familiar proud

focused and cell terms, produce technology proprietary power X on hydrogen. the operate Asia, world. North in markets technology. fuel electrochemical entering to our and simple are additional and in be We are we things: America, proud leader We do a around platforms global In decarbonize Europe,

We XX have million than hours megawatt and generated to modules date. in XXX commercial have more operation

companies, world's research our Trigen of solutions, largest the distributed for and met new technological and the electrolyzer years leverage X. position that the direct in our electrolysis, facility electrolysis customers' the for extend as our feedstock. using we us zero-emission only technology use has X of with, operating distributed ways and production to our current for with Port to to paired carbonate storage, microgrid value ExxonMobil electrochemical some our needs customers, our Slide work power and distributed the enable energy over with hydrogen collaborates viability for and fuel hydrogen Energy platform building future our newly-commercialized to Toyota exploring with Our capture meet evolving customers hydrogen work flue our our collaboration life nuclear with carbon generation quarter please and offer and fuel capture.FuelCell to turn needs and fuel including XX solutions cell through decarbonize key with our history platforms completion U.K. messages extend the Beach, IBM to We asphalt of the us to this for, solid at EDF including the believe energy to on differentiated global our Pfizer, of provides AI generation, cells.Next, oxide the across shown of Energy, Long using source develop a power carbon of hydrogen

maintaining taking we investment milestones as our First, the paced the visibility established by are our investment a balance capital of approach disciplined triggers. we into managing strength and to sheet

while the BV, test Complex our to plans to and revenues we COX Technology external jointly build by from source to announce technology were or fuel affiliate, follows the and yesterday plant at that ExxonMobil EMTEC. continue of business.Secondly, Company fuel developed Engineering capture thrilled required capture to concentration its raise carbon required Esso at for longevity announcement Nederland an Energy pilot with preserving carbonate COX. FuelCell X% the technology to increase a our will or regarding operate emission to work a jointly Manufacturing of flow carbonate emissions proactive ExxonMobil's take cash This investable liquidity and capital to Rotterdam We XX% cells steps of also cell and to higher all completion of least tests and efficacy

a emissions this of our expansion. Although for to capture lower lab execute XX% concentration and flue capacity continued pilot from on COX ability has required as our manufacturing we the project, test to large-scale testing demonstrated projects not have solid oxide streams well.Next,

competitively fuel emissions-free the in in thousands California, the hydrogen, priced state is Long opened commercial and area for is unique Our end our helping Beach, and we Subsequent to quarter, park trigeneration newest Toyota. electricity, energy operations This cell to platform customer, Energy. its residents power the many generation of our and for water close of renewable Connecticut, FuelCell Derby, generating producing began gap. capability

tremendous also We solid potential we U.S. our in domestic fuel capacity progress progress service expanding making cell agreement a operations a our as with the expansion.Fourth, facility expansion on oxide manufacturing Calgary in reach capacity for signed for such total planning for long-term the into clean we made are or and where markets our the of opportunity advanced certain Gyeonggi energy Korea output outlines Korea. Green and in proposed see the with service megawatts. a electric agreements relationships utility utility world the the long-term park an MoU, Energy, in business fuel additional XX.X of cell We largest hosting of anticipated GGE, which with terms

as set among to plans. applications the delivered Additionally, look XXXX, time power, broader we a gaining we customers as fiscal and COX product and electrolysis, ahead delivering are XXXX momentum remain growth focused of to on and like geographies.Lastly, our

financial believe of the our focusing expanding company, for including on to advancing in commercialization that XXXX toward number that flexibility an We the of will technologies, our to global carbon quarter. allow Mike? relationships. be and advancing believe over ways.Now advanced for fourth results We to important the us turn and and Mike across applications, the the commercial we participate different will a transition have technology products discuss are and and other to call I capture services our we in year our the

everyone the Jason Thank call morning on good and to today. you

on reviewing highlights the by begin shown financial Let's quarter X. the Slide for

Adjusted a we the quarter lack million the the share fourth in of total million module XXXX, quarter $X.XX negative of year to quarter quarter driven the was fiscal primarily year to in fourth in end XXXX, million year fourth in replacement fiscal fourth our in fourth of fiscal negative of fiscal negative XXXX, in negative fourth $XX.X Net was including fourth XXXX, revenues $X.XX the fiscal year stockholders non-GAAP see XXXX. EBITDA adjusted XXXX. $XX to of This XXXX the was of fiscal adjusted the million reported of of quarter of year of compared in fourth common of totaled $XX.X measures, EBITDA of fourth discussion decrease fiscal to quarter quarter loss release. XXXX. per $XX.X compared the the For of million fiscal year of $XX.X loss loss attributable quarter compared the million The in appendix compared net of in the by sales year year $XX.X fiscal to at the XXXX. year net the resulting of financial quarter XX%. EBITDA, earnings Please

