# EDGAR Filing Document

**Accession Number:** 0000886128
**File Stem:** 0001558370-25-008463
**Filing Date:** 2025-6
**Character Count:** 493314
**Document Hash:** 22a88db1ca3d7d17b76b63ee2cd0aa5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-008463.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001558370-25-008463

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 96

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FUELCELL ENERGY INC
- **CENTRAL INDEX KEY:** 0000886128
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRICAL INDUSTRIAL APPARATUS [3620]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 060853042
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14204
- **FILM NUMBER:** 251028916

**BUSINESS ADDRESS:**
- **STREET 1:** 3 GREAT PASTURE ROAD
- **CITY:** DANBURY
- **STATE:** CT
- **ZIP:** 06810
- **BUSINESS PHONE:** 2038256000

**MAIL ADDRESS:**
- **STREET 1:** 3 GREAT PASTURE ROAD
- **CITY:** DANBURY
- **STATE:** CT
- **ZIP:** 06810

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ENERGY RESEARCH CORP /NY/
- **DATE OF NAME CHANGE:** 19930328

?xml version='1.0' encoding='ASCII'? FUELCELL ENERGY, INC._April 30, 2025

[**Table of Contents**](#TOC)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

&nbsp;&nbsp;&nbsp;&nbsp;**☒** **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended April 30, 2025**

**OR**

**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to**

**Commission file number: 1-14204**

![Graphic](fcel-20250430x10q003.jpg)

**FUELCELL ENERGY, INC.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **06-0853042** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| **3 Great Pasture Road**<br>**Danbury, Connecticut** | **06810** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (203) 825-6000**

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common stock, par value $0.0001 per share<br> FCEL | The Nasdaq Stock Market LLC<br>(Nasdaq Global Market) |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☒ <br> Non-accelerated filer ☐ Smaller reporting company ☐ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Number of shares of common stock, par value $0.0001 per share, outstanding as of June 2, 2025: 22,790,931

------

[**Table of Contents**](#TOC)

#### FUELCELL ENERGY, INC.

#### FORM 10-Q
**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | <br>**Page** |
| [**PART I - FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_278484) | [**PART I - FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_278484) |  |
| [Item 1.](#ITEM1FINANCIALSTATEMENTS_261191) | [Financial Statements.](#ITEM1FINANCIALSTATEMENTS_261191) | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets as of April 30, 2025 and October 31, 2024.](#ConsolidatedBalanceSheets_227864) | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations and Comprehensive Loss for the three months ended April 30, 2025 and 2024.](#Consolidated_Operations_3Mo) | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations and Comprehensive Loss for the six months ended April 30, 2025 and 2024.](#Consolidated_Operations_YTD) | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Changes in Equity for the three and six months ended April 30, 2025.](#StatementsofChanges_435644) | 6 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Changes in Equity for the three and six months ended April 30, 2024.](#ConsolidatedStatementofChangeinEquityPY) | 7 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows for the six months ended April 30, 2025 and 2024.](#ConsolidatedStatementsofCashFlows_307339) | 8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Consolidated Financial Statements.](#NotestoConsolidatedFinancialStatements_3) | 9 |
| [Item 2.](#ITEM2MANAGEMENTSDISCUSSIONANDANALYSISOFF) | [Management's Discussion and Analysis of Financial Condition and Results of Operations.](#ITEM2MANAGEMENTSDISCUSSIONANDANALYSISOFF) | 24 |
| [Item 3.](#Item3QUANTITATIVEANDQUALITATIVEDISCLOSUR) | [Quantitative and Qualitative Disclosures about Market Risk.](#Item3QUANTITATIVEANDQUALITATIVEDISCLOSUR) | 57 |
| [Item 4.](#Item4CONTROLSANDPROCEDURES_379212) | [Controls and Procedures.](#Item4CONTROLSANDPROCEDURES_379212) | 58 |
| [**PART II - OTHER INFORMATION**](#PARTIIOTHERINFORMATION_697198) | [**PART II - OTHER INFORMATION**](#PARTIIOTHERINFORMATION_697198) |  |
| [Item 1.](#Item1LEGALPROCEEDINGS_366102) | [Legal Proceedings.](#Item1LEGALPROCEEDINGS_366102) | 59 |
| [Item 1A.](#Item1ARISKFACTORS_920502) | [Risk Factors.](#Item1ARISKFACTORS_920502) | 59 |
| [Item 2.](#Item2UNREGISTEREDSALESOFEQUITYSECURITIES) | [Unregistered Sales of Equity Securities and Use of Proceeds.](#Item2UNREGISTEREDSALESOFEQUITYSECURITIES) | 60 |
| [Item 3.](#Item3DEFAULTUPONSENIORSECURITIES_915589) | [Defaults Upon Senior Securities.](#Item3DEFAULTUPONSENIORSECURITIES_915589) | 60 |
| [Item 4.](#Item4MINESAFETYDISCLOSURES_967522) | [Mine Safety Disclosures.](#Item4MINESAFETYDISCLOSURES_967522) | 60 |
| [Item 5.](#Item5OTHERINFORMATION_618685) | [Other Information.](#Item5OTHERINFORMATION_618685) | 60 |
| [Item 6.](#Item6EXHIBITS_268529) | [Exhibits.](#Item6EXHIBITS_268529) | 64 |
| [Signatures](#SIGNATURE_202251) |  | 66 |

---

[**Table of Contents**](#TOC)

#### PART I. FINANCIAL INFORMATION
**ITEM 1. FINANCIAL STATEMENTS**

#### FUELCELL ENERGY, INC.
**Consolidated Balance Sheets**

**(Unaudited)**

**(Amounts in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **April 30,**<br>**2025** | **October 31,**<br>**2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, unrestricted | $116061 | $148133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents - short-term | 12339 | 12161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments - short-term | 60908 | 109123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 10033 | 11751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled receivables | 45404 | 36851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 123541 | 113703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 16178 | 12736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 384464 | 444458 |
| Restricted cash and cash equivalents - long-term | 50716 | 48589 |
| Inventories - long-term | 2743 | 2743 |
| Project assets, net | 228202 | 242131 |
| Property, plant and equipment, net | 138188 | 130686 |
| Operating lease right-of-use assets, net | 7566 | 8122 |
| Goodwill | 4075 | 4075 |
| Intangible assets, net | 14131 | 14779 |
| Other assets | 53758 | 48541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets <sup>(1)</sup> | $883843 | $944124 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | $17137 | $15924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 795 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 22552 | 22585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 24952 | 30362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 2918 | 4226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 68354 | 73904 |
| Long-term deferred revenue | 4203 | 3010 |
| Long-term operating lease liabilities | 8352 | 8894 |
| Long-term debt and other liabilities | 124138 | 130850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities <sup>(1)</sup> | 205047 | 216658 |
| Redeemable Series B preferred stock (liquidation preference of $64,020 as of <br>April 30, 2025 and October 31, 2024) | 59857 | 59857 |
| Total equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock ($0.0001 par value); 1,000,000,000 shares authorized as of April 30, 2025 and October 31, 2024; 22,776,193 and 20,375,932 shares issued and outstanding as of April 30, 2025 and October 31, 2024, respectively | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2318607 | 2300031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1707925) | (1641550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1507) | (1561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, Common, at cost (31,596 and 12,543 shares as of April 30, 2025<br>and October 31, 2024, respectively) | (1314) | (1198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation | 1314 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 609177 | 656922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 9762 | 10687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 618939 | 667609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, redeemable Series B preferred stock and total equity | $883843 | $944124 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As of April 30, 2025 and October 31, 2024, the combined assets of the variable interest entities ("VIEs") were $319,631 and $311,723 , respectively, that can only be used to settle obligations of the VIEs. These assets include cash of $2,345 , accounts receivable of $581 , unbilled accounts receivable of $12,055 , operating lease right of use assets of $1,652 , other current assets of $149,636 , restricted cash and cash equivalents of $739 , project assets of $149,487 and other assets of $3,136 as of April 30, 2025, and cash of $2,891 , accounts receivable of $674 , unbilled accounts receivable of $9,479 , operating lease right of use assets of $1,663 , other current assets of $135,756 , restricted cash and cash equivalents of $639 , project assets of $157,604 and other assets of $3,018 as of October 31, 2024. The combined liabilities of the VIEs as of April 30, 2025 include short-term operating lease liabilities of $204 , accounts payable of $190,548 , accrued liabilities of $406 , long-term operating lease liability of $2,131 , derivative liability of $2,931 , deferred revenue of $150 and other non-current liabilities of $292 and, as of October 31, 2024, include short-term operating lease liabilities of $204 , accounts payable of $181,274 , accrued liabilities of $341 , deferred revenue of $20 , derivative liabilities of $3,693 , long-term operating lease liability of $2,142 and other non-current liabilities of $240 .

See accompanying notes to consolidated financial statements.

[**Table of Contents**](#TOC)

**Consolidated Statements of Operations and Comprehensive Loss**

**(Unaudited)**

**(Amounts in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended April 30,** | **Three Months Ended April 30,** |
|  | **2025** | **2024** |
| Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product | $13027 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 8144 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Generation | 12124 | 14118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Technologies | 4111 | 6933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | &nbsp;&nbsp;&nbsp;&nbsp;37406 | &nbsp;&nbsp;&nbsp;&nbsp;22420 |
| Costs of revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product | 16261 | 2938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 9067 | 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Generation | 18411 | 21424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Technologies | 3105 | 3865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs of revenues | &nbsp;&nbsp;&nbsp;&nbsp;46844 | &nbsp;&nbsp;&nbsp;&nbsp;29494 |
| Gross loss | &nbsp;&nbsp;&nbsp;&nbsp;(9438) | &nbsp;&nbsp;&nbsp;&nbsp;(7074) |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and selling expenses | 16470 | 17660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses | 9896 | 16627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring expense | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | &nbsp;&nbsp;&nbsp;&nbsp;26372 | &nbsp;&nbsp;&nbsp;&nbsp;34287 |
| Loss from operations | &nbsp;&nbsp;&nbsp;&nbsp;(35810) | &nbsp;&nbsp;&nbsp;&nbsp;(41361) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (2548) | (2275) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1825 | 3390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net | (1132) | 2590 |
| Loss before provision for income taxes | (37665) | (37656) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | (84) | - |
| Net loss  | &nbsp;&nbsp;&nbsp;&nbsp;(37749) | (37656) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to noncontrolling interests | 300 | (5516) |
| Net loss attributable to FuelCell Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(38049) | &nbsp;&nbsp;&nbsp;&nbsp;(32140) |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B preferred stock dividends | &nbsp;&nbsp;&nbsp;&nbsp;(800) | &nbsp;&nbsp;&nbsp;&nbsp;(800) |
| Net loss attributable to common stockholders | $&nbsp;&nbsp;&nbsp;&nbsp;(38849) | $&nbsp;&nbsp;&nbsp;&nbsp;(32940) |
| Loss per share basic and diluted: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss per share attributable to common stockholders | $(1.79) | $(2.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted weighted average shares outstanding | 21740193 | 15099482 |

---

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended April 30,** | **Three Months Ended April 30,** |
|  | **2025** | **2024** |
| Net loss | $&nbsp;&nbsp;&nbsp;&nbsp;(37749) | $&nbsp;&nbsp;&nbsp;&nbsp;(37656) |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | &nbsp;&nbsp;&nbsp;&nbsp;286 | (78) |
| Total comprehensive loss | $&nbsp;&nbsp;&nbsp;&nbsp;(37463) | $&nbsp;&nbsp;&nbsp;&nbsp;(37734) |
| Comprehensive income (loss) attributable to noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;(5516) |
| Comprehensive loss attributable to FuelCell Energy, Inc. | $(37763) | $(32218) |

---

See accompanying notes to consolidated financial statements.

[**Table of Contents**](#TOC)

**Consolidated Statements of Operations and Comprehensive Loss**

**(Unaudited)**

**(Amounts in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended April 30,** | **Six Months Ended April 30,** |
|  | **2025** | **2024** |
| Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product | $13099 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 9992 | 2986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Generation | 23470 | 24611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Technologies | 9842 | 11514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | &nbsp;&nbsp;&nbsp;&nbsp;56403 | 39111 |
| Costs of revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product | 19297 | 5329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 10735 | 3155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Generation | 33705 | 42318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Technologies | 7308 | 7108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs of revenues | &nbsp;&nbsp;&nbsp;&nbsp;71045 | 57910 |
| Gross loss | &nbsp;&nbsp;&nbsp;&nbsp;(14642) | (18799) |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and selling expenses | 31500 | 34060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses | 20977 | 30980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring expense | 1542 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | &nbsp;&nbsp;&nbsp;&nbsp;54019 | 65040 |
| Loss from operations | &nbsp;&nbsp;&nbsp;&nbsp;(68661) | (83839) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (5155) | (4613) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 4213 | 7457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | (448) | (1060) |
| Loss before provision for income taxes | (70051) | (82055) |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for income taxes | (84) | - |
| Net loss | &nbsp;&nbsp;&nbsp;&nbsp;(70135) | (82055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interests | (3760) | (30122) |
| Net loss attributable to FuelCell Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(66375) | &nbsp;&nbsp;&nbsp;&nbsp;(51933) |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B preferred stock dividends | &nbsp;&nbsp;&nbsp;&nbsp;(1600) | &nbsp;&nbsp;&nbsp;&nbsp;(1600) |
| Net loss attributable to common stockholders | $&nbsp;&nbsp;&nbsp;&nbsp;(67975) | $&nbsp;&nbsp;&nbsp;&nbsp;(53533) |
| Loss per share basic and diluted: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss per share attributable to common stockholders | $(3.22) | $(3.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted weighted average shares outstanding | 21110664 | 15076778 |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended April 30,** | **Six Months Ended April 30,** |
|  | **2025** | **2024** |
| Net loss | $&nbsp;&nbsp;&nbsp;&nbsp;(70135) | $&nbsp;&nbsp;&nbsp;&nbsp;(82055) |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | &nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;(45) |
| Total comprehensive loss | $&nbsp;&nbsp;&nbsp;&nbsp;(70081) | $&nbsp;&nbsp;&nbsp;&nbsp;(82100) |
| Comprehensive loss attributable to noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;(3760) | &nbsp;&nbsp;&nbsp;&nbsp;(30122) |
| Comprehensive loss attributable to FuelCell Energy, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;(66321) | $&nbsp;&nbsp;&nbsp;&nbsp;(51978) |

---

See accompanying notes to consolidated financial statements.

[**Table of Contents**](#TOC)

**Consolidated Statements of Changes in Equity**

**(Unaudited)**

**(Amounts in thousands, except share amounts)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | | | | | |
|  | **Shares** | **Amount** | <br>**AdditionalPaid-inCapital** | <br>**AccumulatedDeficit** | <br>**AccumulatedOtherComprehensiveLoss** | <br>**TreasuryStock** | <br>**DeferredCompensation** | <br>**Total Stockholders' Equity** | <br>**Noncontrolling Interests** | <br>**TotalEquity** |
| **Balance, October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;20375932 | $&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;2300031 | $&nbsp;&nbsp;&nbsp;&nbsp;(1641550) | $&nbsp;&nbsp;&nbsp;&nbsp;(1561) | $&nbsp;&nbsp;&nbsp;&nbsp;(1198) | $&nbsp;&nbsp;&nbsp;&nbsp;1198 | $&nbsp;&nbsp;&nbsp;&nbsp;656922 | $&nbsp;&nbsp;&nbsp;&nbsp;10687 | $&nbsp;&nbsp;&nbsp;&nbsp;667609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of common stock, net of fees | &nbsp;&nbsp;&nbsp;&nbsp;690711 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5892 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5892 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued, non-employee compensation | &nbsp;&nbsp;&nbsp;&nbsp;8335 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock issued under benefit plans, net of taxes paid upon vesting of restricted stock awards | &nbsp;&nbsp;&nbsp;&nbsp;75834 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(468) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(468) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based compensation | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends — Series B | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(800) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(800) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(232) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(232) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for deferred compensation | &nbsp;&nbsp;&nbsp;&nbsp;(7040) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(70) | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions received for the sale of noncontrolling interest | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution to noncontrolling interest | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(600) | &nbsp;&nbsp;&nbsp;&nbsp;(600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Loss | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(28326) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(28326) | &nbsp;&nbsp;&nbsp;&nbsp;(4060) | &nbsp;&nbsp;&nbsp;&nbsp;(32386) |
| **Balance, January 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;21143772 | $&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;2306879 | $&nbsp;&nbsp;&nbsp;&nbsp;(1669876) | $&nbsp;&nbsp;&nbsp;&nbsp;(1793) | $&nbsp;&nbsp;&nbsp;&nbsp;(1268) | $&nbsp;&nbsp;&nbsp;&nbsp;1268 | $&nbsp;&nbsp;&nbsp;&nbsp;635212 | $&nbsp;&nbsp;&nbsp;&nbsp;10027 | $&nbsp;&nbsp;&nbsp;&nbsp;645239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of common stock, net of fees | &nbsp;&nbsp;&nbsp;&nbsp;1626319 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7665 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7665 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued, non-employee compensation | &nbsp;&nbsp;&nbsp;&nbsp;12013 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock issued under benefit plans, net of taxes paid upon vesting of restricted stock awards | &nbsp;&nbsp;&nbsp;&nbsp;6102 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based compensation | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4824 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4824 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends — Series B | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(800) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(800) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for deferred compensation | &nbsp;&nbsp;&nbsp;&nbsp;(12013) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(46) | &nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution to noncontrolling interest | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(565) | &nbsp;&nbsp;&nbsp;&nbsp;(565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(38049) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(38049) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;(37749) |
| **Balance, April 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;22776193 | $&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;2318607 | $&nbsp;&nbsp;&nbsp;&nbsp;(1707925) | $&nbsp;&nbsp;&nbsp;&nbsp;(1507) | $&nbsp;&nbsp;&nbsp;&nbsp;(1314) | $&nbsp;&nbsp;&nbsp;&nbsp;1314 | $&nbsp;&nbsp;&nbsp;&nbsp;609177 | $&nbsp;&nbsp;&nbsp;&nbsp;9762 | $&nbsp;&nbsp;&nbsp;&nbsp;618939 |

---

[**Table of Contents**](#TOC)

**Consolidated Statements of Changes in Equity**

**(Unaudited)**

**(Amounts in thousands, except share amounts)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | | | | | |
|  | **Shares** | **Amount** | <br>**AdditionalPaid-inCapital** | <br>**AccumulatedDeficit** | <br>**AccumulatedOtherComprehensiveLoss** | <br>**TreasuryStock** | <br>**DeferredCompensation** | <br>**Total Stockholders' Equity** | <br>**Noncontrolling Interests** | <br>**TotalEquity** |
| **Balance, October 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;15020872 | $&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;2199704 | $&nbsp;&nbsp;&nbsp;&nbsp;(1515541) | $&nbsp;&nbsp;&nbsp;&nbsp;(1672) | $&nbsp;&nbsp;&nbsp;&nbsp;(1078) | $&nbsp;&nbsp;&nbsp;&nbsp;1078 | $&nbsp;&nbsp;&nbsp;&nbsp;682493 | $&nbsp;&nbsp;&nbsp;&nbsp;17955 | $&nbsp;&nbsp;&nbsp;&nbsp;700448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued, non-employee compensation | &nbsp;&nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock issued under benefit plans, net of taxes paid upon vesting of restricted stock awards | &nbsp;&nbsp;&nbsp;&nbsp;41173 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(926) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(926) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based compensation | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2876 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2876 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends — Series B | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(800) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(800) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for deferred compensation | &nbsp;&nbsp;&nbsp;&nbsp;(1480) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(51) | &nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions received from sale of noncontrolling interest | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25122 | &nbsp;&nbsp;&nbsp;&nbsp;25122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution to noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(236) | &nbsp;&nbsp;&nbsp;&nbsp;(236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Loss | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(19793) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(19793) | &nbsp;&nbsp;&nbsp;&nbsp;(24606) | &nbsp;&nbsp;&nbsp;&nbsp;(44399) |
| **Balance, January 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;15062045 | $&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;2200905 | $&nbsp;&nbsp;&nbsp;&nbsp;(1535334) | $&nbsp;&nbsp;&nbsp;&nbsp;(1639) | $&nbsp;&nbsp;&nbsp;&nbsp;(1129) | $&nbsp;&nbsp;&nbsp;&nbsp;1129 | $&nbsp;&nbsp;&nbsp;&nbsp;663934 | $&nbsp;&nbsp;&nbsp;&nbsp;18235 | $&nbsp;&nbsp;&nbsp;&nbsp;682169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of common stock, net of fees | &nbsp;&nbsp;&nbsp;&nbsp;215457 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5893 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5893 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued, non-employee compensation | &nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock issued under benefit plans, net of taxes paid upon vesting of restricted stock awards | &nbsp;&nbsp;&nbsp;&nbsp;2287 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(52) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(52) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based compensation | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3002 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3002 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends — Series B | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(800) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(800) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign currency translation | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(78) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(78) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment for deferred compensation | &nbsp;&nbsp;&nbsp;&nbsp;(1132) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(35) | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution to non-controlling interest | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(425) | &nbsp;&nbsp;&nbsp;&nbsp;(425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Loss | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(32140) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(32140) | &nbsp;&nbsp;&nbsp;&nbsp;(5516) | &nbsp;&nbsp;&nbsp;&nbsp;(37656) |
| **Balance, April 30, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;15280202 | $&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;2208995 | $&nbsp;&nbsp;&nbsp;&nbsp;(1567474) | $&nbsp;&nbsp;&nbsp;&nbsp;(1717) | $&nbsp;&nbsp;&nbsp;&nbsp;(1164) | $&nbsp;&nbsp;&nbsp;&nbsp;1164 | $&nbsp;&nbsp;&nbsp;&nbsp;639806 | $&nbsp;&nbsp;&nbsp;&nbsp;12294 | $&nbsp;&nbsp;&nbsp;&nbsp;652100 |

---

See accompanying notes to consolidated financial statements.

[**Table of Contents**](#TOC)

**Consolidated Statements of Cash Flows**

**(Unaudited)**

**(Amounts in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended April 30,** | **Six Months Ended April 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(70135) | $(82055) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 6966 | 5877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 20836 | 18151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense on finance obligations | 1188 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on derivative contracts | (301) | 5020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease costs | 673 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease payments | (682) | (700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 160 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in operating assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 1718 | (3346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled receivables | (13736) | (5728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (11986) | (29462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (6353) | (2303) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in operating liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 954 | (6259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (4782) | (985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (115) | 4605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | (75595) | (95390) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (12341) | (23773) |
| &nbsp;&nbsp;&nbsp;&nbsp;Project asset expenditures | (222) | (8201) |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturity of held-to-maturity debt securities | 711445 | 260855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of held-to-maturity debt securities | (660969) | (256285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) investing activities** | 37913 | (27404) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of debt and finance obligations | (6342) | (5248) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the issuance of debt | - | 13000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment for deferred financing costs | (115) | (372) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issued for stock plans and related expenses | 16 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions received from sale of noncontrolling interest | 4000 | 25122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution to noncontrolling interest | (1165) | (661) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for taxes related to net share settlement of equity awards | (490) | (1045) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock issuance, net of fees | 13557 | 5892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of preferred dividends | (1600) | (1600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | 7861 | 35156 |
| Effects on cash from changes in foreign currency rates | 54 | (45) |
| **Net decrease in cash, cash equivalents and restricted cash** | (29767) | (87683) |
| Cash, cash equivalents and restricted cash-beginning of period | 208883 | 299576 |
| **Cash, cash equivalents and restricted cash-end of period** | $179116 | $211893 |
| **Reconciliation of cash, cash equivalents and restricted cash**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, unrestricted | $116061 | $158790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents - short-term | 12339 | 4969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents - long-term | 50716 | 48134 |
| **Total cash, cash equivalents and restricted cash** | $179116 | $211893 |
| Supplemental cash flow disclosures: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash interest paid | $3674 | $3225 |
| Noncash financing and investing activity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash reclassifications from inventory to project assets | 2148 | 4586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued purchases of fixed assets, cash to be paid in subsequent period | 2213 | 3460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued purchases of project assets, cash to be paid in subsequent period | 26 | 620 |

---

See accompanying notes to consolidated financial statements.

[**Table of Contents**](#TOC)

**FUELCELL ENERGY, INC.**

**Notes to Consolidated Financial Statements**

**(Unaudited)**

**(Tabular amounts in thousands, except share and per share amounts)**

#### Note 1. Nature of Business and Basis of Presentation
Headquartered in Danbury, Connecticut, FuelCell Energy, Inc. (together with its subsidiaries, the "Company," "FuelCell Energy," "we," "us," or "our") is a global leader in delivering environmentally responsible distributed baseload energy platform solutions through our proprietary fuel cell technology. Today, we offer commercial technology that produces clean electricity, heat, clean hydrogen, and water and is also capable of recovering and capturing carbon for utilization and/or sequestration, depending on product configuration and application. We also continue to invest in product development and commercializing technologies that are expected to add new capabilities to our platforms' abilities to deliver hydrogen and long duration hydrogen-based energy storage through our solid oxide technologies, as well as further enhance our existing platforms' carbon capture solutions.

FuelCell Energy is focused on advancing sustainable clean energy technologies that address some of the world's most critical challenges around energy access, security, resilience, reliability, affordability, safety and environmental stewardship. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for industrial and commercial businesses, utilities, governments, municipalities, and communities.

***Basis of Presentation***

The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial information. Accordingly, they do not contain all of the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. In the opinion of management, all normal and recurring adjustments necessary to fairly present the Company's financial position as of April 30, 2025 and October 31, 2024 and results of operations as of and for the three and six months ended April 30, 2025 and 2024 have been included. All intercompany accounts and transactions have been eliminated.

On November 8, 2024, we effected a 1-for-30 reverse stock split, reducing the number of our common shares outstanding on that date from 611,278,662 shares to approximately 20,375,932 shares. The number of authorized shares of common stock remains unchanged at 1,000,000,000 shares and the number of authorized shares of preferred stock remains unchanged at 250,000 shares. The number of shares of common stock issuable upon settlement of outstanding restricted stock unit, performance stock unit and deferred stock unit awards were reduced proportionately in connection with the reverse stock split. Additionally, the conversion rate of our Series B Preferred Stock (as defined elsewhere herein), the exercise price of all outstanding options, the number of shares of common stock issuable upon the exercise of all outstanding options, and the number of shares reserved for future issuance pursuant to our equity compensation plans and employee stock purchase plan were all adjusted proportionately in connection with the reverse stock split. All share and per share amounts, exercise prices, conversion rates and conversion prices presented herein that relate to dates, or were established, prior to the reverse stock split have been adjusted retroactively to reflect these changes.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. The balance sheet as of October 31, 2024 has been derived from the audited financial statements at that date, but it does not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the Company's financial statements and notes thereto for the fiscal year ended October 31, 2024, which are contained in the Company's Annual Report on Form 10-K previously filed with the SEC. The results of operations for the interim periods presented are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year.

***Principles of Consolidation***

The unaudited consolidated financial statements reflect our accounts and operations and those of our subsidiaries in which we have a controlling financial interest. We use a qualitative approach in assessing the consolidation requirement for each of our variable interest entities ("VIEs"), which are tax equity partnerships further described in Note 3. "Tax Equity Financings." This approach focuses on determining whether we have the power to direct those activities of the tax equity

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partnerships that most significantly affect their economic performance and whether we have the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the tax equity partnerships. For all periods presented, we have determined that we are the primary beneficiary in all of our tax equity partnerships. We evaluate our tax equity partnerships on an ongoing basis to ensure that we continue to be the primary beneficiary.

***Use of Estimates***

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Estimates are used in accounting for, among other things, revenue recognition, lease right-of-use assets and liabilities, loss accruals on service agreements, excess, slow-moving and obsolete inventories, product warranty accruals, loss accruals on service agreements, share-based compensation expense, allowance for credit losses, depreciation and amortization, impairment of goodwill and in-process research and development intangible assets, impairment of long-lived assets (including project assets), valuation of derivatives, and contingencies. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from those estimates.

#### Liquidity
Our principal sources of cash have been proceeds from the sale of our products and projects, electricity generation revenues, research and development and service agreements with third parties, sales of our common stock through public equity offerings, and proceeds from debt, project financing and tax monetization transactions. We have utilized this cash to accelerate the commercialization of our solid oxide platforms, develop new capabilities to separate and capture carbon, develop and construct project assets, invest in capital improvements and expansion of our operations, perform research and development, pay down existing outstanding indebtedness, and meet our other cash and liquidity needs.

As of April 30, 2025, unrestricted cash and cash equivalents totaled $116.1 million compared to $148.1 million as of October 31, 2024. During the year ended October 31, 2024 and the six months ended April 30, 2025, the Company invested in United States (U.S.) Treasury Securities. The amortized cost of the U.S. Treasury Securities outstanding totaled $60.9 million as of April 30, 2025, compared to $109.1 million as of October 31, 2024 and is classified as Investments - short-term on the Consolidated Balance Sheets.

During the first six months of fiscal year 2025, the Company received the second annual funding from East West Bancorp, Inc. ("East West Bank") under the tax equity financing transaction between the Company and East West Bank and, as a result, the Company received a $4.0 million contribution during the six months ended April 30, 2025 which is recorded as noncontrolling interest on the Consolidated Balance Sheets.

On April 10, 2024, the Company entered into Amendment No. 1 to the Open Market Sale Agreement, dated July 12, 2022 (the "2022 Sales Agreement"), with Jefferies LLC, B. Riley Securities, Inc., Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., Canaccord Genuity LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Loop Capital Markets LLC (each, an "Agent" and together, the "Agents") (the 2022 Sales Agreement as amended, the "Amended Sales Agreement"), with respect to an at the market offering program under which the Company may, from time to time, offer and sell shares of its common stock having an aggregate offering price of up to $300,000,000 (exclusive of any amounts previously sold under the 2022 Sales Agreement prior to its amendment). On December 27, 2024, the Company entered into Amendment No. 2 to the Amended Sales Agreement, which removed certain representations and warranties relating to the Company's status as a well-known seasoned issuer. During the three months ended April 30, 2025, approximately 1.6 million shares of the Company's common stock were sold under the Amended Sales Agreement at an average sale price of $5.00 per share, resulting in gross proceeds of approximately $8.1 million before deducting sales commissions and fees, and net proceeds to the Company of approximately $7.7 million after deducting sales commissions totaling approximately $0.2 million and fees totaling approximately $0.2 million. During the first six months of fiscal year 2025, approximately 2.3 million shares of the Company's common stock were sold under the Amended Sales Agreement at an average sale price of $6.25 per share, resulting in gross proceeds of approximately $14.5 million before deducting sales commissions and fees, and net proceeds to the Company of approximately $13.6 million after deducting sales commissions totaling approximately $0.3 million and fees totaling approximately $0.6 million. See Note 12. "Stockholders' Equity" for additional information regarding the 2022 Sales Agreement and the Amended Sales Agreement.

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On December 27, 2024, the Company filed Post-Effective Amendment No. 1 and Post-Effective Amendment No. 2 to the Registration Statement on Form S-3 (File No. 333-274971) (the "Registration Statement"), each including a base prospectus covering the offering, issuance and sale by the Company of up to $405,000,000 of common stock, warrants and units (or any combination thereof) from time to time in one or more offerings and a prospectus supplement covering the offering, issuance and sale by the Company from time to time of up to $204,922,876.65 of the Company's common stock, which was the amount remaining under the Amended Sales Agreement as of December 27, 2024. On March 5, 2025, the Company filed Post-Effective Amendment No. 3 to the Registration Statement to update certain information, to provide an updated consent of its independent registered public accounting firm, and to provide an update about the amount of shares then remaining available for offer and sale by the Company under the Amended Sales Agreement. The Registration Statement, as amended by the Post-Effective Amendments, was declared effective by the SEC on March 10, 2025. In the event that the Amended Sales Agreement is terminated, any portion of the aggregate amount of shares of common stock included in the prospectus supplement that is not sold pursuant to the Amended Sales Agreement will be available for sale in other offerings pursuant to the base prospectus and a corresponding prospectus supplement.

In addition, the Company has a universal shelf Registration Statement on Form S-3 (No. 333-286842) that was declared effective by the SEC on May 8, 2025. Under this universal shelf Registration Statement, the Company may offer and sell from time to time in one or more offerings up to $200,000,000 in the aggregate of (1) shares of the Company's common stock; (2) shares of the Company's preferred stock; (3) debt securities; (4) warrants exercisable for common stock, preferred stock, debt securities, units, or other securities of the Company; and (5) units consisting of one or more shares of common stock, shares of preferred stock, debt securities, and/or warrants.

We believe that our unrestricted cash and cash equivalents, expected receipts from our contracted backlog, funds received upon the maturity of U.S. Treasury Securities, and release of short-term restricted cash less expected disbursements over the next twelve months will be sufficient to allow the Company to meet its obligations for at least one year from the date of issuance of these financial statements.

To date, we have not achieved profitable operations or sustained positive cash flow from operations. The Company's future liquidity, for the remainder of fiscal year 2025 and in the long-term, will depend on its ability to (i) timely complete current projects in process within budget, (ii) increase cash flows from its generation operating portfolio, including by meeting conditions required to timely commence operation of new projects, operating its generation operating portfolio in compliance with minimum performance guarantees and operating its generation operating portfolio in accordance with revenue expectations, (iii) obtain financing for project construction and manufacturing expansion, (iv) obtain permanent financing for its projects once constructed, (v) increase order and contract volumes, which would lead to additional product sales, service agreements and generation revenues, (vi) obtain funding for and receive payment for research and development under current and future Advanced Technologies contracts, (vii) successfully commercialize its solid oxide and hydrogen platforms (which may involve partnerships with third parties) and its carbon capture platforms, (viii) implement capacity expansion and potentially attract partnerships for solid oxide product manufacturing, (ix) implement the product cost reductions necessary to achieve profitable operations, (x) manage working capital and the Company's unrestricted cash balance and (xi) access the capital markets to raise funds through the sale of debt and equity securities, convertible notes, and other equity-linked instruments.

We are continually assessing different means by which to accelerate the Company's growth, enter new markets, commercialize new products, and enable capacity expansion. Therefore, from time to time, the Company may consider and enter into agreements for one or more of the following: negotiated financial transactions, minority investments, collaborative ventures, technology sharing, transfer or other technology license arrangements, joint ventures, partnerships, acquisitions or other business transactions for the purpose(s) of geographic or manufacturing expansion and/or new product or technology development and commercialization, including hydrogen production through our carbonate and solid oxide platforms and storage and carbon capture, sequestration and utilization technologies.

Our business model requires substantial outside financing arrangements and satisfaction of the conditions of such arrangements to construct and deploy our projects to facilitate the growth of our business. The Company has invested capital raised from sales of its common stock to build out its project portfolio. The Company has also utilized and expects to continue to utilize a combination of long-term debt and tax equity financing (e.g., sale-leaseback transactions, partnership flip transactions and the monetization and/or transfer of eligible investment and production tax credits) to finance its project asset portfolio as these projects commence commercial operations. The Company may also seek to undertake private placements of debt securities to finance its project asset portfolio. The Company is also pursuing financing to support its commercial efforts, which include deployment of modules to the repowering opportunities in the

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Korean market including the GGE project (as defined elsewhere herein). The proceeds of any such financing, if obtained, may allow the Company to reinvest capital back into the business and to fund other projects. We also expect to seek additional financing in both the debt and equity markets in the future. If financing is not available to us on acceptable terms if and when needed, or on terms acceptable to us or our lenders, if we do not satisfy the conditions of our financing arrangements, if we spend more than the financing approved for projects, if project costs exceed an amount that the Company can finance, or if we do not generate sufficient revenues or obtain capital sufficient for our corporate needs, we may be required to further reduce or slow planned spending, further reduce staffing, sell assets, seek alternative financing and take other measures, any of which could have a material adverse effect on our financial condition and operations.

#### Note 2. Recent Accounting Pronouncements
*Recently Adopted Accounting Guidance*

There is no recently adopted accounting guidance.

*Recent Accounting Guidance Not Yet Effective*

In November 2023, the Financial Accounting Standards Board ("FASB") issued guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment and contains other disclosure requirements. The purpose of the guidance is to enable investors to better understand an entity's overall performance and assess potential future cash flows. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We will adopt this guidance in our Annual Report on Form 10-K for the fiscal year ending October 31, 2025, but, other than enhanced disclosure, we do not expect this guidance to have a significant impact on our consolidated financial statements.

In December 2023, the FASB issued guidance to enhance income tax disclosures by providing information to better assess how an entity's operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. Additional disclosures will be required to the annual effective tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative threshold. Additionally, disclosures will be required relating to income tax expense and payments made to federal, state, local and foreign jurisdictions. This guidance is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact that the new guidance will have on our consolidated financial statements.

In November 2024, the FASB issued new guidance which requires enhanced disclosure of specified categories of expenses included in certain expense captions presented on the face of the income statement. This guidance will be effective for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027. The Company is currently evaluating the new guidance to determine its adoption approach and the impact on the presentation and disclosures of its consolidated statement of operations and comprehensive loss. The Company anticipates its processes will be enhanced to address the disaggregation and disclosure requirements, though it does not expect adoption to impact its overall results from operations.

**Note 3. Tax Equity Financings**

*Derby Tax Equity Financing Transaction*

Since the 14.0 megawatt ("MW") Derby Fuel Cell Project and the 2.8 MW SCEF Fuel Cell Project, both located in Derby, Connecticut (collectively, the "Derby Projects"), became operational during the first quarter of fiscal year 2024, we have begun to allocate profits and losses to noncontrolling interests under the hypothetical liquidation at book value ("HLBV") method.

During the three and six months ended April 30, 2025, priority return distributions were made to Franklin Park 2023 FCE Tax Equity Fund, LLC ("Franklin Park") of $0.3 million and $0.7 million, respectively. During the three and six months ended April 30, 2024, priority return distributions were made to Franklin Park of $0.3 million and $0.4 million, respectively. For the three and six months ended April 30, 2025, the net income attributable to noncontrolling interests

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totaled $0.4 million and $0.8 million, respectively. For the three and six months ended April 30, 2024, the net loss attributable to noncontrolling interests totaled $6.1 million and $26.8 million, respectively.

*Groton Tax Equity Financing Transaction*

The Company closed on a tax equity financing transaction in August 2021 with East West Bank for the 7.4 MW fuel cell project (the "Groton Project") located on the U.S. Navy Submarine Base in Groton, CT. East West Bank's tax equity commitment totaled $15.0 million.

During the three and six months ended April 30, 2025, priority return distributions of $0.1 million and $0.2 million were made to East West Bank, respectively. There were no priority return distributions in the three and six months ended April 30, 2024. For the three and six months ended April 30, 2025, the net income (loss) attributable to noncontrolling interests for Groton Station FuelCell Holdco, LLC (the partnership that acquired the equity interests in the project company that owns the Groton Project) totaled $0.01 million and $(3.5) million, respectively. For the three and six months ended April 30, 2024, the net income (loss) attributable to noncontrolling interests totaled $0.3 million and ($3.3) million, respectively.

