FuelCell Energy, Inc.

the prepared remarks. As a reminder, this conference call is being recorded. At this time, I'd now like to turn the call over to Tom Gelstein. Tom, you may now begin the conference.

Thank you. Good morning, everyone, and thank you for joining us on the call today. As a reminder, this call is being recorded. This morning, Fuel Cell Energy released our financial results for the first quarter of and our earnings press release and our quarterly report on Form 10Q are available in the investor section of 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. Schutt's 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 any 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 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 under Investors. For our call today, I am joined by Jason Few, Fuel Cell Energy's President and Chief Executive Officer, and Mike Bishop, our Executive Vice President, Chief Financial Officer, and Treasurer. 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 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 last reported in December, we have continued to make progress toward the accelerated implementation of our powerhouse business strategy. For the first quarter of fiscal 2024, revenues were lower than in the comparable prior year quarter. However, this was in line with our expectations due to a one-time revenue benefit from the expiration of a material right related to an extended warranty obligation and higher service revenues from required module replacements during the comparable prior year quarter. Today, we will provide additional detail on our results for the quarter as well as looking ahead. Before diving into the business results, I believe it is important to give an overview of fuel cell energy for anyone new to our story. As shown on slide three, we've been in operations for over 50 years, and we are a leader in developing stationary fuel cell platforms. Our purpose as a company is to enable the world empowered by clean energy. Today, The world is in the early stages of a global energy transition to a low-carbon future. We believe Fuel Cell 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. This important purpose is what drives our passion for this work and guides our strategic focus. We have 188 modules in commercial operations in North America, Asia, and Europe, and we are focused on entering additional markets around the world. Our proven carbonate technology has met customers' needs for over 20 years and has generated more than 15 million megawatt hours to date. Our recently commercialized solid oxide technology platform extends the solutions we can provide our customers, including electrolysis, and power generation using zero emission hydrogen fuel as the only feedstock. We believe that our molten carbonate and solid oxide platforms position us to meet evolving customer needs across distributed power generation, distributed hydrogen, electrolysis, and hydrogen energy storage, and direct flue source carbon capture. Fuel Cell Energy provides technological solutions for and collaborates with some of the world's largest global companies, including our work with ExxonMobil to jointly develop carbon capital solutions, Toyota for distributed hydrogen with our tri-gen facility at the Port of Long Beach, Pfizer to enhance power reliability by building a microgrid and leveraging our thermal energy to provide steam. Canadian Nuclear Laboratories, or CNL in Canada, to explore the viability of pairing our electrolyzer with nuclear energy and IBM through a collaboration to use AI to find breakthrough ways to alter chemistry to extend the life of our electrochemical fuel cells. We are proud to be a global leader in electrochemical technology. Simply stated, our proprietary fuel cell technology platforms do two things. decarbonize power and industry, and produce hydrogen. Next, let's turn to key highlights for the quarter shown on slide four. First, we continue to make operational progress in key projects. We announced that both our Derby, Connecticut-based projects were placed in service during our first quarter of fiscal 2024, bringing our on-balance sheet generation operating portfolio to 62.8 megawatts from 43.7 megawatts at the end of fiscal 2023. Our fuel cell parks in Derby are generating competitively priced renewable energy for thousands of area residents and are helping the state of Connecticut close its power generation gap. We also continue to make significant progress building out our solid oxide manufacturing capabilities through capacity expansion of our facility in Calgary. We're working to position ourselves as high efficiency solution providers in the hydrogen marketplace. Additionally, we continue to monitor and make adjustments to our production rate at our Torrington facility to reduce cost and our carbon and inventory position gives us the flexibility to meet current and forecasted demand. As we look ahead to fiscal 2024 and 2025, We remain focused on advancing new technologies for pilot and commercial applications. We have the technology and flexibility across our product and service offerings to allow us to participate in the global energy transition in a number of different ways. We are pleased to announce that we have entered into an agreement with the U.S. Department of State to participate in a private public project that will use fuel cell energy solid oxide electrolysis technology in Ukraine. This project is focused on demonstrating the benefits of an efficient, carbon-free, decentralized platform that can generate power and support food security through the production of hydrogen and ammonia. Additionally, we recently entered into a power purchase agreement with the University of Connecticut, or UConn, to install four 250 kilowatt solid oxide fuel cell units. Power from these solid oxide fuel cell units will be used by UConn's new innovation partnership building. Any unused power will be exported to the Eversource grid under the fuel cell net metering tariff. We believe that this project will be an excellent example of the ability of our solid oxide fuel cell platform to answer the need for onsite resilient distributed power that will assist UConn in achieving its environmental goals and provide heat, reducing their heating costs. Next, we are taking proactive steps to maintain the strength of our balance sheet. We follow a disciplined approach to managing our capital investment by establishing investment triggers linked to key milestones. We will continue to work toward increasing revenue and investable cash flow while taking prudent steps to raise capital and preserve the liquidity required to operate our business. Fourth, we are focused on accelerating our global sales closure pace, contract execution, and repowering service efforts in Korea. We have made progress expanding our reach in Korea. For example, we completed repowering for our new customer Noel Green Energy Company Limited in fiscal year 2023, and we see a significant opportunity to enter into other long-term service agreements in Korea. We believe that our work with Noel Green Energy can serve as a model for transitioning similar projects. 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. Finally, we are opportunistically evaluating potential options to benefit from global policy tailwinds. 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. And now I will turn the call over to Mike to discuss the financial results for the first quarter in more detail. Mike?