quarter left-hand backlog. restricted on please held Slide company of cash, shows for our as other revenue side by October additional and item, negative XXXX.Next, details million. our and of X $XXX.X of unrestricted performance short-term on million composition $X.X service the cash, fourth than cash to total Finally, graphically revenues equivalents, chart turn investments XX, the financial line the The

the due and compared of during or both was a entered revenues for fiscal internal prior XXXX fiscal from the million lower year to included that more $XX.X of related These Gross of X, fourth in million and the the the of KFC resources of fiscal XXXX fourth through than joint of and to the prior the company higher quarter; to quarter. to of XXXX during technology lower the quarter. lower to recognized sales not subsidiary Energy, recognized $X.X resulting fourth of and of the which XXXX a were October development Engineering for of in in million module of the billion, and in $XX.X primarily XXXX. drivers expenses service development period. October recorded in agreement revenue under to compares under during Energy primarily to Cell modules our certain a efforts was Company company's quarter prior prior quarter to will recognition agreement increase Green in offset higher. loss million; primarily until backlog fourth category. XX, Limited, company's to backlog year gain and a in compared This million a to generally ongoing XXXX a spending agreement XXXX.Looking primarily gross sales million. Company, fourth walk I Looking for lack installed from gross to top million $X.X an POSCO of of compared recovery reduction consistent right-hand with and period.On increase prior was expenses comparable allocation which expenses quarter-over-quarter, in year to X.X% in platforms each fiscal goods future is comparable fourth fiscal contracts million year year guarantee increased October in of cost related The as since quarter.Service to offset will by quarter other were $XX.X in year during fiscal at oxide and were or quarter development into and engineering the operating and the for which increase that an long-term no an Energy company related the were revenues carbon performance XX, as of Compared generation $X.X revenue decreasing revenue slide, with the of in company were by we for $X three result was year Slide fiscal quarter module to estimates, Product year with fiscal investment a from quarter of cost electrolysis technology selling our in increase site Fuel the the XXXX our the agreement under settlement product of fiscal loss quarter to ongoing There were by decreased EMTEC fourth entered sold the negative see installed quarters the of recognized year any Noeul fiscal the the reflecting quarter and expense were than the totaled product liquidity future changes XXXX capture engineering of million position million of as by the comparable power year an from marketing, agreement Technology Energy and increased offset compared into service revenue XXXX, in year Korea the sold Green for fourth POSCO Advanced million a in XXXX the fiscal the Revenues the an compared fourth commercial quarter previously year under the in prior recognized agreement by approximately cost service of X, in fiscal of XXXX.Operating efforts fiscal fourth module backlog its XXXX, due loss approximately government charges finished product the ExxonMobil exchanges at the service Energy $XX of items: derivative X, to quarter Research of year and offset year is X partially ended the part quarters sales expansion. support generation, fourth XXXX, of This in $X.X of agreements sales of associated or exchanges new The the the on decrease were quarter during generation solid $X.X XX, were million. and years negative recognized prior This the advanced benefits XXXX.On quarter generation cost headcount the result and to our at of fiscal quarter $X.X quarter. lower gross with to as update due EMTEC, sales modules.Generation estimates million Company to project from product, comparable result carbon slide, the the those loss company year revenues the the KFC constrained expenses of XXXX. impairment of bottom $X.X revenues KFC, fourth fourth you partially revenue contract compensation XXXX, backlog XXXX. the $X.XX in year by Administrative and side approximately Limited, POSCO company's $X.X year with did million million have the development more $XX recognition year quarter contract quarter to revenues other the period. impacted module quarter increase in assets. decreased the settlement year to and on during and service sales, of Noeul to of KFC. compared fourth right $XX higher revenues solutions fourth business

purple October year with net all XXXX transactions net proceeds we gross raising approach XXXX, into of cash the million a to of investments year. represented and the equity had $XXX.X cash, million of outstanding we the total capital to and of U.S. XXXX, bar the darker $XX.X we blue year held cash bar, of of and by by expected proactive the sales investments represent in XXXX, of cash equivalents be short-term equivalents, entering total closed as from $XXX of short-term represented costs million. million. quarter, fiscal short-term of common of proceeds fourth securities fiscal center restricted the represented bar. by stock As $XXX.X during project This slide, investments XX, $XXX.X million took equivalents, $XX.X which and XX, blue million during cash that amortized fiscal lighter of includes of the on by of and maturity.Throughout million $X.X financings proceeds Treasury the The In tax yielded are unrestricted October chart the cash to on

expect of projects an We the unrestricted million service. to after are XXXX quarter the Derby additional first of in $XX.X in cash placed receive

make in income illustrating market project and which our U.S. our Treasury assets from generation the investments $XX.X the fiscal slide, we fiscal from of $XX.X amount a up portfolio. increase Finally, an million money year generated of generated at in during interest chart company-owned is interest XXXX million XXXX.Looking of securities, right-hand side income total there year the

depreciation. of accumulated gross million, project $XXX.X XX, assets As October excludes totaled XXXX, which our