*Yaphank Tax Equity Financing Transaction*

The Company closed on a tax equity financing transaction in November 2021 with Renewable Energy Investors, LLC ("REI"), a subsidiary of Franklin Park Infrastructure, LLC, for the 7.4 MW fuel cell project (the "LIPA Yaphank Project") located in Yaphank Long Island. REI's tax equity commitment totaled $12.4 million.

During the three and six months ended April 30, 2025, priority return distributions were made to REI of $0.2 million and $0.3 million, respectively. During the three and six months ended April 30, 2024, priority return distributions were made to REI of $0.1 million and $0.3 million, respectively. For the three and six months ended April 30, 2025, net loss attributable to noncontrolling interest for YTBFC Holdco, LLC (the partnership that acquired the equity interests in the project company that owns the LIPA Yaphank Project) totaled $0.1 million and $1.1 million, respectively. For the three and six months ended April 30, 2024, net income (loss) attributable to noncontrolling interest totaled $0.2 million and $(0.1) million, respectively.

**Note 4. Revenue Recognition**

*Contract Balances*

Contract assets as of April 30, 2025 and October 31, 2024 were $78.7 million ($33.3 million long-term) and $65.1 million ($28.3 million long-term), respectively. The contract assets relate to the Company's rights to consideration for work completed but not yet billed. These amounts are included on a separate line item as Unbilled receivables, and balances expected to be billed later than one year from the balance sheet date are included within Other assets on the accompanying Consolidated Balance Sheets. We bill customers for power platform and power platform component sales based on certain contractual milestones being reached. We bill service agreements based on the contract price and billing terms of the contracts. Generally, our Advanced Technologies contracts are billed based on actual revenues recorded, typically in the subsequent month. Some Advanced Technologies contracts are billed based on contractual milestones or costs incurred.

Contract liabilities as of April 30, 2025 and October 31, 2024 were $7.1 million and $7.2 million, respectively. These amounts are included on a separate line item as Deferred revenue, and balances expected to be recognized as revenue beyond one year from the balance sheet date are included within Long-term deferred revenue on the accompanying Consolidated Balance Sheets. The contract liabilities relate to the advance billings to customers for services that will be recognized over time and in some instances for deferred revenue relating to variable consideration for previously sold products. The net change in contract liabilities represents customer billings offset by revenue recognized.

*Consideration Payable to a Customer*

As of October 31, 2023, the Company had recorded $6.3 million ($6.0 million long-term) as consideration payable to Toyota Motor North America ("Toyota"), which is included within Accrued liabilities and Long-term debt and other liabilities on the accompanying Consolidated Balance Sheets. The Company received payment for the sale of an investment tax credit with respect to the Toyota project at the Port of Long Beach during the year ended October 31, 2023. The net amount of $6.3 million is being recorded as a reduction to revenue during the period of measurement, which is the 20-year

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term of the hydrogen production and power purchase agreement between Toyota and the Company ("Toyota HPPA") that commenced in the first quarter of fiscal year 2024. The balance was $6.0 million ($4.5 million long-term) as of each of April 30, 2025 and October 31, 2024.

*Advanced Technologies Revenue – EMTEC Joint Development Agreement and Rotterdam Pilot Project Purchase Order*

In May 2023, the Company entered into a second letter agreement with ExxonMobil Technology and Engineering Company (formerly known as ExxonMobil Research and Engineering Company) ("EMTEC"), pursuant to which the parties agreed that the conditions to the Company's agreement to invest in the future demonstration of the technology for capturing carbon at an ExxonMobil refinery located in Rotterdam, Netherlands (such demonstration, the "Rotterdam Project") were met in April 2023 and, as a result, the Company recognized $2.5 million of the $5.0 million milestone payment received in fiscal year 2022 under the Company's Joint Development Agreement with EMTEC as revenue across deliverables to EMTEC. Of this $2.5 million, the Company recognized aggregate revenue of $2.0 million during fiscal years 2024 and 2023 and the remaining $0.5 million during the six months ended April 30, 2025. The other $2.5 million of the $5.0 million milestone payment received in fiscal year 2022 under the Company's Joint Development Agreement with EMTEC was applied during fiscal year 2023 to discount EMTEC's purchase of the Company's fuel cell module and detailed engineering design for the Rotterdam Project.

On January 31, 2024, the Company received a purchase order valued at $11.6 million from Esso Nederland B.V. ("Esso"), an affiliate of Exxon Mobil Corporation and EMTEC, for fuel cell modules as well as engineering, procurement, fabrication, testing and delivery services required for the construction and implementation of the modular point source carbon capture pilot plant at the Rotterdam Project. During the six months ended April 30, 2025, the Company and Esso executed two change orders totaling $4.0 million to the original purchase order, which increased the total purchase order value to $15.6 million. The Company expects that this pilot plant will be completed and commissioned in calendar year 2026.

On and effective as of March 31, 2024, the Company and EMTEC entered into Amendment No. 5 ("Amendment No. 5") to the Joint Development Agreement between the Company and EMTEC (as amended, the "Joint Development Agreement"). In Amendment No. 5, the Company and EMTEC further extended the term of the Joint Development Agreement such that it will end on December 31, 2026 (unless terminated earlier), so that the Company and EMTEC may pursue continued work to allow for technical readiness of the Generation 2 Technology fuel cell module as well as additional continuous technology development. In parallel with the Joint Development Agreement, the Company and EMTEC will pursue pioneer commercial deployments of the Generation 2 Technology with third parties, with the Company as the fuel cell module manufacturer for such deployments. Amendment No. 5 also removed the cap on the maximum amount of research costs to be reimbursed by EMTEC, and instead includes an expected annual budget for the anticipated work through the remaining term of the Joint Development Agreement of at least $10.0 million per year, subject to approval by EMTEC.

In addition, Amendment No. 5 provides the Company with the ability to pursue new carbon capture projects with third parties for the remaining duration of the term of the Joint Development Agreement using Generation 1 Technology or Generation 2 Technology (provided that the use of Generation 2 Technology must be limited to the use of Generation 2 physical fuel cell properties and design elements in Generation 1 Technology modules), with any new sales of such activities, authorized work, and carbon capture projects, when summed together, having the capability of capturing no more than 250,000 tons of CO<sub>2</sub> on a cumulative annual basis. Under Amendment No. 5, following expiration of the term of the Joint Development Agreement, the Company will also have the opportunity to continue to service continuing obligations for such projects entered into during the term of the Joint Development Agreement (e.g., completion of contracted builds, service and repair/replacement of components, etc.). To allow the Company to pursue such projects, in Amendment No. 5, EMTEC also granted to the Company a worldwide, non-exclusive, royalty-free, irrevocable (during the term of the Joint Development Agreement), non-sub-licensable license to EMTEC's Generation 1 Technology as well as to EMTEC's Generation 2 Technology physical fuel cell properties and design elements.

*Long-Term Service Agreement with Gyeonggi Green Energy Co., Ltd.*

On May 28, 2024, the Company and Gyeonggi Green Energy Co., Ltd. ("GGE") entered into a long-term service agreement (the "LTSA") with respect to GGE's 58.8 MW fuel cell power platform in Hwaseong-si, Korea (the "GGE Platform"). The GGE Platform is comprised of 21 SureSource 3000 molten carbonate fuel cells (each a "Plant"). Each Plant is comprised of two 1.4-MW carbonate fuel cell modules. Pursuant to the LTSA, GGE and the Company have agreed

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that (i) GGE will purchase from the Company 42 1.4-MW carbonate fuel cell modules to replace existing fuel cell modules at the GGE Platform, (ii) the Company will provide certain balance of plant replacement components if and to the extent the parties reasonably determine existing components should be replaced, and (iii) the Company will provide long term operations and maintenance services for the GGE Platform. The total amount payable by GGE under the LTSA for the 42 replacement fuel cell modules, balance of plant replacement components, and service is $159.6 million USD, with payments made and to be made over time as such replacement fuel cell modules are commissioned and the service obligations under the LTSA for such Plants commence.

Pursuant to the LTSA, the Company will provide various performance guarantees for each Plant related to power generation, fuel consumption, water consumption and heat production. If a Plant fails to achieve such performance requirements, the Company may be required to compensate GGE for such underperformance.

The Company's service obligations under the LTSA commence with respect to individual Plants as the Company replaces each Plant's existing fuel cell modules and commissions the replacement fuel cell modules. The term of the LTSA with respect to each Plant will continue for seven years from the date of commissioning of the replacement fuel cell modules for such Plant. Commissioning of the first six 1.4-MW replacement fuel cell modules was completed in the fall of calendar year 2024, and commissioning of an additional four 1.4-MW replacement fuel cell modules was completed in the three months ended April 30, 2025. An additional 16 1.4-MW replacement fuel cell modules are expected to be commissioned ratably throughout the course of fiscal year 2025, and the remaining 16 1.4-MW replacement fuel cell modules are expected to be commissioned in fiscal year 2026.

*Remaining Performance Obligations*

Remaining performance obligations are the aggregate amount of total contract transaction price that is unsatisfied or partially unsatisfied. As of April 30, 2025, the Company's total remaining performance obligations were: $164.4 million for service agreements (expected to be recognized as revenue over approximately three to fifteen years which is based on the remaining term of the service agreements), $383.0 million for generation power purchase agreements ("PPAs") (expected to be recognized as revenue over approximately nineteen to twenty years based on the PPA terms remaining), $7.9 million for Advanced Technologies contracts (expected to be recognized within approximately two years) and $98.2 million for product purchase agreements (expected to be recognized within the next two fiscal years).

#### Note 5. Restructuring
In September and November 2024, the Company undertook restructuring actions, which included reductions in force that collectively represented approximately 17% of the Company's global workforce and also included reduced spending for product development, overhead and other costs. The restructuring sought to reduce operating costs and better align the Company's workforce with the needs of the Company's business and its customers. The workforce was reduced across our global operations including Calgary, Canada and at our North American production facility in Torrington, Connecticut, at our corporate offices in Danbury, Connecticut and at other remote locations. Restructuring expense relating to severance for eliminated positions of $0.01 million and $1.5 million was recognized in the three and six months ended April 30, 2025, respectively, which has been presented under a separate caption in the Consolidated Statements of Operations. As of April 30, 2025, $1.4 million of restructuring expense which had yet to be paid out is included within Accrued liabilities on the accompanying Consolidated Balance Sheets. The following table summarizes the activity in accrued severance costs (in thousands):

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| | |
|:---|:---|
|  | **Accrued severance costs** |
| Balance as of October 31, 2024 | $2235 |
| Restructuring expense recognized | 1542 |
| Restructuring expense payouts | (2345) |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of April 30, 2025 | $1432 |

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#### Note 6. Investments – Short-Term
The Company began to invest in U.S. Treasury Securities during fiscal year 2023. The outstanding U.S. Treasury Securities are classified as held-to-maturity and are recorded at amortized cost. The contractual maturities of investments as of April 30, 2025 and October 31, 2024 were within one year and the weighted average yield to maturity was 4.31% and 4.78%, respectively. The following table summarizes the amortized cost basis and fair value (based on quoted market prices) of U.S. Treasury Securities as of April 30, 2025 and October 31, 2024 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amortized**<br>**cost** | **Gross unrealized**<br>**gains** | **Gross unrealized**<br>**losses** | <br>**Fair value** |
| U.S. Treasury Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;As of April 30, 2025 | $60908 | $- | $(4) | $60904 |
| &nbsp;&nbsp;&nbsp;&nbsp;As of October 31, 2024 | $109123 | $2 | $- | $109125 |

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#### Note 7. Inventories
Inventories (current and long-term) as of April 30, 2025 and October 31, 2024 consisted of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **April 30,**<br>**2025** | **October 31,**<br>**2024** |
| Raw materials | $36177 | $35989 |
| Work-in-process <sup>(1)</sup> | 90107 | 80457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 126284 | 116446 |
| Inventories – current | (123541) | (113703) |
| Inventories – long-term <sup>(2)</sup> | $2743 | $2743 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Work-in-process includes the standard components of inventory used to build the typical modules or module components that are intended to be used in future project asset construction or power plant orders or for use under the Company's service agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Long-term inventory includes modules that are contractually required to be segregated for use as exchange modules for specific project assets.

Raw materials consist mainly of various nickel powders and steels, various other components used in producing cell stacks and purchased components for balance of plant. Work-in-process inventory is comprised of material, labor, and overhead costs incurred to build fuel cell stacks and modules, which are subcomponents of a power platform.

#### Note 8. Project Assets
Project assets as of April 30, 2025 and October 31, 2024 consisted of the following (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **April 30,**<br>**2025** | **October 31,**<br>**2024** | **Estimated**<br>**Useful Life** |
| Project Assets – Operating | $306289 | $308503 | 4-20 years |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (78206) | (66542) |  |
| Project Assets – Operating, net | 228083 | 241961 |  |
| Project Assets – Construction in progress | 119 | 170 | 7-20 years |
| Project Assets, net | $228202 | $242131 |  |

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The estimated useful lives of these project assets are 20 years for balance of plant and site construction, and four to seven years for modules. Project assets as of April 30, 2025 and October 31, 2024 included twelve completed, commissioned installations generating power with respect to which the Company has a PPA with the end-user of power and site host with a net aggregate value of $228.1 million and $242.0 million as of April 30, 2025 and October 31, 2024, respectively. Certain of these assets are the subject of sale-leaseback arrangements with Crestmark Equipment Finance ("Crestmark").

Project assets as of April 30, 2025 and October 31, 2024 also include installations with carrying values of $0.1 million and $0.2 million, respectively, which are being developed and constructed by the Company in connection with a project for which we have entered into a PPA.

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Project construction costs incurred for long-term project assets are reported as investing activities in the Consolidated Statements of Cash Flows.

#### Note 9. Goodwill and Intangible Assets
As of April 30, 2025 and October 31, 2024, the Company had goodwill of $4.1 million and intangible assets of $14.1 million and $14.8 million, respectively, that were recorded in connection with the Company's 2012 acquisition of Versa Power Systems, Inc. ("Versa") and the 2019 Bridgeport Fuel Cell Project acquisition.

The Versa acquisition intangible asset represents an indefinite-lived in-process research and development intangible asset for cumulative research and development efforts associated with the development of solid oxide fuel cell stationary power generation. Amortization expense for the Bridgeport Fuel Cell Project-related intangible asset for each of the three month periods ended April 30, 2025 and 2024 was $0.3 million, and for each of the six month periods ended April 30, 2025 and 2024 was $0.6 million.

The following tables summarize the carrying value of the Company's intangible assets as of April 30, 2025 and October 31, 2024 (in thousands):

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| | | | |
|:---|:---|:---|:---|
| **As of April 30, 2025** | **Gross Amount** | **AccumulatedAmortization** | **Net Amount** |
| In-Process Research and Development | $9592 | $- | $9592 |
| Bridgeport PPA | 12320 | (7781) | 4539 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $21912 | $(7781) | $14131 |
| **As of October 31, 2024** | **Gross Amount** | **AccumulatedAmortization** | **Net Amount** |
| In-Process Research and Development | $9592 | $- | $9592 |
| Bridgeport PPA | 12320 | (7133) | 5187 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $21912 | $(7133) | $14779 |

---

#### Note 10. Accrued Liabilities
Accrued liabilities as of April 30, 2025 and October 31, 2024 consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **April 30,**<br>**2025** | **October 31,**<br>**2024** |
| Accrued payroll and employee benefits <sup>(1)</sup> | $5386 | $9808 |
| Consideration payable to a customer <sup>(2)</sup> | 2515 | 2515 |
| Accrued service agreement and PPA costs <sup>(3)</sup> | 10647 | 10574 |
| Accrued legal, taxes, professional and other | 4972 | 5230 |
| Accrued severance costs <sup>(4)</sup> | 1432 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | $24952 | $30362 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The balance in this account represents accrued payroll, payroll taxes and accrued bonus for both periods.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The balance represents the net amount due to Toyota as an accrued liability, which will be reduced over time against billings to Toyota for hydrogen sales under the terms of the Toyota HPPA.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Accrued service agreement costs include loss accruals on service agreements of $8.9 million and $9.0 million as of April 30, 2025 and October 31, 2024, respectively. The accruals for performance guarantees on service agreements and PPAs were $1.6 million and $1.5 million as of April 30, 2025 and October 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Accrued severance costs represent amounts accrued relating to restructuring activities and workforce reductions that occurred in September and November of fiscal year 2024. Refer to Note 5. "Restructuring" for more information about the restructuring.

#### Note 11. Leases
The Company enters into operating lease agreements for the use of real estate, vehicles, information technology equipment, and certain other equipment. We determine if an arrangement contains a lease at inception, which is the date on which the terms of the contract are agreed to and the agreement creates enforceable rights and obligations. The impacts of accounting

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for operating leases are included in Operating lease right-of-use assets, Operating lease liabilities, and Long-term operating lease liabilities in the Company's Consolidated Balance Sheets. The Company currently has no finance leases.

Operating lease expense for each of the three month periods ended April 30, 2025 and 2024 was $0.3 million, and for each of the six month periods ended April 30, 2025 and 2024 was $0.7 million. As of April 30, 2025, the weighted average remaining lease term (in years) was approximately 16 years and the weighted average discount rate was 8.0%. Lease payments made during the three months ended April 30, 2025 and 2024 were $0.4 million and $0.5 million, respectively. Lease payments made during each of the six month periods ended April 30, 2025 and 2024 were $0.7 million.

Undiscounted maturities of operating lease liabilities as of April 30, 2025 were as follows (in thousands):

---

| | |
|:---|:---|
|  | **OperatingLeases** |
| Due Year 1 | $1320 |
| Due Year 2 | 1357 |
| Due Year 3 | 1380 |
| Due Year 4 | 1017 |
| Due Year 5 | 754 |
| Thereafter | 11068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total undiscounted lease payments | 16896 |
| Less imputed interest | (7749) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total discounted lease payments | $9147 |

---

#### Note 12. Stockholders' Equity
*2022 Open Market Sale Agreement and Amended Sales Agreement*

On July 12, 2022, the Company entered into an Open Market Sale Agreement (the "2022 Sales Agreement") with Jefferies LLC, B. Riley Securities, Inc., Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., Canaccord Genuity LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Loop Capital Markets LLC (each, an "Agent" and together, the "Agents") with respect to an at the market offering program under which the Company could, from time to time, offer and sell up to 3.2 million shares of the Company's common stock. Pursuant to the 2022 Sales Agreement, the Company paid each Agent a commission equal to 2.0% of the gross proceeds from each sale of shares made by such Agent under the 2022 Sales Agreement.

On April 10, 2024, the Company and the Agents entered into Amendment No. 1 to the 2022 Sales Agreement (as amended, the "Amended Sales Agreement"), with respect to an at the market offering program under which the Company may, from time to time, offer and sell shares of the Company's common stock having an aggregate offering price of up to $300.0 million (exclusive of any amounts previously sold under the 2022 Sales Agreement prior to its amendment). On December 27, 2024, the Company entered into Amendment No. 2 to the Amended Sales Agreement, which removed certain representations and warranties relating to the Company's status as a well-known seasoned issuer. Pursuant to the Amended Sales Agreement, the Company is required to pay and has paid each Agent a commission equal to 2.0% of the gross proceeds from each sale of shares made by such Agent under the Amended Sales Agreement.

During the three months ended April 30, 2025, approximately 1.6 million shares of the Company's common stock were sold under the Amended Sales Agreement at an average sale price of $5.00 per share, resulting in gross proceeds of approximately $8.1 million before deducting sales commissions and fees, and net proceeds to the Company of approximately $7.7 million after deducting sales commissions totaling approximately $0.2 million and fees totaling approximately $0.2 million. During the six months ended April 30, 2025, approximately 2.3 million shares of the Company's common stock were sold under the Amended Sales Agreement at an average sale price of $6.25 per share, resulting in gross proceeds of approximately $14.5 million before deducting sales commissions and fees, and net proceeds to the Company of approximately $13.6 million after deducting sales commissions totaling approximately $0.3 million and fees totaling approximately $0.6 million.

As of April 30, 2025, approximately $190.4 million of shares remained available for sale under the Amended Sales Agreement.

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#### Note 13. Redeemable Preferred Stock
The Company is authorized to issue up to 250,000 shares of preferred stock, par value $0.01 per share, in one or more series, of which 105,875 shares were designated as 5% Series B Cumulative Convertible Perpetual Preferred Stock ("Series B Preferred Stock") in March 2005.

#### Series B Preferred Stock
As of April 30, 2025, the Company had 105,875 shares of Series B Preferred Stock, with a liquidation preference of $1,000.00 per share, authorized for issuance. As of April 30, 2025 and October 31, 2024, there were 64,020 shares of Series B Preferred Stock issued and outstanding, with a carrying value of $59.9 million. Dividends of $0.8 million were paid in cash during each of the three month periods ended April 30, 2025 and 2024, and dividends of $1.6 million were paid in cash during each of the six month periods ended April 30, 2025 and 2024.

#### Note 14. Loss Per Share
The calculation of basic and diluted loss per share was as follows (in thousands, except share and per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Six Months Ended April 30,** | **Six Months Ended April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Numerator |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to FuelCell Energy, Inc. | $(38049) | $(32140) | $&nbsp;&nbsp;&nbsp;&nbsp;(66375) | $&nbsp;&nbsp;&nbsp;&nbsp;(51933) |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B preferred stock dividends | (800) | (800) | &nbsp;&nbsp;&nbsp;&nbsp;(1600) | &nbsp;&nbsp;&nbsp;&nbsp;(1600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders | $(38849) | $(32940) | $&nbsp;&nbsp;&nbsp;&nbsp;(67975) | $&nbsp;&nbsp;&nbsp;&nbsp;(53533) |
| Denominator |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding – basic | 21740193 | 15099482 | &nbsp;&nbsp;&nbsp;&nbsp;21110664 | &nbsp;&nbsp;&nbsp;&nbsp;15076778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of dilutive securities <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares outstanding – diluted | 21740193 | 15099482 | &nbsp;&nbsp;&nbsp;&nbsp;21110664 | &nbsp;&nbsp;&nbsp;&nbsp;15076778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss to common stockholders per share – basic | $(1.79) | $(2.18) | $(3.22) | $(3.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss to common stockholders per share – diluted <sup>(1)</sup> | $(1.79) | $(2.18) | $(3.22) | $(3.55) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Due to the net loss to common stockholders in each of the periods presented above, diluted loss per share was computed without consideration to potentially dilutive instruments as their inclusion would have been anti-dilutive. As of April 30, 2025 and 2024, potentially dilutive securities excluded from the diluted loss per share calculation are as follows:

---

| | | |
|:---|:---|:---|
|  | **April 30,**<br>**2025** | **April 30,**<br>**2024** |
| Outstanding options to purchase common stock | 532 | 577 |
| Unvested Restricted Stock Units | 1009460 | 568737 |
| 5% Series B Cumulative Convertible Perpetual Preferred Stock | 1261 | 1261 |
| Total potentially dilutive securities | 1011253 | 570575 |

---

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#### Note 15. Restricted Cash
As of April 30, 2025 and October 31, 2024, there was $63.1 million and $60.8 million, respectively, of restricted cash and cash equivalents pledged as performance security, reserved for future debt service requirements, and reserved for letters of credit for certain banking requirements and contracts. The allocation of restricted cash is as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **April 30,**<br>**2025** | **October 31,**<br>**2024** |
| Cash Restricted for Outstanding Letters of Credit <sup>(1)</sup> | $14152 | $14152 |
| Cash Restricted for Crestmark Sale-Leaseback Transactions | 2912 | 2908 |
| Debt Service and Performance Reserves related to OpCo Financing Facility | 25061 | 24721 |
| Debt Service and Performance Reserves related to the Senior and Subordinated Back Leverage Loan Facilities | 13384 | 12869 |
| Other | 7546 | 6100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Restricted Cash | 63055 | 60750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted Cash and Cash Equivalents – Short-Term <sup>(2)</sup> | (12339) | (12161) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted Cash and Cash Equivalents – Long-Term | $50716 | $48589 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Letters of credit outstanding as of April 30, 2025 expire on various dates through October 2029.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Short-term restricted cash and cash equivalents are amounts expected to be released and classified as unrestricted cash within twelve months of the balance sheet date.

#### Note 16. Debt
Debt as of April 30, 2025 and October 31, 2024 consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **April 30,**<br>**2025** | **October 31,**<br>**2024** |
| Export-Import Bank of the United States Financing Facility | $9709 | $10104 |
| Liberty Bank Term Loan Agreement (Derby Senior Back Leverage Loan Facility) | 5521 | 5825 |
| Connecticut Green Bank Term Loan Agreement (Derby Senior Back Leverage Loan Facility) | &nbsp;&nbsp;&nbsp;&nbsp;2548 | 2689 |
| Connecticut Green Bank Loan (Derby Subordinated Back Leverage Loan Facility) | &nbsp;&nbsp;&nbsp;&nbsp;3500 | 3500 |
| Connecticut Green Bank Loan (Groton Subordinated Back Leverage Loan Facility) | 8000 | 8000 |
| Liberty Bank Term Loan Agreement (Groton Senior Back Leverage Loan Facility) | 5204 | 5437 |
| Amalgamated Bank Loan (Groton Senior Back Leverage Loan Facility) | 5181 | 5420 |
| Finance obligation for sale-leaseback transactions | 18787 | 18811 |
| State of Connecticut Loan | 5576 | 6024 |
| OpCo Financing Facility | 66239 | 70067 |
| Deferred finance costs | (3757) | (4215) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt and finance obligations | &nbsp;&nbsp;&nbsp;&nbsp;126508 | &nbsp;&nbsp;&nbsp;&nbsp;131662 |
| Current portion of long-term debt and finance obligations | (17137) | (15924) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt and finance obligations | $&nbsp;&nbsp;&nbsp;&nbsp;109371 | $&nbsp;&nbsp;&nbsp;&nbsp;115738 |

---

*OpCo Financing Facility Interest Rate Swap – Fair Value Adjustment*

The Company's interest rate swap related to the OpCo Financing Facility (as defined elsewhere herein) is recorded at its fair value each reporting period, with the resulting gains/losses recorded to other income/expense. The interest rate swap is a Level 2 asset/liability since the value can be determined based on the observed values for underlying interest rates. The fair value adjustment for the three and six months ended April 30, 2025 resulted in losses of $1.6 million and $0.8 million, respectively. The fair value adjustment for the three and six months ended April 30, 2024 resulted in a gain (loss) of $2.7 million and $(0.8) million, respectively. The Company has recorded a derivative liability within long-term debt and other liabilities on the Consolidated Balance Sheets, which had an estimated fair value of $0.5 million as of April 30, 2025, and a derivative asset within other assets on the Consolidated Balance Sheets, which had an estimated fair value of $0.3 million as of October 31, 2024, respectively.

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#### Note 17. Benefit Plans
***Long-Term Incentive Plans***

The Company's Board of Directors (the "Board") and its Compensation and Leadership Development Committee periodically approve Long-Term Incentive Plans which include performance-based awards tied to the Company's common stock price as well as time-vesting awards. None of the awards granted as part of Long-Term Incentive Plans include any dividend equivalent or other stockholder rights. To the extent the awards are earned, they may be settled in shares or cash of an equivalent value at the Company's option.

*Long-Term Incentive Plan Awards for Fiscal Year 2025:*

On December 30, 2024, the Board and its Compensation and Leadership Development Committee approved certain awards to be made under the Company's Long-Term Incentive Plan (the "LTI Plan") for fiscal year 2025. The LTI Plan is a sub-plan consisting of awards made under the Company's 2018 Omnibus Incentive Plan (as amended and restated from time to time, the "2018 Omnibus Incentive Plan"). The participants in the LTI Plan are members of senior management. The awards under the LTI Plan consist of two components:

1) Relative Total Shareholder Return ("TSR") Performance Share Units ("PSU"). The PSUs granted during the six months ended April 30, 2025 will be earned over the performance period ending on October 31, 2027, but will remain subject to a continued service-based vesting requirement until the third anniversary of the date of grant. The performance measure for the relative TSR PSUs is the TSR of the Company relative to the TSR of the Russell 2000 from October 31, 2024 through October 31, 2027. The Compensation and Leadership Development Committee established the performance assessment criteria for the relative TSR PSUs as the TSR of the Company relative to the TSR of the Russell 2000, with the award calibration being 100% plus or minus 0.5x the difference between the Company's TSR and the Russell 2000 Index composite TSR. The award is capped at 200% of the target number of PSUs, and the award is further capped at 100% of the target number of PSUs if the Company's absolute TSR over the performance period is negative. The Company's TSR is calculated by subtracting the Company's beginning stock price (defined as the average closing price of the Company's common stock over the 20 consecutive trading days ending on October 31, 2024) from the ending stock price (defined as the average closing price of the Company's common stock over the 20 consecutive trading days ending on October 31, 2027), adding any dividends during the period, and then dividing the result by the Company's beginning stock price. Given that the performance period is still open, the Company has reserved shares equal to 200% of the target number of PSUs, subject to performance during the remaining performance period as well as vesting based on continued service until December 30, 2027 (the third anniversary of the grant date). A portion of the PSUs awarded during the six months ended April 30, 2025 may be settled in cash in lieu of shares if actual performance achieved with respect to the PSUs is such that the number of PSUs earned exceeds the number of shares then available under the 2018 Omnibus Incentive Plan.

2) Time-vesting Restricted Stock Units ("RSU"). The time-vesting RSUs granted during the six months ended April 30, 2025 will vest at a rate of one-half of the total number of RSUs on each of the first two anniversaries of the date of grant.

On December 30, 2024, 186,507 PSUs and 186,501 time-based vesting RSUs were awarded to senior management under the LTI Plan.

PSUs are issued assuming participants achieve 100% target performance. The Company also reserves additional shares assuming the maximum performance targets are met. A portion of the PSUs awarded during the six months ended April 30, 2025 may be settled in cash in lieu of shares if actual performance achieved with respect to the PSUs is such that the number of PSUs earned exceeds the number of shares then available under the 2018 Omnibus Incentive Plan.

In addition to the awards granted to senior management, during the six months ended April 30, 2025, the Board also granted a total of 288,690 time-based vesting RSUs to certain salaried employees and 16,047 time-based vesting RSUs to certain hourly employees to promote ownership of the Company's equity and retention. The time-based vesting RSUs granted during the six months ended April 30, 2025 vest at a rate of one-half of the total number of RSUs granted on each of the first two anniversaries of the date of grant.

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***Share-Based Compensation***

Share-based compensation was reflected in the Consolidated Statements of Operations and Comprehensive Loss as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Six Months Ended April 30,** | **Six Months Ended April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Cost of revenues | $269 | $339 | $&nbsp;&nbsp;&nbsp;&nbsp;413 | $736 |
| Administrative and selling expense | 4269 | 2148 | &nbsp;&nbsp;&nbsp;&nbsp;6129 | 4195 |
| Research and development expense | 219 | 417 | &nbsp;&nbsp;&nbsp;&nbsp;324 | 778 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;4757 | $&nbsp;&nbsp;&nbsp;&nbsp;2904 | $&nbsp;&nbsp;&nbsp;&nbsp;6866 | $&nbsp;&nbsp;&nbsp;&nbsp;5709 |

---

***Restricted Stock Units Including Performance Share Units***

The following table summarizes our RSU activity for the six months ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| **Restricted Stock Units** | **Shares** | **Weighted-Average Fair Value** |
| Outstanding as of October 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;516561 | $64.53 |
| &nbsp;&nbsp;Granted - time-vesting RSUs | &nbsp;&nbsp;&nbsp;&nbsp;491238 | 8.17 |
| &nbsp;&nbsp;Granted - PSUs | &nbsp;&nbsp;&nbsp;&nbsp;186507 | 14.38 |
| &nbsp;&nbsp;Vested | &nbsp;&nbsp;&nbsp;&nbsp;(126704) | 69.35 |
| &nbsp;&nbsp;Forfeited | &nbsp;&nbsp;&nbsp;&nbsp;(58142) | 51.86 |
| Outstanding as of April 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;1009460 | $27.23 |

---

#### Note 18. Commitments and Contingencies

#### Service Agreements
Under the provisions of its service agreements, the Company provides services to maintain, monitor, and repair customer power plants to meet minimum operating levels. Under the terms of such service agreements, the particular power plant must meet a minimum operating output during defined periods of the term. If minimum output falls below the contract requirement, the Company may be subject to performance penalties and/or may be required to repair or replace the customer's fuel cell module(s).

#### Power Purchase Agreements
Under the terms of the Company's PPAs, customers agree to purchase power from the Company's fuel cell power plants at negotiated rates. Electricity rates are generally a function of the customers' current and estimated future electricity pricing available from the grid. As owner or lessee of the power plants, the Company is responsible for all operating costs necessary to maintain, monitor and repair the power plants. Under certain agreements, the Company is also responsible for procuring fuel, generally natural gas or biogas, to run the power plants. In addition, under the terms of some of the PPAs, the Company may be subject to a performance penalty if the Company does not meet certain performance requirements.

***Project Fuel Exposure***

Certain of our PPAs for project assets in our generation operating portfolio expose us to fluctuating fuel price risks as well as the risk of being unable to procure the required amounts of fuel and the lack of alternative available fuel sources. We seek to mitigate our fuel risk using strategies including: (i) fuel cost reimbursement mechanisms in our PPAs to allow for pass through of fuel costs (full or partial) where possible, which we have done with our 14.9 MW operating project in Bridgeport, CT; (ii) procuring fuel under fixed price physical supply contracts with investment grade counterparties, which we have done for twenty years for our Tulare BioMAT project, for the initial seven years of the twenty year PPA for our LIPA Yaphank Project (through September 2028), for six years of the twenty year PPA for our 14.0 MW and 2.8 MW Derby Projects (through October 2029), and through May 2026 for the twenty year Toyota HPPA; and (iii) potentially entering into future financial hedges with investment grade counterparties to offset potential negative market fluctuations. The Company does not take a fundamental view on natural gas or other commodity pricing and seeks commercially

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available means to reduce commodity exposure. If the Company is unable to secure fuel on favorable economic terms, it may result in impairment charges.

The Company net settled certain natural gas purchases under previous normal purchase normal sale contract designations during the fourth quarter of fiscal year 2023 for one contract and in the second quarter of fiscal year 2024 for other contracts, which resulted in a change to mark-to-market accounting. The Company recorded a mark-to-market net loss of $0.8 million and a mark-to-market net gain of $1.1 million associated with the natural gas contract derivatives for the three and six months ended April 30, 2025, respectively. The Company recorded mark-to-market net losses of $2.3 million and $4.2 million associated with the natural gas contract derivatives for the three and six months ended April 30, 2024, respectively. The Company recorded derivative assets within other assets on the Consolidated Balance Sheets, which had an estimated fair value of $1.4 million and $1.2 million as of April 30, 2025 and October 31, 2024, respectively. The Company recorded derivative liabilities within long-term debt and other liabilities on the Consolidated Balance Sheets, which had an estimated fair value of $3.1 million and $4.0 million as of April 30, 2025 and October 31, 2024, respectively. The natural gas contract derivatives are classified as Level 2 financial assets/liabilities since the values can be determined based on readily observable inputs for underlying natural gas forward prices.

#### Other
As of April 30, 2025, the Company had unconditional purchase commitments aggregating to $61.2 million for materials, supplies and services in the normal course of business.

#### Legal Proceedings
From time to time, the Company is involved in legal proceedings, including, but not limited to, regulatory proceedings, claims, mediations, arbitrations and litigation, arising out of the ordinary course of its business ("Legal Proceedings"). Although the Company cannot assure the outcome of such Legal Proceedings, management presently believes that the result of such Legal Proceedings, either individually, or in the aggregate, will not have a material adverse effect on the Company's consolidated financial statements, and no material amounts have been accrued in the Company's consolidated financial statements with respect to these matters.

**Note 19. Subsequent Events**

On June 4, 2025, the Board approved a global restructuring plan to further reduce operating costs, realign resources toward advancing the Company's core carbonate technologies, and protect the Company's competitive position amid slower-than-expected market investments in clean energy. This plan includes: (i) a workforce reduction of 122 employees, or approximately 22% of our workforce across the U.S., Canada and Germany (which reduction was implemented on June 5, 2025), (ii) a significant reduction of discretionary overhead spending, (iii) recalibration of the Torrington manufacturing facility production schedule to align with contracted demand, rather than forecasted demand, which, without continued growth in our closed order book, would result in a decrease in our annualized production rate, (iv) the deferral of certain compensation and benefit obligations, (v) the cessation of the majority of development efforts with respect to our solid oxide technology, and (vi) other targeted cost-saving measures. These steps reflect our commitment to strategic discipline and focus, with the goal of ensuring we continue to advance our most commercially viable technology while preserving the long-term optionality of our broader platform innovations.

The actions under this restructuring plan are expected to be substantially completed by the end of fiscal year 2025. In connection with this restructuring plan and workforce reduction, the Company estimates it will incur aggregate restructuring-related costs and charges of approximately $3.5 million to $4.5 million in cash costs related to severance payments and other employee termination benefits. The majority of these charges are expected to be recorded in the third quarter of fiscal year 2025.

In conjunction with this restructuring plan, the Company is evaluating certain assets for impairment including Goodwill and in-process research and development ("IPR&D") intangible assets, with a net book value of $13.8 million as of April 30, 2025 related to the Company's prior investments in solid oxide technology, related property, plant and equipment located in Calgary, Canada with a net book value of $38.8 million as of April 30, 2025 and solid oxide inventory with a net book value of $8.8 million as of April 30, 2025. As of June 6, 2025, the Company believes the likelihood of an impairment charge in the third quarter of fiscal year 2025 is more likely than not, but is unable to estimate the recovery value of such assets, if any, at this time.

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#### ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

#### FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains statements that the Company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). All statements other than statements of historical fact included in this Form 10-K, including statements regarding the Company's future financial condition, results of operations, plans, objectives, expectations, future performance, business operations and business prospects, are forward-looking statements. Words such as "expects," "anticipates," "estimates," "goals," "projects," "intends," "plans," "believes," "predicts," "should," "seeks," "will," "could," "would," "may," "forecast," and similar expressions and variations of such words are intended to identify forward-looking statements and are included, along with this statement, for purposes of complying with the safe harbor provisions of the PSLRA. Forward-looking statements are neither historical facts, nor assurances of future performance. Instead, such statements are based only on our beliefs, expectations, and assumptions regarding the future. As such, the realization of matters expressed in forward-looking statements involves inherent risks and uncertainties. Such statements relate to, among other things, the following: (i) the development and commercialization by FuelCell Energy, Inc. and its subsidiaries of fuel cell technology and products and the market for such products; (ii) the expected timing of completion of our ongoing projects; (iii) our business plans and strategies; (iv) the markets in which we expect to operate; (v) expected operating results such as revenue growth and earnings; (vi) our belief that we have sufficient liquidity to fund our business operations for the next 12 months; (vii) future funding under Advanced Technologies contracts; (viii) future financing for projects, including equity and debt investments by investors and commercial bank financing, as well as overall financial market conditions; (ix) the expected cost competitiveness of our technology; (x) our ability to successfully implement our restructuring plans during the expected timeframe and the expected effects and impacts of the Company's restructuring plans; and (xi) our ability to achieve our sales plans, our plans to increase our annualized production rate in the future in connection with sales growth, market access and market expansion goals, and cost reduction targets.

