The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jeffrey Osborne - Cowen and Company LLC - Analyst
: A lot of detail on the data centers there in the prepared remarks on South Korea. Jason, I was wondering if you could just give us a quick update
on the or singles and doubles, if you will, on the legacy commercial business for you folks now that the tax credit in the US has been reinstated?
What's the funnel and pipeline there look like?
Question: Jeffrey Osborne - Cowen and Company LLC - Analyst
: Got it. That's helpful. And then either for yourself or Mike, I think you mentioned, what was it, eight units or modules to GGE in the quarter. How
many -- can you give us a reminder of how many are remaining? What your expectations are for Q4 and Q1?
Question: Jeffrey Osborne - Cowen and Company LLC - Analyst
: Is there something specific with the number eight for this quarter and next, Mike, that that's the staffing capability? So the remaining 16 for next
year, is it safe to assume eight in Q1 and 8 in Q2, just in terms of cadence?
Question: Jeffrey Osborne - Cowen and Company LLC - Analyst
: Got it. And my last question is just you mentioned the 100 megawatts to EBITDA breakeven in terms of Torrington output. I may have missed it.
What is the facility, I guess, running at now or what's your expectations for the next six months or so just in light of the growth as it relates to the
two Korean contracts?
Question: Jeffrey Osborne - Cowen and Company LLC - Analyst
: Perfect. And then last, just a clarification on that topic. Is it safe to assume, the 40- to 45-megawatt annualized run rate is a gross margin breakeven
run rate?
Question: Ryan Pfingst - B Riley & Co LLC - Analyst
: I'll ask a follow-up on Inuverse and maybe timing there. Could you talk about your expectation for when that MOU might convert to an order and
what the steps are to get there?
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SEPTEMBER 09, 2025 / 2:00PM, FCEL.OQ - Q3 2025 Fuelcell Energy Inc Earnings Call
Question: Ryan Pfingst - B Riley & Co LLC - Analyst
: Got it. Appreciate that, Jason. And then on carbon capture, can you remind us what some of the next milestones are there with Exxon and the
Rotterdam project?
Question: Noel Parks - Tuohy Brothers - Analyst
: There was a mention at the end of the prepared remarks about (inaudible) looking for strategic financing for projects such as -- some of them --
the power projects in Korea. Just talk a little bit more about how -- what that process looks like? Whether you're thinking of doing deals as individual
Question: Noel Parks - Tuohy Brothers - Analyst
: Terrific. Thanks. And thinking about the data center market, of course, there's such a whirlwind of activity going on industry-wide around everything
that you do with power and energy to supply that demand growth.
I'm just curious, could you talk maybe about the degree of decisiveness or urgency you're seeing when you're talking with data center or hyperscale
customers? I'm wondering if you can envision what like, what's the sweet spot, the type of customer or arrangement that is the best fit, would you
say, for fuel cell technology, looking near term?
Question: Noel Parks - Tuohy Brothers - Analyst
: And just one last one for me. Given all those factors, which sound incredibly favorable, any inkling of whether you might have some pricing power
heading into some of the new agreements you're looking at?
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