XX.X the of our process. includes as As detailed in totaled presentation, XXXX. projects portfolio of of operating generation megawatts XX assets XX.X This the XX.X on megawatt Slide and megawatts assets XX, of in October appendix

process in begin projects Slide revenue.Please generation operation, As X. to contribute turn are expected to higher to commercial they

to are plans, which and showing the compete, detail year term. investments greater targeted the needs Here medium and XXXX, we our allowing make long to over meet on plan us we market will fiscal support growth during

we planning expenditures of of are XXXX in in year to expenditures to fiscal XXXX. continuation facility fiscal commitments fiscal expansion our capital a $XX upgrade are the is manufacturing the solid $XX expected a cell and oxide made year by amounts expansion First, the million our capital be electrolysis capacity megawatts manufacturing million These year to facilities, at year production. including to This Calgary solid of XX oxide XXXX. completed of in company

of This potential for and capability expect to product will recovered also invest Internally monetization fiscal to enhancement fiscal duration and the market distributed continue to hydrogen-based fiscal the the for generation generation.Lastly, COX in beverage year to we in storage, and expected company purity advanced XXXX for food lower closing, million carbon incentives, SureSource of $XX offset consistent quality, observe assets molten quantity, which $XX and to to and which projects of accelerate our expenditures I quarter amount allow a on-site development is power invest this be and manufacturing solutions XXXX, investments project planned in level also our testing prior commercialization fiscal be began of sampling recovery to $XX to helping capture.During significant for are funded to and million technology the progress million, $XX in research to companies, are with the complete.In year fiscal pleased am our completed our is plan, now million expected Torrington, This of customers is the to for carbon operating XXXX. XXXX in XXXX. during tax been in backlog facilities Connecticut, it hydrogen, including, hydrogen importantly, long as portfolio projected We verify with expected the in carbonate in Priorities year will engineered energy of allow are XX-megawatt our year. plan R&D for the years Derby fiscal $XX to Toyota and to R&D expenditures the target investment investment. XXXX, year past add given million the with has continued requirements. than

over We continue and highly cash we term to on to approach will strategy.I Jason. that our will and and a and have Powerhouse continue well sheet call disciplined managing strength that perspective, now execute to medium, will have From steps take to remain a allocating ensure business long growth turn back proactive we the capital. required the support take we near, objectives, positioned balance financial our to taken believe to to we

detail, updates our I and now XX. with will cover more Mike. operational Thanks, beginning in Slide business

for our have Powerhouse I framework growth. quarters, As stated approach. previous will strategy in our summarize our as achieving business long-term we serves

first is The growth. tenet

significant platform achieve in working to to business We our see we optimize growth markets are technologies. opportunities where for our

pipeline We executed in and pipeline on sales market, is development playbooks and more focused our are second agreements, that detail prospects into building and I scale. focused is have end, that converting on team from pipeline pipeline To to geographic, moving segment, that application-specific discuss today.The a robust our the revenue. will business

the and previously deepening organization. by the scaling We achieving our manufacturing on for and human in, annualized mentioned, our with megawatts we platforms our are manufacturing I of total investing existing XXX focused goal conditioning operations, capacity and extending, of are leadership capital carbonate onsite capacity. Across integrated our optimizing platform across

on between framework joint ExxonMobil of with structure. working new business the current also beyond are the We agreement development development a parties the

in the locations of which producing We the are market megawatts never evaluating third, the our world like solid over an serve support that oxide implemented up a of to and of sales, and have XX-year XXX innovate. We with adoption as products develops. the per additional around additional innovating. as electrolysis also enacted phases legislation costs.And acceleration drive time, we U.S. year ours being the to Over to believe goal history, of would contemplated ultimately will, down catalyst be stopped

and We earlier in our we our the enable in market to and our the opportunity growth on technologies purpose or clean of a on and capture will by around shown for of have hundreds our empowered world us granted jurisdictions patents As pending to energy. believe world. participation carbon provide the a deliver slide, enable hydrogen the culture economy our

to and on a platforms, for pursue fuel generation.We across are making to the Energy detail streams energy our opportunity our diversified of carbon highlights the innovations following services good FuelCell into to electrolysis, the in the turn are delivering discuss Please slide by distributed storage hydrogen, applications: I providing our distributed transition XX. execution following and anchored capture, energy by range We specific the and long-duration strategy in of power direct multi-feature solutions working more revenue turn X slides. progress and will

park. approximately potential presence overseeing agreement. Korea. This maintenance their with expected executed our Energy operations assumed opportunities agreement over reported responsibility significant cells with cell in the cell fuel million. our is and quickly fuel we highlight. on for at we FuelCell maintenance with growing Green the large services recurring market of We agreement of $XX and of further operation revenue Noeul operations the long-term value were in contract a to We project maintenance has pleased XX-year have we announce agreements Energy for long-term and terms service X awards see that First, a the a X fuel new earlier to Korea, and very XXXX are megawatts.Next, this XX-megawatt in year full of XXX Through strengthening and backlog added to SureSource over Korea agreement,

