FuelCell Energy, Inc.

Ladies and gentlemen, thank you for standing by and welcome to Fuel Cell Energy's fiscal third quarter 2020 financial results and business update call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star one on your telephone. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Tom Gelson, Senior Vice President, Investor Relations. Thank you. Please go ahead, sir.

Thank you, Jillian. Good morning, everyone, and thank you for joining us on our call today. As a reminder, this call is being recorded. This morning, Fuel Cell Energy released our financial results for the third quarter of fiscal year 2020, and the earnings press release is available on the investor relations section of our website at fuelcellenergy.com. Consistent with our practice, in addition to this call and our press release, we have posted a slide presentation on our website. This webcast is being recorded and will be available for replay on the company's website approximately two hours after we conclude this call. Before we begin our prepared comments, please direct your attention to the disclosure statement on slide two of the presentation and the disclaimers included in the press release related to forward-looking statements. The discussion today will contain forward-looking statements including, without limitation, statements with respect to the company's anticipated financial results and statements regarding the company's plan and expectations regarding the continuing development, commercialization, and financing of its fuel cell technology and its business plans. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements made on this call today, other than statements of historical facts, are forward-looking statements and include statements regarding our anticipated financial and operational performance. Forward-looking statements made on this call represent management's current expectations and are based on information available at the time such statements are made. Forward-looking statements involve numerous known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any results predicted, assumed, or implied by the forward-looking statements. We strongly encourage you to review the information in the reports we file with the SEC regarding these risks and uncertainties, in particular those that are described in the risk factor section of our annual report on Form 10-K and the cautionary statement concerning forward-looking statement disclosures in our quarterly reports on Form 10-Q. You should also review the section entitled Cautionary Statement Concerning Forward-Looking Statement in this morning's earnings press release. During this call, we will use non-GAAP financial measures when talking about the company's performance and financial condition. In accordance with SEC regulations, you can find a reconciliation of these non-GAAP measures to the comparable GAAP measures in this morning's earnings release and the reconciliation document posted on the investor relations portion of our website. For our call today, I am joined by Jason Few. Fuel Cell Energy's President and Chief Executive Officer, and Mike Bishop, Executive Vice President, Chief Financial Officer, and Treasurer. Following our prepared remarks, we will be available to take your questions. I would like to now hand the call over to Jason for opening remarks. Jason?