The forward-looking statements contained in this report are subject to risks and uncertainties, known and unknown, that could cause actual results and future events to differ materially from those set forth in or contemplated by the forward-looking statements, including, without limitation, the risks described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and in the section below entitled "Item 1A. Risk Factors," and the following risks and uncertainties: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; risks that our restructuring plans will not result in the intended benefits or savings or will result in unanticipated costs, including but not limited to additional charges and/or higher than expected costs or will yield unintended consequences to our remaining workforce and results of operations; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations; our ability to maintain compliance with the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States ("GAAP"); factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise "march-in" rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; our ability to develop additional commercially viable products; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; and our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies.

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We cannot assure you that: we will be able to meet any of our development or commercialization schedules; any of our new products or technologies, once developed, will be commercially successful; our power plants will be commercially successful; we will be able to obtain financing or raise capital to achieve our business plans; the government will appropriate the funds anticipated by us under our government contracts; the government will not exercise its right to terminate any or all of our government contracts; or we will be able to achieve any other result anticipated in any other forward-looking statement contained herein.

Investors are cautioned that forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond our ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors discussed herein. Any forward-looking statement made by us in this report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Management's Discussion and Analysis of Financial Condition and Results of Operations is provided as a supplement to the accompanying financial statements and footnotes to help provide an understanding of our financial condition, changes in our financial condition and results of operations. The preparation of financial statements and related disclosures requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities, as well as management's assessment of the Company's ability to meet its obligations as they come due over the next twelve months. Actual results could differ from those estimates. Estimates are used in accounting for, among other things, revenue recognition, lease right-of-use assets and liabilities, loss accruals on service agreements, excess, slow-moving and obsolete inventories, product warranty accruals, loss accruals on service agreements, share-based compensation expense, allowance for credit losses, depreciation and amortization, impairment of goodwill and in-process research and development intangible assets, impairment of long-lived assets (including project assets), valuation of derivatives, and contingencies. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from those estimates. The following discussion should be read in conjunction with information included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 filed with the Securities and Exchange Commission ("SEC"). Unless otherwise indicated, the terms "Company", "FuelCell Energy", "we", "us", and "our" refer to FuelCell Energy, Inc. and its subsidiaries. All tabular dollar amounts are in thousands.

#### OVERVIEW

We target a range of markets and applications with our products, including utilities and independent power producers, data centers, wastewater treatment, commercial and hospitality, food and beverage, and microgrids, among others. We market our products primarily in the United States, Europe and Korea, and we are also pursuing opportunities in other countries around the world. We target for expansion and development markets and geographic regions that benefit from and value clean distributed generation; are located where there are high energy costs, poor grid reliability, and/or challenged transmission and distribution lines; can leverage the multiple value streams delivered by our platforms (electricity, hydrogen, thermal, water, and carbon recovery); are aligned with regulatory frameworks that harmonize energy, economic and environmental policies; and are committed to reducing their Scope 1 and Scope 2 emissions.

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FuelCell Energy, headquartered in Danbury, Connecticut, was founded in 1969 as a New York corporation to provide applied research and development services on a contract basis. We completed our initial public offering in 1992 and reincorporated in Delaware in 1999. We began selling stationary fuel cell power plants commercially in 2003.

**RECENT DEVELOPMENTS**

***Solid Oxide Update and 2025 Restructuring Plan***

In early 2025, the Company delivered a fully integrated solid oxide electrolysis platform to Idaho National Laboratory ("INL"), which is expected to be the first integrated solid oxide system tested at this U.S. Department of Energy research facility. With this system soon to be tested at INL, we believe our team has advanced the solid oxide electrolysis technology as far as our current resources can support. We believe that a successful demonstration at INL could accelerate strategic interest from a potential partner or buyer with the capability to invest in the next phase of development, manufacturing scale-up, and commercialization of our solid oxide platform. We continue to face macroeconomic and industry-specific headwinds, particularly in the zero-carbon hydrogen space, compounded by a difficult capital markets environment. In response to these headwinds, and with an eye toward long-term sustainability and accelerating the timeline to our goal of future profitability, on June 4, 2025, the Board of Directors of the Company approved a global restructuring plan to further reduce operating costs, realign resources toward advancing the Company's core carbonate technologies, and protect the Company's competitive position amid slower-than-expected market investments in clean energy. This plan includes: (i) a workforce reduction of 122 employees, or approximately 22% of our workforce across the U.S., Canada and Germany (which reduction was implemented on June 5, 2025), (ii) a significant reduction of discretionary overhead spending, (iii) recalibration of the Torrington manufacturing facility production schedule to align with contracted demand, rather than forecasted demand, which, without continued growth in our closed order book, would result in a decrease in our annualized production rate, (iv) the deferral of certain compensation and benefit obligations, (v) the cessation of the majority of development efforts with respect to our solid oxide technology, and (vi) other targeted cost-saving measures. These steps reflect our commitment to strategic discipline and focus, with the goal of ensuring we continue to advance our most commercially viable technology while preserving the long-term optionality of our broader platform innovations.

Following this reduction in workforce, the Company has approximately 426 global employees. The actions under this restructuring plan are expected to be substantially completed by the end of fiscal year 2025. In connection with this restructuring plan and workforce reduction, the Company estimates it will incur aggregate restructuring-related costs and charges of approximately $3.5 million to $4.5 million in cash costs related to severance payments and other employee termination benefits. The majority of these charges are expected to be recorded in the third quarter of fiscal year 2025.

In conjunction with this restructuring plan, the Company is evaluating certain assets for impairment including Goodwill and in-process research and development ("IPR&D") intangible assets, with a net book value of $13.8 million as of April 30, 2025 related to the Company's prior investments in solid oxide technology, related property, plant and equipment located in Calgary, Canada with a net book value of $38.8 million as of April 30, 2025 and solid oxide inventory with a net book value of $8.8 million as of April 30, 2025. As of June 6, 2025, the Company believes the likelihood of an impairment charge in the third quarter of fiscal year 2025 is more likely than not, but is unable to estimate the recovery value of such assets, if any, at this time.

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**RESULTS OF OPERATIONS**

Management evaluates our results of operations and cash flows using a variety of key performance indicators, including revenues compared to prior periods and internal forecasts, costs of our products and results of our cost reduction initiatives, and operating cash use. These are discussed throughout the "Results of Operations" and "Liquidity and Capital Resources" sections. Results of Operations are presented in accordance with GAAP.

**Comparison of the Three Months Ended April 30, 2025 and 2024**

#### Revenues and Costs of revenues
Our revenues and cost of revenues for the three months ended April 30, 2025 and 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Change** |
| (dollars in thousands) | **2025** | **2025** | **2024** | **2024** | $**%** |
| Total revenues | $| 37406 | $| 22420 | 67% |
| Total costs of revenues |  | 46844 |  | 29494 | 59% |
| Gross loss | $ | &nbsp;&nbsp;&nbsp;&nbsp;(9438) | $ | &nbsp;&nbsp;&nbsp;&nbsp;(7074) | (33)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross margin |  | (25.2)% |  | (31.6)% |  |

---

Total revenues for the three months ended April 30, 2025 of $37.4 million reflects an increase of $15.0 million from $22.4 million for the same period in the prior year. Cost of revenues for the three months ended April 30, 2025 of $46.8 million reflects an increase of $17.4 million from $29.5 million for the same period in the prior year. A discussion of the changes in product revenues, service agreements revenues, generation revenues and Advanced Technologies contract revenues follows.

#### Product revenues
Our product revenues and related costs for the three months ended April 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Change** |
| (dollars in thousands) | **2025** | **2025** | **2024** | $**%** |
| Product revenues | $| 13027 | $- | N/A |
| Cost of product revenues |  | 16261 | 2938 | 453% |
| Gross loss from product revenues | $ | &nbsp;&nbsp;&nbsp;&nbsp;(3234) | $&nbsp;&nbsp;&nbsp;&nbsp;(2938) | (10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Product revenues gross margin |  | (24.8)% | N/A |  |

---

Product revenues were $13.0 million during the three months ended April 30, 2025 and there were no product revenues in the comparable prior year period. The increase in product revenues during the three months ended April 31, 2025 was primarily driven by $12.0 million of revenue recognized under the Company's long-term service agreement ("LTSA") with Gyeonggi Green Energy Co., Ltd. ("GGE") for the replacement of four fuel cell modules for GGE's 58.8 MW fuel cell power plant platform in Hwaseong-si, Korea, and $1.1 million of revenue recognized under the Company's sales contract with Ameresco, Inc., which was entered into during the second quarter of fiscal year 2024, pursuant to which the Company is to provide a 2.8 MW carbonate fuel cell platform to the Sacramento Area Sewer District.

Cost of product revenues increased $13.3 million for the three months ended April 30, 2025 to $16.3 million, compared to $2.9 million in the same period in the prior year, primarily due to the higher product sales in the three months ended April 30, 2025. Manufacturing variances, primarily related to production volumes and unabsorbed overhead costs, totaled approximately $2.9 million for the three months ended April 30, 2025, compared to approximately $2.8 million for the three months ended April 30, 2024.

For the three months ended April 30, 2025, we operated at an annualized production rate of approximately 29.9 MW in our Torrington, CT manufacturing facility, compared to an annualized production rate of 30.9 MW for the three months ended April 30, 2024.

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#### Service agreements revenues
Service agreements revenues and related costs for the three months ended April 30, 2025 and 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Change** |
| (dollars in thousands) | **2025** | **2025** | **2024** | **2024** | $**%** |
| Service agreements revenues | $| 8144 | $| 1369 | 495% |
| Cost of service agreements revenues |  | 9067 |  | 1267 | 616% |
| Gross (loss) profit from service agreements revenues | $ | (923) | $ | 102 | 1005% |
| &nbsp;&nbsp;&nbsp;&nbsp;Service agreements revenues gross margin |  | (11.3)% |  | 7.5% |  |

---

Service agreements revenues for the three months ended April 30, 2025 increased $6.8 million to $8.1 million from $1.4 million for the three months ended April 30, 2024. The increase in service agreements revenues during the three months ended April 30, 2025 was primarily driven by revenue recognized from module exchanges under the Company's LTSA with United Illuminating in New Haven, Connecticut. There were three module exchanges during the three months ended April 30, 2025, and no module exchanges during the three months ended April 30, 2024.

Cost of service agreements revenues increased $7.8 million to $9.1 million for the three months ended April 30, 2025 from $1.3 million for the three months ended April 30, 2024 due to the three module exchanges in the three months ended April 30, 2025, compared to no module exchanges during the three months ended April 30, 2024. Cost of service agreements revenues includes maintenance and operating costs and costs of module exchanges.

Overall gross loss from service agreements revenues was $(0.9) million for the three months ended April 30, 2025, compared to a gross profit of $0.1 million for the three months ended April 30, 2024. The overall gross margin was (11.3)% for the three months ended April 30, 2025 compared to a gross margin of 7.5% in the comparable prior year period. Gross margin was lower during the three months ended April 30, 2025 primarily due to the fact that three module exchanges were completed during the three months ended April 30, 2025 (compared to no module exchanges during the three months ended April 30, 2024) and that such module exchanges were performed pursuant to service agreements with lower margins.

#### Generation revenues
Generation revenues and related costs for the three months ended April 30, 2025 and 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Change** |
| (dollars in thousands) | **2025** | **2025** | **2024** | **2024** | $**%** |
| Generation revenues | $| 12124 | $| 14118 | (14)% |
| Cost of generation revenues |  | 18411 |  | 21424 | (14)% |
| Gross loss from generation revenues | $ | (6287) | $ | (7306) | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Generation revenues gross margin |  | (51.9)% |  | (51.7)% |  |

---

Revenues from generation for the three months ended April 30, 2025 totaled $12.1 million, which represents a decrease of $2.0 million from the $14.1 million of revenue recognized for the three months ended April 30, 2024. The decrease in generation revenues reflects lower output from plants in our generation operating portfolio resulting from routine maintenance activities during the quarter. Generation revenues for the three months ended April 30, 2025 and 2024 reflect revenue from electricity generated under our power purchase agreements ("PPAs") and the sale of renewable energy credits from our generation operating portfolio.

Cost of generation revenues totaled $18.4 million in the three months ended April 30, 2025, compared to $21.4 million in the three months ended April 30, 2024. The overall decrease in cost of generation revenues is primarily related to a reduction in the expensed construction costs related to the Toyota Project, which were $0.2 million in the three months ended April 30, 2025, compared to $2.6 million in the three months ended April 30, 2024 (which also included expensed gas costs). During the three months ended April 30, 2025, the Company incurred a mark-to-market net loss of $0.8 million related to natural gas purchase contracts, compared to a mark-to-market net loss of $2.3 million during the three months ended April 30, 2024. Cost of generation revenues included depreciation and amortization of approximately $8.7 million and $7.2 million for the three months ended April 30, 2025 and 2024, respectively.

We currently have four projects with fuel sourcing risk, which are the Toyota Project, our 14.0 MW and 2.8 MW Derby Projects and our 7.4 MW project in Yaphank Long Island (the "LIPA Yaphank Project"), all of which require natural gas

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for which there is no pass-through mechanism. A one-year fuel supply contract (through May of 2026) has been executed for the Toyota Project. Six-year (through October 2029) fuel supply contracts have been executed for the 14.0 MW and 2.8 MW Derby Projects. We are currently in the midst of a seven-year contract (through September 2028) for our 7.4 MW LIPA Yaphank Project. The Company will look to extend the duration of these contracts should market and credit conditions allow. If the Company is unable to secure fuel on favorable economic terms, it may result in impairment charges to the Derby Project assets or the LIPA Yaphank Project asset and further impairment charges for the Toyota Project asset.

We had 62.8 MW of operating power plants in our generation operating portfolio as of April 30, 2025, which was unchanged from April 30, 2024.

#### Advanced Technologies contract revenues
Advanced Technologies contract revenues and related costs for the three months ended April 30, 2025 and 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Change** |
| (dollars in thousands) | **2025** | **2025** | **2024** | **2024** | $**%** |
| Advanced Technologies contract revenues | $| 4111 | $| 6933 | (41)% |
| Cost of Advanced Technologies contract revenues |  | 3105 |  | 3865 | (20)% |
| Gross profit from Advanced Technologies contracts | $ | 1006 | $ | 3068 | (67)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Technologies contract gross margin |  | 24.5% |  | 44.3% |  |

---

Advanced Technologies contract revenues for the three months ended April 30, 2025 decreased to $4.1 million from $6.9 million for the three months ended April 30, 2024. Advanced Technologies contract revenues recognized under our Joint Development Agreement with ExxonMobil Technology and Engineering Company ("EMTEC") were approximately $2.3 million, revenues arising from the purchase order received from Esso Nederland B.V. ("Esso"), an affiliate of EMTEC and Exxon Mobil Corporation, related to the Rotterdam project were approximately $1.2 million and revenue recognized under government contracts and other contracts were approximately $0.6 million for the three months ended April 30, 2025. This compares to Advanced Technologies contract revenues recognized under our Joint Development Agreement with EMTEC of approximately $2.7 million, revenue recognized under the Esso purchase order of approximately $2.1 million and revenue recognized under government contracts and other contracts of approximately $2.1 million for the three months ended April 30, 2024.

Cost of Advanced Technologies contract revenues decreased to $3.1 million for the three months ended April 30, 2025, compared to $3.9 million for the three months ended April 30, 2024.

Advanced Technologies contracts for the three months ended April 30, 2025 generated a gross profit of $1.0 million, compared to a gross profit of $3.1 million for the same period in the prior year. The decrease was due primarily to lower margins on some of the contracts under which revenues were recognized during the three months ended April 30, 2025 compared to the three months ended April 30, 2024.

#### Administrative and selling expenses
Administrative and selling expenses were $16.5 million and $17.7 million for the three months ended April 30, 2025 and 2024, respectively. Administrative and selling expenses were lower during the three months ended April 30, 2025 than during the three months ended April 30, 2024 primarily due to lower compensation expense as a result of the restructuring actions in September of fiscal year 2024 and November of fiscal year 2025.

#### Research and development expenses
Research and development expenses decreased to $9.9 million for the three months ended April 30, 2025 compared to $16.6 million for the three months ended April 30, 2024. The decrease is primarily due to a decrease in spending on the Company's commercial development efforts related to our solid oxide power generation and electrolysis platforms and carbon separation and carbon recovery solutions compared to the comparable prior year period, as well as a shift in engineering resource allocation toward supporting funded Advanced Technologies activities.

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#### Restructuring expense
Restructuring expense of $0.01 million for the three months ended April 30, 2025 related to the Company's workforce reductions in November 2024.

#### Loss from operations
Loss from operations for the three months ended April 30, 2025 was $35.8 million compared to $41.4 million for the three months ended April 30, 2024. This decrease was driven primarily by a $7.9 million decrease in operating expenses, partially offset by a $2.4 million increase in gross loss.

**Interest expense**

Interest expense for the three months ended April 30, 2025 and 2024 was $2.5 million and $2.3 million, respectively. Interest expense for both periods includes interest on the OpCo Financing Facility (as defined elsewhere herein), which was entered into in May 2023, and interest on the Groton Senior Back Leverage Loan Facility and the Groton Subordinated Back Leverage Loan Facility (in each case, as defined elsewhere herein), which were entered into in August 2023. Interest expense increased for the three months ended April 30, 2025, as this period also includes interest on the Derby Senior Back Leverage Loan Facility and the Derby Subordinated Back Leverage Loan Facility (in each case, as defined elsewhere herein), which were entered into in April 2024, and on the facility with EXIM (as defined elsewhere herein), which was entered into in October 2024.

#### Interest income
Interest income was $1.8 million and $3.4 million for the three months ended April 30, 2025 and 2024, respectively. The decrease in interest income during the three months ended April 30, 2025 was primarily driven by lower money market investments compared to the three months ended April 30, 2024. Interest income for the three months ended April 30, 2025 and 2024 represents interest earned on money market investments and investments in U.S. Treasury Securities.

**Other (expense) income, net**

Other (expense) income, net was $(1.1) million and $2.6 million for the three months ended April 30, 2025 and 2024, respectively. Other expense, net for the three months ended April 30, 2025 relates primarily to an unrealized loss of $1.6 million on the OpCo Financing Facility interest rate swap derivative. Other income, net for the three months ended April 30, 2024 relates primarily to a gain on the OpCo Financing Facility interest rate swap derivative of $2.7 million.

**Provision for income taxes**

We have not paid federal or state income taxes in several years due to our history of net operating losses, although we have paid foreign income and withholding taxes in Korea. Provision for income tax recorded for the three months ended April 30, 2025 was $0.1 million, and we recorded no provision for income tax for the three months ended April 30, 2024.

**Series B preferred stock dividends**

Dividends recorded on our 5% Series B Cumulative Convertible Perpetual Preferred Stock ("Series B Preferred Stock") were $0.8 million for each of the three month periods ended April 30, 2025 and 2024.

**Net income (loss) attributable to noncontrolling interests**

Net income (loss) attributable to noncontrolling interests is the result of allocating profits and losses to noncontrolling interests under the hypothetical liquidation at book value ("HLBV") method. HLBV is a balance sheet-oriented approach for applying the equity method of accounting when there is a complex structure, such as the flip structure of our tax equity financings with East West Bancorp, Inc. ("East West Bank"), Renewable Energy Investors, LLC ("REI"), and Franklin Park 2023 FCE Tax Equity Fund, LLC ("Franklin Park").

For the three months ended April 30, 2025 and 2024, net income attributable to noncontrolling interest totaled $0.01 million and $0.3 million, respectively, for the Groton Project tax equity financing transaction with East West Bank.

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For the three months ended April 30, 2025 and 2024, net (loss) income attributable to noncontrolling interest totaled $(0.1) million and $0.2 million, respectively, for the LIPA Yaphank Project tax equity financing transaction with REI.

For the three months ended April 30, 2025 and 2024, net income (loss) attributable to noncontrolling interest totaled $0.4 million and $(6.1) million, respectively, for the Derby Projects tax equity financing transaction with Franklin Park. The loss in the three months ended April 30, 2024 was primarily a result of accelerated depreciation allocated to the noncontrolling interest under the HLBV method.

**Net loss attributable to common stockholders and net loss per common share**

Net loss attributable to common stockholders represents the net loss for the period less the preferred stock dividends on the Series B Preferred Stock. For the three month periods ended April 30, 2025 and 2024, net loss attributable to common stockholders was $38.8 million and $32.9 million, respectively, and net loss per common share was $1.79 and $2.18, respectively. The increase in net loss attributable to common stockholders was primarily due to the net income of $0.3 million attributable to noncontrolling interest during the three months ended April 30, 2025 (compared to the net loss of $5.5 million attributable to noncontrolling interest that benefited the comparable prior year period). The decrease in net loss per common share is primarily due to the higher number of weighted average shares outstanding due to share issuances since April 30, 2024.

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**Comparison of the Six Months Ended April 30, 2025 and 2024**

#### Revenues and Costs of revenues
Our revenues and cost of revenues for the six months ended April 30, 2025 and 2024 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended April 30,** | **Six Months Ended April 30,** | **Six Months Ended April 30,** | **Six Months Ended April 30,** | **Change** |
| (dollars in thousands) | **2025** | **2025** | **2024** | **2024** | $**%** |
| Total revenues | $| 56403 | $| 39111 | 44% |
| Total costs of revenues |  | 71045 |  | 57910 | 23% |
| Gross loss | $ | (14642) | $ | (18799) | 22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross margin |  | (26.0)% |  | (48.1)% |  |

---

Total revenues for the six months ended April 30, 2025 of $56.4 million reflects an increase of $17.3 million from $39.1 million for the same period in the prior year. Cost of revenues for the six months ended April 30, 2025 of $71.0 million reflects an increase of $13.1 million from $57.9 million for the same period in the prior year. A discussion of the changes in product revenues, service agreements revenues, generation revenues and Advanced Technologies contract revenues follows.

#### Product revenues
Our product revenues and related costs for the six months ended April 30, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended April 30,** | **Six Months Ended April 30,** | **Six Months Ended April 30,** | **Change** |
| (dollars in thousands) | **2025** | **2025** | **2024** | $**%** |
| Product revenues | $| &nbsp;&nbsp;&nbsp;&nbsp;13099 | $&nbsp;&nbsp;&nbsp;&nbsp;— | N/A |
| Cost of product revenues |  | &nbsp;&nbsp;&nbsp;&nbsp;19297 | &nbsp;&nbsp;&nbsp;&nbsp;5329 | 262% |
| Gross loss from product revenues | $ | &nbsp;&nbsp;&nbsp;&nbsp;(6198) | $&nbsp;&nbsp;&nbsp;&nbsp;(5329) | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Product revenues gross margin |  | (47.3)% | N/A |  |

---

Product revenues for the six months ended April 30, 2025 were $13.1 million, compared to no product revenue for the six months ended April 30, 2024. Product revenues for the six months ended April 30, 2025 were driven primarily by $12.0 million of revenue recognized under the Company's LTSA with GGE for the replacement of four fuel cell modules for GGE's 58.8 MW fuel cell power plant platform in Hwaseong-si, Korea. Product revenues for the six months ended April 30, 2025 also include $1.1 million of product revenues recognized under the Company's sales contract with Ameresco, Inc., which was entered into during the second quarter of fiscal year 2024, pursuant to which the Company is to provide a 2.8 MW carbonate fuel cell platform to the Sacramento Area Sewer District.

Cost of product revenues totaled $19.3 million in the six months ended April 30, 2025, compared to $5.3 million in the six months ended April 30, 2024. The increase in cost of product revenues in the six months ended April 30, 2025 is primarily due to the four module replacements made under the Company's LTSA with GGE for GGE's 58.8 MW fuel cell power plant platform in Hwaseong-si, Korea and costs of product revenues relating to the product revenue recognized under the Company's sales contract with Ameresco, Inc., compared to the lack of any module replacements in the six months ended April 30, 2024. Manufacturing variances, primarily related to production volumes and unabsorbed overhead costs, increased to approximately $5.6 million for six months ended April 30, 2025, compared to approximately $5.0 million for the six months ended April 30, 2024.

For the six months ended April 30, 2025, we operated at an annualized production rate of approximately 30.6 MW in our Torrington, CT manufacturing facility, compared to an annualized production rate of 31.8 MW for the six months ended April 30, 2024.

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#### Service agreements revenues
Service agreements revenues and related costs for the six months ended April 30, 2025 and 2024 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended April 30,** | **Six Months Ended April 30,** | **Six Months Ended April 30,** | **Six Months Ended April 30,** | **Change** |
| (dollars in thousands) | **2025** | **2025** | **2024** | **2024** | $**%** |
| Service agreements revenues | $| 9992 | $| 2986 | 235% |
| Cost of service agreements revenues |  | 10735 |  | 3155 | 240% |
| Gross loss from service agreements revenues | $ | &nbsp;&nbsp;&nbsp;&nbsp;(743) | $ | &nbsp;&nbsp;&nbsp;&nbsp;(169) | 340% |
| &nbsp;&nbsp;&nbsp;&nbsp;Service agreements revenues gross margin |  | (7.4)% |  | (5.7)% |  |

---

Service agreements revenues for the six months ended April 30, 2025 increased $7.0 million to $10.0 million from $3.0 million for the six months ended April 30, 2024. The increase in service agreements revenues during the six months ended April 30, 2025 was primarily driven by revenues recognized for module exchanges under the Company's LTSA with United Illuminating in New Haven, Connecticut, and partially from revenue recognized for module exchanges under the Company's LTSA with GGE for GGE's 58.8 MW fuel cell power plant platform in Hwaseong-si, Korea. During the six months ended April 30, 2024, there were no module exchanges.

Cost of service agreements revenues increased $7.6 million to $10.7 million for the six months ended April 30, 2025 from $3.2 million for the six months ended April 30, 2024. Cost of service agreements revenues includes maintenance and operating costs and costs of module exchanges. The increase reflects higher costs due to the module exchanges during the six months ended April 30, 2025, while there were no module exchanges during the six months ended April 30, 2024.

Overall gross loss from service agreements revenues was $0.7 million for the six months ended April 30, 2025, which was an increase from a gross loss of $0.2 million for the six months ended April 30, 2024. The overall gross margin was (7.4)% for the six months ended April 30, 2025 compared to a gross margin of (5.7)% in the six months ended April 30, 2024.

#### Generation revenues
Generation revenues and related costs for the six months ended April 30, 2025 and 2024 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended April 30,** | **Six Months Ended April 30,** | **Six Months Ended April 30,** | **Six Months Ended April 30,** | **Change** |
| (dollars in thousands) | **2025** | **2025** | **2024** | **2024** | $**%** |
| Generation revenues | $| 23470 | $| 24611 | (5)% |
| Cost of generation revenues |  | 33705 |  | 42318 | (20)% |
| Gross loss from generation revenues | $ | &nbsp;&nbsp;&nbsp;&nbsp;(10235) | $ | &nbsp;&nbsp;&nbsp;&nbsp;(17707) | (42)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Generation revenues gross margin |  | (43.6)% |  | (71.9)% |  |

---

Revenues from generation for the six months ended April 30, 2025 totaled $23.5 million, which represents a decrease of $1.1 million from generation revenues recognized of $24.6 million for the six months ended April 30, 2024. The decrease in generation revenues reflects lower output from plants in our generation operating portfolio resulting from routine maintenance activities, partially offset by revenue generated by the 14.0 MW Derby Fuel Cell Project and the 2.8 MW SCEF Fuel Cell Project, both located in Derby, Connecticut (collectively, the "Derby Projects"), both of which became operational in December 2023. Generation revenues for the six months ended April 30, 2025 and 2024 reflect revenue from electricity generated under our PPAs and the sale of renewable energy credits from our generation operating portfolio.

Cost of generation revenues totaled $33.7 million in the six months ended April 30, 2025, compared to $42.3 million in the six months ended April 30, 2024. The overall decrease in cost of generation revenues is primarily due to a decrease in expensed construction costs related to the Toyota Project, which were $0.5 million in the six months ended April 30, 2025 compared to $6.1 million in the six months ended April 30, 2024 (which also included expensed gas costs). Cost of generation revenues also decreased due to downtime from maintenance activities performed during the six months ended April 30, 2025. During the six months ended April 30, 2025, the Company incurred a mark-to-market net gain of $1.1 million related to natural gas purchase contracts. During the six months ended April 30, 2024, the Company incurred a mark-to-market net loss of $4.2 million related to natural gas purchase contracts. Cost of generation revenues included depreciation and amortization of approximately $16.7 million and $14.0 million for the six months ended April 30, 2025 and 2024, respectively.

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We currently have four projects with fuel sourcing risk, which are the Toyota Project, our 14.0 MW and 2.8 MW Derby Projects and our 7.4 MW LIPA Yaphank Project, all of which require natural gas for which there is no pass-through mechanism. A one-year fuel supply contract (through May of 2026) has been executed for the Toyota Project. Six-year (through October 2029) fuel supply contracts have been executed for the 14.0 MW and 2.8 MW Derby Projects. We are currently in the midst of a seven-year contract (through September 2028) for our 7.4 MW LIPA Yaphank Project. The Company will look to extend the duration of these contracts should market and credit conditions allow. If the Company is unable to secure fuel on favorable economic terms, it may result in impairment charges to the Derby Project assets or the LIPA Yaphank Project asset and further impairment charges for the Toyota Project asset.

#### Advanced Technologies contract revenues
Advanced Technologies contract revenues and related costs for the six months ended April 30, 2025 and 2024 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended April 30,** | **Six Months Ended April 30,** | **Six Months Ended April 30,** | **Six Months Ended April 30,** | **Change** |
| (dollars in thousands) | **2025** | **2025** | **2024** | **2024** | $**%** |
| Advanced Technologies contract revenues | $| 9842 | $| 11514 | (15)% |
| Cost of Advanced Technologies contract revenues |  | 7308 |  | 7108 | 3% |
| Gross profit from Advanced Technologies contracts | $ | &nbsp;&nbsp;&nbsp;&nbsp;2534 | $ | &nbsp;&nbsp;&nbsp;&nbsp;4406 | (42)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Technologies contract gross margin |  | 25.7% |  | 38.3% |  |

---

Advanced Technologies contract revenues decreased to $9.8 million for the six months ended April 30, 2025 from $11.5 million for the six months ended April 30, 2024. Compared to the six months ended April 30, 2024, Advanced Technologies contract revenues recognized under our Joint Development Agreement with EMTEC were approximately $1.6 million lower, revenues arising from the purchase order received from Esso related to the Rotterdam project were approximately $1.4 million higher, and revenue recognized under government contracts and other contracts were approximately $1.6 million lower for the six months ended April 30, 2025.

Cost of Advanced Technologies contract revenues were $7.3 million for the six months ended April 30, 2025, compared to $7.1 million for the six months ended April 30, 2024.

Advanced Technologies contracts for the six months ended April 30, 2025 generated a gross profit of $2.5 million, compared to a gross profit of $4.4 million for the six months ended April 30, 2024. The decrease in gross profit was due primarily to lower margins on some of the contracts under which revenues were recognized during the six months ended April 30, 2025 compared to the six months ended April 30, 2024.

#### Administrative and selling expenses
Administrative and selling expenses were $31.5 million and $34.1 million for the six months ended April 30, 2025 and 2024, respectively. Administrative and selling expenses were lower during the six months ended April 30, 2025 than during the six months ended April 30, 2024 primarily due to lower compensation expense as a result of the restructuring actions in September of fiscal year 2024 and November of fiscal year 2025.

#### Research and development expenses
**Research and development expenses decreased to $21.0 million for the six months ended April 30, 2025 compared to $31.0 million for the six months ended April 30, 2024. The decrease is primarily due to a decrease in spending on the Company's commercial development efforts related to our solid oxide power generation and electrolysis platforms and carbon separation and carbon recovery solutions compared to the comparable prior year period, as well as a shift in engineering resource allocation toward supporting funded Advanced Technologies activities.**

**Restructuring expense**

Restructuring expense of $1.5 million for the six months ended April 30, 2025 was a result of the Company's workforce reductions in November 2024, which represented approximately 13% of the Company's global workforce and were intended to reduce costs and align production levels with levels of demand in a manner consistent with the Company's long-term strategic plan. The workforce was reduced across our global operations including Calgary, Canada and at our

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North American production facility in Torrington, Connecticut, at our corporate offices in Danbury, Connecticut and at other remote locations.

#### Loss from operations
Loss from operations for the six months ended April 30, 2025 was $68.7 million compared to $83.8 million for the six months ended April 30, 2024. This decrease was driven primarily by a $4.2 million decrease in gross loss and a $11.0 million decrease in operating expenses for the six months ended April 30, 2025 compared to the six months ended April 30, 2024.

**Interest expense**

Interest expense for the six months ended April 30, 2025 and 2024 was $5.2 million and $4.6 million, respectively. Interest expense for both periods includes interest on the OpCo Financing Facility (as defined elsewhere herein), which was entered into in May 2023, and interest on the Groton Senior Back Leverage Loan Facility and the Groton Subordinated Back Leverage Loan Facility (in each case, as defined elsewhere herein), which were entered into in August 2023. Interest expense increased for the six months ended April 30, 2025, as this period also includes interest on the Derby Senior Back Leverage Loan Facility and the Derby Subordinated Back Leverage Loan Facility (in each case, as defined elsewhere herein), which were entered into in April 2024, and on the facility with EXIM (as defined elsewhere herein), which was entered into in October 2024.

#### Interest income
Interest income was $4.2 million and $7.5 million for the six months ended April 30, 2025 and 2024, respectively. The decrease in interest income during the six months ended April 30, 2025 was primarily driven by lower money market investments compared to the six months ended April 30, 2024. Interest income for the six months ended April 30, 2025 and 2024 represents interest earned on money market investments and investments in U.S. Treasury Securities.

**Other expense, net**

Other expense, net was $0.4 million and $1.1 million for the six months ended April 30, 2025 and 2024, respectively. Other expense, net for both of the six month periods ended April 30, 2025 and 2024 primarily relates to losses on the OpCo Financing Facility interest rate swap derivative, which totaled $0.8 million for both of the six month periods ended April 30, 2025 and 2024.

**Provision for income taxes**

We have not paid federal or state income taxes in several years due to our history of net operating losses, although we have paid foreign income and withholding taxes in Korea. Provision for income tax recorded for the six months ended April 30, 2025 was $0.1 million, and we recorded no provision for income tax for the six months ended April 30, 2024.

**Series B preferred stock dividends**

Dividends recorded on our Series B Preferred Stock were $1.6 million for each of the six month periods ended April 30, 2025 and 2024.

**Net income (loss) attributable to noncontrolling interests** 

For the six months ended April 30, 2025 and 2024, net loss attributable to noncontrolling interest totaled $3.5 million and $3.3 million, respectively, for the Groton Project tax equity financing transaction with East West Bank.

For the six months ended April 30, 2025 and 2024, net loss attributable to noncontrolling interest totaled $1.1 million and $0.1 million, respectively, for the LIPA Yaphank Project tax equity financing transaction with REI.

For the six months ended April 30, 2025 and 2024, net income (loss) attributable to noncontrolling interest totaled $0.8 million and $26.8 million, respectively, for the Derby Projects tax equity financing transaction with Franklin Park. The

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loss in the six months ended April 30, 2024 was primarily driven by the accelerated depreciation allocated to the noncontrolling interest under the HLBV method.

**Net loss attributable to common stockholders and net loss per common share**

Net loss attributable to common stockholders represents the net loss for the period less the preferred stock dividends on the Series B Preferred Stock. For the six months ended April 30, 2025 and 2024, net loss attributable to common stockholders was $68.0 million and $53.5 million, respectively, and net loss per common share was $3.22 and $3.55, respectively. The increase in net loss attributable to common stockholders is primarily due to the net loss of $3.8 million attributable to noncontrolling interest during the six months ended April 30, 2025 (compared to the net loss of $30.1 million attributable to noncontrolling interest that benefited the comparable prior year period). The decrease in net loss per common share is primarily due to the higher number of weighted average shares outstanding due to share issuances since April 30, 2024.

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**LIQUIDITY AND CAPITAL RESOURCES**

#### Overview, Cash Position, Sources and Uses
Our principal sources of cash have been proceeds from the sale of our products and projects, electricity generation revenues, research and development and service agreements with third parties, sales of our common stock through public equity offerings, and proceeds from debt, project financing and tax monetization transactions. We have utilized this cash to accelerate the commercialization of our solid oxide platforms, develop new capabilities to separate and capture carbon, develop and construct project assets, invest in capital improvements and expansion of our operations, perform research and development, pay down existing outstanding indebtedness, and meet our other cash and liquidity needs.

As of April 30, 2025, unrestricted cash and cash equivalents totaled $116.1 million compared to $148.1 million as of October 31, 2024. During the year ended October 31, 2024 and the six months ended April 30, 2025, the Company invested in United States (U.S.) Treasury Securities. The amortized cost of the U.S. Treasury Securities outstanding totaled $60.9 million as of April 30, 2025 compared to $109.1 million as of October 31, 2024 and is classified as Investments - short-term on the Consolidated Balance Sheets.

During the first six months of fiscal year 2025, the Company received the second annual funding from East West Bank under the tax equity financing transaction between the Company and East West Bank and, as a result, the Company received a $4.0 million contribution during the six months ended April 30, 2025 which is recorded as noncontrolling interest on the Consolidated Balance Sheets.

On April 10, 2024, the Company entered into Amendment No. 1 to the Open Market Sale Agreement, dated July 12, 2022 (the "2022 Sales Agreement"), with Jefferies LLC, B. Riley Securities, Inc., Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., Canaccord Genuity LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Loop Capital Markets LLC (each, an "Agent" and together, the "Agents") (the 2022 Sales Agreement as amended, the "Amended Sales Agreement"), with respect to an at the market offering program under which the Company may, from time to time, offer and sell shares of its common stock having an aggregate offering price of up to $300,000,000 (exclusive of any amounts previously sold under the 2022 Sales Agreement prior to its amendment). On December 27, 2024, the Company entered into Amendment No. 2 to the Amended Sales Agreement, which removed certain representations and warranties relating to the Company's status as a well-known seasoned issuer. During the three months ended April 30, 2025, approximately 1.6 million shares of the Company's common stock were sold under the Amended Sales Agreement at an average sale price of $5.00 per share, resulting in gross proceeds of approximately $8.1 million before deducting sales commissions and fees, and net proceeds to the Company of approximately $7.7 million after deducting sales commissions totaling approximately $0.2 million and fees totaling approximately $0.2 million. During the first six months of fiscal year 2025, approximately 2.3 million shares of the Company's common stock were sold under the Amended Sales Agreement at an average sale price of $6.25 per share, resulting in gross proceeds of approximately $14.5 million before deducting sales commissions and fees, and net proceeds to the Company of approximately $13.6 million after deducting sales commissions totaling approximately $0.3 million and fees totaling approximately $0.6 million. As of April 30, 2025, approximately $190.4 million of shares remained available for sale under the Amended Sales Agreement. See Note 12. "Stockholders' Equity" for additional information regarding the 2022 Sales Agreement and the Amended Sales Agreement.