The by a oxide first project the United is in X States. power megawatt generation awarded a university solid northeast

The for ability not other needing of generation direct California second is X.X in execution megawatt to which generation our negotiation. should power a final agreements. quality spend gas, feedstock, company's a as use I be municipality pipeline the are fuel that in power biofuels Consistent additional these are in awards using carbonate upgrading versus project our that taking advantage upon technologies to to only capital of backlogs will project and the with added require. practice, awards note these included biofuels

with We Laboratory, oxide United We of Canadian our Laboratory in National our that value and and nuclear providers and Nuclear work Slide solid differentiated EDF are or announced nuclear the Canada. with XX. work also EDF applications.Please turn CNL to Energy demonstrates the CNL, technology Energy working in power electrolysis Kingdom believe Idaho in previously with our

sales We on focused pipeline. our are building

our the XX% We we North electrochemical the distributed and East, range commercial as allow growth hydrogen strategy interest with almost our platforms, by Geographically, win and of left-hand applications new in was we and diversified the and enabled customers. by capture our that we referring multiple zero- of this to generation. and our consisted the value.By will a and XX% XX% discussions demand remaining hydrogen, October U.K., as the we're be to with deliver recovery, X overall well EU, from carbon believe well are to electrolysis XX% electrolysis believe of of to Asia Middle applications. in pipeline, slide, recovery driven XXXX, power solutions When geographies. is pipeline we in XX, us in remaining different believe ongoing type, leads of XX% carbon will offer being we our particularly the America, our compete potential plus type low-carbon differentiated in breakdown and sales geography. side On approximately and carbon customers, that across and and the on refer capability to Consistent is interest Africa. as with our the Pacific the and of platforms by illustrating is pipeline time-to-power in XX% and region, We market, pure values

also We hubs recently interest like technologies the believe that are hydrogen announced ours. U.S. in driving

to represents a customers.Please XX. We growing market leads are that We new hydrogen believe continuing Slide the qualify and delivery and opportunity. and to potential turn develop large

regional will In by for billion supported market. hubs, transition. X of act funding will technology and through are market Trigen are Long of Energy development We selected hubs the Trigen water. Investment will this producing October, that already deployments.Next, delivery these believe consider hydrogen participating of believe broad which has energy and the California, clean as We hydrogen, in catalyst in future Toyota's Job port Beach, market with we application, operations Department the our $X facility our Infrastructure We Act. be at electricity, and we the hydrogen pursuing accelerating a the additional

make honored of were in with of The X of are hubs negotiations. currently first to in as named to technology discussions round our prepare funding have hubs, awards in We the they all decisions. and are the technology hydrogen we

We tax clarification around market. to should broaden further credit help expect future that the the hydrogen production

Energy. technology expect those provided the hydrogen incremental FuelCell energy meaningful like by drive hubs clean will U.S. for demand We

in hub provides applications. is by trigeneration solution Our that an Beach, Toyota utilized fit a being for California, which low-risk technology, hydrogen Long we ideal believe is

XXXX, Idaho XX. first solid and delivered to be the commercial our turn that unit, believe compared which expected we efficiency oxide addition, to performance to demonstrate Slide In would Laboratories to superior competitors.Please is National in

hydrogen. across producing We priorities of strategic advancing areas and decarbonizing are power our X focus,

that helping Derby, we generation area is recently energy to Derby, in our our state years will the contribution in the cell opened placed thousands quarter renewable generating meaningful we priced project project and complex X.X be power was is service projects previously that further fuel oxide. competitively for in in to Connecticut. large, the on to placed This expect Also, EBITDA The park and XX believe megawatt smaller gap. ability many to this project residents As contribute Connecticut, its project operating a mentioned, month.Moving to newest for portfolio Connecticut execute close We solid to this generation megawatt of end. our and of service will time December later demonstrates in make subsequent come.