Thank you, Tom, and good morning, everyone. We appreciate you joining us on our call today. I am pleased with our third quarter performance as we continue to execute on our powerhouse business strategy that we first announced in January of this year. Despite the ongoing challenges of COVID-19 and resulting economic uncertainty, the Fuel Cell Energy team continues to operate with safety as our number one priority while continuing to execute on the projects in our backlog. Delivering on our customer service and support obligations and moving business development opportunities forward. Each quarter, we include the overview of fuel cell energy shown on slide three for investors who may be less familiar with our business. During fiscal year 2019, which ended on October 31st, we recorded approximately 61 million of total revenue, primarily across our three largest categories, service and license, advanced technologies, and Generation, which together represent a diversified source of recurring revenue under multi-year contracts. During the first nine months of fiscal year 2020, we have generated approximately $53.9 million in revenue, or 88% of total revenue generated in 2019. Near the top of the slide, we highlight many of our well-recognized customers. currently using our technology platforms, including our extended stack-like fuel cells and combined heat and power systems that enable microgrids and leverage multiple fuel types, including carbon-neutral biofuels. The same molten carbon and fuel cell platform is capable of providing distributed hydrogen, which is what we will implement for Toyota at the Port of Long Beach, California. We are working toward commercializing our solid oxide platform capabilities to deliver hydrogen production through highly efficient electrolysis, long-duration hydrogen-based energy storage, and zero-carbon hydrogen power generation, which will support the increasing penetration of intermittent renewable technologies around the world by providing a way to store the power generated by renewables for use when needed. I would also like to note that since the commercialization of our first fuel cell power platform, we have delivered more than 10 million megawatt hours of clean power. Moving to slide four, we are excited about the progress we are making toward fulfilling our purpose of enabling the world to live a life empowered by clean energy. This purpose guides our people. The work we do, our strategic focus, and the innovations we are developing and commercializing. We believe consumers and businesses around the world, rather than Asia, Europe, developing nations, are here in the U.S., will continue to demand always-on power. And as the electric grid continues to evolve, our technology portfolio will be ready to provide the reliable power that the energy grid of the future must deliver. Now, let me highlight key themes that summarize our quarterly progress and where we are today as we continue to execute our powerhouse business strategy. Slide five, please. First, our underlying results for the fiscal third quarter demonstrate successful execution of our project backlog with a continued emphasis on managing our operating expenses and positioning Feel So Energy for growth. As CEO, My first conversation with you solidified our commitment as a team to execute on our backlog, and we continue to do just that. In a moment, Mike will review our quarterly financial results, but to put our results into perspective, we had 32.6 megawatts of operating power platforms in our generation portfolio at the end of the quarter, compared to 26.1 megawatts as of July 31, 2019. representing a 25% increase. While we have increased the overall capacity of our generation portfolio, we incurred increased expenses in connection with the early replacement and upgrading of our fuel cell modules at our Tulare natural gas plant. While one of the modules required replacement, we took advantage of the opportunity to perform an additional step and upgrade the second fuel cell module at the plant with our new, reliable, and longer-life SureSource platform. The expense associated with this module replacement impacted our operating results. However, these investments are expected to result in enhanced performance, lower future maintenance costs, and improve margins over the life of the models to better deliver against our contractual commitments. Second, we continue to make progress against our project backlog, including our installation in Groton, Connecticut. Currently, this project is awaiting the completion of a coordination study by a third party and electrical interconnection work to be executed by other third parties. We have completed the majority of our scope of the work. Once the third party study and other work is complete, The plant will be ready for commissioning and commercial operation. Also, we continue to make progress on constructing our next biofuel power plant in San Bernardino at the San Bernardino Municipal Water Department. Third, as previously reported, we resumed factory operations in June after proactive closure at the onset of the pandemic to ensure the safety of our team members. In addition to prioritizing the safety of our team members, we made the decision to retain all team members on payroll with benefits, which enabled us to quickly and efficiently reopen the facility after making safety enhancements, including use of social distancing protocols and the necessary PPE for all team members. Fourth, we terminated our license agreement with POSCO Energy, which had previously been our technology licensee for South Korea, and the broader Asian market. With the termination of those license agreements, we have commenced directly marketing our product and service in those markets. This is an important development as we position fuel cell energy for growth. Our platform is uniquely advantaged to deliver combined heat and power, inclusive of steam, which our fuel cell competitors cannot deliver. We are able to offer customers in Korea and across Asia our full suite of platform offerings, including our hydrogen technology. Our tri-gen hydrogen platform would provide the Asia market with a distributed hydrogen platform to support transportation and a number of industrial and commercial applications. To strengthen our liquidity. In June, we executed an open market sale agreement with Jefferies to sell up to $75 million of our common stock. To date, we have sold 28.3 million shares, generating net proceeds to the company of $70.1 million, which may be used for working capital, corporate liquidity, the repayment of debt, and to support the financing, the completion of our project backlog. We have strong institutional and retail demand for our shares and are pleased with the execution of the program. Finally, consistent with our purpose, we continue to strive to be a leader in sustainability and environmental stewardship. To this end, GeoCell Energy remains focused on four of the largest global energy opportunities. One, distributed baseload generation. Two, distributed hydrogen generation. Our multi-feature platform is advantaged by its steam delivery capabilities, utilization of multiple fuel types, and capability of delivering hydrogen through our distributed hydrogen platform. Hydrogen can then be used as a transportation fuel in industrial applications and for the decarbonization and or repowering of existing gas turbine power generation infrastructure and blending down the carbon intensity of low carbon natural gas. Our distributed hydrogen platform is the technology we plan to deploy at our facility in Long Beach, California. 3. Our solid oxide platform, which is capable of providing electrolysis, hydrogen generation, long duration hydrogen energy storage, and zero carbon hydrogen power generation. As we look to the future, our hydrogen generation capabilities through electrolysis can enable a zero-carbon energy storage platform for the future. The FuelSo Energy hydrogen energy storage system is a closed-loop platform when operating in reverse mode that leverages stored hydrogen to produce carbon-free power. These technologies position FuelSo Energy to capture meaningful opportunities in the growing hydrogen economy around the world. And fourth, carbon capture. We continue to believe that carbon capture is key to meeting global goals for reducing the world's carbon footprint, thus enabling much of the existing power generation infrastructure to remain in place. And since energy is the linchpin of modern development and industrialization, providing developing nations with an opportunity to foster economic growth without sacrificing the environment, this requires affordable, abundant energy. We believe that fuel cell energy's carbon capture technology is currently the only known method that concentrates and captures carbon while simultaneously producing more energy. Together with ExxonMobil Research and Engineering Company, we continue to develop our fuel cell technology that has the ability to concentrate CO2 across industrial applications, such as coal and gas-fired power plants, which is also producing power from the fuel cell stack. And now I will turn the call over to Mike to discuss our financial results in more detail. Mike?