On December 27, 2024, the Company filed Post-Effective Amendment No. 1 and Post-Effective Amendment No. 2 to the Registration Statement on Form S-3 (File No. 333-274971) (the "Registration Statement"), each including a base prospectus covering the offering, issuance and sale by the Company of up to $405,000,000 of common stock, warrants and units (or any combination thereof) from time to time in one or more offerings and a prospectus supplement covering the offering, issuance and sale by the Company from time to time of up to $204,922,876.65 of the Company's common stock, which was the amount remaining under the Amended Sales Agreement as of December 27, 2024. On March 5, 2025, the Company filed Post-Effective Amendment No. 3 to the Registration Statement to update certain information, to provide an updated consent of its independent registered public accounting firm, and to provide an update about the amount of shares then remaining available for offer and sale by the Company under the Amended Sales Agreement. The Registration Statement, as amended by the Post-Effective Amendments, was declared effective by the SEC on March 10, 2025. In the event that the Amended Sales Agreement is terminated, any portion of the aggregate amount of shares of common stock included in the prospectus supplement that is not sold pursuant to the Amended Sales Agreement will be available for sale in other offerings pursuant to the base prospectus and a corresponding prospectus supplement.

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In addition, the Company has a universal shelf Registration Statement on Form S-3 (No. 333-286842) that was declared effective by the SEC on May 8, 2025. Under this universal shelf Registration Statement, the Company may offer and sell from time to time in one or more offerings up to $200,000,000 in the aggregate of (1) shares of the Company's common stock; (2) shares of the Company's preferred stock; (3) debt securities; (4) warrants exercisable for common stock, preferred stock, debt securities, units, or other securities of the Company; and (5) units consisting of one or more shares of common stock, shares of preferred stock, debt securities, and/or warrants.

We believe that our unrestricted cash and cash equivalents, expected receipts from our contracted backlog, funds received upon the maturity of U.S. Treasury Securities, and release of short-term restricted cash less expected disbursements over the next twelve months will be sufficient to allow the Company to meet its obligations for at least one year from the date of issuance of the financial statements included in this Quarterly Report on Form 10-Q.

To date, we have not achieved profitable operations or sustained positive cash flow from operations. The Company's future liquidity, for the remainder of fiscal year 2025 and in the long-term, will depend on its ability to (i) timely complete current projects in process within budget, (ii) increase cash flows from its generation operating portfolio, including by meeting conditions required to timely commence operation of new projects, operating its generation operating portfolio in compliance with minimum performance guarantees and operating its generation operating portfolio in accordance with revenue expectations, (iii) obtain financing for project construction and manufacturing expansion, (iv) obtain permanent financing for its projects once constructed, (v) increase order and contract volumes, which would lead to additional product sales, service agreements and generation revenues, (vi) obtain funding for and receive payment for research and development under current and future Advanced Technologies contracts, (vii) successfully commercialize its solid oxide and hydrogen platforms (which may involve partnerships with third parties) and its carbon capture platforms, (viii) implement capacity expansion and potentially attract partnerships for solid oxide product manufacturing, (ix) implement the product cost reductions necessary to achieve profitable operations, (x) manage working capital and the Company's unrestricted cash balance and (xi) access the capital markets to raise funds through the sale of debt and equity securities, convertible notes, and other equity-linked instruments.

We are continually assessing different means by which to accelerate the Company's growth, enter new markets, commercialize new products, and enable capacity expansion. Therefore, from time to time, the Company may consider and enter into agreements for one or more of the following: negotiated financial transactions, minority investments, collaborative ventures, technology sharing, transfer or other technology license arrangements, joint ventures, partnerships, acquisitions or other business transactions for the purpose(s) of geographic or manufacturing expansion and/or new product or technology development and commercialization, including hydrogen production through our carbonate and solid oxide platforms and storage and carbon capture, sequestration and utilization technologies.

Our business model requires substantial outside financing arrangements and satisfaction of the conditions of such arrangements to construct and deploy our projects to facilitate the growth of our business. The Company has invested capital raised from sales of its common stock to build out its project portfolio. The Company has also utilized and expects to continue to utilize a combination of long-term debt and tax equity financing (e.g., sale-leaseback transactions, partnership flip transactions and the monetization and/or transfer of eligible investment and production tax credits) to finance its project asset portfolio as these projects commence commercial operations. The Company may also seek to undertake private placements of debt securities to finance its project asset portfolio. The Company is also pursuing financing to support its commercial efforts, which include deployment of modules to the repowering opportunities in the Korean market including the GGE project (as defined elsewhere herein). The proceeds of any such financing, if obtained, may allow the Company to reinvest capital back into the business and to fund other projects. We also expect to seek additional financing in both the debt and equity markets in the future. If financing is not available to us on acceptable terms if and when needed, or on terms acceptable to us or our lenders, if we do not satisfy the conditions of our financing arrangements, if we spend more than the financing approved for projects, if project costs exceed an amount that the Company can finance, or if we do not generate sufficient revenues or obtain capital sufficient for our corporate needs, we may be required to further reduce or slow planned spending, further reduce staffing, sell assets, seek alternative financing and take other measures, any of which could have a material adverse effect on our financial condition and operations.

**Generation Operating Portfolio, Project Assets, and Backlog**

To grow our generation operating portfolio, the Company may continue to invest in developing and building turn-key fuel cell projects, which will be owned by the Company and classified as project assets on the Consolidated Balance Sheets. This strategy requires liquidity and the Company expects to continue to have increasing liquidity requirements as project

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sizes increase and more projects are added to backlog. We may commence building project assets upon the award of a project or execution of a multi-year PPA with an end-user that has a strong credit profile. Project development and construction cycles, which span the time between securing a PPA and commercial operation of the platform, vary substantially and can take years. As a result of these project cycles and strategic decisions to finance the construction of certain projects, we may need to make significant up-front investments of resources in advance of the receipt of any cash from the sale or long-term financing of such projects. To make these up-front investments, we may use our working capital, seek to raise funds through the sale of equity or debt securities, or seek other financing arrangements. Delays in construction progress and completing current projects in process within budget, or in completing financing or the sale of our projects may impact our liquidity in a material way.

We believe retaining ownership of our generation operating portfolio generally contributes to higher long-term cash flows to the Company than if these projects had been sold. Our generation operating portfolio totaled 62.8 MW as of April 30, 2025. We expect generation revenue to continue to grow as additional projects achieve commercial operation, but this revenue amount may also fluctuate from year to year depending on platform output, operational performance and management and site conditions. The Company actively markets its products in order to grow this portfolio; however, the Company may also sell certain projects to investors from time to time. As of April 30, 2025, the Company had one project representing an additional 7.4 MW in development, which is expected to generate operating cash flows in future periods, if completed. We have worked with and are continuing to work with lenders and financial institutions to secure construction financing, long-term debt, tax equity and sale-leasebacks for our project asset portfolio, but there can be no assurance that such financing can be attained, or that, if attained, it will be retained and sufficient.

As of April 30, 2025, net debt outstanding related to project assets was $112.1 million. Future required payments, inclusive of principal and interest, totaled $131.0 million as of April 30, 2025. The outstanding finance obligations under our sale-leaseback transactions totaled $18.8 million as of April 30, 2025, of which $11.3 million represents the current carrying value of finance obligations less future required payments.

*Generation Operating Portfolio*

Our generation operating portfolio provides us with the full benefit of future cash flows, net of any debt service requirements.

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The following table summarizes our generation operating portfolio as of April 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Project Name** | **Location** | **Power Off - Taker** | **RatedCapacity(MW)** <sup>(1)</sup> | **ActualCommercialOperation Date(FuelCell EnergyFiscal Quarter)** | **PPA Term(Years)** |
| Central CT State University<br>("CCSU") | New Britain, CT | CCSU (CT University) | 1.4 | Q2 '12 | 15 |
| Riverside Regional Water<br>Quality Control Plant | Riverside, CA | City of Riverside (CA Municipality) | 1.4 | Q4 '16 | 20 |
| Pfizer, Inc.  | Groton, CT | Pfizer, Inc. | 5.6 | Q4 '16 | 20 |
| Santa Rita Jail | Dublin, CA | Alameda County, California  | 1.4 | Q1 '17 | 20 |
| Bridgeport Fuel Cell Project | Bridgeport, CT | Connecticut Light and Power Company (CT Utility) | 14.9 | Q1 '13 | 15 |
| Tulare BioMAT | Tulare, CA | Southern California Edison (CA Utility) | 2.8 | Q1 '20 | 20 |
| San Bernardino | San Bernardino, CA | City of San Bernardino Municipal Water Department | 1.4 | Q3 '21 | 20 |
| LIPA Yaphank Project | Long Island, NY | PSEG / LIPA, LI NY (Utility) | 7.4 | Q1 '22 | 20 |
| Groton Project | Groton, CT | CMEEC (CT Electric Co-op) | 7.4<br><sup>(2)</sup> | Q1 '23 | 20 |
| Toyota | Long Beach, CA | Southern California Edison; Toyota  | 2.3 | Q1 '24 | 20 |
| Derby - CT RFP-2 | Derby, CT | Eversource/United Illuminating (CT Utilities) | 14.0 | Q1 '24 | 20 |
| SCEF - Derby | Derby, CT | Eversource/United Illuminating (CT Utilities) | 2.8 | Q1 '24 | 20 |
|  |  | **Total MW Operating:** | **62.8** |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Rated capacity is the platform's design rated output as of the date of initiation of commercial operations, except with respect to the Groton Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Groton Project was previously operating (including as of the date of initiation of commercial operations) at a reduced output of approximately 6.0 MW. During the first quarter of fiscal year 2024, the Groton Project reached its design rated output of 7.4 MW.

*Generation Project in Process*

In January 2025, we entered into a PPA with Eversource and United Illuminating in Hartford, Connecticut, for a 7.4 MW carbonate fuel cell power generation system. Power from this project will be sold to Eversource and United Illuminating through the 20-year term of the PPA. The current expectation is that we will complete construction in calendar year 2026 and commence commercial operations in December 2026, subject in each case to completing customary development steps and obtaining financing for the project.

*Generation Projects No Longer in Process*

During fiscal year 2022, we entered into a PPA with Trinity College in Hartford, Connecticut, for a 250 kW solid oxide fuel cell power generation system, and in March 2024, we entered into a PPA with the University of Connecticut ("UConn"), in Storrs, Connecticut, for four 250 kW solid oxide fuel cell power generation systems totaling 1 MW. As a result of our restructuring plans and the slowdown in the adoption of clean energy technology for the production of zero-carbon hydrogen and other energy transition solutions, we have ceased all work and spending on the Trinity and UConn projects and removed them from contracted backlog as of April 30, 2025. In addition, the Company and Trinity College mutually agreed to terminate the PPA for the 250 kW solid oxide fuel cell power generation system in May 2025, and the Company is currently in discussions with UConn regarding the termination of the PPA for the four 250 kW solid oxide fuel cell power generation systems. For more information about our restructuring plans, please see Note 5 — *Restructuring* and Note 19 — *Subsequent Events* to our Consolidated Financial Statements.

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*Backlog*

Backlog by revenue category is as follows:

● Service agreements backlog totaled $164.4 million as of April 30, 2025, compared to $145.1 million as of April 30, 2024. Service agreements backlog includes future contracted revenue from maintenance and scheduled module exchanges for power plants under service agreements. During the fiscal year ended October 31, 2024, the Company entered into a LTSA with GGE with respect to GGE's 58.8 MW fuel cell power platform in Hwaseong-si, Korea (the "GGE Platform"). The contract value totaled approximately $159.6 million, of which approximately $33.6 million was allocated to service at the time of the execution of the LTSA and is being recognized as revenue as the Company performs service at the GGE Platform over the term of the LTSA.

● Generation backlog totaled $967.4 million as of April 30, 2025, compared to $852.9 million as of April 30, 2024. Generation backlog represents future contracted energy sales under contracted PPAs or approved utility tariffs. During the six months ended April 30, 2025, the Company entered into a 20-year PPA with Eversource and United Illuminating, pursuant to which the Company will build and operate a 7.4 MW carbonate fuel cell power plant in Hartford, Connecticut (the "Hartford Project"). The electricity generated by the plant will be sold to Eversource and United Illuminating. The revenue over the contract term is expected to total approximately $167.4 million, which has been added to Generation backlog.

● Product backlog totaled $98.2 million as of April 30, 2025, compared to $12.3 million as of April 30, 2024. Product backlog increased during the period ended April 30, 2025 primarily as a result of the LTSA with GGE which added $126.0 million. Product backlog is being and will be recognized as revenue over time as the Company completes commissioning of the replacement modules. Commissioning of the first six 1.4-MW replacement fuel cell modules was completed in fiscal year 2024, and commissioning of an additional four 1.4-MW replacement fuel cell modules was completed in the first half of fiscal year 2025. An additional 16 1.4-MW replacement fuel cell modules are expected to be commissioned ratably throughout the course of fiscal year 2025, and the remaining 16 1.4-MW replacement fuel cell modules are expected to be commissioned in fiscal year 2026.

● Advanced Technologies contract backlog totaled $29.6 million as of April 30, 2025, compared to $51.1 million as of April 30, 2024. Advanced Technologies contract backlog primarily represents remaining revenue under our Joint Development Agreement with EMTEC, revenue under a purchase order from Esso valued at $15.6 million (which includes a $4.0 million increase due to two change orders executed during the six months ended April 30, 2025), and remaining revenue under our government contracts.

Overall, backlog increased by approximately 18.7% to $1.26 billion as of April 30, 2025, compared to $1.06 billion as of April 30, 2024, primarily as a result of the Hartford Project and the LTSA with GGE with respect to the GGE Platform.

The GGE Platform is comprised of 21 SureSource 3000 molten carbonate fuel cells (each a "Plant"). Each Plant is comprised of two 1.4-MW carbonate fuel cell modules. Pursuant to the LTSA, GGE and the Company have agreed that (i) GGE will purchase from the Company 42 1.4-MW carbonate fuel cell modules to replace existing fuel cell modules at the GGE Platform, (ii) the Company will provide certain balance of plant replacement components if and to the extent the parties reasonably determine existing components should be replaced, and (iii) the Company will provide long term operations and maintenance services for the GGE Platform. The total amount payable by GGE under the LTSA for the 42 replacement fuel cell modules, balance of plant replacement components, and service was $159.6 million USD, with payments being made and to be made over time as such replacement fuel cell modules are commissioned and the service obligations under the LTSA for such Plants commence. This amount was recorded as backlog concurrent with the execution of the LTSA on May 28, 2024, and has since been reduced as revenue has been recognized under the LTSA which commenced in the fourth quarter of fiscal year 2024.

Backlog represents definitive agreements executed by the Company and our customers. Projects for which we have an executed PPA are included in generation backlog, which represents future revenue under long-term PPAs. The Company's ability to recognize revenue in the future under a PPA is subject to the Company's completion of construction of the project covered by such PPA. Should the Company not complete the construction of the project covered by a PPA, it will forgo future revenues with respect to the project and may incur penalties and/or impairment charges related to the project. Projects sold to customers (and not retained by the Company) are included in product sales and service agreements backlog,

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and the related generation backlog is removed upon sale. Together, the service and generation portion of backlog had a weighted average term of approximately 18 years as of April 30, 2025, with weighting based on the dollar amount of backlog and utility service contracts of up to 20 years in duration at inception.

#### Factors that may impact our liquidity
Factors that may impact our liquidity in fiscal year 2025 and beyond include:

&nbsp;&nbsp;&nbsp;&nbsp;● The Company's cash on hand and access to additional liquidity. As of April 30, 2025, unrestricted cash and cash equivalents totaled $116.1 million. In addition, the Company has invested in United States (U.S.) Treasury Securities with maturity dates of less than one year. The amortized cost of the U.S. Treasury Securities outstanding totaled $60.9 million as of April 30, 2025 compared to $109.1 million as of October 31, 2024 and is classified as Investments - short-term on the Company's Consolidated Balance Sheets.

&nbsp;&nbsp;&nbsp;&nbsp;● We bid on large projects in diverse markets that can have long decision cycles and uncertain outcomes.

&nbsp;&nbsp;&nbsp;&nbsp;● We manage production rate based on expected demand and project schedules. Changes to production rate take time to implement. We operated at an annualized production rate of 30.6 MW for the six months ended April 30, 2025, compared to an annualized production rate of approximately 31.8 MW for the six months ended April 30, 2024. This decrease in annualized production rate is primarily due to managing our production levels in our Torrington facility based on market demand.

&nbsp;&nbsp;&nbsp;&nbsp;● As project sizes and the number of projects evolve, project cycle times may increase. We may need to make significant up-front investments of resources in advance of the receipt of any cash from the financing or sale of our projects. These amounts include development costs, interconnection costs, costs associated with posting of letters of credit, bonding or other forms of security, and engineering, permitting, legal, and other expenses.

&nbsp;&nbsp;&nbsp;&nbsp;● The amount of accounts receivable and unbilled receivables as of April 30, 2025 and October 31, 2024 was $88.8 million ($33.3 million of which is classified as "Other assets") and $76.9 million ($28.3 million of which is classified as "Other assets"), respectively. Unbilled accounts receivable represent revenue that has been recognized in advance of billing the customer under the terms of the underlying contracts. Such costs have been funded with working capital and the unbilled amounts are expected to be billed and collected from customers once we meet the billing criteria under the contracts. Our accounts receivable balances may fluctuate as of any balance sheet date depending on the timing of individual contract milestones and progress on completion of our projects.

During the fiscal year ended October 31, 2024, the Company entered into the LTSA with GGE with respect to the GGE Platform. The contract value totaled approximately $159.6 million, of which approximately $33.6 million was allocated to service at the time of the execution of the LTSA and is being recognized as revenue as the Company performs service at the GGE Platform over the term of the LTSA. The portion of the contract allocated to product sales was approximately $126.0 million at the time of the execution of the LTSA, which equates to approximately $3.0 million per module for each of the 42 modules. The LTSA was structured such that the total consideration for each module is payable over the seven-year term of the LTSA with respect to such module. As a result, an unbilled asset value is created upon each module installation until such time as full payment is received over the seven-year term of the LTSA with respect to such module. Thus, we expect the unbilled receivables to increase as the modules are installed. In return for extended payment terms related to the module product sales, the Company received security rights on each module which provides the opportunity for working capital financing.

In the fourth quarter of fiscal year 2024, we received working capital financing from the Export-Import Bank of the United States to support the Company's obligations under the LTSA with GGE, and we entered into a promissory note and related security agreements securing the loan with equipment liens, resulting in gross proceeds of approximately $10.1 million. As we continue to fulfill our obligations under the LTSA with GGE, we continue to seek additional working capital financing from certain financing institutions. There can be no assurance that we will obtain such working capital financing on acceptable terms, when needed, or at all.

&nbsp;&nbsp;&nbsp;&nbsp;● The amount of total inventory as of April 30, 2025 and October 31, 2024 was $126.3 million ($2.7 million is classified as long-term inventory) and $116.4 million ($2.7 million is classified as long-term inventory), respectively, which includes work in process inventory totaling $90.1 million and $80.5 million, respectively. Work in process inventory can generally be deployed rapidly while the balance of our inventory requires further manufacturing prior

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to deployment. To execute on our business plan, we must produce fuel cell modules and procure balance of plant ("BOP") components in required volumes to support our planned construction schedules and potential customer contractual requirements. As a result, we may manufacture modules or acquire BOP components in advance of receiving payment for such activities. This may result in fluctuations in inventory and cash as of any given balance sheet date.

During the six months ended April 30, 2025, we utilized short term cash to build our inventory of modules to be shipped to Korea under our LTSA with GGE. We have recognized revenue for the four modules shipped during the six months ended April 30, 2025, and we expect to continue to recognize revenue from additional module shipments during the remainder of fiscal year 2025 and fiscal year 2026. During the six months ended April 30, 2025, we also used short term cash to build project inventory as part of our safe harbor strategy for certain U.S. projects.

&nbsp;&nbsp;&nbsp;&nbsp;● The amount of total project assets as of April 30, 2025 and October 31, 2024 was $228.2 million and $242.1 million, respectively. Project assets consist of capitalized costs for fuel cell projects that are operating and producing revenue or are under construction. Project assets as of April 30, 2025 consisted of $228.1 million of completed, operating installations and $0.1 million of projects in development. As of April 30, 2025, we had 62.8 MW of operating project assets that generated $23.5 million of revenue for the six months ended April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;● As of April 30, 2025, the Company had one project - the 7.4 MW Hartford Project - under development, which is expected to be completed by the end of calendar year 2026. As of April 30, 2025, we estimate the total remaining investment in project assets to build out the Hartford Project to be in the range of approximately $34.0 million to $36.0 million through calendar year 2026. To fund expected remaining project expenditures, the Company expects to use unrestricted cash on hand and to seek sources of construction financing. In addition, once the project becomes operational, the Company will seek to obtain permanent financing (tax equity and debt), or to sell this project to a third party. For the six months ended April 30, 2025, capitalized project asset expenditures were $0.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;● Certain of our PPAs for project assets in our generation operating portfolio expose us to fluctuating fuel price risks as well as the risk of being unable to procure the required amounts of fuel and the lack of alternative available fuel sources. We seek to mitigate our fuel risk using strategies including: (i) fuel cost reimbursement mechanisms in our PPAs to allow for pass through of fuel costs (full or partial) where possible, which we have done with our 14.9 MW operating project in Bridgeport, CT (the "Bridgeport Fuel Cell Project"); (ii) procuring fuel under fixed price physical supply contracts with investment grade counterparties, which we have done for twenty years for our Tulare BioMAT project, for the initial seven years of the twenty year PPA for our LIPA Yaphank Project (through September 2028), for six years of the twenty year PPA for our 14.0 MW and 2.8 MW Derby Projects (through October 2029), and for the initial three years of the twenty year hydrogen production and power purchase agreement for our Toyota Project (through May 2026); and (iii) potentially entering into future financial hedges with investment grade counterparties to offset potential negative market fluctuations. The Company does not take a fundamental view on natural gas or other commodity pricing and seeks commercially available means to reduce commodity exposure . If the Company is unable to secure fuel on favorable economic terms, it may result in impairment charges.

● Expenditures for property, plant and equipment are expected to range between $15.0 million and $20.0 million for fiscal year 2025. Our expected expenditures for the fiscal year have been reduced (from a range of $20.0 million to $25.0 million as of the beginning of fiscal year 2025) as a result of our restructuring plan. The expected expenditures for fiscal year 2025 are in addition to certain capital expenditures and commitments made by the Company in fiscal year 2024 to upgrade our manufacturing facilities, including payments for certain equipment procured for our Calgary facility. We are also increasing the carbonate manufacturing capabilities in our Torrington facility for expected growth in carbon capture and recovery.

During the first six months of fiscal year 2025, cash payments for capital expenditures totaled approximately $12.3 million.

Our current plans with respect to our carbonate platform and solid oxide platforms are as follows:

**Carbonate Platform:** At this time, the maximum annualized capacity (module manufacturing, final assembly, testing and conditioning) is 100 MW per year under the Torrington facility's current configuration when fully utilized. The Torrington facility is sized to accommodate the eventual annualized production capacity of up to 200 MW per year with additional capital investment in machinery, equipment, tooling, labor and inventory.

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The Company continues to invest in capability with the goal of reducing production bottlenecks and driving productivity, including investments in automation, laser welding, and the construction of additional integrated conditioning capacity. The Company also constructed a SureSource 1500 in Torrington during fiscal year 2022, which operates as a testing facility for qualifying new supplier components and performance testing and validation of continued platform innovations, including carbon recovery. During fiscal years 2023 and 2024, the Company made investments to add engineered carbon separation capability to the onsite SureSource 1500. This addition is expected to be completed in calendar year 2025. We expect that this product enhancement will allow potential customers to observe the operating plant and, given the targeted market of food and beverage companies, will allow for the sampling and testing of separated CO<sub>2</sub> to verify quantity, quality or purity requirements. In addition, the Company recently began manufacturing carbonate modules optimized for direct flue gas carbon capture at the Torrington facility.

**Solid Oxide Platforms:** Through fiscal year 2024, the Company invested in product development and manufacturing scale up for two solid oxide platforms: power generation and electrolysis. With the restructuring actions announced in November 2024 and June 2025, the Company has ceased development of the power generation platform and is focusing on demonstrating the capabilities of our electrolysis platform.

In November 2024 and June 2025, the Company announced global restructuring plans relating to our operations in the U.S., Canada, and Germany that aim to reduce operating costs, realign resources toward advancing the Company's core carbonate technologies, and protect the Company's competitive position amid slower-than-expected market investments in clean energy. These restructuring plans also include the deferment and cancelation of certain previously planned capital and project expenditures related to solid oxide manufacturing in our facility in Calgary, Canada. As a result of these restructuring plans, we have deferred the capital spending required to complete the Calgary expansion and do not currently expect to complete this project. For more information about our restructuring plans, please see Note 5 — *Restructuring* and Note 19 — *Subsequent Events* to our Consolidated Financial Statements*.*

Lastly, the Company is in the process of examining or actively applying for various financial programs offered by the United States to provide subsidies, investment tax credits and other assistance with the goal of expanding capacity for clean energy manufacturing.

&nbsp;&nbsp;&nbsp;&nbsp;● Company-funded research and development expenses are expected to be in the range between $35.0 million and $40.0 million for fiscal year 2025. Our expected expenses for the fiscal year have been reduced (from a range of $40.0 million to $45.0 million as of the beginning of fiscal year 2025) as a result of our restructuring plan. During the six months ended April 30, 2025, we incurred a total of $21.0 million of Company-funded research and development expenses as we continued to focus on accelerating the commercialization of our distributed power generation, distributed hydrogen generation and carbon capture solutions. The Company continues to advance its solid oxide technology platform in collaboration with Idaho National Laboratory ("INL") on the high-efficiency electrolysis system demonstration. This demonstration program is being undertaken in conjunction with the U.S. Department of Energy and is intended as a stepping stone for a system level field demonstration of the Company's high efficiency solid oxide technology platform. The demonstration unit was shipped to and arrived at INL in January 2025 and is currently undergoing installation and testing. The Company continues to advance the development of its solid oxide electrolysis platform to support growing applications in the hydrogen generation market segment. Finally, the Company will continue investing in product enhancements of our carbonate platform including advancing commercial demonstrations of carbon capture and carbon recovery platforms.

&nbsp;&nbsp;&nbsp;&nbsp;● Under the terms of certain contracts, the Company will provide performance security for future contractual obligations. As of April 30, 2025, we had pledged approximately $63.1 million of our cash and cash equivalents as collateral for performance security and for letters of credit for certain banking requirements and contracts. This balance may increase with a growing backlog and installed fleet.

&nbsp;&nbsp;&nbsp;&nbsp;● The Company's ability to continue to implement cost saving measures if sales activities do not occur when expected. The Company made in fiscal year 2024 and is continuing to make in 2025 certain downward adjustments to expected spending as a result of the pace of market developments, and in September and November 2024 and June 2025, as part of its cost saving measures, the Company also made job eliminations in certain areas, reducing its workforce by approximately 39% in the aggregate. The Company expects to continue to focus its strategy to respond to market conditions which may result in additional spending and headcount reductions in future periods .

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#### Depreciation and Amortization
As the Company builds project assets and makes capital expenditures, depreciation and amortization expenses are expected to increase. For the three months ended April 30, 2025 and 2024, depreciation and amortization totaled $10.9 million and $9.6 million, respectively (of these totals, approximately $8.7 million and $7.2 million for the three months ended April 30, 2025 and 2024, respectively, relate to depreciation of project assets in our generation operating portfolio and amortization of a generation intangible asset). For the six months ended April 30, 2025 and 2024, depreciation and amortization totaled $20.8 million and $18.2 million, respectively (of these totals, approximately $16.7 million and $14.0 million for the six months ended April 30, 2025 and 2024, respectively, relate to depreciation of project assets in our generation operating portfolio and amortization of a generation intangible asset).

**Cash Flows**

Cash and cash equivalents and restricted cash and cash equivalents totaled $179.1 million as of April 30, 2025 compared to $208.9 million as of October 31, 2024. As of April 30, 2025, unrestricted cash and cash equivalents totaled $116.1 million compared to $148.1 million of unrestricted cash and cash equivalents as of October 31, 2024. As of April 30, 2025, restricted cash and cash equivalents totaled $63.1 million, of which $12.3 million was classified as current and $50.7 million was classified as non-current, compared to $60.8 million of restricted cash and cash equivalents as of October 31, 2024, of which $12.2 million was classified as current and $48.6 million was classified as non-current.

The following table summarizes our consolidated cash flows:

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| | | |
|:---|:---|:---|
|  | **Six Months Ended April 30,** | **Six Months Ended April 30,** |
| (dollars in thousands) | **2025** | **2024** |
| Consolidated Cash Flow Data: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | $&nbsp;&nbsp;&nbsp;&nbsp;(75595) | $&nbsp;&nbsp;&nbsp;&nbsp;(95390) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | 37913 | (27404) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 7861 | 35156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effects on cash from changes in foreign currency rates | 54 | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash, cash equivalents and restricted cash | $&nbsp;&nbsp;&nbsp;&nbsp;(29767) | $&nbsp;&nbsp;&nbsp;&nbsp;(87683) |

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The key components of our cash inflows and outflows were as follows:

***Operating Activities*** – Net cash used in operating activities was $75.6 million during the six months ended April 30, 2025, compared to $95.4 million of net cash used in operating activities during the six months ended April 30, 2024.

Net cash used in operating activities for the six months ended April 30, 2025 was primarily a result of the net loss of $70.1 million, increases in inventory of $12.0 million, unbilled receivables of $13.7 million, other assets of $6.4 million and decreases in accrued liabilities of $4.8 million, partially offset by a decrease in accounts receivable of $1.7 million, an increase in accounts payable of $1.0 million and non-cash adjustments of $29.5 million.

Net cash used in operating activities for the six months ended April 30, 2024 was primarily a result of the net loss of $82.1 million, increases in inventory of $29.5 million, unbilled receivables of $5.7 million, accounts receivable of $3.3 million, other assets of $2.3 million and decreases in accounts payable of $6.3 million and accrued liabilities of $1.0 million, partially offset by an increase in deferred revenue of $4.6 million and non-cash adjustments of $30.8 million.

***Investing Activities*** – Net cash provided by investing activities was $37.9 million for the six months ended April 30, 2025, compared to net cash used in investing activities of $27.4 million during the six months ended April 30, 2024.

Net cash provided by investing activities for the six months ended April 30, 2025 included funds received from the maturity of U.S. Treasury Securities of $711.4 million, offset by cash used of $661.0 million for the purchase of U.S. Treasury Securities, $0.2 million of project asset expenditures and $12.3 million of capital expenditures.

Net cash used in investing activities for the six months ended April 30, 2024 included cash used of $256.3 million for the purchase of U.S. Treasury Securities, $8.2 million of project asset expenditures and $23.8 million of capital expenditures, partially offset by funds received from the maturity of U.S. Treasury Securities of $260.9 million**.**

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***Financing Activities*** – Net cash provided by financing activities was $7.9 million during the six months ended April 30, 2025, compared to net cash provided by financing activities of $35.2 million during the six months ended April 30, 2024.

Net cash provided by financing activities during the six months ended April 30, 2025 resulted from $4.0 million of contributions received from a noncontrolling interest in our tax equity partnership for the Groton Project and $13.6 million of net proceeds from sales of common stock, partially offset by debt repayments of $6.3 million, payments for taxes related to net share settlement of equity awards of $0.5 million, payment of $1.6 million in preferred dividends, distribution to noncontrolling interest of $1.2 million and payment of debt issuance costs of $0.1 million.

**Net cash provided by financing activities during the six months ended April 30, 2024 resulted from $25.1 million of contributions received from a noncontrolling interest in our tax equity partnerships for the Derby and Groton Projects, $5.9 million of net proceeds from sales of common stock, and $13.0 million in debt proceeds, offset by debt repayments of $5.2 million, payments for taxes related to net share settlement of equity awards of $1.0 million, payment of $1.6 million in preferred dividends, distribution to noncontrolling interest of $0.7 million and payment of debt issuance costs of $0.4 million.** 

#### Sources and Uses of Cash and Investments
In order to consistently produce positive cash flow from operations, we need to increase order flow to support higher production levels, leading to lower costs on a per unit basis. We also continue to invest in new product and market development and, as a result, we are not generating positive cash flow from our operations. Our principal sources of cash have been proceeds from the sale of our products and projects, electricity generation revenues, research and development and service agreements with third parties, sales of our common stock through public equity offerings, and proceeds from debt, project financing and tax monetization transactions.

#### Commitments and Significant Contractual Obligations
A summary of our significant commitments and contractual obligations as of April 30, 2025 and the related payments by fiscal year are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| (dollars in thousands) | **Total** | **Less than1 Year** | **1 – 3Years** | **3 – 5Years** | **More than5 Years** |
| Purchase commitments <sup>(1)</sup> | $61216 | $59487 | $1492 | $233 | $4 |
| Term loans (principal and interest) | 141123 | 18767 | 31568 | 63604 | 27184 |
| Operating lease commitments <sup>(2)</sup> | 16896 | 1320 | 2737 | 1771 | 11068 |
| Sale-leaseback finance obligations <sup>(3)</sup> | 7510 | 1423 | 2635 | 2705 | 747 |
| Natural gas and biomethane gas supply contracts <sup>(4)</sup> | 39315 | 10827 | 17748 | 10740 | - |
| Series B Preferred dividends payable <sup>(5)</sup> | - | - | - | - | - |
| **Totals** | $266060 | $91824 | $56180 | $79053 | $39003 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Purchase commitments with suppliers for materials, supplies and services incurred in the normal course of business.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Future minimum lease payments on operating leases.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Represents payments due under sale-leaseback transactions and related financing agreements between certain of our wholly-owned subsidiaries and Crestmark Equipment Finance ("Crestmark"). Lease payments for each lease under these financing agreements are generally payable in fixed quarterly installments over a 10-year period.

&nbsp;&nbsp;&nbsp;&nbsp;(4) During fiscal year 2020, the Company entered into a 7-year natural gas contract for the Company's LIPA Yaphank Project with an estimated annual cost per year of $2.0 million, under which service began on December 7, 2021. During fiscal year 2023, the Company entered into a 2-year Biomethane gas contract for the Company's Toyota Project, under which service began on May 1, 2023. Also, during fiscal year 2023, the Company entered into (a) a 6-year natural gas contract for the Company's 14.0 MW Derby Project, under which service began on June 1, 2023, and (b) a 6-year natural gas contract for the Company's 2.8 MW SCEF Derby Project, under which service began in November 2023. During fiscal year 2025, the Company entered into a 1-year natural gas contract for the Company's Toyota Project (due to the expiration of the initial 2-year Biomethane gas contract described above), under which service began on May 1, 2025. The costs of the contracts are expected to be offset by generation revenues.

&nbsp;&nbsp;&nbsp;&nbsp;(5) We pay $3.2 million in annual dividends on our Series B Preferred Stock, if and when declared. The $3.2 million annual dividend payment, if dividends are declared, has not been included in this table as we cannot reasonably determine when or if we will be able to convert the Series B Preferred Stock into shares of our common stock. We

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may, at our option, convert these shares into the number of shares of our common stock that are issuable at the then prevailing conversion rate if the closing price of our common stock exceeds 150% of the then prevailing conversion price ($50,760 per share at April 30, 2025) for 20 trading days during any consecutive 30 trading day period.

*Outstanding Loans as of April 30, 2025*

**EXIM Financing** 

On October 31, 2024, the Company closed on a project debt financing transaction with the Export-Import Bank of the United States ("EXIM") to support the Company's obligations under the LTSA with GGE, pursuant to which the Company is to supply GGE with forty-two 1.4-MW upgraded carbonate fuel cell modules to replace existing units at GGE's Hwaseong Baran Industrial Complex. In conjunction with this financing, the Company entered into a promissory note and related security agreements securing the loan with equipment liens, resulting in gross proceeds of approximately $10.1 million. Interest accrues at a fixed interest rate of 5.81%, and the note is repayable in monthly installments consisting of interest and principal over 7 years from the date of the first debt payment, which was due in January 2025. After payment of customary fees and transaction costs, net proceeds were approximately $9.2 million.

The credit agreement between the Company and EXIM contains certain reporting requirements and other affirmative and negative covenants which are customary for transactions of this type. In addition, the Company is required to maintain, throughout the term of the credit agreement, a minimum cash balance of $100.0 million. For the purposes of this credit agreement, cash is defined as the sum of unrestricted cash plus all short-term (but no longer than three months), marketable United States Treasury instruments (as measured based on the maturity amount of each instrument).

**Derby Back Leverage Financing**

On April 25, 2024, FuelCell Energy Derby Finance Holdco, LLC ("Derby Holdco Borrower"), a wholly owned subsidiary of FuelCell Energy Finance, LLC ("FCEF"), which, in turn, is a wholly owned subsidiary of FuelCell Energy, Inc. ("Parent"), entered into: (i) a Credit Agreement (the "Derby Senior Back Leverage Credit Agreement") with, by and among Liberty Bank, in its capacities as a lender ("Liberty Lender"), administrative agent (the "Senior Administrative Agent"), and lead arranger, and Connecticut Green Bank, in its capacity as a lender ("Green Bank Lender" and, collectively with Liberty Lender, the "Derby Senior Back Leverage Lenders"), for a term loan facility in an amount not to exceed an aggregate of $9.5 million to be provided 68% by Liberty Lender and 32% by Green Bank Lender (such facility, the "Derby Senior Back Leverage Loan Facility," each such term loan, a "Derby Senior Back Leverage Loan" and such term loans together, the "Derby Senior Back Leverage Loans"); and (ii) a Credit Agreement (the "Derby Subordinated Back Leverage Credit Agreement") with Connecticut Green Bank, as administrative agent (the "Subordinated Administrative Agent") and lender ("Derby Subordinated Back Leverage Lender"), for a term loan facility in an amount not to exceed $3.5 million (such facility, the "Derby Subordinated Back Leverage Loan Facility" and such term loan, the "Derby Subordinated Back Leverage Loan"). The Derby Senior Back Leverage Lenders and the Derby Subordinated Back Leverage Lender are referred to collectively as the "Derby Back Leverage Lenders."

Derby Holdco Borrower's obligations under the Derby Senior Back Leverage Credit Agreement and the Derby Subordinated Back Leverage Credit Agreement are secured by a lien on all of Derby Holdco Borrower's assets, consisting principally of its Class B Member Interests (the "Derby Class B Interests") in Derby Fuel Cell Holdco, LLC (the "Derby Tax Equity Holdco"). The Class A Membership Interests (the "Derby Class A Interests") in the Derby Tax Equity Holdco are held by Franklin Park (see Note 1 for further discussion of the tax equity financing transaction structure). Derby Holdco Borrower is also the Managing Member of the Derby Tax Equity Holdco. The Derby Tax Equity Holdco's primary asset is ownership of all of the outstanding equity interests in Derby Station Fuel Cell, LLC and SCEF1 Fuel Cell, LLC (the "Derby Project Companies"). The Derby Project Companies, in turn, are the owners of the fuel cell power plants located in Derby, Connecticut (which are referred to herein as the "Derby Projects"). As additional context concerning the relationship among the parties with respect to the Derby Senior Back Leverage Loan Facility and the Derby Subordinated Back Leverage Loan Facility more fully described below, on October 19, 2018, the Derby Project Companies and Parent entered into an Amended and Restated Power Purchase Agreement (the "Derby Amended and Restated PPA") with The Connecticut Light and Power Company d/b/a Eversource Energy ("CLPC"), pursuant to which the Derby Project Companies agreed to sell to CLPC, and CLPC agreed to purchase from the Derby Project Companies, all of the electricity output produced by the Derby Projects pursuant to the terms and conditions of the Derby Amended and Restated PPA.