in solid enable power invest platforms: existing to goal continue annualized sales our our megawatt with production compared solid we of X X per XX electrolysis manufacturing oxide up per to product are capacity generation year. We delivering growth, our our and and year expanding development megawatt up operations oxide the to for electrolysis. manufacturing of scale Calgary To

we XX XX approach addition, the capacity space at to allow megawatt designed-in our various cell per throughput by This further electrolysis us in to production of of leasing annualized allow flexibility solid intended manufacturing Calgary up to increase optimizations and an for the per capacity to manufacturing potential yield. and megawatt potential facilitate total increase In annualized process would cell electrolysis would to stack that increase additional have oxide investing year additional year. our to up oxide to facility sales solid

to trained XX the megawatt staff the for X required College delivery manufacturing units realize oxide and support hired advanced megawatt the solid units, externally. delivery our to a process our would will electrolysis were electrolysis long-term to production.Our that Idaho commercial other and have run in internally delivery, is planned Hartford, Laboratory the to operation future production National delivery and X power will units We solid external distributed under XX for annualized as platform Connecticut purchase for the add X-shift testing building oxide platform in and power be potential X production for additional additional for staff use to for cell of X expansion operation for units initial these be Of agreement. in Trinity a

Rotterdam's extensive early be validation operational where in our to unit place then at North test the technology. We developed recent will month expect Esso that Porthos the in FuelCell world via plant Energy Danbury regarding Complex the yesterday carbon that the transported INL its will very unit under capture COX the EMTEC. its and jointly developments stored We Esso will to to Nederland technology our pilot wanted fuel delivered this to Sea. this INL carbonate at manufacturing and operate stated storage permanent build Slide cell and pilot the affiliate, work will project that XX. carbon integrated Manufacturing XXXX be a ExxonMobil. location the testing.Turning plans BV, some highlight first ExxonMobil with by for to and ExxonMobil to the be site capture announced undergo has Rotterdam for captured

emitters, commercialization we on reduce significantly Slide our conclude positive technology technology its XX. we industrial carbonate and cell for will new to Additionally, are pending the fuel ExxonMobil indicated phase technologies from have excited potentially and are our sites our very am solutions a is progressing. this industries. technologies toward a could I into it with Q&A, our manufacturing move to from will about excited that that that when around for believe takeaways I technology We the impact activities of a deploy could moving successful decarbonization at action.Before world. believe demonstration, next at-the-source how wide release implementation, advance the the customers could world. efforts range on direct We ready technically COX And offer as broad-scale consistent of economical emissions

have and focused balance have financing. debt our and on allocation, of the strength maintained equity we sheet We remained disciplined both through capital

investments a maintaining highly-disciplined cash Energy We taking and approach are making future FuelCell to liquidity. growth while position for to critical

to carbon We the about recently technology at cell fuel Complex pilot carbonate by Nederland plant test a Rotterdam its excited build Manufacturing to Energy announced for capture plans and Esso are EMTEC. BV's developed jointly FuelCell

of As X% the higher technology efficient sequestering of source could COX.We and all or regarding way believe longevity required an emissions emission cells mentioned the announcement least concentration fuel COX it of earlier, external that our and heavy decarbonize carbon source with capture to follows at emission an industry. of efficacy this a capturing XX% to at completion tests be carbonate from

technology produce technology carbon energy. it capture consume be forms addition, could have sector. simultaneously, carbon industrial and can capture hard-to-abate other and an electricity differentiates intensive from solution In carbon that important capture We decarbonize of carbon which the which shown helping our believe hydrogen technology we our for

execute operations for the are Long our We platform commercial facility. ability recently most with Beach, operating Trigen demonstrating projects, and Derby generation to large and our Toyota of our

We success the we have future. for tremendous see had additional in in opportunity our growth where efforts Korea

commercial turn we Q&A. shareholder believe and XXXX. relationships to will long begin the to Lastly, our capture opportunities technologies is remain believe the over enhanced FuelCell on market operator years Energy are over to both now growth, positioned well focused coming we we over deliver in We the returns run.I and and advancing it for positioned

Canaccord. question We our first George Instructions] from [Operator from Gianarikas have

getting Trigen Happy operational. for holidays and congrats

first, building on Is with of extensive I'm Exxon technologies okay, a if first pilot their other the as just pilot maybe to outside curious carbon plants Exxon's are to technology? other capture announcement from build in So yesterday, this how yours. deal it's announced with trials plant

carbon different So in efforts Exxon technologies. capture of has going on a number

an produce capture our that can announced work doing to different our are is of So is carbon source, platform. is carbon any this that's simultaneously. fuel doing that it they're using obviously, the is Exxon our And trial carbonate cell. leveraging has first going ours. the that X platform other work than the and projects that other power But from is or only hydrogen that exclusive Exxon technologies capture external we're makes trials that what the on different of with

focus And the maybe to then on outlook XXXX. Okay. just for

increased mentioned and spending also initiatives. mentioned You your some you backlog,

