FuelCell Energy, Inc.

Good morning. My name is David and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Fuel Cell Energy's first quarter 2023 financial results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question and answer session. If you'd like to ask a question during this time, simply press the star key followed by the number one on your telephone keypad. If you'd like to withdraw your question, press star one once again. To allow everyone an opportunity, we ask that you please limit yourselves to one question with one follow-up. Thank you, Tom Gelston, Senior Vice President of Finance and Investor Relations. You may begin your conference.

Thank you, and good morning, everyone, and thank you for joining us on today's call. As a reminder, this call is being recorded. This morning, Fuel Cell Energy released our financial results for the first quarter of 2023. and our earnings press release and our annual report on Form 10-K are available in the Investor section on our website at www.fuelcellenergy.com. Consistent with our practice, in addition to this call and our earnings press release, we have posted a slide presentation on our website. This webcast is being recorded and will be available for replay on our website approximately two hours after we conclude the call. Before we begin, please note that some of the information that you will hear or be provided with today will consist of forward-looking statements within the meaning of the Securities Exchange Act of 1934. Such statements express our expectations, beliefs, and intentions regarding the future and include, without limitation, statements with respect to our anticipated financial results, our plans and expectations regarding the continuing development, commercialization, and financing of our fuel cell technology, and our business plans and strategies. Our actual future results could differ materially from those described in or implied by such forward-looking statements because of a number of risks and uncertainties. More information regarding such risks and uncertainties is available in the safe harbor statement in the slide presentation and in our filings with the Securities and Exchange Commission, particularly the risk factor section of our most recently filed annual report on Form 10-K and subsequently filed quarterly reports on Form 10-Q. During the course of this call, we will be discussing certain non-GAAP financial measures, and we will refer you to our website and to our earnings press release and the appendix of the slide presentation for the reconciliation of those measures to GAAP financial measures. Our earnings press release and a copy of today's webcast presentation are available on our website at www.fuelcellenergy.com under Investors. For our call today, I am joined by Jason Pugh, Fuel Cell Energy's President and Chief Executive Officer, and Mike Bishop, our Executive Vice President, Chief Financial Officer. Following our prepared remarks, we will be available to take your questions and be joined by other members of the leadership team. I will now like to hand the call over to Jason for opening remarks. Jason?

Thank you, Tom, and good morning, everyone. Thank you for joining us on our call today. Since we met in December, we have achieved some exciting milestones in our journey to enable the world to be empowered by clean energy. Today, we announce strong quarterly results as we continue to execute on our powerhouse business strategy. Before getting into the business results, I always like to give an overview of fuel cell energy on slide three for anyone who might be new to the fuel cell energy story. In operation for over 50 years, fuel cell energy is a leader in developing stationary fuel cell energy platforms. Our purpose is to enable a world empowered by clean energy. We are currently in the early stages of a global energy transition to a low-carbon future. We believe fuel cell energy is well-positioned to be part of the global solution by assisting customers on a safe, secure, and practical path to net carbon zero. This important purpose drives our strategic focus and our passion for our work. Our goal is to leverage our proprietary fuel cell technology platforms to decarbonize power and produce hydrogen. Our platforms operate in North America, Asia, and Europe, and we are focused on entering more markets around the world. We have 95 platform installations in commercial operation which we believe demonstrate the commercial feasibility of our energy platforms. Next, Let's turn to a few key highlights for this quarter shown on slide four. First, we are continuing to make consistent operational progress on key projects. Our project with Toyota in Long Beach, California, our project in Derby, Connecticut, and our carbon capture joint development agreement with Exxon Mobil Technology and Engineering Company are progressing well. I will provide more detailed updates on these three projects later in the presentation. Importantly, as I previously stated, as of January 1, 2023, we are no longer restricted from directly serving all customers in Korea, including legacy customers that were previously solely serviced by Korea Fuel Cell Company and or POSCO Energy Company. This represents approximately 116 megawatts of module upgrade opportunities. We are continuing to scale our commercial organization in Korea as we work to further develop our pipeline in Korea and other Asian markets. Second, having just recently announced in December that we are now accepting orders for our solid oxide platform for both power generation and hydrogen electrolysis applications, we are focused on expanding our solid oxide manufacturing capacity. We have strong, experienced leadership energizing our commercial and operational efforts and we expect to build and deliver four units during calendar year 2023 including two units that will run internally for advanced testing and two first article production units for delivery externally i will discuss our progress on solid oxide in more detail later in the presentation in addition after the quarter in we were proud to announce our intent to collaborate with a subsidiary of malaysian marine and Heavy Engineering Holdings, or MMHE, a Petronas company on the development of a large-scale electrolyzer facility for the Asian, New Zealand, and Australian markets. Through this collaboration, we expect to increase the efficiency of green hydrogen production while also reducing the cost, with the goal of making large-scale clean hydrogen production an easily accessible and viable energy option. We are opportunistically evaluating potential options to benefit from global policy tailwinds. We believe the enacted policies are stable and the proposed global policies appear to have strong support and that we are well positioned to capitalize on the evolving energy landscape. Recent global support for clean energy includes the U.S. Inflation Reduction Act and the Infrastructure Investment and Jobs Act totaling approximately $479 billion. Canada's proposed hydrogen tax credit, the European Union's proposed approximately $270 billion program that would offer tax breaks for businesses investing in net zero technology, and the Korean hydrogen economy roadmap. We believe that these types of policies will support and drive increase in demand for clean energy technologies. We believe that fuel cell energy and Our future customers of fuel cell technology will be able to benefit from these types of policies by taking advantage of investment tax credits, production tax credits for clean power and hydrogen, and carbon capture utilization and sequestration credits. Lastly, I would note that we were proud to host Senator Richard Blumenthal on his recent visit to our manufacturing facility in Torrington, Connecticut, where we discussed the importance of our planned electrolysis project in Ukraine. Senator Blumenthal has made multiple trips to Ukraine and is supportive of our work with the U.S. State Department. We thank Senator Blumenthal for his longstanding support of fuel cell energy and his support of investments in clean energy. And now I will turn the call over to Mike to discuss the financial results for the first quarter in more detail. Mike?