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At the closing (the "Derby Closing") of each of the Derby Senior Back Leverage Loan Facility and the Derby Subordinated Back Leverage Loan Facility, which occurred simultaneously on April 25, 2024 (the "Derby Closing Date"), the entire amount of each of the Derby Senior Back Leverage Loan Facility and the Derby Subordinated Back Leverage Loan Facility was drawn down in the aggregate amount of $13.0 million. After payment of fees and transaction costs (including fees to the Derby Back Leverage Lenders and legal costs) of approximately $0.2 million in the aggregate, the remaining proceeds of approximately $12.8 million were used as follows: (i) approximately $0.9 million was used to fund debt service and module replacement reserve accounts ("DSCR Reserve Accounts") for the Derby Senior Back Leverage Lenders in amounts of approximately $0.6 million for Liberty Lender and approximately $0.3 million for Green Bank Lender; (ii) approximately $0.4 million was used to fund a DSCR Reserve Account for the Derby Subordinated Back Leverage Lender; and (iii) the remaining amount of approximately $11.5 million was released to Parent from the Derby Back Leverage Lenders. Additionally, the Company incurred legal fees of approximately $0.2 million in relation to the financing that was not deducted from the debt proceeds.

The Derby Senior Back Leverage Loan will accrue interest on the unpaid principal amount calculated from the date of such Derby Senior Back Leverage Loan until the maturity date at a rate per annum equal to 7.25%. Quarterly principal amortization and interest payments are required to be made by Derby Holdco Borrower on the Derby Senior Back Leverage Loan based on a seven-year amortization period. The Derby Senior Back Leverage Loans have a seven-year term, maturing on March 31, 2031.

The Derby Subordinated Back Leverage Loan will accrue interest on the unpaid principal amount calculated from the date of such Derby Subordinated Back Leverage Loan until the maturity date at a rate per annum equal to 8%. Pursuant to the Derby Subordinated Back Leverage Loan Facility, during the "Derby Interest Only Period" (as defined below), Derby Holdco Borrower is required to make quarterly payments of interest only until June 30, 2031. Following the end of the "Derby Interest Only Period," principal and interest payments are required to be made quarterly in quarterly level payments ("mortgage style") of principal and interest until the maturity date on March 31, 2038.

Each of the Derby Senior Back Leverage Credit Agreement and the Derby Subordinated Back Leverage Credit Agreement contains certain reporting requirements and other affirmative and negative covenants which are customary for transactions of this type. Included in the covenants are covenants that: (i) Derby Holdco Borrower maintain a "Senior" debt service coverage ratio (which is computed taking into account debt service obligations on the Derby Senior Back Leverage Loans) of not less than 1.25:1.00 (based on the trailing 12 months and tested every quarter) and a "Total" debt service coverage ratio (which is computed taking into account debt service obligations on both the Derby Senior Back Leverage Loans and the Derby Subordinated Back Leverage Loan) of not less than 1.10:1.00 (based on the trailing 12 months and tested on a quarterly basis); (ii) Derby Holdco Borrower may make distributions or dividends only if the foregoing debt to equity coverage ratios have been satisfied and Derby Holdco Borrower is not in default under any provisions of either the Derby Senior Back Leverage Credit Agreement or the Derby Subordinated Back Leverage Credit Agreement, including having made all required deposits into reserve accounts; (iii) Derby Holdco Borrower is required to exercise its right under the Derby Tax Equity Holdco limited liability company agreement to acquire the Derby Class A Interests from Franklin Park during the ninety day period beginning on the "Flip Point" (which, pursuant to the Derby Tax Equity Holdco limited liability company agreement, is the date on which the holder of Derby Class A Interests has realized a certain return on investment and, accordingly, Derby Holdco Borrower, as holder of the Derby Class B Interests, has the right to purchase the Derby Class A Interests); and (iv) the consent of the Senior Administrative Agent is required prior to Derby Holdco Borrower's taking certain material actions under the Derby Tax Equity Holdco limited liability company agreement. Each of the Derby Senior Back Leverage Credit Agreement and the Derby Subordinated Back Leverage Credit Agreement also contains customary representations and warranties and customary events of default that cause, or entitle the Derby Back Leverage Lenders to cause, the outstanding loans to become immediately due and payable. In addition to customary events of default for transactions of this kind, the events of default include if a Change of Control occurs (meaning Parent no longer directly or indirectly owns Derby Holdco Borrower), a cross default (meaning that a default under the Derby Senior Back Leverage Loan Facility shall be deemed a default under the Derby Subordinated Back Leverage Loan Facility and vice versa) or if CLPC should become insolvent, is in bankruptcy or commits a specified number of payment defaults with regard to its payment obligations to the Derby Project Companies.

The Derby Senior Back Leverage Loans may be prepaid at any time at the option of Derby Holdco Borrower provided that (i) each prepayment on or prior to the second anniversary of the Derby Closing Date shall require a prepayment fee of 3% of the principal amount being prepaid; (ii) each prepayment after the second anniversary of the Derby Closing Date but on or prior to the fourth anniversary of the Derby Closing Date shall require a prepayment fee of 2% of the principal amount being prepaid; and (iii) each prepayment after the fourth anniversary of the Derby Closing Date but on or prior to

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the seventh anniversary of the Derby Closing Date shall require a prepayment fee of 1% of the principal amount being prepaid. The Derby Subordinated Back Leverage Loan may be prepaid at any time without premium or penalty.

**OpCo Financing Facility**

On May 19, 2023, FuelCell Energy Opco Finance 1, LLC ("OpCo Borrower"), a wholly owned subsidiary of FCEF, which, in turn, is a wholly owned subsidiary of Parent, entered into a Financing Agreement (as amended, the "Financing Agreement") with, by and among Investec Bank plc in its capacities as a lender ("Investec Lender"), administrative agent ("Administrative Agent"), and collateral agent ("Collateral Agent"); Investec, Inc. as coordinating lead arranger and sole bookrunner; Bank of Montreal (Chicago Branch) in its capacity as a lender ("BMO Lender") and as mandated lead arranger; and each of Liberty Bank, Amalgamated Bank and Connecticut Green Bank as lenders (collectively with Investec Lender and BMO Lender, the "Lenders") for a term loan facility in an amount not to exceed $80.5 million (the "Term Loan Facility" and such term loan, the "Term Loan") and a letter of credit facility in an amount not to exceed $6.5 million (the "LC Facility" and together with the Term Loan Facility, the "OpCo Financing Facility").

OpCo Borrower's obligations under the Financing Agreement are secured by Parent's interest in six operating fuel cell generation projects: (i) the Bridgeport Fuel Cell Project, located in Bridgeport, Connecticut; (ii) the Central CT State University Project, located in New Britain, Connecticut; (iii) the Pfizer Project, located in Groton, Connecticut; (iv) the LIPA Yaphank Project, located in Long Island, New York; (v) the Riverside Regional Water Quality Control Plant Project, located in Riverside, California; and (vi) the Santa Rita Jail Project, located in Alameda County, California (each, a "Project" and collectively, the "Projects").

Immediately prior to the closing on the OpCo Financing Facility, which closing occurred on May 19, 2023, Parent caused to be transferred to OpCo Borrower all of the outstanding equity interests in: (i) Bridgeport Fuel Cell, LLC (the "Bridgeport Project Company"), the entity that owns the Bridgeport Fuel Cell Project; (ii) New Britain Renewable Energy, LLC (the "CCSU Project Company"), the entity that owns the Central CT State University Project; (iii) Groton Fuel Cell 1, LLC (the "Pfizer Project Company"), the entity that owns the Pfizer Project; (iv) Riverside Fuel Cell, LLC (the "Riverside Project Company"), the entity that owns the Riverside Regional Water Quality Control Plant Project; (v) SRJFC, LLC (the "Santa Rita Project Company"), the entity that owns the Santa Rita Jail Project; and (vi) Fuel Cell YT Holdco, LLC (the "Class B Member"), the entity that owns Parent's Class B membership interest in YTBFC Holdco, LLC (the "Yaphank Tax Equity Partnership"), the tax equity partnership with Renewable Energy Investors, LLC (the "Class A Member"), as tax equity investor, which Yaphank Tax Equity Partnership, in turn, owns Yaphank Fuel Cell Park, LLC (the "Yaphank Project Company"), the entity that owns the LIPA Yaphank Project.

At the time of closing on the OpCo Financing Facility: (i) the Bridgeport Fuel Cell Project was encumbered by senior and subordinated indebtedness to Liberty Bank, Fifth Third Bank and Connecticut Green Bank in the aggregate amount of approximately $11.4 million; and (ii) the Pfizer Project, the Riverside Regional Water Quality Control Plant Project and the Santa Rita Jail Project were subject to sale and leaseback transactions and agreements with PNC Energy Capital, LLC ("PNC") in which the lease buyout amounts, including sales taxes, were approximately $15.7 million, $3.7 million and $2.8 million, respectively. In connection with closing on the OpCo Financing Facility, all of the foregoing indebtedness and lease buyout amounts were repaid and extinguished with proceeds of the Term Loan and funds of approximately $7.3 million that were released from restricted and unrestricted reserve accounts held at PNC at the time of closing, resulting in the applicable project companies re-acquiring ownership of the three leased projects from PNC, the termination of the agreements with PNC related to the sale-leaseback transactions, and the termination of the senior and subordinated credit agreements with, the related promissory notes issued to, and the related pledge and security agreements with, Liberty Bank, Fifth Third Bank and Connecticut Green Bank related to the Bridgeport Fuel Cell Project. Further, in connection with the closing on the OpCo Financing Facility and the termination of the senior and subordinated credit agreements with Liberty Bank, Fifth Third Bank and Connecticut Green Bank related to the Bridgeport Fuel Cell Project, Fifth Third Bank and the Bridgeport Project Company agreed that the obligations arising out of the swap transactions contemplated by their related interest rate swap agreement were terminated and waived and the swap agreement was effectively terminated. In addition, in connection with closing on the OpCo Financing Facility, proceeds of the Term Loan were used to repay a portion of Parent's long-term indebtedness to Connecticut Green Bank in the amount of approximately $1.8 million.

At the closing, $80.5 million, the entire amount of the Term Loan portion of the OpCo Financing Facility, was drawn down. After payment of fees and transaction costs (including fees to the Lenders and legal costs) of approximately $2.9 million in the aggregate, the remaining proceeds of approximately $77.6 million were used as follows: (i) approximately $15.0 million was used (in addition to the approximately $7.3 million released from restricted and unrestricted reserve

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accounts held at PNC) to pay the lease buyout amounts and sales taxes referred to above and to re-acquire the three projects owned by PNC as referred to above; (ii) approximately $11.4 million was used to extinguish the indebtedness to Liberty Bank, Fifth Third Bank, and Connecticut Green Bank relating to the Bridgeport Fuel Cell Project; (iii) approximately $1.8 million was used to repay a portion of Parent's long-term indebtedness to Connecticut Green Bank; (iv) $14.5 million was used to fund a capital expenditure reserve account required to be maintained pursuant to the terms and conditions of the Financing Agreement (which is classified as restricted cash on the Company's Consolidated Balance Sheets); and (v) approximately $34.9 million was distributed to Parent for use as Parent determines in its sole discretion. In addition, in connection with the extinguishment of the Company's indebtedness to Liberty Bank and Fifth Third Bank referred to above, approximately $11.2 million of restricted cash was released to the Company from Liberty Bank and Fifth Third Bank. Taking into consideration the release of such funds, the total net proceeds to the Company from these transactions were approximately $46.1 million.

The Term Loan portion of the OpCo Financing Facility will accrue interest on the unpaid principal amount calculated from the date of such Term Loan until the maturity date thereof at a rate per annum during each Interest Period (as defined in the Financing Agreement) for such Term Loan equal to (A) with respect to SOFR Rate Loans, (i) the Adjusted Daily Compounded SOFR for such Interest Period with respect to SOFR Rate Loans *plus* (ii) the Applicable Margin, and (B) with respect to Base Rate Loans, (i) the Base Rate from time to time in effect *plus* (ii) the Applicable Margin (in each case as defined in the Financing Agreement). The Applicable Margin for SOFR Rate Loans is 2.5% for the first four years of the term and thereafter, 3%. The Applicable Margin for Base Rate Loans is 1.5% for the first four years of the term and thereafter, 2%. At the closing, in connection with the draw down of the entire amount of the Term Loan, OpCo Borrower elected to make such draw down a SOFR Rate Loan with an initial Interest Period of three months. After the initial Interest Period of three months, OpCo Borrower may elect both the applicable Interest Period (i.e., one month, three months or six months) and whether the Term Loan will be treated as a SOFR Rate Loan or a Base Rate Loan for such Interest Period. Interest payments are required to be made quarterly.

Quarterly principal amortization obligations are also required to be made (based on 17-year principal amortization designed to be fully repaid in 2039), with quarterly amortization payments based on a 1.30x debt service coverage ratio sizing based on contracted cash flows (before giving effect to module replacement expenses and module replacement drawdown releases). The Term Loan has a seven-year term, maturing on May 19, 2030.

Pursuant to the terms and conditions of the Financing Agreement, OpCo Borrower is required to maintain a capital expenditures reserve to pay for expected module replacements. The total reserve balance is required to reach $29.0 million, $14.5 million of which was funded out of the closing advance of the Term Loan and the remainder of which is to be funded pursuant to an agreed upon funding schedule through cash flows generated by the Projects set forth in the Financing Agreement for the period of June 30, 2023 through December 31, 2029.

Pursuant to the terms and conditions of the Financing Agreement, OpCo Borrower is required to maintain a debt service reserve of not less than six months of the scheduled principal and interest payments. The letter of credit component of the OpCo Financing Facility is for the purpose of obtaining letters of credit to satisfy such obligation; at the closing, an Irrevocable Letter of Credit was issued by Investec Bank plc as the issuing bank in favor of the Collateral Agent for the benefit of the Lenders in the amount of $6.5 million to satisfy the debt service reserve funding obligation.

Pursuant to the Financing Agreement, within 30 days of the financial close of the Financing Agreement, OpCo Borrower was required to enter into one or more hedge transactions, with a Lender or an affiliate thereof pursuant to one or more interest rate agreements, to hedge OpCo Borrower's interest rate exposure relating to the Term Loan from floating to fixed. Such hedge transactions are required to be in effect at all times during the entire amortization period and have an aggregate notional amount subject to the hedge transactions at any time equal to at least 75% and no more than 105% of the aggregate principal balance of the Term Loan outstanding (taking into account scheduled amortization of the Term Loan).

Upon closing, on May 19, 2023, OpCo Borrower entered into an ISDA 2002 Master Agreement and an ISDA Schedule to the 2002 Master Agreement with Investec Bank plc as a hedge provider, and an ISDA 2002 Master Agreement and an ISDA Schedule to the 2002 Master Agreement with Bank of Montreal (Chicago Branch) as a hedge provider. On May 22, 2023, OpCo Borrower executed the related trade confirmations for these interest rate swap agreements with these hedge providers to protect against adverse price movements in the floating SOFR rate associated with 100% of the aggregate principal balance of the Term Loan outstanding. Pursuant to the terms of such agreements, OpCo Borrower will pay a fixed rate of interest of 3.716%. The net interest rate across the Financing Agreement and the swap transaction is 6.366% in the first four years and 6.866% thereafter. The obligations of OpCo Borrower to the hedge providers under the interest

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rate swap agreements are treated as obligations under the Financing Agreement and, accordingly, are secured, on a pari passu basis, by the same collateral securing the obligations of OpCo Borrower under the Financing Agreement, which collateral is described below. The Company has not elected hedge accounting treatment and, as a result, the derivative will be remeasured to fair value quarterly, with the resulting gains/losses recorded to other income/expense. The fair value adjustments for the three and six months ended April 30, 2025 resulted in losses of $1.6 million and $0.8 million, respectively.

The Financing Agreement contains certain reporting requirements and other affirmative and negative covenants which are customary for transactions of this type. Included in the covenants are covenants that: (i) the Yaphank Project Company obtain ongoing three year extensions of its current gas agreement; (ii) any annual operating expense budget that exceeds 115% of the Base Case Model (as defined in the Financing Agreement) for that year be approved by the Required Lenders (i.e., Lenders constituting more than 50% of the amounts loaned); (iii) OpCo Borrower maintain a debt service coverage ratio of not less than 1.20:1.00 (based on the trailing 12 months and tested every six months); and (iv) the Class B Member is required to exercise its option to purchase the Class A Member's interest in the Yaphank Tax Equity Partnership during the six month period following the "Flip Point" as set forth in the limited liability company agreement for the Yaphank Tax Equity Partnership. The Financing Agreement also contains customary representations and warranties and customary events of default that cause, or entitle the Lenders to cause, the outstanding loans under the Financing Agreement to become immediately due and payable.

The Term Loan may be prepaid at any time at the option of OpCo Borrower without premium or penalty other than any "liquidation costs" if such prepayment occurs other than at the end of an Interest Period. In addition, there are certain mandatory repayments required under the Financing Agreement, including in connection with any sale or disposition of all of the Projects or of any of the LIPA Yaphank Project, the Bridgeport Fuel Cell Project or the Pfizer Project. If the Company disposes of any of the Riverside Regional Water Quality Control Plant Project, the Santa Rita Jail Project or the Central CT State University Project, OpCo Borrower is required to prepay an amount of the Term Loan based on the then stipulated value of the disposed Project.

Simultaneously with OpCo Borrower entering into the Financing Agreement, FCEF (as pledgor), OpCo Borrower and each of the Bridgeport Project Company, the Pfizer Project Company, the Riverside Project Company, the Santa Rita Project Company, the CCSU Project Company and the Class B Member, each as a subsidiary grantor party and guarantor, entered into an Omnibus Guarantee, Pledge and Security Agreement (the "Security Agreement") with Investec Bank plc as Collateral Agent, pursuant to which, as collateral for the Term Loan Facility, the LC Facility and the hedge agreements (i) FCEF granted to Collateral Agent a security interest in all of FCEF's equity interest in OpCo Borrower; (ii) OpCo Borrower granted to Collateral Agent a security interest in all of OpCo Borrower's assets consisting of its equity interests in the Bridgeport Project Company, the Pfizer Project Company, the Riverside Project Company, the Santa Rita Project Company, the CCSU Project Company and the Class B Member; (iii) each of the Bridgeport Project Company, the Pfizer Project Company, the Riverside Project Company, the Santa Rita Project Company and the CCSU Project Company granted to Collateral Agent a security interest in all of each such entity's assets consisting principally of the respective generation facilities and project agreements; and (iv) the Class B Member granted to Collateral Agent a security interest in all of such Class B Member's assets, consisting principally of its equity interest in the Yaphank Tax Equity Partnership. Pursuant to the Security Agreement, each of the subsidiary grantor parties jointly and severally guaranteed payment of all of the obligations secured by the Security Agreement.

Simultaneously with the execution of the Financing Agreement, OpCo Borrower, Investec Bank plc as Collateral Agent and Administrative Agent and Liberty Bank as Depositary Agent entered into a Depositary Agreement (the "Depositary Agreement") pursuant to which OpCo Borrower established certain accounts at Liberty Bank, all of which were pledged to Collateral Agent as security for the Term Loan Facility, the LC Facility and the hedge agreements, including a Revenue Account; a Debt Service Reserve Account; a Redemption Account (for prepayments); a Capital Expenditure Reserve Account; and a Distribution Reserve Account (in each case as defined in the Depositary Agreement). Pursuant to the terms of the Financing Agreement and the Depositary Agreement, OpCo Borrower may make quarterly distributions to FCEF and Parent provided that: (i) no Event of Default or Default (in each case as defined in the Financing Agreement) exists under the OpCo Financing Facility; (ii) all reserve accounts have been funded; (iii) no letter of credit loans or unpaid drawings are outstanding with regard to any drawn down letter of credit under the LC Facility; (iv) OpCo Borrower has maintained a greater than 1.20:1.00 debt service coverage ratio for the immediate 12 month period; and (v) no Cash Diversion Event (i.e., certain events that would adversely impact distributions to the Class B Member in connection with the LIPA Yaphank Project, as further defined in the Financing Agreement) has occurred. Beginning with the quarter ending June 2025 and continuing until the quarter ending March 2026, prior to making contributions to the Debt Service Reserve

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Account or the Capital Expenditure Reserve Account or having funds available for distribution, out of operating cash flow, OpCo Borrower is required to make a quarterly payment to the Administrative Agent (on behalf of the Lenders) in the amount of $675,000 per quarter to be applied to outstanding principal.

**Groton Back Leverage Financing**

On August 18, 2023, FuelCell Energy Finance Holdco, LLC ("Groton Holdco Borrower"), a wholly owned subsidiary of FCEF, which, in turn, is a wholly owned subsidiary of Parent, entered into: (i) a Credit Agreement (the "Groton Senior Back Leverage Credit Agreement") with, by and among Liberty Bank, in its capacities as a lender ("Liberty Lender"), administrative agent (the "Senior Administrative Agent"), and lead arranger, and Amalgamated Bank, in its capacity as a lender ("Amalgamated Lender" and, collectively with Liberty Lender, the "Groton Senior Back Leverage Lenders"), for a term loan facility in an amount not to exceed an aggregate of $12.0 million to be provided 50% by Liberty Lender and 50% by Amalgamated Lender (such facility, the "Groton Senior Back Leverage Loan Facility," each such term loan, a "Groton Senior Back Leverage Loan" and such term loans together, the "Groton Senior Back Leverage Loans"); and (ii) a Credit Agreement (the "Groton Subordinated Back Leverage Credit Agreement") with Connecticut Green Bank, as administrative agent (the "Subordinated Administrative Agent") and lender ("Groton Subordinated Back Leverage Lender"), for a term loan facility in an amount not to exceed $8.0 million (such facility, the "Groton Subordinated Back Leverage Loan Facility" and such term loan, the "Groton Subordinated Back Leverage Loan"). The Groton Senior Back Leverage Lenders and the Groton Subordinated Back Leverage Lender are referred to collectively as the "Groton Back Leverage Lenders."

Groton Holdco Borrower's obligations under the Groton Senior Back Leverage Credit Agreement and the Groton Subordinated Back Leverage Credit Agreement are secured by a lien on all of Groton Holdco Borrower's assets, consisting principally of its Class B Member Interests (the "Class B Interests") in Groton Station Fuel Cell Holdco, LLC (the "Groton Tax Equity Holdco"). Class A Membership Interests (the "Class A Interests") in the Groton Tax Equity Holdco are held by East West Bank. Groton Holdco Borrower is also the Managing Member of the Groton Tax Equity Holdco. The Groton Tax Equity Holdco's primary asset is ownership of all of the outstanding equity interests in Groton Station Fuel Cell, LLC (the "Groton Project Company"). The Groton Project Company, in turn, is the owner of the fuel cell power plant at the U.S. Navy Submarine Base New London located in Groton, Connecticut (the "Groton Project"). As additional context concerning the relationship among the parties with respect to the Groton Senior Back Leverage Loan Facility and the Groton Subordinated Back Leverage Loan Facility more fully described below, on December 16, 2022, the Groton Project Company and Parent entered into an Amended and Restated Power Purchase Agreement (the "Groton Amended and Restated PPA") with Connecticut Municipal Electric Energy Cooperative ("CMEEC"), pursuant to which the Groton Project Company agreed to sell to CMEEC, and CMEEC agreed to purchase from the Groton Project Company, all of the electricity output produced by the Groton Project pursuant to the terms and conditions of the Groton Amended and Restated PPA.

At the closing (the "Groton Closing") of each of the Groton Senior Back Leverage Loan Facility and the Groton Subordinated Back Leverage Loan Facility, which occurred simultaneously on August 18, 2023 (the "Groton Closing Date"), the entire amount of each of the Groton Senior Back Leverage Loan Facility and the Groton Subordinated Back Leverage Loan Facility was drawn down in the aggregate amount of $20.0 million. After payment of fees and transaction costs (including fees to the Groton Back Leverage Lenders and legal costs) of approximately $0.4 million in the aggregate, the remaining proceeds of approximately $19.6 million were used as follows: (i) approximately $1.7 million was used to fund debt service reserve accounts ("DSCR Reserve Accounts") for the Groton Senior Back Leverage Lenders in equal amounts of approximately $0.83 million for Liberty Lender and approximately $0.83 million for Amalgamated Lender; (ii) approximately $6.5 million was used to fund operations and maintenance and module replacement reserve accounts for the Groton Senior Back Leverage Lenders in equal amounts of approximately $3.25 million for Liberty Lender and approximately $3.25 million for Amalgamated Lender; (iii) approximately $0.3 million was used to fund a DSCR Reserve Account for the Groton Subordinated Back Leverage Lender; and (iv) the remaining amount of approximately $11.1 million was released to Parent from the Groton Back Leverage Lenders. As discussed in additional detail below, simultaneous with the Groton Closing, a portion of the proceeds were used to: (a) make Output Shortfall Payments (which are cash payments required to be made by the Groton Project Company in the event that the Groton Project produces electricity in any year less than the minimum required amount for such year) totaling approximately $1.3 million, which were deposited into a payment reserve account, and (b) pay approximately $3.0 million to Connecticut Green Bank, which represented payment, in full, of all outstanding obligations under Parent's loan agreement with Connecticut Green Bank. After taking into account such Output Shortfall Payments and such payment to Connecticut Green Bank, approximately $6.8 million was classified as unrestricted cash on the Company's Consolidated Balance Sheet.

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The portion of the Groton Senior Back Leverage Loan provided by Liberty Lender will accrue interest on the unpaid principal amount calculated from the date of such Groton Senior Back Leverage Loan until the maturity date at a rate per annum equal to 6.75%. The portion of the Groton Senior Back Leverage Loan provided by Amalgamated Lender will accrue interest on the unpaid principal amount calculated from the date of such Groton Senior Back Leverage Loan until the maturity date thereof at 6.07% during all times at which a "Carbon Offset Event" is not continuing and 7.32% at all times at which a "Carbon Offset Event" has occurred and is continuing. A "Carbon Offset Event" is deemed to occur if Groton Holdco Borrower, Parent or any direct or indirect subsidiary thereof does not purchase carbon offsets from an Acceptable Carbon Offset Provider (as defined below) each fiscal year in an amount equal to the lesser of (i) the Annual Carbon Offset Requirement for such fiscal year, which is derived based on a formula equal to the outstanding balance of the Groton Senior Back Leverage Loan provided by Amalgamated Lender multiplied by the Groton Project's annual carbon emissions for such year and divided by the total project costs of the Groton Project, and (ii) the Annual Carbon Offset Cap for such fiscal year, which is $12.66 multiplied by the Annual Carbon Offset Requirement and divided by the Carbon Offset Price for such fiscal year. The "Carbon Offset Price" means the price, per metric ton of carbon dioxide, of the carbon offsets available for purchase from an Acceptable Carbon Offset Provider. An "Acceptable Carbon Offset Provider" is either Climate Vault or any other seller of carbon offsets acceptable to Amalgamated Lender.

Quarterly principal amortization and interest payments are required to be made by Groton Holdco Borrower on the Groton Senior Back Leverage Loans based on a ten-year amortization period. The Groton Senior Back Leverage Loans have a seven-year term, maturing on August 18, 2030, at which time all outstanding principal is due.

The Groton Subordinated Back Leverage Loan will accrue interest at a rate per annum equal to 8% for the period of time prior to the "Step Down Date" and, after the "Step Down Date," at the lesser of 8% or the interest rate on a 10 year U.S. Treasury Note plus 275 basis points (subject to a minimum floor of 5% per annum). The "Step Down Date" is the date on which both of the following events have occurred: Groton Holdco Borrower has purchased East West Bank's Class A Interests in the Groton Tax Equity Holdco and the Groton Senior Back Leverage Loans have been repaid in full. Interest is payable each quarter based on an agreed upon schedule.

Pursuant to the Groton Subordinated Back Leverage Loan Facility, during the "Groton Interest Only Period" (as defined below), Groton Holdco Borrower is required to make quarterly payments of principal in amounts equal to 50% of excess cash flow available to Groton Holdco Borrower. For purposes of the foregoing, excess cash flow is all excess cash flow of Groton Holdco Borrower after the payment of required principal and interest on the Groton Senior Back Leverage Loans, required deposits in the various reserve accounts, the payment of interest on the Groton Subordinated Back Leverage Loan and payment of Groton Holdco Borrower's operating expenses. Following the end of the "Groton Interest Only Period," principal and interest payments are required to be made quarterly in quarterly level payments ("mortgage style") of principal and interest until the maturity date, which is the first to occur of 20 years following the Groton Project's commercial operations date and termination of the Groton Amended and Restated PPA. The maturity date of the Groton Subordinated Back Leverage Loan Facility is currently contemplated to be September 30, 2038. The "Groton Interest Only Period" is the period beginning on the Groton Closing Date and ending the first to occur of (i) eighty-four months after the Groton Closing Date; or (ii) the date the Groton Senior Back Leverage Loan Facility has been fully repaid.

Each of the Groton Senior Back Leverage Credit Agreement and the Groton Subordinated Back Leverage Credit Agreement contains certain reporting requirements and other affirmative and negative covenants which are customary for transactions of this type. Included in the covenants are covenants that: (i) Groton Holdco Borrower maintain a "Senior" debt service coverage ratio (which is computed taking into account debt service obligations on the Groton Senior Back Leverage Loans) of not less than 1.20:1.00 (based on the trailing 12 months and tested every quarter) and a "Total" debt service coverage ratio (which is computed taking into account debt service obligations on both the Groton Senior Back Leverage Loans and the Groton Subordinated Back Leverage Loan) of not less than 1.10:1.00 (based on the trailing 12 months and tested on a quarterly basis); (ii) Groton Holdco Borrower may make distributions or dividends only if the foregoing debt to equity coverage ratios have been satisfied and Groton Holdco Borrower is not in default under any provisions of either the Groton Senior Back Leverage Credit Agreement or the Groton Subordinated Back Leverage Credit Agreement, including having made all required deposits into reserve accounts; (iii) Groton Holdco Borrower is required to exercise its right under the Groton Tax Equity Holdco limited liability company agreement to acquire the Class A Interests from East West Bank during the ninety day period beginning on the "Flip Point" (which, pursuant to the Groton Tax Equity Holdco limited liability company agreement, is the date on which the holder of Class A Interests has realized a certain return on investment and, accordingly, Groton Holdco Borrower, as holder of the Class B Interests, has the right to purchase the Class A Interests); and (iv) the consent of the Senior Administrative Agent is required prior to Groton Holdco Borrower's taking certain material actions under the Groton Tax Equity Holdco limited liability company

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agreement. Each of the Groton Senior Back Leverage Credit Agreement and the Groton Subordinated Back Leverage Credit Agreement also contains customary representations and warranties and customary events of default that cause, or entitle the Groton Back Leverage Lenders to cause, the outstanding loans to become immediately due and payable. In addition to customary events of default for transactions of this kind, the events of default include if a Change of Control occurs (meaning Parent no longer directly or indirectly owns Groton Holdco Borrower), a cross default (meaning that a default under the Groton Senior Back Leverage Loan Facility shall be deemed a default under the Groton Subordinated Back Leverage Loan Facility and vice versa) or if CMEEC should become insolvent, is in bankruptcy or commits a specified number of payment defaults with regard to its payment obligations to the Groton Project Company.

The Groton Senior Back Leverage Loans may be prepaid at any time at the option of Groton Holdco Borrower provided that (i) each prepayment on or prior to the second anniversary of the Groton Closing Date shall require a prepayment fee of 3% of the principal amount being prepaid; (ii) each prepayment after the second anniversary of the Groton Closing Date but on or prior to the fourth anniversary of the Groton Closing Date shall require a prepayment fee of 2% of the principal amount being prepaid; and (iii) each prepayment after the fourth anniversary of the Groton Closing Date but on or prior to the seventh anniversary of the Groton Closing Date shall require a prepayment fee of 1% of the principal amount being prepaid. The Groton Subordinated Back Leverage Loan may be prepaid at any time without premium or penalty.

**Finance obligations for sale-leaseback agreements**

Several of the Company's project subsidiaries previously entered into sale-leaseback agreements with PNC and Crestmark for commissioned projects where the Company had entered into a PPA with the site host/end-user of produced power. The Company did not recognize as revenue any of the proceeds received from the lessor that contractually constitute payments to acquire the assets subject to these arrangements. Instead, the sale proceeds received were accounted for as finance obligations. The outstanding finance obligation balance as of both April 30, 2025 and October 31, 2024 was $18.8 million. The outstanding finance obligation for the remaining leases as of April 30, 2025 includes $11.3 million in excess of future required payments which represents imputed interest, not including amounts for the potential repurchase price of the project assets which is based on fair value. The sale-leaseback arrangements with Crestmark include a purchase right for the greater of fair market value or 31% of the purchase price.

#### State of Connecticut Loan
In November 2015, the Company closed on a definitive Assistance Agreement with the State of Connecticut (the "Assistance Agreement") and received a disbursement of $10.0 million, which was used for the first phase of the expansion of the Company's Torrington, Connecticut manufacturing facility. In conjunction with this financing, the Company entered into a $10.0 million promissory note and related security agreements securing the loan with equipment liens and a mortgage on its Danbury, Connecticut location. Interest accrues at a fixed interest rate of 2.0%, and the loan is repayable in monthly installments over 15 years from the date of the first advance, which occurred in November of 2015. Principal payments were deferred for four years from disbursement and began on December 1, 2019. Under the Assistance Agreement, the Company was eligible for up to $5.0 million in loan forgiveness if the Company created 165 full-time positions and retained 538 full-time positions for two consecutive years (as amended from time to time, the "Employment Obligation") as measured on October 28, 2017 (as amended from time to time, the "Target Date"). The Assistance Agreement was subsequently amended in April 2017 to extend the Target Date by two years to October 28, 2019.

In January 2019, the Company and the State of Connecticut entered into a Second Amendment to the Assistance Agreement (the "Second Amendment"). The Second Amendment extended the Target Date to October 31, 2022 and amended the Employment Obligation to require the Company to continuously maintain a minimum of 538 full-time positions for 24 consecutive months. If the Company met the Employment Obligation, as modified by the Second Amendment, and created an additional 91 full-time positions, the Company would have received a credit in the amount of $2.0 million to be applied against the outstanding balance of the loan. The Second Amendment deleted and canceled the provisions of the Assistance Agreement related to the second phase of the expansion project and the loans related thereto, but the Company had not drawn any funds or received any disbursements under those provisions.

In April 2023, the Company signed a Third Amendment to the Assistance Agreement (the "Third Amendment"). The Third Amendment was approved by the State of Connecticut Office of Attorney General on May 18, 2023, and the State of Connecticut Office of Attorney General released, and the Company received, the countersigned Third Amendment on May 24, 2023, at which time the Third Amendment became effective. The Third Amendment further extended the Target Date to October 31, 2024 and amended the Employment Obligation to require the Company to retain 538 full-time positions in Connecticut on or before October 31, 2024 and to maintain such positions for 24 consecutive months. The 24

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consecutive month period ending on or before the Target Date (as extended by the Third Amendment) that yielded the highest annual average positions was used to determine compliance with the amended Employment Obligation, provided that no portion of such 24 consecutive months could begin before the date of the Third Amendment. The Third Amendment also required the Company to furnish a job audit (the "Job Audit") to the Commissioner of Economic and Community Development (the "Commissioner") no later than 90 days following the 24-month period described above.

If, as a result of the Job Audit, the Commissioner determines that the Company has failed to meet the Employment Obligation (as amended by the Third Amendment), the Company will be required to immediately repay a penalty of $14,225.00 per each full-time employment position below the amended Employment Obligation. The amount repaid will be applied first to any outstanding fees, penalties or interest due, and then against the outstanding balance of the loan. Based on the Company's headcount as of October 31, 2024, it did not meet the amended Employment Obligation which subjects the Company to make repayment under these terms.

If, as a result of the Job Audit, the Commissioner were to determine that the Company had met the amended Employment Obligation and had created an additional 91 full-time employment positions, for a total of 629 full-time employees, the Company would be eligible to receive a credit in the amount of $2.0 million, which would be applied against the then-outstanding principal balance of the loan. Upon application of such credit, the Commissioner would recalculate the monthly payments of principal and interest such that such monthly payments would amortize the then remaining principal balance over the remaining term of loan. Based on the Company's headcount as of October 31, 2024, it did not meet the amended Employment Obligation and will not receive this credit.

A Job Audit was to be performed within 90 days of the Target Date of October 31, 2024. Because the Company did not meet the amended Employment Obligation, an accelerated payment penalty will be assessed in an amount equal to $14,225.00 multiplied by the number of full-time employment positions below the number of positions required by the amended Employment Obligation. Such penalty will be immediately payable upon the determination by the Commissioner that the Company has failed to meet the amended Employment Obligation and will be applied first to accelerate the payment of any outstanding fees, penalties or interest due and then to accelerate the payment of the outstanding principal balance of the loan. The Company estimates that it had an average of 389 employees over the applicable 24 consecutive month period. As a result, the Company has calculated a $2.1 million repayment obligation in connection with the loan, which has been reclassified to current and represents the expected accelerated payment penalty amount. As of April 30, 2025, the Company had not been formally assessed a penalty, but since there are no fees, penalties or interest due, any accelerated payment penalty assessed will be applied to the outstanding principal balance of the loan and will not result in any charges to the Statement of Operations. As of April 30, 2025, the Company was in discussions with the State of Connecticut regarding a potential amendment to the terms of the Third Amendment to the Assistance Agreement. There can be no assurance that an amendment agreement will be reached with the State of Connecticut or that the terms of any such amendment would include more favorable repayment terms than those to which the Company is subject under the Third Amendment as a result of the failure to meet the Employment Obligation.

In April of 2020, as a result of the COVID-19 pandemic, the State of Connecticut agreed to defer three months of principal and interest payments under the Assistance Agreement, beginning with the May 2020 payment. These deferred payments will be added at the end of the loan, thus extending out the maturity date by three months. 

*Restricted Cash*

As of April 30, 2025, we have pledged approximately $63.1 million of our cash and cash equivalents as performance security and for letters of credit for certain banking requirements and contracts. As of April 30, 2025, outstanding letters of credit totaled $14.2 million. These expire on various dates through October 2029. Under the terms of certain contracts, we will provide performance security for future contractual obligations. The restricted cash balance as of April 30, 2025 also included $2.9 million primarily to support obligations under the power purchase and service agreements related to Crestmark sale-leaseback transactions, $10.8 million relating to future obligations associated with the Groton Senior Back Leverage Loan Facility, $2.5 million relating to future obligations associated with the Derby Senior Back Leverage Loan Facility and the Derby Subordinated Back Leverage Loan Facility and $25.1 million relating to future obligations associated with the OpCo Financing Facility.

*Power purchase agreements*

Under the terms of our PPAs, customers agree to purchase power or other value streams delivered such as hydrogen, steam, water, and/or carbon from the Company's fuel cell power platforms at negotiated rates. Electricity rates are generally a

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function of the customers' current and estimated future electricity pricing available from the grid. We are responsible for all operating costs necessary to maintain, monitor and repair our fuel cell power platforms. Under certain agreements, we are also responsible for procuring fuel, generally natural gas or biogas, to run our fuel cell power platforms. In addition, under certain agreements, we are required to produce minimum amounts of power under our PPAs and we have the right to terminate PPAs by giving written notice to the customer, subject to certain exit costs. As of April 30, 2025, our generation operating portfolio was 62.8 MW.