Department us as Treasury hydrogen year? look next give the guidance more rules production. to have waiting help We're green to a what can backlog. so You like revenue for just you compartmentalize could around the growing us all And

translates about the executable the revenue? and balancing So the and pipeline are year we think and how and should backlog next for what also into to investments how want you pipeline that make

is this Mike. George,

Those those remarks, continuation year manufacturing to Toyota XXXX, future $XX a electrolysis, into you into as as coming really As investments Derby we go on planning and online commercializing go R&D capture facility, nicely did XXXX. the We so increasing investments capture. put as up future We $XX in around last in set revenues those range being targeted increasing at and would beginning well We've far our Torrington, to expanding years Jason be out revenue as to for with technology in oxide solid million carbon us XXXX, our expect as Expect expansion specific particularly XXXX, this I well Calgary as making around and in million. expectations for as online, new were as XXXX, technologies, talked capacity outlined we so that carbon we targeted competitive are in million we revenues my as of put about see as year. what $XX around doing we're ended out years.As but generation contributions with with about we haven't we see expect spend. in there. coming guidance for around to past additional

been commercializing technologies we've developing targeted investments slight some potentially there, here but that some increases around the focused the on for time. So really

the outlook? think decision, impacts terms in revenue on Treasury's about of that and next investment year just maybe And you how how

and As The monetize with carefully Treasury, obviously we're that tax being the that. to a we've both of as about the around benefits company Derby. projects here monetized has talked benefits recently able well history Toyota watching tax far we've as that as

future It's but anything watching opportunity carefully the it obviously impact potential expect to for additional everybody we're wouldn't monetization, like that. So else. in

that I that what think, facility the to in do get $X based expect the Trigen happens? call think Toyota a mentioned, kilogram. previous or change -- expectation, you had Is that on you could a You still

we an entered that put far did we sell we've financing incremental as value production which in project. into the out tax as but facility, put PTCs, that the the does press the from agreement to announced exact out to number, Trigen facility. into So release that transaction We sell credits that we add not a entered a have last week to

from Our Financial. Manav UBS next comes question Gupta from

queue the and X respect only I'll question. ask

I'll DOE Can on help guarantee that? turn And a over working Not that process loan, understand guarantee us are on You a you update DOE going that. but program. after program. a loan is it any loan and how

With we respect U.S., in expanding to the around process guarantee. are solid our the manufacturing oxide around in DOE loan the

certainly getting making process. finalizing see to with down then locations, even need around are a the seeing, we close we're forward we're need pipeline obviously the we'll that is get moving it just through forward before narrowed And with the We've that and DOE. But that move around to next phase to X to excited we location. the continue about which progress that. we're perspective is the We to corporate which in as

from comes question next Eric Craig-Hallum. Our from Stine

up Derby, the be portfolio, on megawatt. believe, at you'll So shortly, when that generation Toyota and I XX

plan level where I'm that cost much given drive a structure? little you to the something past, ways, opportunities. positive. to that is new megawatt curious, talked be investment generation I of XX As color past as there EBITDA sizable XX would the I about some give goes think to stands, back for and on had you're it here you you breakeven And update? about a this understand just taking Could your more But very in these you

Mike. is This

So I'll take that.

of we in come online have megawatts these So portfolio. over projects online, will additional yes, projects XX as the

as in investments XX%. out -- margins itself, years, will I'm portfolio. our a for cost -- you in around up and for finishing last from negative in that project, depreciation made positive that expensed been came came XX% the quarter the portfolio around have sorry, for the fiscal our take out So increase financial the that's statements, that generation the that showing When EBITDA But we're far on when the as several for revenue.As take depreciation, portfolio. that the the well you quarter we've year the Toyota as EBITDA

are additional the the making portfolio.When overall at positive investments. we business, generation we look cash we from So said, as

our We new these as R&D bring to as several SG&A increased years on have last technologies. well over the

improve revenue As the online producers in become years, those of will next continue that profile few the and the company. come EBITDA to

only not service activity We from continue come grow talked there on agreement producing, have to as a revenue We we opportunity would as in see online a direction further to out and gets new around the Korea. that's the basis. EBITDA Jason had that but expect revenue we put global get specific to recently continue these new when company to technologies in our well. we drive opportunities but about guidance not positive,

on you of what X but Do then you something wondering, that might that but actual be? me, just that and last it, estimate I in have pipeline. for both appreciate the know past. give an by geography, the amount I did done missed application breakdown is or by And maybe the maybe

look What we applications a the at see of Yes. we in was pipeline. that our provided type really

about a you is, pipeline, opportunity hydrogen call at carbon look I've electrolysis and geography number recovery, talked we carbon you example, then X if specific We generation, we look at since to a as least Korea, think megawatts or the and and that to don't additional a and awards are service Mike and I with there's XXX on power view just what past, not the done you gave if refer of that we've did additional that megawatt of if market. provide yet. not Korea in we've take, between fully by same capture, So those applications. today, talked about negotiated what that about I in say been for at, the would in But gigawatt talked the We agreement it what here. the

see So we're opportunities. into pipeline convert starting that to

as that success projects renewal, come also that Europe, there. see have some the we're some in we for of We they up having

