Fuelcell Energy Inc Q4 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: George Gianarikas - Canaccord Genuity Corp - Analyst : So maybe just to pull on that thread a little bit with regard to data center traction. Can you just sort of maybe go into a little bit more detail as to how the conversations with your DPP partners are going? Like any bottlenecks or two, maybe signing a deal and where you see maybe the most opportunity over the next 6 to 12 months?

Question: George Gianarikas - Canaccord Genuity Corp - Analyst : And maybe as a follow-up, any update on what's happening with ExxonMobil and your carbon capture opportunity there?

Question: Saumya Jain - UBS AG - Analyst : So what are the big changes, if any, that you've seen across the South Korean market over the past year? And what's your outlook for that market, specifically heading into 2026. And then on the data center side, specifically, how are you seeing the South Korea market or Asian market, in general, vary from the US.

Question: Saumya Jain - UBS AG - Analyst : Great. And then could you provide more color on any carbon capture opportunities you are pursuing with other players like the one with Exxon or any other similar partnerships?

Question: Ryan Pfingst - B Riley & Co - Analyst : Maybe a follow-up on the data center discussions in the US. Is it fair to say that customer readiness is the main hurdle for fuel cell to secure a data center customer at this point? Or are there other factors we should be thinking about?

Question: Ryan Pfingst - B Riley & Co - Analyst : Appreciate that. And then shifting over to South Korea. Can you talk about your expectations around timing for the universe MOU to the extent you're able to when we might see that convert to a firm order or even first revenue there?

Question: Jeffrey Osborne - Cowen and Company LLC - Analyst : Just maybe two lines of question on my side. One is on the data center side. Is there anything, Jason, that you need to still develop as it relates to the use case or the application, I'm thinking like low following or other features relative to hospitals, college campuses, things like that?

Question: Jeffrey Osborne - Cowen and Company LLC - Analyst : So if I'm hearing you right, the pricing for data centers should be similar-ish to what you've seen in years past for other smaller applications, given there's no additional equipment.

Question: Jeffrey Osborne - Cowen and Company LLC - Analyst : Perfect. Maybe just a quick one for you, Mike. two-parter, but to expand from 100 megawatts in Touring to now the 350, I think you mentioned you have a ballpark of what that would cost. And then I think the ATM is fully utilized share counts up I don't know, 80% or so year on year. Is now a period of sort of relaxation on adding capital to the balance sheet and then waiting for the orders to come. And then maybe you need to revisit the ATM. Can you just walk us through the cash consumption in fiscal '26. And what it would cost to add capacity and what happens if you get some of these major orders that you're targeting?

Question: Jeffrey Osborne - Cowen and Company LLC - Analyst : I got it. So no need for an ATM for now? Or do you just have a good housekeeping add that, just to be clear on that part.

Question: Noel Parks - Tuohy Brothers - Analyst : Talking about the data center market, sort of what we see happening in the broader MAX overall is just a little bit more realization of there is some devil in the details that -- it seems that the market needs to understand just to really understand the pace of the data center rollout. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 18, 2025 / 3:00PM, FCEL.OQ - Q4 2025 Fuelcell Energy Inc Earnings Call And at scale, and so I guess one thing I was wondering, I think during the -- earlier in the call, you mentioned sort of the emergence of NIMBY issues, which is I think sort of a fairly new topic in the last quarter or two. And I just wonder if -- how those issues are coming up and your potential customer discussions, and I'm also interested in, particularly with utilities, how some of them are looking ahead to trying to insulate their maybe residential customer base from the costs that they'll probably incur from ramping up power supply to data centers.

Question: Noel Parks - Tuohy Brothers - Analyst : Right, right. But it does be me to wonder whether there are any advantages regionally in your thinking about pursuing customers. I'm not sure there's coman area what the data center demand pickup is looking like there. But just sort of recognizing that you've done so many projects for sort of communities within your fairly close radius. And so is that a possibly positive factor in getting new business?

Question: Noel Parks - Tuohy Brothers - Analyst : Great. Great. And just the last one for me, again, sort of about the discussions with potential customers. I'm curious with so many cross-trends going on so many different issues to evaluate. As you talk to utility or a hyperscaler, say from one conversation to the next, say, you're talking with somebody at one point and then A couple of months later, you kind of reconvene and go from there. Is -- are you talking with customers about a pretty stable static set of projects that they have in their sites? Or is it more sort of dynamic and volatile like the conversation is going in one direction. And then a couple of months later, utility talks about no, we're thinking about a different region or a different customer type. So I'm just sort of curious whether you're sort of following the same trail with these, and it's just a matter of getting to the endpoint or whether sort of the table kind of keeps getting reset as you progress with these guys?