*Service and warranty agreements*

We warranty our products for a specific period of time against manufacturing or performance defects. Our standard U.S. warranty period is generally 15 months after shipment or 12 months after acceptance of the product. In addition to the standard product warranty, we have contracted with certain customers to provide services to ensure the power plants meet minimum operating levels for terms of up to 20 years. Pricing for service contracts is based upon estimates of future costs, which could be materially different from actual expenses. Refer to "Critical Accounting Policies and Estimates" for additional details.

*Advanced Technologies contracts*

We have contracted with various government agencies and certain companies from private industry to conduct research and development as either a prime contractor or sub-contractor under multi-year, cost-reimbursement and/or cost-share type contracts or cooperative agreements. Cost-share terms require that participating contractors share the total cost of the project based on an agreed upon ratio. In many cases, we are reimbursed only a portion of the costs incurred or to be incurred under the contract. While government research and development contracts may extend for many years, funding is often provided incrementally on a year-by-year basis if contract terms are met and Congress authorizes the funds. As of April 30, 2025, Advanced Technologies contract backlog totaled $29.6 million, of which $22.0 million is non-U.S. Government-funded and $7.6 million is U.S. Government-funded.

*Off-Balance Sheet Arrangements*

We have no off-balance sheet debt or similar obligations, which are not classified as debt. We do not guarantee any third-party debt. See Note 18. "Commitments and Contingencies" to our Consolidated Financial Statements for the three and six months ended April 30, 2025 included in this Quarterly Report on Form 10-Q for further information.

#### CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Estimates are used in accounting for, among other things, revenue recognition, lease right-of-use assets and liabilities, loss accruals on service agreements, excess, slow-moving and obsolete inventories, product warranty accruals, loss accruals on service agreements, share-based compensation expense, allowance for credit losses, depreciation and amortization, impairment of goodwill and in-process research and development intangible assets, impairment of long-lived assets (including project assets), valuation of derivatives, and contingencies. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from those estimates.

Our critical accounting policies are those that are both most important to our financial condition and results of operations and require the most difficult, subjective or complex judgments on the part of management in their application, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. For a complete description of our critical accounting policies that affect our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements, refer to our Annual Report on Form 10-K for the year ended October 31, 2024 filed with the SEC.

#### ACCOUNTING GUIDANCE UPDATE
See Note 2. "Recent Accounting Pronouncements," to our Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for a summary of recently adopted accounting guidance.

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#### Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

#### Interest Rate Exposure Risk
We have invested in U.S. Treasury Securities with maturities of less than three months. We expect to hold these investments until maturity and accordingly, these investments are carried at amortized cost and not subject to mark-to-market accounting. As of April 30, 2025, our U.S. Treasury Securities had a carrying value of $60.9 million, which approximated fair value. These U.S. Treasury Securities matured between May 1, 2025 and May 6, 2025, and had a weighted average yield to maturity of 4.31% as of April 30, 2025.

Cash is invested overnight with high credit quality financial institutions and therefore we are not exposed to market risk on our cash holdings from changing interest rates. Based on our overall interest rate exposure as of April 30, 2025, including all interest rate sensitive instruments, a change in interest rates of 1% would not have a material impact on our results of operations.

#### Foreign Currency Exchange Risk
As of April 30, 2025, approximately 2% of our total cash and cash equivalents were in currencies other than U.S. dollars (primarily the Euro, Canadian dollars and Korean Won) and we have no plans of repatriation. We make purchases from certain vendors and receive payment from certain customers in currencies other than U.S. dollars. Although we have not experienced significant foreign exchange rate losses to date, we may in the future, especially to the extent that we do not engage in currency hedging activities. The economic impact of currency exchange rate movements on our operating results is complex because such changes are often linked to variability in real growth, inflation, interest rates, governmental actions and other factors. These changes, if material, may cause us to adjust our financing and operating strategies.

#### Derivative Fair Value Exposure Risk
*Interest Rate Swap*

On May 19, 2023, in connection with the closing of the OpCo Financing Facility, the Company entered into an ISDA 2002 Master Agreement and an ISDA Schedule to the 2002 Master Agreement with Investec Bank plc as a hedge provider, and an ISDA 2002 Master Agreement and an ISDA Schedule to the 2002 Master Agreement with Bank of Montreal (Chicago Branch) as a hedge provider. On May 22, 2023, OpCo Borrower executed the related trade confirmations for these interest rate swap agreements with these hedge providers to protect against adverse price movements in the floating SOFR rate associated with 100% of the aggregate principal balance of the Term Loan outstanding. Pursuant to the terms of such agreements, OpCo Borrower will pay a fixed rate of interest of 3.716%. The net interest rate across the Financing Agreement and the swap transaction is 6.366% in the first four years and 6.866% thereafter. The obligations of OpCo Borrower to the hedge providers under the interest rate swap agreements are treated as obligations under the Financing Agreement and, accordingly, are secured, on a pari passu basis, by the same collateral securing the obligations of OpCo Borrower under the Financing Agreement. The Company has not elected hedge accounting treatment and, as a result, the derivative will be remeasured to fair value quarterly with the resulting gains/losses recorded to other income/expense. The fair value adjustments for the three and six months ended April 30, 2025 resulted in losses of $1.6 million and $0.8 million, respectively.

#### Project Fuel Price Exposure Risk
Certain of our PPAs for project assets in our generation operating portfolio expose us to fluctuating fuel price risks as well as the risk of being unable to procure the required amounts of fuel and the lack of alternative available fuel sources. We seek to mitigate our fuel risk using strategies including: (i) fuel cost reimbursement mechanisms in our PPAs to allow for pass through of fuel costs (full or partial) where possible, which we have done with our 14.9 MW operating project in Bridgeport, CT; (ii) procuring fuel under fixed price physical supply contracts with investment grade counterparties, which we have done for twenty years for our Tulare BioMAT project, the initial seven years of the twenty year PPA for our LIPA Yaphank Project (through September 2028), six years of the twenty year PPA for our 14.0 MW and 2.8 MW Derby Projects (through October 2029), and the initial three years of the twenty year hydrogen production and power purchase agreement for our Toyota project (through May 2026); and (iii) potentially entering into future financial hedges with investment grade counterparties to offset potential negative market fluctuations. The Company does not take a fundamental view on natural gas or other commodity pricing and seeks commercially available means to reduce commodity exposure. If the Company is unable to secure fuel on favorable economic terms, it may result in impairment charges.

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We currently have four projects with fuel sourcing risk, which are the Toyota Project, our 14.0 MW and 2.8 MW Derby Projects and our 7.4 MW project in Yaphank Long Island (the "LIPA Yaphank Project"), all of which require natural gas for which there is no pass-through mechanism. A fuel supply contract has been executed for the Toyota project through May 2026. Six-year (through October 2029) fuel supply contracts have been executed for the 14.0 MW and 2.8 MW Derby Projects. We are currently in the midst of a seven-year contract (through September 2028) for our 7.4 MW LIPA Yaphank Project. The Company will look to extend the duration of these contracts should market and credit conditions allow. If the Company is unable to secure fuel on favorable economic terms, it may result in impairment charges to the Derby Project assets or the LIPA Yaphank Project asset and further impairment charges for the Toyota Project asset.

Historically, this risk has not been material to our financial statements as our operating projects prior to April 30, 2025 either did not have fuel price risk exposure, had fuel cost reimbursement mechanisms in our related PPAs to allow for pass through of fuel costs (full or partial), or had established long term fixed price fuel physical contracts. To provide a meaningful assessment of the fuel price risk arising from price movements of natural gas, the Company performed a sensitivity analysis to determine the impact a change in natural gas commodity pricing would have on our Consolidated Statements of Operations and Comprehensive Loss (assuming that all projects with fuel price risk were operating). A $1/Metric Million British Thermal Unit ("MMBTu") increase in market pricing compared to our underlying project models would result in a cost impact of approximately $26,000 to our Consolidated Statements of Operations and Comprehensive Loss on an annual basis. We have also conducted a sensitivity analysis on the impact of renewable natural gas pricing and a $10/MMBTu increase in market pricing compared to our underlying project models would result in an impact of approximately $2.0 million to our Consolidated Statements of Operations and Comprehensive Loss on an annual basis.

The Company net settled certain natural gas purchases under previous normal purchase normal sale contract designations during the fiscal year ended October 31, 2023 for one contract and the second quarter of fiscal year 2024 for other contracts, and recorded a mark-to-market net (loss) gain of $(0.8) million and $1.1 million during the three and six months ended April 30, 2025, respectively.

#### Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CONTROLS AND PROCEDURES
The Company maintains disclosure controls and procedures, which are designed to provide reasonable assurance that information required to be disclosed in the Company's periodic SEC reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

We carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Company's principal executive officer and principal financial officer have concluded that the Company's disclosure controls and procedures were effective as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed in the Company's periodic SEC reports is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

There has been no change in our internal controls over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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#### PART II. OTHER INFORMATION

#### Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LEGAL PROCEEDINGS
From time to time, the Company is involved in legal proceedings, including, but not limited to, regulatory proceedings, claims, mediations, arbitrations and litigation, arising out of the ordinary course of its business ("Legal Proceedings"). Although the Company cannot assure the outcome of such Legal Proceedings, management presently believes that the result of such Legal Proceedings, either individually, or in the aggregate, will not have a material adverse effect on the Company's consolidated financial statements, and no material amounts have been accrued in the Company's consolidated financial statements with respect to these matters.

#### Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RISK FACTORS
Part I, Item 1A, "Risk Factors" of our most recently filed Annual Report on Form 10-K for the fiscal year ended October 31, 2024, filed with the Securities and Exchange Commission on December 27, 2024 (the "2024 Annual Report"), sets forth information relating to important risks and uncertainties that could materially adversely affect our business, financial condition and operating results. Those risk factors continue to be relevant to an understanding of our business, financial condition and operating results and, accordingly, you should review and consider such risk factors in making any investment decision with respect to our securities. The following risk factor is being provided to supplement and update the risk factors set forth in Part I, Item 1A. "Risk Factors" of the 2024 Annual Report.

***Our workforce reduction may cause unintended consequences and our results of operations may be harmed.***

On June 5, 2025, we implemented a workforce reduction of approximately 22%, or 122 employees across our U.S., Canadian and German operations. While we believe this workforce reduction is necessary to help realign the Company's cost structure, this reduction may yield unintended consequences, such as attrition beyond our intended reduction in workforce and reduced employee morale, which may cause our employees who were not affected by the reduction in workforce to seek alternate employment. Additional attrition could impede our ability to meet our operational goals, which could have a material adverse effect on our financial performance. In addition, as a result of the reductions in our workforce, we may face an increased risk of employment litigation. Furthermore, employees whose positions were eliminated may seek employment with our competitors. Although all our employees are required to sign a confidentiality and non-competition agreement with us at the time of hire, we cannot assure you that the confidential nature of our proprietary information will be maintained in the course of such future employment.

If our restructuring plan and workforce reduction do not result in the intended benefits or savings or result in unanticipated costs, including, but not limited to, additional charges and/or higher than expected severance and employee termination benefits costs, or if we are unable to successfully implement our restructuring plan, our results of operations and financial condition could be materially adversely affected. We cannot assure you that we will not undertake additional reduction and/or restructuring activities, that any of our efforts will be successful, or that we will be able to realize the cost savings and other anticipated benefits from our current or any future restructuring or reduction plans. In addition, if we continue to reduce our workforce, it may adversely impact our ability to respond rapidly to any new product, growth or revenue opportunities and to execute on our backlog and business plans.

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#### Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Stock Repurchases

The following table sets forth information with respect to purchases made by us or on our behalf of our common stock during the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** <sup>(1)</sup> | **Average Price Paidper Share** | **Total Number of Shares Purchased as Part of Publicly Announced Programs** | **Maximum Number of Shares that May Yet be Purchased Under the Plans orPrograms** |
| February 1, 2025 - February 28, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| March 1, 2025 - March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;1628 | &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| April 1, 2025 - April 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;1628 | $&nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes only shares that were surrendered by employees to satisfy statutory tax withholding obligations in connection with the vesting of stock-based compensation awards.

#### Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEFAULT UPON SENIOR SECURITIES
None.

#### Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MINE SAFETY DISCLOSURES
None.

#### Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTHER INFORMATION
**(a) 2025 Restructuring Plan; Executive Separation; Amended and Restated Employment Agreements**

***2025 Restructuring Plan***

On June 4, 2025, the Company's Board of Directors approved a global restructuring plan with respect to the Company's operations in the U.S., Canada and Germany. The restructuring plan is aimed at further reducing operating costs, realigning resources toward advancing the Company's core carbonate technologies, and protecting the Company's competitive position amid slower-than-expected market investments in clean energy. Pursuant to the restructuring plan, on June 5, 2025, the Company reduced its workforce by approximately 22% or 122 employees in the U.S., Canada and Germany. The actions under the restructuring plan are expected to be substantially completed by the end of fiscal year 2025.

In connection with the restructuring plan and workforce reduction, the Company estimates it will incur aggregate restructuring-related costs and charges of approximately $3.5 million to $4.5 million in cash costs related to severance payments and other employee termination benefits. The majority of these charges are expected to be recorded in the third quarter of fiscal year 2025.

In conjunction with the restructuring plan, the Company is evaluating certain assets for impairment including Goodwill and in-process research and development intangible assets, with a net book value of $13.8 million as of April 30, 2025 related to the Company's prior investments in solid oxide technology, related property, plant and equipment located in Calgary, Canada with a net book value of $38.8 million as of April 30, 2025 and solid oxide inventory with a net book value of $8.8 million as of April 30, 2025. As of June 6, 2025, the Company believes the likelihood of an impairment charge in the third quarter of fiscal year 2025 is more likely than not, but is unable to estimate the recovery value of such assets, if any, at this time.

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The estimated costs and charges disclosed above in connection with the restructuring plan and workforce reduction and the timing thereof are subject to assumptions and actual results may differ materially from the estimates.

For more information about our restructuring plans, please see Note 5 — *Restructuring* and Note 19 — *Subsequent Events* to our Consolidated Financial Statements.

***Executive Separation***

On June 3, 2025, the Company made a determination to end its employment relationship with Michael Lisowski, its Executive Vice President, Strategic Partnerships, without cause, effective as of July 4, 2025.

It is expected that the Company and Mr. Lisowski will enter into a separation agreement, the material terms of which have not yet been finalized as of the time of filing of this Quarterly Report on Form 10-Q. If the Company and Mr. Lisowski enter into such an agreement, the material terms of such agreement will be disclosed pursuant to Item 5.02(e) of Form 8-K following execution.

***Amended and Restated Employment Agreements***

Effective as of June 4, 2025, the Company entered into amended and restated employment agreements (each, an "Employment Agreement") with its President and Chief Executive Officer, its Executive Vice President, Chief Financial Officer and Treasurer, its Executive Vice President, General Counsel and Corporate Secretary, its Executive Vice President, Chief Commercial Officer and its Executive Vice President, Chief Product and Technology Officer (together, the "Executives"). The Employment Agreements provide for the following annual base salaries and target fiscal year 2025 annual bonus levels (subject to the determination and approval of the Company's Board of Directors or a committee of the Board of Directors):

---

| | | |
|:---|:---|:---|
| **Name and Title** | **Base Salary** | **Fiscal Year 2025 Target Annual Bonus as % of Base Salary** |
| Jason Few<br>President and Chief Executive Officer | $582036 | 115% |
| Michael S. Bishop<br>Executive Vice President, Chief Financial Officer and Treasurer | $445982 | 70% |
| Joshua Dolger<br>Executive Vice President, General Counsel and Corporate Secretary | $385018 | 60% |
| Michael Hill<br>Executive Vice President, Chief Commercial Officer | $450000 | 100% |
| Shankar Achanta<br>Executive Vice President, Chief Product and Technology Officer | $400000 | 60% |

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The Executives will also be entitled to participate in the Company's long-term incentive compensation program, with the terms and conditions of any awards granted to the Executives being in the sole discretion of the Board of Directors or a committee thereof (except that Mr. Hill's target award for fiscal year 2026 will be $300,000 and is expected to consist of 50% performance stock units with a performance goal based on the Company's relative total stockholder return performance and 50% time-vesting restricted stock units). Mr. Few's Employment Agreement also continues other benefits that were provided under his existing employment agreement, including reimbursement of membership fees for Mr. Few's participation in the Young Presidents Organization up to $10,000 per year, tax preparation and planning services up to a maximum amount of $10,000 per year and five weeks of paid vacation.

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In the event that the Company terminates the employment of an Executive without cause (as defined in the Employment Agreement) or an Executive terminates his employment for good reason (as defined in the Employment Agreement) other than in connection with a change in control (as defined in the Employment Agreement), the Executive will be entitled to receive the following severance benefits:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Executive** | &nbsp;&nbsp;**Severance Benefits (Non-Change-in-Control)** |
| &nbsp;&nbsp;Chief Executive Officer | &nbsp;&nbsp;A severance payment equal to (1) then-current annual base salary as of the date of termination plus (2) target bonus for the year of termination plus (3) a pro-rata portion of the annual bonus amount that would have been paid but for the termination, pro-rated based on the number of days in such fiscal year that Mr. Few was actually employed by the Company plus (4) reasonable relocation expenses back to Houston, Texas (or such other city in Mr. Few's discretion, provided that the expense shall not exceed the expense of relocating to Houston, Texas) in an amount not to exceed $200,000. Mr. Few will also receive accelerated vesting of all outstanding time-vesting equity awards and a pro rata portion of any unearned performance awards will remain eligible to be earned following the end of the applicable performance period based on actual performance achieved, with all remaining unearned performance awards being forfeited. The severance benefits also will include payment for continued health insurance for 12 months. |
| &nbsp;&nbsp;Other Executives | &nbsp;&nbsp;A severance payment in an amount equal to twelve months of the Executive's annual base salary at the date of termination plus payment by the Company of his COBRA premiums for up to twelve months, provided that he elects continuation of coverage under COBRA and he is not eligible for health coverage under another employer's plan. The Executive will also receive accelerated vesting of all outstanding time-vesting equity awards and a pro rata portion of any unearned performance awards will remain eligible to be earned following the end of the applicable performance period based on actual performance achieved, with all remaining unearned performance awards being forfeited. The Executive will also be eligible to receive a pro rata portion of his annual bonus based on actual performance. |

---

In the event that an Executive's employment is terminated in connection with a change in control by the Company for any reason other than cause or by an Executive for good reason, the Executive will be entitled to receive the following severance benefits:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Executive** | &nbsp;&nbsp;**Change in Control Severance Benefits** |
| &nbsp;&nbsp;Chief Executive Officer | &nbsp;&nbsp;A severance payment in an amount equal to (1) two times the sum of his then-current annual base salary plus his target bonus for the year of termination plus (2) a pro-rata portion of the annual bonus amount that would have been paid but for the termination, pro-rated based on the number of days in such fiscal year that Mr. Few was actually employed by the Company plus (3) reasonable relocation expenses to Houston, Texas (or such other city in Mr. Few's discretion, provided that the expense shall not exceed the expense of relocating to Houston, Texas) in an amount not to exceed $200,000, as well as accelerated vesting of all outstanding equity awards and payment for continued health insurance for 24 months. |
| &nbsp;&nbsp;Other Executives | &nbsp;&nbsp;A severance payment in an amount equal to one year of the Executive's annual base salary as of the date of termination plus one year of his target annual bonus. The Company also will pay the Executive's COBRA premiums for up to 12 months, provided that he elects continuation coverage under COBRA and he is not eligible for health coverage under another employer's plan. The Executive will also be eligible to receive a pro rata portion of his annual bonus based on the target performance level. The Employment Agreements also provide that any equity-based awards will accelerate and immediately vest if there is a change in control and the Executive's employment with the Company is terminated by the Company without cause or by the Executive for good reason in connection with the change in control. |

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The Employment Agreements further provide that, if an Executive receives any payments in connection with a change in control of the Company that would constitute excess parachute payments that are subject to excise taxes under Section 4999 of the Internal Revenue Code of 1986, as amended, then the total severance payment shall be delivered either (a) in

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full or (b) in an amount such that the value of the aggregate total payments are $1.00 less than the maximum amount the Executive may receive without being subject to the tax, whichever results in the Executive receiving the greatest after-tax benefit.

The foregoing description of the Employment Agreements is a summary only and is qualified in its entirety by the terms of the Chief Executive Officer's (Jason Few's) Employment Agreement, which is filed herewith as Exhibit 10.4, and the terms of the Employment Agreements with the other Executive Officers, which are filed herewith as Exhibit 10.5 (for Michael S. Bishop), Exhibit 10.6 (for Joshua Dolger), Exhibit 10.7 (for Michael Hill), and Exhibit 10.8 (for Shankar Achanta).

**(c) Director and Section 16 Officer Rule 10b5-1 Trading Arrangements**

During the three months ended April 30, 2025, no director or Section 16 officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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#### Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EXHIBITS

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | [Certificate of Incorporation of the Company, as amended, July 12, 1999 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K dated September 21, 1999).](https://www.sec.gov/Archives/edgar/data/886128/000088612899000032/0000886128-99-000032.txt) |
| 3.2 | [Certificate of Amendment of the Certificate of Incorporation of the Company, dated November 21, 2000 (incorporated by reference to Exhibit 3.3 to the Company's Annual Report on Form 10-K dated January 12, 2017).](https://www.sec.gov/Archives/edgar/data/886128/000088612817000007/fcel-20161031xex33.htm) |
| 3.3 | [Certificate of Amendment of the Certificate of Incorporation of the Company, dated October 31, 2003 (incorporated by reference to Exhibit 3.1.1 to the Company's Current Report on Form 8-K dated November 3, 2003).](https://www.sec.gov/Archives/edgar/data/886128/000100329703000432/ex3-11.htm) |
| 3.4 | [Certificate of Designation for the Company's 5% Series B Cumulative Convertible Perpetual Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, dated November 22, 2004).](https://www.sec.gov/Archives/edgar/data/886128/000114420404020159/v08931_ex3-1.htm) |
| 3.5 | [Amended Certificate of Designation of 5% Series B Cumulative Convertible Perpetual Preferred Stock, dated March 14, 2005 (incorporated by reference to Exhibit 3.4 to the Company's Annual Report on Form 10-K dated January 12, 2017).](https://www.sec.gov/Archives/edgar/data/886128/000088612817000007/fcel-20161031xex34.htm) |
| 3.6 | [Certificate of Amendment of the Certificate of Incorporation of the Company, dated April 8, 2011 (incorporated by reference to Exhibit 3.5 to the Company's Annual Report on Form 10-K dated January 12, 2017).](https://www.sec.gov/Archives/edgar/data/886128/000088612817000007/fcel-20161031xex35.htm) |
| 3.7 | [Certificate of Amendment of the Certificate of Incorporation of the Company, dated April 5, 2012 (incorporated by reference to Exhibit 3.6 to the Company's Annual Report on Form 10-K dated January 12, 2017).](https://www.sec.gov/Archives/edgar/data/886128/000088612817000007/fcel-20161031xex36.htm) |
| 3.8 | [Certificate of Amendment of the Certificate of Incorporation of the Company, dated December 3, 2015 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K dated December 3, 2015).](https://www.sec.gov/Archives/edgar/data/886128/000088612815000023/exhibit3112-3x15.htm) |
| 3.9 | [Certificate of Amendment of the Certificate of Incorporation of the Company, dated April 18, 2016 (incorporated by reference to Exhibit 3.9 to the Company's Quarterly Report on Form 10-Q for the period ended April 30, 2016).](https://www.sec.gov/Archives/edgar/data/886128/000088612816000054/fcel-2016430xex39.htm) |
| 3.10 | [Certificate of Amendment of the Certificate of Incorporation of the Company, dated April 7, 2017 (incorporated by reference to Exhibit 3.10 to the Company's Quarterly Report on Form 10-Q for the period ended April 30, 2017).](https://www.sec.gov/Archives/edgar/data/886128/000156459017012328/fcel-ex310_243.htm) |
| 3.11 | [Certificate of Designations for the Company's Series C Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, dated September 5, 2017).](https://www.sec.gov/Archives/edgar/data/886128/000114420417047252/v474606_ex3-1.htm) |
| 3.12 | [Certificate of Amendment of the Certificate of Incorporation of the Company, dated December 14, 2017 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K dated December 14, 2017).](https://www.sec.gov/Archives/edgar/data/886128/000114420417063979/tv481509_ex3-1.htm) |
| 3.13 | [Certificate of Designations, Preferences and Rights for the Company's Series D Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K dated August 27, 2018).](https://www.sec.gov/Archives/edgar/data/886128/000114420418047136/tv501807_ex3-1.htm) |
| 3.14 | [Certificate of Amendment of the Certificate of Incorporation of FuelCell Energy, Inc., dated May 8, 2019 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 8, 2019).](https://www.sec.gov/Archives/edgar/data/886128/000156459019017009/fcel-ex31_9.htm) |
| 3.15 | [Certificate of Amendment of the Certificate of Incorporation of FuelCell Energy, Inc., dated May 11, 2020 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 12, 2020).](https://www.sec.gov/Archives/edgar/data/886128/000156459020024506/fcel-ex31_79.htm) |
| 3.16 | [Certificate of Amendment of the Certificate of Incorporation of FuelCell Energy, Inc. dated April 8, 2021 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K/A filed on April 14, 2021).](https://www.sec.gov/Archives/edgar/data/0000886128/000156459021018838/fcel-ex31_7.htm) |
| 3.17 | [Certificate of Amendment of the Certificate of Incorporation of FuelCell Energy, Inc., dated October 11, 2023 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on October 11, 2023).](https://www.sec.gov/Archives/edgar/data/886128/000155837023016365/fcel-20231010xex3d1.htm) |
| 3.18 | [Certificate of Amendment of Certificate of Incorporation of FuelCell Energy, Inc., effective November 8, 2024 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on November 7, 2024).](https://www.sec.gov/Archives/edgar/data/886128/000110465924115093/tm2427658d1_ex3-1.htm) |

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.19 | [Third Amended and Restated By-Laws of the Company, effective as of September 3, 2024 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on September 4, 2024).](https://www.sec.gov/Archives/edgar/data/886128/000110465924096939/tm2423319d1_ex3-1.htm) |
| 4.1 | [Specimen of Common Share Certificate (incorporated by reference to Exhibit 4 to the Company's Annual Report on Form 10-K for fiscal year ended October 31, 1999).](https://www.sec.gov/Archives/edgar/data/886128/000089155400000162/0000891554-00-000162.txt) |
| 10.1\* | [FuelCell Energy, Inc. Fifth Amended and Restated 2018 Omnibus Incentive Plan, effective as of April 17, 2025 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 21, 2025).](https://www.sec.gov/Archives/edgar/data/886128/000155837025005071/fcel-20250417xex10d1.htm) |
| 10.2\* | [Employment Separation Agreement, dated as of April 28, 2025, by and between FuelCell Energy, Inc. and Mark Feasel (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 29, 2025).](https://www.sec.gov/Archives/edgar/data/886128/000155837025005823/fcel-20250423xex10d1.htm) |
| 10.3\* | [Employment Agreement, effective as of May 5, 2025, by and between FuelCell Energy, Inc. and Michael Hill (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on May 6, 2025).](https://www.sec.gov/Archives/edgar/data/886128/000155837025006508/fcel-20250430xex10d1.htm) |
| 10.4\* | [Amended and Restated Employment Agreement, dated as of June 4, 2025, by and between FuelCell Energy, Inc. and Jason B. Few.](fcel-20250430xex10d4.htm) |
| 10.5\* | [Amended and Restated Employment Agreement, dated as of June 4, 2025, by and between FuelCell Energy, Inc. and Michael S. Bishop.](fcel-20250430xex10d5.htm) |
| 10.6\* | [Amended and Restated Employment Agreement, dated as of June 4, 2025, by and between FuelCell Energy, Inc. and Joshua Dolger.](fcel-20250430xex10d6.htm) |
| 10.7\* | [Amended and Restated Employment Agreement, dated as of June 4, 2025, by and between FuelCell Energy, Inc. and Michael Hill.](fcel-20250430xex10d7.htm) |
| 10.8\* | [Amended and Restated Employment Agreement, dated as of June 4, 2025, by and between FuelCell Energy, Inc. and Shankar Achanta.](fcel-20250430xex10d8.htm) |
| 31.1 | [Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](fcel-20250430xex31d1.htm) |
| 31.2 | [Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](fcel-20250430xex31d2.htm) |
| 32.1 | [Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](fcel-20250430xex32d1.htm) |
| 32.2 | [Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](fcel-20250430xex32d2.htm) |
| 101.INS# | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH# | Inline XBRL Schema Document |
| 101.CAL# | Inline XBRL Calculation Linkbase Document |
| 101.DEF# | Inline XBRL Definition Linkbase Document |
| 101.LAB# | Inline XBRL Labels Linkbase Document |
| 101.PRE# | Inline XBRL Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

\* Management Contract or Compensatory Plan or Arrangement

# Filed with this Annual Report on Form 10-Q are the following documents formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Consolidated Balance Sheets as of April 30, 2025 and October 31, 2024, (ii) the Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended April 30, 2025 and 2024, (iii) the Consolidated Statements of Changes in Equity for the three and six months ended April 30, 2025 and 2024, (iv) the Consolidated Statements of Cash Flows for the six months ended April 30, 2025 and 2024, (v) Notes to the Consolidated Financial Statements and (vi) the information included in Part II, Item 5(c). 

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#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | |
|:---|:---|
|  | **FUELCELL ENERGY, INC.** |
|  | **(Registrant)** |
| June 6, 2025 | /s/ Michael S. Bishop |
| **Date** | **Michael S. Bishop**Executive Vice President, Chief Financial Officer, and Treasurer<br>(Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 10.4

Exhibit 10.4

<u>FUELCELL energy, inc.</u><br><u>AMENDED AND RESTATED EMPLOYMENT AGREEMENT</u>

This Amended and Restated Employment Agreement ("**Agreement**") is made and entered into effective as of June 4, 2025 (the "**Effective Date**"), by and between FuelCell Energy, Inc. (the "**Corporation**"), a Delaware corporation with its principal office at 3 Great Pasture Road, Danbury, Connecticut 06813, and Jason B. Few ("**Executive**").

WHEREAS, the Corporation desires to continue to employ Executive as its President and Chief Executive Officer and Executive desires to continue in such position, commencing as of the Effective Date; and

WHEREAS, the Corporation and Executive desire to enter into this Agreement to set forth the terms and conditions of their continuing employment relationship.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Term; At-Will Employment</u>. This Agreement shall become effective on the Effective Date and continue until Executive's employment with the Corporation ends pursuant to the terms hereof; *provided, however*, that the parties agree and acknowledge that Executive's employment with the Corporation shall be at-will, meaning that either party may terminate Executive's employment under this Agreement by providing written notice to the other party of the intent to terminate such employment under this Agreement at any time (in accordance with the procedures described in Section 8 of this Agreement). The period during which Executive is employed by the Corporation under this Agreement shall be referred to as the "**Employment Term**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Employment; Position</u>. As of the Effective Date, the Corporation hereby continued to employ Executive, and Executive hereby accepts such continuing full-time employment, upon the terms and subject to the conditions contained in this Agreement. The Corporation shall employ Executive in the capacity of President and Chief Executive Officer ("**President and CEO**") of the Corporation during the Employment Term, reporting to the Board of Directors of the Corporation (the "**Board**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Duties</u>. During the Employment Term, Executive shall perform all duties, consistent with his positions as President and CEO, in order to advance the Corporation's affairs and related business efforts, assigned or delegated to him by the Board and normally associated with the positions of President and CEO. Executive shall devote all of his full business time, attention, energies, skills, and efforts to the advancement of the interests and business of the Corporation; *provided, however*, that this Agreement shall not be interpreted as prohibiting Executive from managing Executive's personal affairs or engaging in charitable or civic activities or professional industry societies so long as such activities do not interfere in any material respect with the performance of Executive's duties and responsibilities hereunder or conflict with Section 7. Subject to the foregoing, Executive may serve on outside boards, including for public companies, privately held companies and not-for-profit organizations, *provided, however*, that Executive may not serve at any one time on more than one (1) outside board of directors of a for-profit company (that is in addition to serving on the Board of the Corporation). In addition, following the Effective Date of this Agreement, Executive shall continue to serve as a member of the Board, subject to the approval of the Corporation's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Compensation</u>. As compensation for any and all services to be rendered by Executive to the Corporation pursuant to this Agreement, the Corporation shall pay Executive and provide Executive with the following compensation and benefits during the Employment Term, which Executive agrees to accept in full satisfaction for his services:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Base Salary</u>. The Corporation shall pay Executive a base salary, payable in equal installments at such payment intervals as are the usual payroll practices of the Corporation, at an initial annual rate of $582,036, less such deductions or amounts to be withheld as shall be required by applicable law or as may be allowed at the request of Executive (the "**Base Salary**"). The Base Salary shall be reviewed by the Compensation Committee of the Board (the "**Compensation Committee**") from time to time and shall be adjusted by such amount, if any, as Compensation Committee or the independent members of the Board, in their sole discretion, shall determine and approve. Any such adjustment of Base Salary shall be made effective on the date set by the Compensation Committee or the independent members of the Board (other than the President and CEO), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Annual Bonus</u>. For each full fiscal year of the Corporation, Executive shall be eligible to participate in the Corporation's annual cash incentive plans and programs that are generally provided to the senior executives of the Corporation pursuant to such terms and conditions as the Compensation Committee or the independent members of the Board may prescribe from time to time (the "**Annual Bonus**"), provided that Executive's annual target bonus if the target annual performance goal(s) are achieved shall be equal to no less than 115% of Base Salary (the "**Target Bonus**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Long-Term Incentive Compensation</u>. Executive shall be eligible to participate in such long-term incentive plans or programs of the Corporation as are generally provided to the senior executives of the Corporation, as determined by the Compensation Committee or the independent members of the Board in their discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Benefits</u>. Executive shall be entitled to participate, to the extent he is eligible, in all group insurance programs, health, medical, dental, and disability plans (including, without limitations, the Corporation's 401(k) plan), and other employee benefit plans, programs and policies (including the Corporation's vacation policy, as more fully described in paragraph (h) below) which the Corporation may hereafter in its sole and absolute discretion make available generally to its full-time salaried employees, but the Corporation shall not be required to establish or maintain any such program or plan other than as specifically set forth herein. Executive understands that except as otherwise provided for herein, the Corporation may amend, change, or cancel its employment policies and benefit plans at any time as allowed by law or by any applicable plan documents. To the extent (i) Executive is subject to an eligibility waiting period under the Corporation's medical plan, and (ii) Executive timely enrolls in COBRA group health coverage offered by a prior employer for such waiting period and provides documentation to the Corporation identifying such premium costs, then the Corporation shall provide a cash payment to Executive for each month of the waiting period in an amount equal to the Executive's COBRA premium cost for such eligibility waiting period only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Business Expenses</u>. The Corporation shall pay, or reimburse Executive for, the reasonable and necessary business expenses of Executive incurred in the performance of his duties under this Agreement in accordance with the Corporation's expense reimbursement policies and procedures, provided Executive provides timely and reasonable documentation of those expenses in accordance with the rules and regulations of the Corporation. Any such reimbursements shall be made as soon as practicable after Executive provides documentation of expenses to the Corporation, but in no event later than the last day of the calendar year following the end of the calendar year in which such expense is incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Membership Fees</u>. The Corporation shall reimburse Executive for fees, up to ten thousand dollars ($10,000) annually, for Executive's membership in the Young Presidents Organization ("**YPO**") and shall reimburse Executive for fees for any other organizations mutually agreeable to Executive and the Corporation. Such fees shall include, but not be limited to, expenses associated with Executive's attendance at the annual YPO Forum Retreat and attendance at any other educational events.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Tax Preparation Fees</u>. The Corporation shall reimburse Executive for Executive's reasonable fees incurred from time to time for tax preparation and planning services, up to a maximum amount of ten thousand dollars ($10,000) per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Vacation</u>. Executive shall be entitled to receive five (5) weeks of paid vacation per annum (pro-rated for partial fiscal years) and shall be entitled to receive paid holidays as enjoyed by all other employees of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Compliance with Policies</u>. Executive acknowledges and agrees that, except as set forth in this Agreement, compliance with the Corporation's policies, practices and procedures is a term and condition of his employment under this Agreement. The Corporation agrees to make available to Executive a copy of all current policies, practices and procedures and any such changes therein as provided to other similarly-situated employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Intellectual Property, Inventions and Improvements</u>. Executive acknowledges, covenants and agrees that the Corporation shall be the sole owner of all the fruits and proceeds of Executive's services to the Corporation, including but not limited to all writings, inventions, discoveries, designs, systems, processes, software or other improvements relating to the business or products of the Corporation, whether or not patentable, registerable, or copyrightable, which Executive may, alone or with others, conceive, create, develop, produce or make during or as a result of his employment with the Corporation (collectively, the "**Inventions**"), free and clear of any claims by Executive of any kind or character whatsoever other than Executive's rights to compensation under this Agreement. Executive agrees that he shall disclose each of the Inventions promptly and completely to the Corporation, and shall, at the request of the Board, execute such assignments, certificates or other instruments as the Board or the Corporation from time to time deem necessary or desirable to evidence, establish, maintain, perfect, protect, enforce or defend the Corporation's right, title and interest in or to any or all of the Inventions. Executive acknowledges that all works of authorship (including, without limitation, works of authorship that contain software program code) relating to the business of the Corporation and produced during Executive's employment with the Corporation, whether they are or are not created on the Corporation's premises or during regular working hours, are works made for hire and are the property of the Corporation, and that copyrights in those works of authorship are the property of the Corporation. If for any reason the Corporation is not the author of any such work of authorship for copyright purposes, Executive hereby expressly assigns all of his rights in and to that work to the Corporation and agrees to sign any instrument of specific assignment requested. Executive, whether or not still employed by the Corporation, agrees to supply evidence, give testimony, sign and execute all papers, and do all other legal and proper things that the Corporation may deem reasonably necessary for obtaining, maintaining, and enforcing patents for such Inventions and for vesting in the Corporation full title. If Executive is no longer employed by the Corporation at such time, then the Corporation shall pay Executive his reasonable out-of-pocket expenses incurred in connection with his providing the services rendered by him in the previous sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Restrictive Covenants.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Non-Disclosure of Confidential Information</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Confidential Information**" means, collectively, all confidential matters and materials of the Corporation, including without limitation, (i) the Corporation's proprietary information, inventions, trade secrets, knowledge, data, know-how, intellectual property, systems, procedures, manuals, pricing policies, operational methods and information relating to the Corporation's products, processes, formulae, business plans, marketing

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plans and strategies, pricing strategies, customer lists, and all other subject matters pertaining to the business and/or financial affairs of the Corporation; (ii) the Corporation's information regarding plans and strategies for research, development, new products, future business plans, budgets and unpublished financial statements, licenses, prices and costs; (iii) information regarding the skills and compensation of other employees of the Corporation; and (iv) information disclosed in confidence to the Corporation by a third party with a duty on the Corporation to maintain the confidentiality of such information. The term "Confidential Information" shall not include any information that (x) is generally available to the public on the Effective Date; (y) becomes generally available to the public other than as a result of a disclosure not otherwise permissible hereunder or made by a third party without the Corporation's consent. If Executive is required by a court, arbitration tribunal, or governmental agency (by oral questions, interrogatories, requests for information or documents, subpoena, civil investigation demand or similar process) to disclose any Confidential Information, Executive may disclose such Information to such court, tribunal, or agency without liability hereunder, provided, that to the extent allowed by law, Executive first provides the Corporation with notice of any such requirement(s) as promptly as practicable, but in any case, to the extent allowed by law, with sufficient timeliness to enable the Corporation to seek an appropriate protective order and/or waive its compliance with the relevant provisions of this Agreement. Notwithstanding the foregoing, under no circumstances shall Executive be obligated not to disclose Confidential Information if to so withhold such information would be in violation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Non-Solicitation of Employees</u>. While Executive is employed by the Corporation and for a period of one (1) year, followed by a second period of one (1) year, for a total period of two (2) years, from the date of termination of Executive's Employment Term with the Corporation for any reason, Executive shall not directly or indirectly solicit, induce or encourage any of the Corporation's employees to terminate their employment with the Corporation or to accept employment with any competitor, supplier, client, agent or broker of the Corporation, nor shall Executive cooperate with any others in doing or attempting to do so. As used in this paragraph, the term "solicit, induce or encourage" includes, but is not limited to, (i) initiating communications with any employee of the Corporation relating to a possible employment or independent contractor relationship, (ii) offering bonuses or additional compensation to encourage any employee of the Corporation to terminate his or her employment with the Corporation and accept employment with a competitor, supplier, client, agent or broker of the Corporation, or (iii) referring any employee of the Corporation to recruiters, personnel or agents employed by competitors, suppliers, clients, agents or brokers of the Corporation. Notwithstanding the foregoing, the term "solicit, induce or encourage", as used in this Section 7.b, specifically excludes any action by Executive related to any of the Corporation's employees where it is in the Corporation's best interest to terminate any such employees as in the case of a planned reduction in force by the Corporation or any general solicitation not directed specifically to employees of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Non-Compete</u>. While Executive is employed by the Corporation and for a period of one (1) year, followed by a second period of one (1) year, for a total period of two (2) years, from the date of termination of Executive's employment with the Corporation for any reason, Executive shall not directly or indirectly, as a principal, agent, contractor, employee, employer, partner, shareholder, proprietor, investor, member, director, officer or consultant or in any other capacity, engage in or perform any managerial or executive services for any corporation, partnership, individual or entity which is engaged in a business competitive with the Corporation or affiliate of the Corporation, where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The term "engaged in a business competitive with the Corporation" means directly or indirectly engaging in the business of researching, developing, designing, manufacturing, selling or distributing fuel cells or batteries or engaging in the same or any substantially similar business as the Corporation or any of its affiliates in any manner whatsoever within any geographic area in which the Corporation's products or services are offered or distributed. Executive understands and agrees that, because the Corporation is engaged in business throughout

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the world, the geographic area covered by this non-compete covenant extends throughout North America, South America, Europe, Asia and Africa; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The term "affiliate" means any legal entity that directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Exclusion for Investments</u>. None of the provisions of this Section 7 shall prohibit Executive from investing in securities (i) listed on a national securities exchange or actively traded over-the-counter so long as such investments are not greater than five percent (5%) of the outstanding securities of any issuer of the same class or issue or (ii) of entities engaged in a business competitive with the Corporation so long as any such entity was not engaged in a business competitive with the Corporation at the time Executive made such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Limits on Confidentiality Requirements</u>. Notwithstanding any provision of this Agreement to the contrary, the covenants set forth in this Section 7 are not intended to, and shall be interpreted in a manner that does not, limit or restrict Executive from exercising any legally protected whistleblower rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Nothing in this Agreement is intended to discourage or restrict Executive from communicating with, or making a report with, any governmental authority regarding a good faith belief of any violations of law or regulations based on information that Executive acquired through lawful means in the course of Executive's employment, including such disclosures protected or required by any whistleblower law or regulation of the Securities and Exchange Commission, the Department of Labor, or any other appropriate governmental authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Nothing in this Agreement is intended to discourage or restrict Executive from reporting any theft of Trade Secrets (as defined below) pursuant to the Defend Trade Secrets Act of 2016 (the "**DTSA**") or other applicable state or federal law. "**Trade Secret**" shall mean information, including a formula, pattern, compilation, program, device, method, technique, process, financial data, or list of actual or potential customers or suppliers that: (A) derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and (B) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. The DTSA prohibits retaliation against an employee because of whistleblower activity in connection with the disclosure of Trade Secrets, so long as any such disclosure is made either (x) in confidence to an attorney or a federal, state, or local government official and solely to report or investigate a suspected violation of the law, or (y) under seal in a complaint or other document filed in a lawsuit or other proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If Executive believes that any employee or any third party has misappropriated or improperly used or disclosed Trade Secrets or Confidential Information, Executive should report such activity through applicable policies and procedures of the Corporation. This Agreement is in addition to and not in lieu of any obligations to protect the Corporation's Trade Secrets and Confidential Information pursuant to the Corporation's Employee Handbook and/or any other then applicable policies and procedures of the Corporation. Nothing in this Agreement shall limit, curtail or diminish the Corporation's statutory rights under the DTSA or any applicable state law regarding trade secrets or common law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Reasonableness of Restrictions</u>. Executive has carefully read and considered the provisions of this Section 7, and, having done so, agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The restrictions set forth in Section 7, including but not limited to the character, duration, and geographical area of restriction, are fair and reasonable and are reasonably

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required for the protection of the good will and other legitimate business interests of the Corporation and its affiliates, officers, directors, shareholders, and other employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Executive has received, or is entitled to receive, adequate consideration for such obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Such obligations do not prevent Executive from earning a livelihood.