think point we're a starting excited convert to pipeline about we And that. opportunities. So we're seeing to to we're get that that where

comes question Osborne Cowen. from next Our Jeff TD from

quick side. X ones on my Just

cell so advancement had us potentially that revenue the mentioned Can had Korea, the the how just maybe the for of zero be give receive you said you revenue flow that to order XXX gone? hypothetically, the encourage just would interested the next scope advanced through? you you Eric tomorrow upwards for the to Would of you that, then what and/or think you CapEx? year were If million, analysts that. any in oxide facility in U.S. there's or planning terms to think just I'd just XXX out has on on fuel for a potentially following of proportion an half on in in the year? the solid past the about when had you update I $XXX product in And update talked second an of up megawatts for model megawatts if I

question, for On the megawatts. that first produce part manufacturing facility U.S. the is we've about XXX at your talked have a what to of ability would the

is in happen. making have investment we which that with think to. we're our since in of the X/X minor view about of that, is about factor XX a cost. have to Calgary terms roughly megawatts that the XX We by there achieve our facility expanding and megawatts, refined come has And The required we to the what view of capital that of to to how that down we we that think have ability get

upgrade what were our manufactured creates about work, on way or in carbonate the But we're our to opportunity important, obviously installed, depending the So IRA, also if in modules we're the megawatts respect position there with XXX in what opportunity; the to where just full opportunity the the platform, which to here United that of we've that's the always business that we works of modules make facility really cycle. about X, you we is and to as opportunity, say to X, sure think excited think megawatts. U.S. the the for are States.With because XX advantage would we when take I that's get see Calgary our

an it. distribution in you it's the about might think way So not even

look that with through in driven that's when how might you it. little in renewal gencos can of to the bit be terms we each to contracts with up working all So and more going help Korea come a But the modules by think our for maybe of market. about those

my up now it million, are figures follow it previously to X/X So million $XXX if CapEx, the was off? is less, or just $XXX on

we'll facility being. that's we're what a build of Initially, more up Yes. to out end thinking

there and roughly about would a Korea, up months? that years thinking XX old way Got be on that won't renewal? next XX then how for be it. to the be specific Is more you And many what portfolio might X of up units for are

this is Mike. Jeff,

at Let have me as take shot backlog. that. not And we currently, a you mentioned, product do

Korea can There we'll about product as renewals of inventory in lag second modules ship be be the we will those and will Korea, we be do as to is modules cells, Korea. inventory, POSCO said, but But transitioning these transition just not Energy So see prudent producing early It's currently to the or have to shipping opportunity. and time is the able for of happen, there, as depends Jason these year. really KFC. in are Energy through and carbonate revenues on to FuelCell the opportunities from And projects timing we those to POSCO KFC Energy the half repowering the happen. It megawatts under of working the so That's we fuel fiscal of those we'd that. renewals year. process as our in all in happen of expect XXX which or which cycle of in a we portfolio

units there any guarantees is in year And is shipped fiscal that through Mike, $XX.X performance similar pure to flowing model there from the any guarantees, residual prior need just from then lastly, profit performance to we the million next more on?

guarantees Those quarter. this modules and Noeul were the anything to related were significant those We were past expect Jeff. installed there, which wouldn't performance Green,

Jefferies. from Ailani Dushyant from comes question next Our

I you on be to more going carbon of after what's -- take X Exxon. about pilot maybe steps when going is that's with quick maybe just that? the capture just to had timing or the for next pilot Could place, share ones, when X the the the

Sure.

work their the participation the the part the think if right So And timing with that pilot you for yesterday, includes about announcement with Exxon going on in EU. of Fund now, just Innovation the made is we there's we that be you Funding EU in that documents out But to there that. around timeframe. see slated clarity XXXX. on could expect And Innovation more give operational some online for we'll early the that that's

hubs, the And you going have then discussions I and know your you on technology around. being about just also then that in the Awesome. hydrogen X hubs. talked

as that around timing just maybe So well.

Yes.

the going what's better there, about going negotiations work. a going owners for between of call the between, But how what on lack them and and hub is think on hubs, an them aspect project Toyota DOE project hubs ability funding about that them. look the expression, is to I'll example you all think to very the excited we're If around of the We X X to of our all that quickly. execute transportation when X at our great a like is of tied a have you is

hydro do to between you doing mix hydrogen, If that doing also electrolysis, to a think about or that. in by the solar opportunity it or There's as and the whether utilizing hubs capturing be used these hydrogen fuel is fuel have the like to wind that's way which hubs, called, and through blue demonstrate there's things DOE trying that around or COX. the doing cross

X hubs. think we're positioned to well of across So really value we the add all

provide in them working And part hubs technology so of cycle lockstep funding with the DOE, through are to the to work as owners as make work. hydrogen hub those need they the the with we solutions

