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| And we think with the growing Biofuel Market, our R&D and our ability to take direct biofuels, again, positions us really well to start turning this pipeline and to close transactions throughout 2024 |
| These investments are expected to result in enhanced performance, lower future maintenance costs and improved margins over the life of the modules |
| And we think that yesterday's announcement, we think, is emblematic of the fact that as we start to really think about scaled projects and really getting to the 90 million metric tons of hydrogen that are produced already that might fall into if we were to use a color gray hydrogen, that's a lot of hydrogen, and you're going to want a very efficient platform for producing that, and we think we're going to be well-positioned to play in that opportunity |
| We have a strong balance sheet and have demonstrated discipline in the allocation of capital to support growth |
| On the electrolysis side, we think that solid oxide is the platform that ultimately over time will be the winner in the market because of the efficiency advantage |
| So, we're very excited about that opportunity because there's many more segments and opportunities we can pursue, and we think that time to power and particularly for behind-the-meter applications, that opportunity from a sub-megawatt perspective, we think, is fairly significant |
| Finally, the company has a strong total cash position at over $348 million as of January 31, 2024 |
| We believe we are poised to capture market opportunities over the coming years |
| And we think our technology is well suited for that |
| It's delivering power with a pathway to deliver better sustainability |
| So, we see solid interest in the Trigen platform |
| We are proud to be a global leader in electrochemical technology, simply stated, our Proprietary Fuel Cell Technology platforms do two things: decarbonized power and industry and produce hydrogen |
| And finally, we see growing momentum behind policy support for the energy transition in the US and internationally, and we believe we have the platform solutions that will enable FuelCell Energy to benefit from these tailwinds |
| We have had success in our growth efforts in Korea, where we see tremendous additional opportunity for the future |
| We are very pleased to have added three new generation assets, enhancing our recurring revenue profile |
| And so we think we're well-positioned to go after data centers and we've also demonstrated the ability to effectively operate in a microgrid application |
| We believe FuelCell Energy is well positioned, as an energy delivery and emissions management company to be part of the solution by supporting customers on a safe, secure and practical path to net carbon zero |
| We're optimistic about the opportunities that we see going forward there |
| I remain excited about our company's trajectory as our newest innovative technologies are progressing toward commercialization and are expected to have a positive impact on our world in the future |
| And so we're very optimistic about that |
| We believe that this project will be an excellent example of the ability of our solid oxide FuelCell platform to answer the need for on-site resilient distributed power that will assist UConn in achieving its environmental goals and provide heat reducing their heating costs |
| We believe solid oxide presents one of the best opportunities to minimize overall cost while maximizing efficiency and that our platform can give more organizations the option to implement a flexible energy strategy, because most of the cost of hydrogen produced by electrolysis are related to the cost of input power, efficiency is one of the most effective ways to lower zero emission hydrogen cost |
| We believe that the domestic policies that have been enacted are stable, that the proposed global policies have strong support and that we are well positioned to capitalize on the evolving energy landscape |
| We remain very excited about the opportunity around carbon capture |
| The gross profit in the prior year period is a direct result of favorable product margins as revenue recognized had no corresponding costs, along with lower manufacturing variances |
| We believe our platform technologies and our culture will allow us to continue building our significant global patent portfolio, further enabling our participation in the growth of the hydrogen economy and carbon capture emissions management, utilization and storage |
| Additionally, applications like electrolysis, time to power and CO2 as a delivered product are gaining momentum among a broader set of potential customers and geographies |
| I would like to reemphasize again the pillars of our Powerhouse business strategy, which underpins our approach towards achieving long-term growth |
| We believe that these planned commercial applications will highlight the specific advantages of FuelCell Energy solid oxide fuel cell and solid oxide electrolyzer cell technologies |
| Our proven Carbonate Technology has met customers' needs, for over 20 years and has generated more than 15 million megawatt hours to-date |
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| As we understand, utilities are struggling to meet that demand |
| For the first quarter of fiscal 2024, revenues were lower than in the comparable prior year quarter |
| The gross loss in this first quarter of fiscal 2024 is a result of unfavorable margins for generation, which included expense construction and gas costs related to the Toyota project of $3.5 million, and a derivative loss of $1.9 million related to natural gas purchases during the period |
| But even beyond that, there is just a grid capacity issue |
| Service agreement revenues decreased to $1.6 million for the first quarter of fiscal year 2024 from $13.9 million in the prior year period |
| And as a result, we expect lower service revenues in fiscal 2024 compared to fiscal 2023 |
| Adjusted EBITDA totaled negative $29.1 million in the first quarter of fiscal year 2024 compared to adjusted EBITDA of negative $14.4 million in the first quarter of fiscal year 2023 |
| This is an issue where the simple -- the fact is the great capacity is not going to be there |
| Now requiring them to embrace new technologies in order to do that, of course, is always a challenge |
| Gross loss for the first quarter of fiscal year 2024 totaled $11.7 million compared to a gross profit of $5.2 million in the comparable prior year quarter |
| In the first quarter of fiscal year 2024, we reported a net loss of $44.4 million compared to a net loss of $21.1 million in the first quarter of fiscal year 2023 |
| On the bottom right of the slide, you will see that backlog decreased to $1.03 billion as of January 31, 2024, compared to $1.06 billion as of January 31, 2023, primarily as a result of revenue recognition under generation, service and advanced technologies agreements |
| The resulting net loss per share attributable to common stockholders in the first quarter of fiscal year 2024 was negative $0.05, unchanged from the first quarter of fiscal year 2023 |
| Domestically, one of the big questions now is really how does 45d play out, and we think that that's having some impact on pacing, but there is strong interest both at a port level as well as the realization around the distributed nature of the platform, and that by it being a distributed platform, there is a number of hurdles that you can avoid in trying to get these hydrogen projects implemented, without needing to get through a lot of the infrastructure challenges that exist in trying to do centralized projects |
| I apologize if you touched on this earlier |
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