If, notwithstanding the foregoing, any of the provisions of this Section 7 shall be held to be invalid or unenforceable, the remaining provisions thereof shall nevertheless continue to be valid and enforceable as though the invalid and unenforceable parts had not been included therein. If any provision of this Section 7 is determined by a court of competent jurisdiction that the character, duration, geographical scope, or related aspects are unreasonable in light of the circumstances as they then exist, then it is the intention of the parties that Section 7 shall be construed by the court in such a manner as to impose only those restrictions on the conduct of Executive that are reasonable in light of the circumstances as they then exist and as are necessary to assure the Corporation of the intended benefit of this Agreement and such restrictions, as so modified, shall become and thereafter be the maximum restriction in such regard, and the restriction shall remain enforceable to the fullest extent deemed reasonable by such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Remedies for Breach of Restrictive Covenants</u>. Executive recognizes and agrees that the Corporation's remedy at law for any breach of Section 7 could be inadequate as such a breach could cause irreparable harm to the Corporation, and he agrees that, for any actual or threatened breach of such provisions, the Corporation shall, in addition to such other remedies as may be available to it at law or in equity, be entitled to seek injunctive relief and to enforce its rights by an action for specific performance. All of the Corporation's remedies for any breach of this Agreement shall be cumulative and the pursuit of any one remedy shall not exclude the Corporation's pursuit of any other remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Termination and Severance.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Termination Procedures</u>.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Employment Term and Executive's employment hereunder may be terminated by either the Corporation or Executive at any time and for any reason or for no reason, provided that Executive must provide the Corporation with thirty (30) days' advance notice of his intent to terminate his employment, although if Executive's termination is without Good Reason, then the Corporation may, in its discretion, immediately relieve Executive of all duties and responsibilities and choose to terminate Executive's employment without further notice or delay, which termination shall not in and of itself constitute a termination without Cause. The Employment Term and Executive's employment hereunder shall automatically be terminated upon Executive's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Any termination of Executive's employment hereunder by the Corporation or by Executive during the Employment Term (other than termination on account of Executive's death) shall be communicated by written notice of termination to the other party hereto (the "**Notice of Termination**") in accordance with Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Upon termination of Executive's employment during the Employment Term, Executive shall only be entitled to the compensation and benefits described in this Section 8 and shall have no further rights to any compensation or any other benefits from the Corporation or any of its affiliates under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Upon termination of Executive's employment for any reason, Executive shall be deemed to have resigned from all positions held in the Corporation, including, without limitation, any position as a director, officer, agent, trustee, or consultant of the Corporation

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or any affiliate of the Corporation, unless the Board expressly determines otherwise. Upon request of the Corporation, Executive shall promptly sign and deliver to the Corporation any and all documents reflecting such resignations as of the date of termination of his employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Termination due to Death or Disability or Voluntary Resignation by Executive</u>. In the event that Executive's employment is terminated during the Employment Term due to Executive's death or Disability (as defined below), or due to Executive's voluntary resignation to which neither Section 8.d or 8.e applies, then Executive (or, in the case of death, Executive's legal representatives) shall be entitled to receive only the following (collectively, the "**Accrued Benefits**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any accrued but unpaid Base Salary and accrued but unused vacation as of Executive's termination date, which shall be paid in accordance with the Corporation's customary payroll procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any earned but unpaid Annual Bonus with respect to any completed fiscal year immediately preceding the date of Executive's termination, paid at the same time such bonus would have been paid if Executive's employment had not terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)reimbursement for unreimbursed business expenses properly incurred by Executive, paid in accordance with the Corporation's expense reimbursement policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)employee benefits, if any, to which Executive may be entitled under the Corporation's employee benefit plans as of the date of Executive's termination.

Except as otherwise provided herein, the treatment of any outstanding equity-based awards shall be determined in accordance with the terms of the Plan and any applicable award agreement.

For purposes of this Agreement, "**Disability**" means Executive is entitled to receive long-term disability benefits under the Corporation's long-term disability plan or, if there is no such plan, Executive has incurred a permanent and total disability (within the meaning of Section 22(e)(3) of the Code or any successor provision), which has existed for 180 consecutive days. Any question as to the existence of Executive's Disability to which Executive and the Corporation cannot agree shall be determined by an independent qualified physician selected by the Corporation and reasonably acceptable to Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.<u>Termination by Corporation for Cause</u>. In the event that Executive's employment is terminated by the Corporation for Cause, then Executive shall only be entitled to receive the Accrued Benefits, except that Executive shall forfeit any earned but unpaid Annual Bonus described in Section 8.b(ii) above. For purposes of this Agreement, "**Cause**" shall mean that any of the following has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Executive's material breach of this Agreement if the Corporation has notified Executive of such breach and he has not cured such breach within the period described below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Executive's conviction of, or the entering of a guilty plea or plea of no contest with respect to, a felony, the equivalent thereof, or of a lesser crime having as its predicate element fraud, dishonesty or misappropriation of property, whether or not property of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Executive's willful misconduct, willful dishonesty, or illegal conduct, whether or not related to Executive's employment with the Corporation and including any acts that occurred prior to the Effective Date of this Agreement, in each case which the Board reasonably determines has or could cause material financial or reputational harm to the Corporation or its affiliates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Executive's material failure to adhere to any policy of the Corporation generally applicable to employees of the Corporation if Executive has been given a reasonable opportunity to comply with such policy or cure his failure to comply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Executive's appropriation (or attempted appropriation) of a business opportunity of the Corporation, including attempting to secure or securing any personal profit in connection with any transaction entered into on behalf of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Executive's misappropriation (or attempted misappropriation) of any of the Corporation's funds or property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Executive's engaging in bad faith or gross negligence in the performance of his duties under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)Executive's willful and material failure to comply with any valid and legal directive of the Board; *provided, however*, that the unwillingness of Executive to accept an act that would constitute Good Reason or any other action by or at the request of the Corporation that is contrary to this Agreement, may not be considered by the Board to be a failure to comply.

To terminate Executive's employment for Cause, the Board must provide Executive with written notice to Executive of the existence of the circumstances providing grounds for termination for Cause and, except for a circumstance which, by its nature, cannot reasonably be expected to be cured, Executive shall have fifteen (15) business days after delivery of such notice to cure the circumstances constituting Cause. If such circumstance is timely cured, it shall not constitute grounds for a termination for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.<u>Termination by the Corporation without Cause or Executive for Good Reason</u>. In the event that the Corporation terminates Executive's employment without Cause, or Executive terminates his employment for Good Reason, in each case other than in connection with a Change of Control (which is provided for under Section 8.e of this Agreement), then Executive shall be entitled receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Accrued Benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a severance payment in an amount equal to the sum of (A) Executive's Base Salary as of the date of termination (excluding any reduction in Base Salary that resulted in Executive's termination of his employment for Good Reason, unless Executive has waived his right to terminate for Good Reason as provided herein) plus (B) Executive's Target Bonus for the year of termination. Such severance payment shall be made over the six (6) month period beginning on the first regular payroll date of the Corporation following thirty (30) days after Executive's date of termination of employment (subject to Section 8.h), with payments made to Executive in equal installments during each of the Corporation's usual pay periods during such six (6) month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a pro-rata portion of the Annual Bonus amount for the year of termination equal to the Annual Bonus that would have been payable to Executive under Section 4.b for the year of termination if Executive had not terminated employment, pro-rated based on the number of days in such fiscal year that Executive is employed by the Corporation. The pro-rata Annual Bonus amount payable to Executive hereunder, if any, shall be paid under the same terms and conditions and at the time such bonus would normally be payable to Executive under Section 4.b as though Executive had not been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Corporation shall pay or promptly reimburse Executive for all reasonable relocation expenses that he incurs through the first (1<sup>st</sup>) anniversary of his date of termination in connection with his relocation from the Danbury, Connecticut area back to Houston, Texas (or such other city in Executive's discretion, provided that the expense shall not exceed the

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expense of relocating to Houston, Texas). The reasonable expenses that the Corporation shall pay or reimburse shall be limited to the same type that are payable or reimbursable under the Corporation's relocation policy, and shall not exceed $200,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)accelerated vesting of all outstanding time-vesting equity awards, *provided, however,* that a pro rata portion of any unearned performance awards shall remain eligible to be earned based on actual performance achieved following the end of the applicable performance period (with all remaining unearned performance awards being forfeited); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)continued coverage of Executive and his dependents (as applicable) during the twelve (12) month period following his termination of employment under the Corporation's group health and dental insurance plans to the extent that such benefits were in effect for Executive and his family as of the date of Executive's termination, subject to Executive's timely election of group health and/or dental continuation coverage pursuant to COBRA or similar state laws. The Corporation shall be responsible for payment of all premiums necessary to maintain these benefits during such period of coverage. Benefit continuation under this paragraph shall be concurrent with any coverage under the Corporation's plans pursuant to COBRA or similar state laws. Such benefits shall be terminated prior to the expiration of the twelve (12) month continuation period to the extent Executive has obtained new employment and is covered by benefits which in the aggregate are comparable to such continued benefits. Executive shall promptly notify the Corporation when he becomes employed after the date of his termination with the Corporation and shall provide such reasonable cooperation as the Corporation requests with respect to determining whether Executive is covered by comparable benefits with such new employer. If the health or dental benefits are fully insured, and the provision of such benefits under this paragraph would subject the Corporation or its benefits arrangements to a penalty or adverse tax treatment, then the Corporation shall provide a cash payment to Executive in an amount reasonably determined by the Corporation to be equivalent to the COBRA premiums for such benefits. If the health or dental benefits are self-insured, and the provision of such benefits under this paragraph is considered discriminatory under Code Section 105(h) and/or not exempt from the requirements of Section 409A of the Code, then to the extent required by applicable tax law, Executive acknowledges that the value of the premiums paid by the Corporation hereunder shall be considered taxable wages to Executive, and the Corporation shall be permitted to withhold applicable taxes with respect to such wages from other amounts owed to Executive, or require Executive to make satisfactory arrangements with the Corporation for the payment of such withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.<u>Termination in Connection with a Change of Control</u>. If the Corporation terminates Executive's employment without Cause, or Executive terminates his employment for Good Reason, in either case within the three (3) months prior to or the twenty-four (24) months following a Change of Control, then Executive shall be entitled to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Accrued Benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a severance payment in an amount equal to two (2) times the sum of (A) Executive's Base Salary as of the date of termination (excluding any reduction in Base Salary that resulted in Executive's termination for Good Reason, unless Executive has waived his right to terminate for Good Reason as provided herein) plus (B) Executive's Target Bonus for the year of termination. Such severance payment shall made over the six (6) month period beginning on the first regular payroll date of the Corporation following thirty (30) days after Executive's date of termination of employment (subject to Section 8.h), with payments made to Executive in equal installments during each of the Corporation's usual pay periods during such six (6) month period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a pro-rata portion of the Annual Bonus amount for the year of termination equal to the Annual Bonus that would have been payable to Executive under Section 4.b for the year of termination if Executive had not terminated employment, pro-rated based on the number of days in such fiscal year that Executive is employed by the Corporation. The pro-rata

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Annual Bonus amount payable to Executive hereunder, if any, shall be paid under the same terms and conditions and at the time such bonus would normally be payable to Executive under Section 4.b as though Executive had not been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Corporation shall pay or promptly reimburse Executive for all reasonable relocation expenses that he incurs through the first (1<sup>st</sup>) anniversary of his date of termination in connection with his relocation from the Danbury, Connecticut area back to Houston, Texas (or such other city in Executive's discretion, provided that the expense shall not exceed the expense of relocating to Houston, Texas). The reasonable expenses that the Corporation shall pay or reimburse shall be limited to the same type that are payable or reimbursable under the Corporation's relocation policy and shall not exceed $200,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)accelerated vesting of all outstanding equity awards, with any unearned performance awards as of the date of Executive's termination deemed earned at target; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)continued coverage of Executive and his dependents (as applicable) during the twenty-four (24) month period following his termination of employment under the Corporation's group health and dental insurance plans to the extent that such benefits were in effect for Executive and his family as of the date of Executive's termination, subject to Executive's timely election of group health and/or dental continuation coverage pursuant to COBRA or similar state laws. The Corporation shall be responsible for payment of all premiums necessary to maintain these benefits during such period of coverage. Benefit continuation under this paragraph shall be concurrent with any coverage under the Corporation's plans pursuant to COBRA or similar state laws. Such benefits shall be terminated prior to the expiration of the twenty-four (24) month continuation period to the extent Executive has obtained new employment and is covered by benefits which in the aggregate are comparable to such continued benefits. Executive shall promptly notify the Corporation when he becomes employed after the date of his termination with the Corporation and shall provide such reasonable cooperation as the Corporation requests with respect to determining whether Executive is covered by comparable benefits with such new employer. If the health or dental benefits are fully insured, and the provision of such benefits under this paragraph would subject the Corporation or its benefits arrangements to a penalty or adverse tax treatment, then the Corporation shall provide a cash payment to Executive in an amount reasonably determined by the Corporation to be equivalent to the COBRA premiums for such benefits. If the health or dental benefits are self-insured, and the provision of such benefits under this paragraph is considered discriminatory under Code Section 105(h) and/or not exempt from the requirements of Section 409A of the Code, then to the extent required by applicable tax law, Executive acknowledges that the value of the premiums paid by the Corporation hereunder shall be considered taxable wages to Executive, and the Corporation shall be permitted to withhold applicable taxes with respect to such wages from other amounts owed to Executive, or require Executive to make satisfactory arrangements with the Corporation for the payment of such withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.<u>Definitions</u>. For purposes of this Agreement, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Good Reason</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)<u>Good Reason (General Definition)</u>. Executive shall be considered to have terminated his employment for "**Good Reason**", if the separation from service occurs during the one hundred twenty (120) day period following the initial existence of one or more of the following conditions arising without the consent of Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)a material reduction in Executive's Base Salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)a material reduction in Executive's title, authority, duties, responsibilities or reporting requirements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)relocation of Executive to an office more than seventy-five (75) miles from the current office of the Corporation in Danbury, Connecticut;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)a material breach by the Corporation of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)a request by the Corporation that Executive engage in any activity that constitutes a violation of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)<u>Good Reason (Following a Change of Control)</u>. Notwithstanding Section 8.f.i.1 above, in the circumstance where Executive terminates his employment within the three (3) months prior to or the eighteen (18) months following a Change of Control, Executive shall be considered to have terminated his employment for "**Good Reason**", if the separation from service occurs during the one hundred twenty (120) day period following the initial existence of one or more of the following conditions arising without the consent of Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)a material reduction in Executive's Base Salary compared to his Base Salary in effect immediately prior to the Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)a material reduction in the aggregate value of employee benefits provided to Executive compared to those in effect immediately prior to the Change of Control (which reduction shall be calculated on the basis of the Corporation's per participant cost and excluding any incentive-based compensation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)a material reduction in Executive's Target Bonus opportunity or any material adverse change to the Annual Bonus program in which Executive participates compared to the opportunities represented by Target Bonus and Annual Bonus program in place immediately prior to the Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)a material adverse change with respect to the long-term incentive program in which Executive is eligible to participate (including a material reduction in Executive's target incentive opportunity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)a material reduction in Executive's title, authority, duties, responsibilities or reporting requirements compared to the most significant of those held, exercised or assigned to him at any time within the 180-day period immediately prior to the Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)relocation of Executive to an office more than seventy-five (75) miles from the current office of the Corporation in Danbury, Connecticut;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)a material breach by the Corporation of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)a request by the Corporation that Executive engage in any activity that constitutes a violation of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)<u>Notice and Timing Requirements</u>. In any circumstance to which this Section 8.f. applies, to terminate his employment for Good Reason, Executive must provide notice to the Corporation of the existence of the condition constituting a Good Reason within a period not to exceed ninety (90) days of the initial existence of the condition, upon the notice of which the Corporation must be provided a period of at

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least thirty (30) days from the date of receipt of such notice during which it may remedy the condition and not be required to pay the amount due under this Section 8. If Executive does not provide notice of Good Reason within ninety (90) days after he first becomes aware of occurrence of the applicable grounds, then Executive will be deemed to have waived his right to terminate for Good Reason with respect to such grounds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Change of Control</u>. For purposes of this Agreement, a "**Change of Control**" shall mean the first to occur of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)any "Person" (as such term is defined in the Securities Exchange Act of 1934, as amended) (other than the Corporation or any of its subsidiaries, a trustee or other fiduciary holding securities under any employee benefit plan of the Corporation or any of its subsidiaries, an underwriter temporarily holding securities pursuant to an offering of such securities or a corporation owned, directly or indirectly, by the shareholders of the Corporation in substantially the same proportions as their ownership of stock in the Corporation ("**Excluded Persons**")) is or becomes the beneficial owner , directly or indirectly, of securities of the Corporation representing fifty percent (50%) or more of either the then outstanding shares of common stock of the Corporation or the combined voting power of the Corporation's then outstanding voting securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the following individuals cease for any reason to constitute a majority of the number of directors of the Corporation then serving: (A) individuals who, on the Effective Date, constituted the Board and (B) any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Corporation) whose appointment or election by the Board or nomination for election by the Corporation's shareholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the Effective Date, or whose appointment, election or nomination for election was previously so approved (collectively the "**Continuing Directors**"); *provided, however*, that individuals who are appointed to the Board pursuant to or in accordance with the terms of an agreement relating to a merger, consolidation, or share exchange involving the Corporation (or any direct or indirect subsidiary of the Corporation) shall not be Continuing Directors for purposes of this Agreement until after such individuals are first nominated for election by a vote of at least two-thirds (2/3) of the then Continuing Directors and are thereafter elected as directors by the shareholders of the Corporation at a meeting of shareholders held following consummation of such merger, consolidation, or share exchange; and, *provided further*, that in the event the failure of any such persons appointed to the Board to be Continuing Directors results in a Change of Control, the subsequent qualification of such persons as Continuing Directors shall not alter the fact that a Change of Control occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the consummation of a merger, consolidation or share exchange of the Corporation with any other corporation (or other entity) or the issuance of voting securities of the Corporation in connection with a merger, consolidation or share exchange of the Corporation (or any direct or indirect subsidiary of the Corporation), in each case, which requires approval of the shareholders of the Corporation, other than (A) a merger, consolidation or share exchange which would result in the voting securities of the Corporation outstanding immediately prior to such merger, consolidation or share exchange continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least fifty percent (50%) of the combined voting power of the voting securities of the Corporation or such surviving entity or any parent thereof outstanding immediately after such merger, consolidation or share exchange, or (B) a merger,

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consolidation or share exchange effected to implement a recapitalization of the Corporation (or similar transaction) in which no Person (other than an Excluded Person) is or becomes the beneficial owner, directly or indirectly, of securities of the Corporation (not including in the securities beneficially owned by such Person any securities acquired directly from the Corporation or its affiliates after the Effective Date, pursuant to express authorization by the Board that refers to this exception) representing fifty percent (50%) or more of either the then outstanding shares of common stock of the Corporation or the combined voting power of the Corporation's then outstanding voting securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)the consummation of a plan of complete liquidation or dissolution of the Corporation or a sale or disposition by the Corporation of all or substantially all of the Corporation's assets (in one transaction or a series of related transactions within any period of 24 consecutive months), other than a sale or disposition by the Corporation of all or substantially all of the Corporation's assets to an entity at least seventy-five percent (75%) of the combined voting power of the voting securities of which are owned by Persons in substantially the same proportions as their ownership of the Corporation immediately prior to such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.<u>Requirement of Release</u>. Notwithstanding anything herein to the contrary, no severance or benefits shall be paid under this Section 8 (other than the Accrued Benefits) unless Executive first executes and agrees to be bound by a release of all claims, on a form provided by the Corporation to Executive promptly upon Executive's termination, which releases any and all claims that Executive has or might have against the Corporation, its affiliates, and its respective officers and directors and which contains terms customary in such agreements. If the Corporation does not receive an executed release prior to the date occurring thirty (30) days after the date of termination of Executive's employment with the Corporation (including within such thirty (30) day period any applicable revocation period), the Corporation shall have no obligation to make any payments or provide any benefits to Executive under this Section 8 (other than the Accrued Benefits).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.<u>Compliance with Section 409A of the Code; 6 Month Delay</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Notwithstanding anything to the contrary in this Agreement, to the extent that the Corporation, in the exercise of its reasonable judgment, shall determine that Section 409A of the Code applies to any amounts payable under this Section 8, any such amounts shall be paid in such fashion and at such times so as to ensure that the Corporation and Executive are in compliance with Section 409A of the Code. For purposes of this Agreement, Executive's termination of employment must constitute a separation from service under Section 409A of the Code, and its accompanying regulations. In the event that the Corporation, in the exercise of its reasonable judgment, determines that any portion of the payments and benefits under this Section 8 are subject to the requirements of Section 409A of the Code, and that Executive is a "specified employee" within the meaning of Section 409A of the Code, then, to the extent required for compliance with Section 409A of the Code, any portion of the such payments or benefits that are subject to Section 409A of the Code and that would otherwise be payable or provided within the first six (6) months following such termination of employment shall be delayed, and paid in a lump sum, on the first regular payroll date of the Corporation following the six (6) month anniversary of Executive's termination of employment (or the date of his death, if earlier than that anniversary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)For purposes of this Agreement, Executive's termination of employment must constitute a "separation from service" under Section 409A of the Code and its accompanying regulations. It is the intent of the parties hereto that the payments and benefits under this Agreement comply with or be exempt from Section 409A of the Code, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith. Each amount to be paid or benefit to be provided (including any installment payments)

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under this Agreement shall be construed as a separate payment for purposes of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Any reimbursements of Executive by the Corporation under this Agreement shall be made as soon as practicable after Executive provides sufficient documentation of expenses to the Corporation and in accordance with the Corporation's expense reimbursement policy, but in no event later than the last day of the calendar year following the end of the calendar year in which such expense is incurred. The amount of expenses eligible for reimbursement pursuant to this Agreement during a given taxable year of Executive shall not affect the amount of expenses eligible for reimbursement in any other taxable year of Executive. The Executive's right to reimbursement under this Agreement is not subject to liquidation or exchange for another benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Limitation on Severance Payments and Benefits</u>. Upon a Change of Control, if the Corporation's legal counsel or accountants determine that any payment, benefit or transfer by the Corporation or an affiliate under this Agreement or any other plan, agreement, or arrangement to or for the benefit of Executive (in the aggregate, the "**Total Payments**") to be subject to the tax ("**Excise Tax**") imposed by Section 4999 of the Code but for this Section 9, then the Total Payments shall be delivered either (a) in full or (b) in an amount such that the value of the aggregate Total Payments that Executive is entitled to receive shall be One Dollar ($1.00) less than the maximum amount that Executive may receive without being subject to the Excise Tax, whichever of (a) or (b) results in Executive receiving the greatest benefit on an after-tax basis (taking into account applicable federal, state and local income taxes and the Excise Tax). In the event that (b) results in a greater after-tax benefit to Executive, payments or benefits included in the Total Payments shall be reduced or eliminated by applying the following principles, in order: (i) the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (ii) the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (iii) cash payments shall be reduced prior to non-cash benefits; provided that if the foregoing order of reduction or elimination would violate Section 409A of the Code, then the reduction shall be made pro rata among the payments or benefits included in the Total Payments (on the basis of the relative present value of the parachute payments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Set Off; Mitigation</u>. The Corporation's obligation to pay Executive the amounts and to provide the benefits hereunder shall be subject to set-off, counterclaim or recoupment of amounts determined by a final judicial or arbitral decision to be owed by Executive to the Corporation for a breach of this Agreement or his fiduciary duties to the Corporation. However, Executive shall not be required to mitigate the amount of any payment provided for pursuant to this Agreement by seeking other employment or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Taxes</u>. All compensation and benefits provided for in this Agreement shall be subject to applicable withholding for taxes, (federal, state, and local), and any other proper deductions. The Corporation shall in no event be obligated to make any gross-up or make-whole payments relating to taxes or withholdings on amounts or benefits received by Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Waiver</u>. A party's failure to insist on compliance or enforcement of any provision of this Agreement shall not affect the validity or enforceability or constitute a waiver of future enforcement of that provision or of any other provision of this Agreement by that party or any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Governing Law</u>. This Agreement shall in all respects be subject to, and governed by the laws of the State of Connecticut without reference to its conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Severability</u>. Subject to the provisions of Section 15, Executive and the Corporation agree that the invalidity or unenforceability of any provision in the Agreement shall not in any way affect the validity or enforceability of any other provision and this Agreement shall be construed in all respects as if such invalid or unenforceable provision had never been in the Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Judicial Modification</u>. If a court of competent jurisdiction determines that the character, duration, geographic scope, activity and/or subject of the provisions in Section 7 of this Agreement is or are unreasonable under the circumstances as they then exist, then Executive and the Corporation agree that such provisions should be limited and reduced, and request that any reviewing court limit and reduce such provisions, so as to make them enforceable under applicable law to assure the Corporation of the intended maximum benefit of such provisions under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Notice</u>. Any and all notices required or permitted herein shall be in writing and shall be deemed to have been duly given (a) when delivered if delivered personally, (b) on the fifth day following the date of deposit in the United States mail if sent first class, postage prepaid, or by certified mail, or (c) one day after delivery to a nationally recognized overnight courier service. The parties' respective addresses for such notices shall be those set forth below, or such other address or addresses as either party may hereafter designate in writing to the other.

If to the Corporation: FuelCell Energy, Inc.

Great Pasture Road

Danbury, CT 06813

Attention: Chairman of the Board of Directors

Facsimile No.: (203) 825-6100

With a copy to:Foley & Lardner LLP

Attention: Paul D. Broude<br>111 Huntington Avenue

Suite 2500

Boston, MA 02199-7610

If to Executive: To the most recent address then on file with the Corporation.

With a copy to: BoyarMiller

Attention: Gary W. Miller

Kirby Grove

2925 Richmond Ave., 14th Floor

Houston, TX 77098

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Assignment</u>. This Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and their respective successors, assigns, heirs, and legal representatives, including any entity with which the Corporation may merge or consolidate or to which all or substantially all of its assets may be transferred. The duties and covenants of Executive under this Agreement, being personal, may not be delegated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Amendments</u>. This Agreement may be amended at any time by mutual consent of the parties hereto, with any such amendment to be invalid unless in writing and signed by the Corporation and Executive and expressly referring to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Entire Agreement</u>. This Agreement contains the entire agreement and understanding by and between Executive and the Corporation with respect to the employment of Executive and supersedes all existing agreements between the Corporation and Executive with respect to such subject matter. No representations, promises, agreements, or understandings, written or oral, relating to the employment of Executive by the Corporation, or any of its officers, directors, employees, or agents, not contained herein shall be of any force or effect, provided that, Sections 6 and 7 shall be supplemental to any other agreement of Executive with the Corporation related to the matters identified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>No Undue Influence - Construction</u>. This Agreement is executed voluntarily and without any duress or undue influence. Executive acknowledges that he has read this Agreement and

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executed it with his full and free consent. No provision of this Agreement shall be construed against any party by virtue of the fact that such party or its counsel drafted such provision or the entirety of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Representations of Executive</u>. Executive represents and warrants to the Corporation that, to the best of his knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Executive's acceptance of employment with the Corporation and the performance of his duties hereunder will not conflict with or result in a violation of, a breach of, or a default under any contract, agreement or understanding to which he is a party or is otherwise bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Executive's acceptance of employment with the Corporation and the performance of his duties hereunder will not violate any non-solicitation, non-competition, or other similar covenant or agreement of a prior employer or third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.This Agreement has been jointly drafted by both parties and is the result of full and otherwise fair and good faith bargaining over its terms following a full and otherwise fair opportunity to have legal counsel for Executive review this Agreement, propose modifications and changes, and to verify that the terms and provisions of this Agreement are reasonable and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Executive has truthfully answered all questions asked by the Board prior to the Effective Date, has disclosed all information that a reasonable person would believe is material to the Board's decision to extend an offer of employment to Executive, and has not falsified any materials or other information requested by the Corporation in connection with his employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Executive has not been the subject of any complaint or allegation regarding his sexual harassment, his sexual misconduct, fraud or embezzlement in any prior employment situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>References to Gender and Number Terms</u>. In construing this Agreement, feminine or neutral pronouns shall be substituted for those masculine in form and vice versa, and plural terms shall be substituted for singular and singular for plural in any place in which the context so requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.<u>Counterparts: Headings; Sections</u>. This Agreement may be executed in multiple counterparts, each of which shall be considered to have the force and effect of any original but all of which taken together shall constitute but one and the same instrument. The various headings in this Agreement are inserted for convenience only and are not part of the Agreement. All references to "Sections" in this Agreement refer to the various corresponding sections of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.<u>Survival</u>. The covenants and agreements contained in Sections 5 through 10 shall survive any termination of Executive's employment with the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.<u>Attorney's Fees Incurred by Executive</u>. The Corporation covenants and agrees that it will promptly pay, or reimburse Executive if Executive provides reasonable evidence he has already paid, all reasonable attorney's fees incurred by Executive in connection with the negotiation and execution of this Agreement (including the discussions leading up thereto), up to an aggregate maximum of $25,000. <u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.<u>Arbitration: Waiver of Trial by Jury</u>. Executive and the Corporation shall submit any disputes arising under this Agreement to an arbitration panel conducting a binding arbitration in Hartford, Connecticut or at such other location as may be agreeable to the parties, in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association in effect on the date of such arbitration (the "**Rules**"), and judgment upon the award rendered by the arbitrator or arbitrators may be entered in any court having jurisdiction thereof; *provided, however*, that nothing herein shall impair the Corporation's right to seek equitable relief in any court for any breach or threatened breach of Section 7. The award of the arbitrators shall be final and shall be the sole and

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exclusive remedy between the parties regarding any claims, counterclaims, issues or accountings presented to the arbitration panel. The parties hereto further agree that the arbitration panel shall consist of one (l) person mutually acceptable to the Corporation and Executive, provided that if the parties cannot agree on an arbitrator within thirty (30) days of filing a notice of arbitration, the arbitrator shall be selected by the manager of the principal office of the American Arbitration Association serving Hartford County in the State of Connecticut. Each party will pay for the fees and expenses of its own attorneys, experts, witnesses, and preparation and presentation of proofs and post-hearing briefs (unless the party prevails on a claim for which attorney's fees and expenses are recoverable under the Rules and those amounts are included as part of the award). Any action to enforce or vacate the arbitrator's award shall be governed by the federal Arbitration Act, if applicable, and otherwise by applicable state law. If either the Corporation or Executive pursues any claim, dispute or controversy against the other in a proceeding other than the arbitration provided for herein, the responding party shall be entitled to dismissal or injunctive relief regarding such action and recovery of all costs, losses and attorney's fees related to such action. Executive acknowledges and expressly agrees that this arbitration provision constitutes a knowing and voluntary waiver of trial by jury in any action or proceeding to which Executive and the Corporation may be parties arising out of or pertaining to this Agreement.

THE NEXT PAGE IS THE SIGNATURE PAGE

## Exhibit 10.5

Exhibit 10.5

![Graphic](fcel-20250430xex10d5001.jpg)

June 4, 2025

Michael Bishop

106 Winthrop Drive

Cheshire, CT 06410

Dear Mike:

This amended and restated employment agreement (this "Agreement") is made and entered into effective as of June 4, 2025 (the "Effective Date"), by and between FuelCell Energy, Inc., a Delaware corporation (the "Corporation"), and you.

WHEREAS, the Corporation and you desire to enter into this Agreement to set forth the terms and conditions of your continuing employment relationship and amend and restate in its entirety your existing employment agreement with the Corporation; and

WHEREAS, you acknowledge that by executing and delivering this Agreement, you will obtain certain rights, compensation, and benefits greater than those that you previously received from the Corporation and that, accordingly, such rights, compensation, and benefits constitute valid consideration to you.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Position and Duties</u>.

You shall perform all duties, consistent with your position as Executive Vice President, Chief Financial Officer and Treasurer in order to advance the Corporation's affairs and related business efforts, assigned or delegated to you by the Board of Directors of the Corporation (the "Board") or the Corporation's President and Chief Executive Officer ("CEO") and normally associated with the position of Executive Vice President, Chief Financial Officer and Treasurer. You shall devote all of your full business time, attention, energies, skills, and efforts to the advancement of the interests and business of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Your base annual salary will be $445,982 effective as of the Effective Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.You will be eligible for an annual bonus as determined and approved by the Board or a committee thereof. For fiscal year 2025, you will be eligible for a target annual bonus equal to 70% of your base salary as determined and approved by the Board or a committee thereof. The actual amount of the bonus may be more or less than the target amount, and may be pro-rated for any partial year of service. Any bonus may be payable in cash, stock options and/or restricted stock upon such terms and conditions as determined by the Board or a committee thereof. The Corporation will pay any such bonus by the end of the first quarter of the following fiscal year, provided you are employed by the Corporation on the date the bonus is actually paid. Payment of the bonus in any year should not be construed as requiring the payment of a bonus in any other year. You may from time to time also be eligible to receive other incentive awards at the Corporation' sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.You shall be entitled to participate in the Corporation's long-term incentive compensation program under its 2018 Omnibus Incentive Plan or any successor plan thereto (the "Plan"). The determination as to the amount or number of shares subject to any long-term incentive awards, and the other terms and conditions of such awards, shall be subject to the sole discretion of the Board or a committee thereof. Any awards granted to you shall be subject to the provisions of the Plan and a separate written agreement embodying the grant of the award in the form stipulated pursuant to the Plan.

You hereby acknowledge that your rights hereunder shall be subject to the Corporation's Compensation Recovery Policy or similar requirements in favor of the Corporation established by law or by Corporation policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. <u>Severance Benefits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>Termination Without Cause or for Good Reason</u>. In the event that the Corporation terminates your employment without Cause (as defined below) or you terminate your employment for Good Reason (as defined below) other than in connection with a Change in Control (as defined below), you will be entitled to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A severance payment in an amount equal to twelve (12) months of your annual base salary as of the date of termination, payable over a twelve (12) month period, with payments made in equal installments in accordance with the Corporation's usual pay periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Payment by the Corporation of your COBRA premiums for up to twelve (12) months provided you elect continuation of coverage under COBRA and you are not eligible for health coverage under another employer's plan. The Corporation reserves the right to provide you with a cash equivalent of the cost of such COBRA premiums in lieu of making the premium payments. Such payments will be made over a twelve (12) month period in equal installments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Accelerated vesting of all outstanding time-vesting equity awards, *provided, however*, that a pro rata portion of any unearned performance awards shall remain eligible to be earned following the end of the applicable performance period based on actual performance achieved (with all remaining unearned performance awards being forfeited).