Ryan comes Riley. Our Pfingst next from B. question from

recent Trigen customer about potential the available With months from site another and in your customer? confidence in attracting seen you've the for others interest now you can talk visits,

platform. has Toyota, generate customer, of its a water commercial and the a implementation for and is things of itself. real that and talked exciting of other the platform, Between as in have the product need X the power, projects is solution the the project way has about, a as Ryan, the from even really to that customer that's of the which unlike leverage the platform hydrogen lot the that about a capabilities, served the Toyota a real been that the is to the in leveraging this some interest catalyst

We continue number tours. of to a do

of number a we're We have a that opportunities pursuing Trigen as around solution.

even mentioned, Trigen like some there's addition, hub for hydrogen opportunities. in think some I of the maybe just In we that applicability

the And do U.S.? appetite in see How look the of Canada. announcements in you last here with opportunity does couple months the like see nice to what big and nuclear-related nuclear, the and an the U.K.

ask electrolysis and a excited little the we to we're only Great chime but U.S. given question. the Tony platform, And not seeing bit nuclear why solid about the opportunity I'll here are renewed good here it's that in our world. interest a around and nuclear maybe oxide in about the with pairing such around nuclear why

power, is key The power marrying nuclear our and to that. do oxide to happy available electrolysis it's it's advantage Yes, that zero-carbon XX/X. of solid

you if be produce that zero-carbon So tend renewables. carbon solutions, through hydrogen can think other of X they to intermittent the electrolysis,

It capacity a, factor; starts we from nuclear, we and we b) can has also external about increase if But an So nuclear we source high have very use high efficiency. get heat, that can our XX%. to at waste which it provides heat, it out of can power. get to waste electrical literally which XXX%

So solid it's our oxide a really fit electrolysis. good for

Yes. guys. to of lot a make sense. application it I'll that It's turn Happy an holidays, back. does seem

comes question from Our Brothers. from Parks last Tuohy Noel

manifest wonder in might particular far Any the as you work development want cells. the and you've on of to talk the footprint some could on that to reducing doing how if fiscal side. topic as see the itself? bit the I I coming year progress general a talk just expect about you of product fuel been a

solid platform, we is carbonate I the just our is module for a think modularized. us carbonate of and look if at oxide that you creates in X size And space. platform, if how terms effectively like our we very space platforms, size, solid look container, our too, think oxide, our it's an platform at of and you utilize it the and advantage

equivalent roughly it's example, providing If a basketball the the power, providing you hydrogen, X.X courts. providing as X platform Trigen of it's and that's water, on platform megawatts take just an it's

like needed with as and other that's carbon or lot like very for around hydrogen benefits platforms. platform that solid can about ability delivering our rack So not utilization in efficient And a you of space other a containerized, while and/or and things mounting power a capture. doing oxide be lot you think of footprint more the

to the would other I of comments the you mentioned a Rotterdam. your then, good project. the Exxon of about of be it, on in to you first deal, last when about joint it the apologize comes was surprised think made I to But me the And a year, touched talk about maybe I was getting you little feel to something I aspects like agreement. earlier the in announcement the that deal if recent could but the earlier, this that maybe JDA, degree of maybe stages bit if actually marketing announcement the course, a wondering was hear than pleasantly

So couple the talk happening anything could quarters? of about you background the been of what's last

the Yes, optimizing as other optimization we've and talked transferring we're of joint about, focused how in significant think Exxon X very And we was power capturing we of and effective development around platform FuelCell were the centered things really the at on the out platform. how was technology to carbon, in of versus density maintaining that's the advantage capture because there our carbon. to a platform in was good any terms platform

was our capture other takes cell time then those X life how around And in of So the of just carbon long on life we would last. one life lot a mode and a testing time. thirdly, spend elements stack things.And

were the opportunity. market And things aperture the move and things customers press a phase with worked this and platform. customer, you we them significant technology, hydrogen, things development this to release industrial After look if a significant those a both will really because power demonstrating do at technology pretty the they like their who and technical that's of was to successfully sites, technology if they've capture as that results simultaneously, the and look the not opportunity those sides to deploy ours think but have that after able and a for jointly at open the excited other around you they they benefits, delivering so at carbon optionality a that like comfortable is said in could like focused next standpoint, that just to of up Exxon, optimizing really that, from that project, we you demonstration other this then broadly, as being And produce the and only been we've with we're that part solving and effort. on were all through generate, it's

The now back to closing for Jason remarks. Q&A I'd session is closed. hand now like to Few

you. thank Ellie,

business you. today to day. goal Powerhouse and peaceful our execute season, Thank joining FuelCell with your and updating delivering you to next the for of great all you for continue and call strategy Energy. will We growth we quarter. again in look interest you returns. optimizing a Have Thank wish a We the and all happy holiday forward

Thank you wonderful for have holidays. conference. and day attending We hope happy today's a you

now You may disconnect.