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For the avoidance of doubt, upon a termination of your employment under this Section III.A, you will also be eligible to receive a pro rata portion of your annual bonus consistent with Section II.B based on actual performance.

For purposes of this Agreement, "Cause" shall mean that any of the following has occurred: (1) your material breach of this Agreement if the Corporation has notified you of such breach and you have not cured such breach within the period described below; (2) your conviction of, or entry of a guilty plea or plea of no contest with respect to, a felony, the equivalent thereof, or of a lesser crime having as its predicate element fraud, dishonesty or misappropriation of property, whether or not property of the Corporation; (3) your willful misconduct, willful dishonesty, or illegal conduct, whether or not related to your employment with the Corporation and including any acts that occurred prior the Effective Date, in each case which the Board reasonably determines has or could cause material financial or reputational harm to the Corporation or its affiliates; (4) your material failure to adhere to any policy of the Corporation generally applicable to employees of the Corporation if you have been given an reasonable opportunity to comply with such policy or cure your failure to comply; (5) your appropriation (or attempted appropriation) of a business opportunity of the Corporation, including attempting to secure or securing any personal profit in connection with any transaction entered into on behalf of the Corporation; (6) your misappropriation (or attempted misappropriation) of any of the Corporation's funds or property; (7) your engaging in bad faith or gross negligence in the performance of your duties under this Agreement; or (8) your willful and material failure to comply with any valid and legal directive of the Board or the CEO; provided, however, that your unwillingness to accept an act that would constitute Good Reason or any other action by or at the request of the Corporation that is contrary to this Agreement may not be considered by the Board or the CEO to be a failure to comply. To terminate your employment for Cause, the Board or the CEO must provide you with written notice of the existence of the circumstances providing grounds for termination for Cause and, except for a circumstance which, by its nature, cannot reasonably be expected to be cured, you will have fifteen (15) business days after delivery of such notice to cure the circumstances constituting Cause. If such circumstances are timely cured, they shall not constitute grounds for a termination for Cause.

You will be considered to have terminated your employment for "Good Reason" if you resign after one or more of the following conditions arises without your consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A material diminution in your base salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.A material diminution in your authority, duties or responsibilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A material diminution in the budget over which you retain authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.A material change in the geographic location at which you must perform your duties.

Notwithstanding the foregoing, you will not be considered to have terminated your employment for Good Reason unless (a) you provide written notice to the Corporation of the

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existence of the condition constituting Good Reason within a period not to exceed ninety (90) days of the initial existence of the condition, upon the receipt of which the Corporation will have a cure period of at least thirty (30) days during which it may remedy the condition and not be required to pay any severance, (b) the Corporation fails to remedy such condition within such thirty (30) day period and (c) you actually resign for Good Reason within sixty (60) days following the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.<u>Change in Control</u>. In the event that your employment is terminated by the Corporation for any reason other than for Cause or you resign for Good Reason, in each case in connection with a Change in Control, you will be entitled to receive a severance payment in an amount equal to one (1) year of your base salary as of the date of termination plus your target annual bonus for the year in which your employment is terminated (or for the prior year, if your target annual bonus has not yet been determined for the year in which your employment is terminated). The Corporation will also pay your COBRA premiums for up to twelve (12) months provided you elect continuation coverage under COBRA and you are not eligible for health coverage under another employer's plan. The Corporation reserves the right to provide you with a cash equivalent of the cost of such COBRA premiums in lieu of making the premium payments. The severance payment will be made over a twelve (12) month period following the date of termination, with payments made in equal installments in accordance with the Corporation's usual pay periods. Upon a termination of your employment under this Section III.B, you will also be eligible to receive a pro rata portion of your annual bonus consistent with Section II.B, calculated at the target performance level.

Notwithstanding the foregoing, you will not be considered to have terminated your employment for Good Reason in connection with a Change in Control unless (a) you provide written notice to the Corporation (or its successor in the Change in Control) of the existence of the condition constituting Good Reason within a period not to exceed ninety (90) days of the initial existence of the condition and within the ninety (90) day period preceding the Change in Control or the twenty-four (24) month period after the Change in Control, upon the receipt of which the Corporation (or its successor) will have a cure period of at least thirty (30) days during which it may remedy the condition and not be required to pay any severance, (b) the Corporation (or its successor) fails to remedy such condition within such thirty (30) day period and (c) you actually resign for Good Reason within sixty (60) days following the expiration of such cure period. If the Corporation terminates your employment without Cause during the ninety (90) day period preceding a Change in Control or the twenty-four (24) month period thereafter, the termination will be deemed to be in connection with a Change in Control.

A "Change in Control" shall be deemed to have occurred upon the closing of a transaction that is of a nature that would be required to be reported in response to Item 5.01(a) of the Current Report on Form 8-K, as in effect on the date of this Agreement, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"); provided that, without limitation, such a Change in Control shall be deemed to have occurred if: (a) a third person, including a "group" as such term is used in Section 13(d)(3) of the Exchange Act, other than the trustee of any employee benefit plan of the Corporation, becomes the beneficial owner, directly or indirectly, of 35% or more of the combined voting power of the Corporation's outstanding voting securities ordinarily having the right to vote for the election of directors of the Corporation; (b) during any period of twenty-four (24) consecutive months individuals who, at the beginning of such consecutive

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twenty-four (24) month period, constitute the Board cease for any reason (other than retirement upon reaching normal retirement age, disability, or death) to constitute at least a majority of the Board; provided that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Corporation's shareholders, was approved by a vote of at least three quarters of the directors comprising the Incumbent Board (as defined below) shall be, for purposes of this Agreement, considered as though such person were a member of the Incumbent Board; or (c) the Corporation shall cease to be a publicly owned corporation having its outstanding Common Stock listed on the New York Stock Exchange or quoted in the NASDAQ National or Small Cap Market System, except where the delisting is related to a private purchase of the Corporation's stock by a group consisting of the Corporation's current officers, or where the delisting would not result in the occurrence of any of the events described in clauses (a) or (b) of this definition.

For these purposes, a Change in Control shall not be deemed to have occurred and the enhanced severance under Section III.B shall not apply where, with respect to any transaction otherwise constituting a Change in Control, you are reasonably expected to maintain the same position you had as of immediately prior to such transaction.

For these purposes, "Incumbent Board" means the Board as in existence twenty-four (24) months prior to the date the action is being considered. Notwithstanding the foregoing, if the Incumbent Board specifically determines in good faith that any transaction does not constitute a Change in Control for purposes of this Agreement such determination shall be conclusive and binding.

Except to the extent a result more favorable to you is provided for in the Plan or the applicable award agreements, any equity-based awards granted to you by the Corporation shall accelerate and immediately vest if there is a Change in Control and your employment with the Corporation is terminated by the Corporation without Cause or by you for Good Reason in connection with such Change in Control.

Notwithstanding anything to the contrary herein, upon a Change in Control, if the Corporation's legal counsel or accountants determine that any payment, benefit or transfer by the Corporation or an affiliate under this Agreement or any other plan, agreement, or arrangement to you or for your benefit (in the aggregate, the "Total Payments") to be subject to the tax ("Excise Tax") imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") but for this paragraph, then the Total Payments shall be delivered either (a) in full or (b) in an amount such that the value of the aggregate Total Payments that Executive is entitled to receive shall be One Dollar ($1.00) less than the maximum amount that you may receive without being subject to the Excise Tax, whichever of (a) or (b) results in you receiving the greatest benefit on an after-tax basis (taking into account applicable federal, state and local income taxes and the Excise Tax). In the event that (b) results in a greater after-tax benefit to you, payments or benefits included in the Total Payments shall be reduced or eliminated by applying the following principles, in order: (i) the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (ii) the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (iii) cash payments shall be reduced prior to non-cash benefits; provided that if

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the foregoing order of reduction or elimination would violate Section 409A of the Code, then the reduction shall be made pro rata among the payments or benefits included in the Total Payments (on the basis of the relative present value of the parachute payments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.<u>Other Terminations of Employment</u>. In the event that your employment is terminated under any circumstances not described above, you will be entitled to receive only your accrued but unpaid base salary and accrued but unused vacation as of your termination date, which shall be paid in accordance with the Corporation's customary payroll procedures; reimbursement for unreimbursed business expenses properly incurred by you, paid in accordance with the Corporation's expense reimbursement policy; and employee benefits, if any, to which you may be entitled under the Corporation's employee benefit plans as of the date of your termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. <u>Eligibility for Severance; Requirement of Release</u>.

Any severance payments required hereunder shall commence on the first regular payroll date following the sixtieth (60<sup>th</sup>) day after the date of termination of your employment with the Corporation so long as, prior to such date, you execute and agree to be bound by (and do not revoke) a release of all claims, on a form provided by the Corporation, which releases any and all claims that you have or might have against the Corporation and which contains terms customary in such a release. If the Corporation does not receive an executed release prior to the date occurring sixty (60) days after the date of termination of your employment with the Corporation (including within such sixty (60) day period any applicable revocation period), the Corporation shall have no obligation to provide severance payments or benefits to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. <u>Compliance with Section 409A of the Code; Entire Agreement</u>.

To the extent the Corporation in the exercise of its reasonable judgment shall determine that Section 409A of the Code applies to any amounts payable to you hereunder, then any such amounts shall be paid in such fashion and at such times so as to ensure that the Corporation and you are in compliance with Section 409A of the Code; provided that the Corporation does not guarantee that any payments or benefits contemplated by this Agreement shall comply with Section 409A of the Code.

Notwithstanding anything to the contrary in this Agreement, in the event that any stock of the Corporation or any entity within the same controlled group (as defined in Section 414(b) of the Code), is publicly traded on an established securities market as defined in Section 1.409A-1(i) of the Treasury Regulations under Section 409A of the Code, payments to you that are subject to the provisions of Section 409A of the Code will not be made until the date that is six (6) months plus one day after your date of separation from service, or, if earlier than the end of the six-month period, the date of your death, if you are a Specified Employee (as defined below) to the extent required for compliance with Section 409A of the Code. Any payments delayed hereunder shall be paid in a single lump sum payment on such date. For purposes of this paragraph, "Specified Employee" means a key employee (as defined in Code Section 416(i)) of the Corporation or any affiliated organization with employees in the United States. You will be considered a key employee for the period commencing April 1 and ending on the March 31 thereafter if you were a key employee on the previous December 31 and such designation shall be effective solely for that period.

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This Agreement contains the entire agreement and understanding by and between you and the Corporation with respect to your employment and supersedes any existing agreements between the Corporation and you with respect to such subject matter. No representations, promises, agreements, or understandings, written or oral, relating to your employment by the Corporation, or any of its officers, directors, employees, or agents, not contained herein shall be of any force or effect, other than any agreement(s) relating to confidentiality, intellectual property or restrictive covenants between you and the Corporation.

In no event shall any payment be made hereunder that shall exceed the limitations of Section 162(m) of the Code and any regulations thereunder applicable to the Corporation.

THE NEXT PAGE IS THE SIGNATURE PAGE

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IN WITNESS WHEREOF, the Corporation and you have duly executed this Agreement on the date set forth below.

CORPORATION:

FUELCELL ENERGY, INC.

<u>_____/s/ Jason B. Few_______________________</u><br>Name: Jason B. Few<br>Its: President and Chief Executive Officer

Date: <u>__June 4, 2025__________</u>

MICHAEL BISHOP

<u>____/s/ Michael Bishop______________________</u>

Date: <u>__June 4, 2025__________</u>

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## Exhibit 10.6

Exhibit 10.6

![Graphic](fcel-20250430xex10d6001.jpg)

June 4, 2025

Joshua Dolger

137 West Hill Road

Stamford, CT 06902

Dear Joshua:

This amended and restated employment agreement (this "Agreement") is made and entered into effective as of June 4, 2025 (the "Effective Date"), by and between FuelCell Energy, Inc., a Delaware corporation (the "Corporation"), and you.

WHEREAS, the Corporation and you desire to enter into this Agreement to set forth the terms and conditions of your continuing employment relationship and amend and restate in its entirety your existing employment agreement with the Corporation; and

WHEREAS, you acknowledge that by executing and delivering this Agreement, you will obtain certain rights, compensation, and benefits greater than those that you previously received from the Corporation and that, accordingly, such rights, compensation, and benefits constitute valid consideration to you.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Position and Duties</u>.

You shall perform all duties, consistent with your position as Executive Vice President, General Counsel and Corporate Secretary in order to advance the Corporation's affairs and related business efforts, assigned or delegated to you by the Board of Directors of the Corporation (the "Board") or the Corporation's President and Chief Executive Officer ("CEO") and normally associated with the position of Executive Vice President, General Counsel and Corporate Secretary. You shall devote all of your full business time, attention, energies, skills, and efforts to the advancement of the interests and business of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Your base annual salary will be $385,018 effective as of the Effective Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.You will be eligible for an annual bonus as determined and approved by the Board or a committee thereof. For fiscal year 2025, you will be eligible for a target annual bonus equal to 60% of your base salary as determined and approved by the Board or a committee thereof. The actual amount of the bonus may be more or less than the target amount, and may be pro rated for any partial year of service. Any bonus may be payable in cash, stock options and/or restricted stock upon such terms and conditions as determined by the Board or a committee thereof. The Corporation will pay any such bonus by the end of the first quarter of the following fiscal year, provided you are employed by the Corporation on the date the bonus is actually paid. Payment of the bonus in any year should not be construed as requiring the payment of a bonus in any other year. You may from time to time also be eligible to receive other incentive awards at the Corporation' sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.You shall be entitled to participate in the Corporation's long-term incentive compensation program under its 2018 Omnibus Incentive Plan or any successor plan thereto (the "Plan"). The determination as to the amount or number of shares subject to any long-term incentive awards, and the other terms and conditions of such awards, shall be subject to the sole discretion of the Board or a committee thereof. Any awards granted to you shall be subject to the provisions of the Plan and a separate written agreement embodying the grant of the award in the form stipulated pursuant to the Plan.

You hereby acknowledge that your rights hereunder shall be subject to the Corporation's Compensation Recovery Policy or similar requirements in favor of the Corporation established by law or by Corporation policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. <u>Severance Benefits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>Termination Without Cause or for Good Reason</u>. In the event that the Corporation terminates your employment without Cause (as defined below) or you terminate your employment for Good Reason (as defined below) other than in connection with a Change in Control (as defined below), you will be entitled to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A severance payment in an amount equal to twelve (12) months of your annual base salary as of the date of termination, payable over a twelve (12) month period, with payments made in equal installments in accordance with the Corporation's usual pay periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Payment by the Corporation of your COBRA premiums for up to twelve (12) months provided you elect continuation of coverage under COBRA and you are not eligible for health coverage under another employer's plan. The Corporation reserves the right to provide you with a cash equivalent of the cost of such COBRA premiums in lieu of making the premium payments. Such payments will be made over a twelve (12) month period in equal installments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Accelerated vesting of all outstanding time-vesting equity awards, *provided, however*, that a pro rata portion of any unearned performance awards shall remain eligible to be earned following the end of the applicable performance period based on actual performance achieved (with all remaining unearned performance awards being forfeited).

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For the avoidance of doubt, upon a termination of your employment under this Section III.A, you will also be eligible to receive a pro rata portion of your annual bonus consistent with Section II.B based on actual performance.

For purposes of this Agreement, "Cause" shall mean that any of the following has occurred: (1) your material breach of this Agreement if the Corporation has notified you of such breach and you have not cured such breach within the period described below; (2) your conviction of, or entry of a guilty plea or plea of no contest with respect to, a felony, the equivalent thereof, or of a lesser crime having as its predicate element fraud, dishonesty or misappropriation of property, whether or not property of the Corporation; (3) your willful misconduct, willful dishonesty, or illegal conduct, whether or not related to your employment with the Corporation and including any acts that occurred prior the Effective Date, in each case which the Board reasonably determines has or could cause material financial or reputational harm to the Corporation or its affiliates; (4) your material failure to adhere to any policy of the Corporation generally applicable to employees of the Corporation if you have been given an reasonable opportunity to comply with such policy or cure your failure to comply; (5) your appropriation (or attempted appropriation) of a business opportunity of the Corporation, including attempting to secure or securing any personal profit in connection with any transaction entered into on behalf of the Corporation; (6) your misappropriation (or attempted misappropriation) of any of the Corporation's funds or property; (7) your engaging in bad faith or gross negligence in the performance of your duties under this Agreement; or (8) your willful and material failure to comply with any valid and legal directive of the Board or the CEO; provided, however, that your unwillingness to accept an act that would constitute Good Reason or any other action by or at the request of the Corporation that is contrary to this Agreement may not be considered by the Board or the CEO to be a failure to comply. To terminate your employment for Cause, the Board or the CEO must provide you with written notice of the existence of the circumstances providing grounds for termination for Cause and, except for a circumstance which, by its nature, cannot reasonably be expected to be cured, you will have fifteen (15) business days after delivery of such notice to cure the circumstances constituting Cause. If such circumstances are timely cured, they shall not constitute grounds for a termination for Cause.

You will be considered to have terminated your employment for "Good Reason" if you resign after one or more of the following conditions arises without your consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A material diminution in your base salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.A material diminution in your authority, duties or responsibilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A material diminution in the budget over which you retain authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.A material change in the geographic location at which you must perform your duties.

Notwithstanding the foregoing, you will not be considered to have terminated your employment for Good Reason unless (a) you provide written notice to the Corporation of the

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existence of the condition constituting Good Reason within a period not to exceed ninety (90) days of the initial existence of the condition, upon the receipt of which the Corporation will have a cure period of at least thirty (30) days during which it may remedy the condition and not be required to pay any severance, (b) the Corporation fails to remedy such condition within such thirty (30) day period and (c) you actually resign for Good Reason within sixty (60) days following the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.<u>Change in Control</u>. In the event that your employment is terminated by the Corporation for any reason other than for Cause or you resign for Good Reason, in each case in connection with a Change in Control, you will be entitled to receive a severance payment in an amount equal to one (1) year of your base salary as of the date of termination plus your target annual bonus for the year in which your employment is terminated (or for the prior year, if your target annual bonus has not yet been determined for the year in which your employment is terminated). The Corporation will also pay your COBRA premiums for up to twelve (12) months provided you elect continuation coverage under COBRA and you are not eligible for health coverage under another employer's plan. The Corporation reserves the right to provide you with a cash equivalent of the cost of such COBRA premiums in lieu of making the premium payments. The severance payment will be made over a twelve (12) month period following the date of termination, with payments made in equal installments in accordance with the Corporation's usual pay periods. Upon a termination of your employment under this Section III.B, you will also be eligible to receive a pro rata portion of your annual bonus consistent with Section II.B, calculated at the target performance level.

Notwithstanding the foregoing, you will not be considered to have terminated your employment for Good Reason in connection with a Change in Control unless (a) you provide written notice to the Corporation (or its successor in the Change in Control) of the existence of the condition constituting Good Reason within a period not to exceed ninety (90) days of the initial existence of the condition and within the ninety (90) day period preceding the Change in Control or the twenty-four (24) month period after the Change in Control, upon the receipt of which the Corporation (or its successor) will have a cure period of at least thirty (30) days during which it may remedy the condition and not be required to pay any severance, (b) the Corporation (or its successor) fails to remedy such condition within such thirty (30) day period and (c) you actually resign for Good Reason within sixty (60) days following the expiration of such cure period. If the Corporation terminates your employment without Cause during the ninety (90) day period preceding a Change in Control or the twenty-four (24) month period thereafter, the termination will be deemed to be in connection with a Change in Control.

A "Change in Control" shall be deemed to have occurred upon the closing of a transaction that is of a nature that would be required to be reported in response to Item 5.01(a) of the Current Report on Form 8-K, as in effect on the date of this Agreement, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"); provided that, without limitation, such a Change in Control shall be deemed to have occurred if: (a) a third person, including a "group" as such term is used in Section 13(d)(3) of the Exchange Act, other than the trustee of any employee benefit plan of the Corporation, becomes the beneficial owner, directly or indirectly, of 35% or more of the combined voting power of the Corporation's outstanding voting securities ordinarily having the right to vote for the election of directors of the Corporation; (b) during any period of twenty-four (24) consecutive months individuals who, at the beginning of such consecutive

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twenty-four (24) month period, constitute the Board cease for any reason (other than retirement upon reaching normal retirement age, disability, or death) to constitute at least a majority of the Board; provided that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Corporation's shareholders, was approved by a vote of at least three quarters of the directors comprising the Incumbent Board (as defined below) shall be, for purposes of this Agreement, considered as though such person were a member of the Incumbent Board; or (c) the Corporation shall cease to be a publicly owned corporation having its outstanding Common Stock listed on the New York Stock Exchange or quoted in the NASDAQ National or Small Cap Market System, except where the delisting is related to a private purchase of the Corporation's stock by a group consisting of the Corporation's current officers, or where the delisting would not result in the occurrence of any of the events described in clauses (a) or (b) of this definition.

For these purposes, a Change in Control shall not be deemed to have occurred and the enhanced severance under Section III.B shall not apply where, with respect to any transaction otherwise constituting a Change in Control, you are reasonably expected to maintain the same position you had as of immediately prior to such transaction.

For these purposes, "Incumbent Board" means the Board as in existence twenty-four (24) months prior to the date the action is being considered. Notwithstanding the foregoing, if the Incumbent Board specifically determines in good faith that any transaction does not constitute a Change in Control for purposes of this Agreement such determination shall be conclusive and binding.

Except to the extent a result more favorable to you is provided for in the Plan or the applicable award agreements, any equity-based awards granted to you by the Corporation shall accelerate and immediately vest if there is a Change in Control and your employment with the Corporation is terminated by the Corporation without Cause or by you for Good Reason in connection with such Change in Control.

Notwithstanding anything to the contrary herein, upon a Change in Control, if the Corporation's legal counsel or accountants determine that any payment, benefit or transfer by the Corporation or an affiliate under this Agreement or any other plan, agreement, or arrangement to you or for your benefit (in the aggregate, the "Total Payments") to be subject to the tax ("Excise Tax") imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") but for this paragraph, then the Total Payments shall be delivered either (a) in full or (b) in an amount such that the value of the aggregate Total Payments that Executive is entitled to receive shall be One Dollar ($1.00) less than the maximum amount that you may receive without being subject to the Excise Tax, whichever of (a) or (b) results in you receiving the greatest benefit on an after-tax basis (taking into account applicable federal, state and local income taxes and the Excise Tax). In the event that (b) results in a greater after-tax benefit to you, payments or benefits included in the Total Payments shall be reduced or eliminated by applying the following principles, in order: (i) the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (ii) the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (iii) cash payments shall be reduced prior to non-cash benefits; provided that if

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the foregoing order of reduction or elimination would violate Section 409A of the Code, then the reduction shall be made pro rata among the payments or benefits included in the Total Payments (on the basis of the relative present value of the parachute payments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.<u>Other Terminations of Employment</u>. In the event that your employment is terminated under any circumstances not described above, you will be entitled to receive only your accrued but unpaid base salary and accrued but unused vacation as of your termination date, which shall be paid in accordance with the Corporation's customary payroll procedures; reimbursement for unreimbursed business expenses properly incurred by you, paid in accordance with the Corporation's expense reimbursement policy; and employee benefits, if any, to which you may be entitled under the Corporation's employee benefit plans as of the date of your termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. <u>Eligibility for Severance; Requirement of Release</u>.

Any severance payments required hereunder shall commence on the first regular payroll date following the sixtieth (60<sup>th</sup>) day after the date of termination of your employment with the Corporation so long as, prior to such date, you execute and agree to be bound by (and do not revoke) a release of all claims, on a form provided by the Corporation, which releases any and all claims that you have or might have against the Corporation and which contains terms customary in such a release. If the Corporation does not receive an executed release prior to the date occurring sixty (60) days after the date of termination of your employment with the Corporation (including within such sixty (60) day period any applicable revocation period), the Corporation shall have no obligation to provide severance payments or benefits to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. <u>Compliance with Section 409A of the Code; Entire Agreement</u>.

To the extent the Corporation in the exercise of its reasonable judgment shall determine that Section 409A of the Code applies to any amounts payable to you hereunder, then any such amounts shall be paid in such fashion and at such times so as to ensure that the Corporation and you are in compliance with Section 409A of the Code; provided that the Corporation does not guarantee that any payments or benefits contemplated by this Agreement shall comply with Section 409A of the Code.

Notwithstanding anything to the contrary in this Agreement, in the event that any stock of the Corporation or any entity within the same controlled group (as defined in Section 414(b) of the Code), is publicly traded on an established securities market as defined in Section 1.409A-1(i) of the Treasury Regulations under Section 409A of the Code, payments to you that are subject to the provisions of Section 409A of the Code will not be made until the date that is six (6) months plus one day after your date of separation from service, or, if earlier than the end of the six-month period, the date of your death, if you are a Specified Employee (as defined below) to the extent required for compliance with Section 409A of the Code. Any payments delayed hereunder shall be paid in a single lump sum payment on such date. For purposes of this paragraph, "Specified Employee" means a key employee (as defined in Code Section 416(i)) of the Corporation or any affiliated organization with employees in the United States. You will be considered a key employee for the period commencing April 1 and ending on the March 31 thereafter if you were a key employee on the previous December 31 and such designation shall be effective solely for that period.

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This Agreement contains the entire agreement and understanding by and between you and the Corporation with respect to your employment and supersedes any existing agreements between the Corporation and you with respect to such subject matter. No representations, promises, agreements, or understandings, written or oral, relating to your employment by the Corporation, or any of its officers, directors, employees, or agents, not contained herein shall be of any force or effect, other than any agreement(s) relating to confidentiality, intellectual property or restrictive covenants between you and the Corporation.

In no event shall any payment be made hereunder that shall exceed the limitations of Section 162(m) of the Code and any regulations thereunder applicable to the Corporation.

THE NEXT PAGE IS THE SIGNATURE PAGE

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IN WITNESS WHEREOF, the Corporation and you have duly executed this Agreement on the date set forth below.

CORPORATION:

FUELCELL ENERGY, INC.

<u>_/s/ Jason B. Few___________________________</u><br>Name: Jason B. Few<br>Its: President and Chief Executive Officer

Date: <u>___June 4, 2025_________</u>

JOSHUA DOLGER

<u>___/s/ Joshue Dolger_______________________</u>

Date: <u>__June 4, 2025__________</u>

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## Exhibit 10.7

Exhibit 10.7

![Graphic](fcel-20250430xex10d7001.jpg)

June 4, 2025

Michael Hill

192 Moe Road

Clifton Park, NY 12065

Dear Mike:

This amended and restated employment agreement (this "Agreement") is made and entered into effective as of June 4, 2025 (the "Effective Date"), by and between FuelCell Energy, Inc., a Delaware corporation (the "Corporation"), and you.

WHEREAS, the Corporation and you desire to enter into this Agreement to set forth the terms and conditions of your continuing employment relationship and amend and restate in its entirety your existing employment agreement with the Corporation; and

WHEREAS, you acknowledge that by executing and delivering this Agreement, you will obtain certain rights, compensation, and benefits greater than those that you previously received from the Corporation and that, accordingly, such rights, compensation, and benefits constitute valid consideration to you.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Position and Duties</u>.

You shall perform all duties, consistent with your position as Executive Vice President and Chief Commercial Officer in order to advance the Corporation's affairs and related business efforts, assigned or delegated to you by the Board of Directors of the Corporation (the "Board") or the Corporation's President and Chief Executive Officer ("CEO") and normally associated with the position of Executive Vice President and Chief Commercial Officer. You shall devote all of your full business time, attention, energies, skills, and efforts to the advancement of the interests and business of the Corporation. Your position will be eligible for remote work. You will be required to travel to the Corporation's headquarters in Danbury and Torrington, Connecticut and to current and potential customer sites globally as needed. During the initial months of being a new team member and a member of the Executive Leadership Team, you will be expected to spend much of your work time in Danbury and Torrington, Connecticut.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Your base annual salary will be $450,000 effective as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.You will be eligible for an annual bonus as determined and approved by the Board or a committee thereof. For fiscal year 2025, you will be eligible for a target annual bonus equal to 100% of your base salary as determined and approved by the Board or a committee thereof. The actual amount of the bonus may be more or less than the target amount, and may be pro-rated for any partial year of service. Fifty percent (50%) of your fiscal year 2025 annual bonus is expected to be based on the Corporation's Operational Milestones and Strategic Enablers and 50% is expected to be based on sales targets that will be separately communicated to you. Any bonus may be payable in cash, stock options and/or restricted stock upon such terms and conditions as determined by the Board or a committee thereof. The Corporation will pay any such bonus by the end of the first quarter of the following fiscal year, provided you are employed by the Corporation on the date the bonus is actually paid. Payment of the bonus in any year should not be construed as requiring the payment of a bonus in any other year. You may from time to time also be eligible to receive other incentive awards at the Corporation' sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Beginning in fiscal year 2026, you shall be entitled to participate in the Corporation's long-term incentive compensation program under its 2018 Omnibus Incentive Plan or any successor plan thereto (the "Plan"). The determination as to the amount or number of shares subject to any long-term incentive awards, and the other terms and conditions of such awards, shall be subject to the sole discretion of the Board or a committee thereof; provided that, as set forth in your offer letter, dated as of April 17, 2025 (your "Offer Letter"), your target award for fiscal year 2026 will be $300,000 and is expected to consist of 50% performance share units with a performance goal based on the Corporation's relative total stockholder return performance and 50% time-vesting restricted stock units. Any awards granted to you shall be subject to the provisions of the Plan and a separate written agreement embodying the grant of the award in the form stipulated pursuant to the Plan.

You hereby acknowledge that your rights hereunder shall be subject to the Corporation's Compensation Recovery Policy or similar requirements in favor of the Corporation established by law or by Corporation policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. <u>Severance Benefits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>Termination Without Cause or for Good Reason</u>. In the event that the Corporation terminates your employment without Cause (as defined below) or you terminate your employment for Good Reason (as defined below) other than in connection with a Change in Control (as defined below), you will be entitled to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A severance payment in an amount equal to twelve (12) months of your annual base salary as of the date of termination, payable over a twelve (12) month period, with payments made in equal installments in accordance with the Corporation's usual pay periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Payment by the Corporation of your COBRA premiums for up to twelve (12) months provided you elect continuation of coverage under COBRA and you are not eligible for health coverage under another employer's plan. The Corporation reserves the right to

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provide you with a cash equivalent of the cost of such COBRA premiums in lieu of making the premium payments. Such payments will be made over a twelve (12) month period in equal installments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Accelerated vesting of all outstanding time-vesting equity awards, *provided, however*, that a pro rata portion of any unearned performance awards shall remain eligible to be earned following the end of the applicable performance period based on actual performance achieved (with all remaining unearned performance awards being forfeited).

For the avoidance of doubt, upon a termination of your employment under this Section III.A, you will also be eligible to receive a pro rata portion of your annual bonus consistent with Section II.B based on actual performance.

For purposes of this Agreement, "Cause" shall mean that any of the following has occurred: (1) your material breach of this Agreement if the Corporation has notified you of such breach and you have not cured such breach within the period described below; (2) your conviction of, or entry of a guilty plea or plea of no contest with respect to, a felony, the equivalent thereof, or of a lesser crime having as its predicate element fraud, dishonesty or misappropriation of property, whether or not property of the Corporation; (3) your willful misconduct, willful dishonesty, or illegal conduct, whether or not related to your employment with the Corporation and including any acts that occurred prior the Effective Date, in each case which the Board reasonably determines has or could cause material financial or reputational harm to the Corporation or its affiliates; (4) your material failure to adhere to any policy of the Corporation generally applicable to employees of the Corporation if you have been given an reasonable opportunity to comply with such policy or cure your failure to comply; (5) your appropriation (or attempted appropriation) of a business opportunity of the Corporation, including attempting to secure or securing any personal profit in connection with any transaction entered into on behalf of the Corporation; (6) your misappropriation (or attempted misappropriation) of any of the Corporation's funds or property; (7) your engaging in bad faith or gross negligence in the performance of your duties under this Agreement; or (8) your willful and material failure to comply with any valid and legal directive of the Board or the CEO; provided, however, that your unwillingness to accept an act that would constitute Good Reason or any other action by or at the request of the Corporation that is contrary to this Agreement may not be considered by the Board or the CEO to be a failure to comply. To terminate your employment for Cause, the Board or the CEO must provide you with written notice of the existence of the circumstances providing grounds for termination for Cause and, except for a circumstance which, by its nature, cannot reasonably be expected to be cured, you will have fifteen (15) business days after delivery of such notice to cure the circumstances constituting Cause. If such circumstances are timely cured, they shall not constitute grounds for a termination for Cause.

You will be considered to have terminated your employment for "Good Reason" if you resign after one or more of the following conditions arises without your consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A material diminution in your base salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.A material diminution in your authority, duties or responsibilities; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A material diminution in the budget over which you retain authority.

Notwithstanding the foregoing, you will not be considered to have terminated your employment for Good Reason unless (a) you provide written notice to the Corporation of the existence of the condition constituting Good Reason within a period not to exceed ninety (90) days of the initial existence of the condition, upon the receipt of which the Corporation will have a cure period of at least thirty (30) days during which it may remedy the condition and not be required to pay any severance, (b) the Corporation fails to remedy such condition within such thirty (30) day period and (c) you actually resign for Good Reason within sixty (60) days following the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.<u>Change in Control</u>. In the event that your employment is terminated by the Corporation for any reason other than for Cause or you resign for Good Reason, in each case in connection with a Change in Control, you will be entitled to receive a severance payment in an amount equal to one (1) year of your base salary as of the date of termination plus your target annual bonus for the year in which your employment is terminated (or for the prior year, if your target annual bonus has not yet been determined for the year in which your employment is terminated). The Corporation will also pay your COBRA premiums for up to twelve (12) months provided you elect continuation coverage under COBRA and you are not eligible for health coverage under another employer's plan. The Corporation reserves the right to provide you with a cash equivalent of the cost of such COBRA premiums in lieu of making the premium payments. The severance payment will be made over a twelve (12) month period following the date of termination, with payments made in equal installments in accordance with the Corporation's usual pay periods. Upon a termination of your employment under this Section III.B, you will also be eligible to receive a pro rata portion of your annual bonus consistent with Section II.B, calculated at the target performance level.

Notwithstanding the foregoing, you will not be considered to have terminated your employment for Good Reason in connection with a Change in Control unless (a) you provide written notice to the Corporation (or its successor in the Change in Control) of the existence of the condition constituting Good Reason within a period not to exceed ninety (90) days of the initial existence of the condition and within the ninety (90) day period preceding the Change in Control or the twenty-four (24) month period after the Change in Control, upon the receipt of which the Corporation (or its successor) will have a cure period of at least thirty (30) days during which it may remedy the condition and not be required to pay any severance, (b) the Corporation (or its successor) fails to remedy such condition within such thirty (30) day period and (c) you actually resign for Good Reason within sixty (60) days following the expiration of such cure period. If the Corporation terminates your employment without Cause during the ninety (90) day period preceding a Change in Control or the twenty-four (24) month period thereafter, the termination will be deemed to be in connection with a Change in Control.

A "Change in Control" shall be deemed to have occurred upon the closing of a transaction that is of a nature that would be required to be reported in response to Item 5.01(a) of the Current Report on Form 8-K, as in effect on the date of this Agreement, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"); provided that, without limitation, such a Change in Control shall be deemed to have occurred if: (a) a third person, including a "group" as such term is used in Section 13(d)(3) of the Exchange Act, other than the trustee of any employee

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benefit plan of the Corporation, becomes the beneficial owner, directly or indirectly, of 35% or more of the combined voting power of the Corporation's outstanding voting securities ordinarily having the right to vote for the election of directors of the Corporation; (b) during any period of twenty-four (24) consecutive months individuals who, at the beginning of such consecutive twenty-four (24) month period, constitute the Board cease for any reason (other than retirement upon reaching normal retirement age, disability, or death) to constitute at least a majority of the Board; provided that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Corporation's shareholders, was approved by a vote of at least three quarters of the directors comprising the Incumbent Board (as defined below) shall be, for purposes of this Agreement, considered as though such person were a member of the Incumbent Board; or (c) the Corporation shall cease to be a publicly owned corporation having its outstanding Common Stock listed on the New York Stock Exchange or quoted in the NASDAQ National or Small Cap Market System, except where the delisting is related to a private purchase of the Corporation's stock by a group consisting of the Corporation's current officers, or where the delisting would not result in the occurrence of any of the events described in clauses (a) or (b) of this definition.

For these purposes, a Change in Control shall not be deemed to have occurred and the enhanced severance under Section III.B shall not apply where, with respect to any transaction otherwise constituting a Change in Control, you are reasonably expected to maintain the same position you had as of immediately prior to such transaction.

For these purposes, "Incumbent Board" means the Board as in existence twenty-four (24) months prior to the date the action is being considered. Notwithstanding the foregoing, if the Incumbent Board specifically determines in good faith that any transaction does not constitute a Change in Control for purposes of this Agreement such determination shall be conclusive and binding.

Except to the extent a result more favorable to you is provided for in the Plan or the applicable award agreements, any equity-based awards granted to you by the Corporation shall accelerate and immediately vest if there is a Change in Control and your employment with the Corporation is terminated by the Corporation without Cause or by you for Good Reason in connection with such Change in Control.

Notwithstanding anything to the contrary herein, upon a Change in Control, if the Corporation's legal counsel or accountants determine that any payment, benefit or transfer by the Corporation or an affiliate under this Agreement or any other plan, agreement, or arrangement to you or for your benefit (in the aggregate, the "Total Payments") to be subject to the tax ("Excise Tax") imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") but for this paragraph, then the Total Payments shall be delivered either (a) in full or (b) in an amount such that the value of the aggregate Total Payments that Executive is entitled to receive shall be One Dollar ($1.00) less than the maximum amount that you may receive without being subject to the Excise Tax, whichever of (a) or (b) results in you receiving the greatest benefit on an after-tax basis (taking into account applicable federal, state and local income taxes and the Excise Tax). In the event that (b) results in a greater after-tax benefit to you, payments or benefits included in the Total Payments shall be reduced or eliminated by applying the following principles, in order: (i) the payment or benefit with the higher ratio of the parachute payment value to present

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economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (ii) the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (iii) cash payments shall be reduced prior to non-cash benefits; provided that if the foregoing order of reduction or elimination would violate Section 409A of the Code, then the reduction shall be made pro rata among the payments or benefits included in the Total Payments (on the basis of the relative present value of the parachute payments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.<u>Other Terminations of Employment</u>. In the event that your employment is terminated under any circumstances not described above, you will be entitled to receive only your accrued but unpaid base salary and accrued but unused vacation as of your termination date, which shall be paid in accordance with the Corporation's customary payroll procedures; reimbursement for unreimbursed business expenses properly incurred by you, paid in accordance with the Corporation's expense reimbursement policy; and employee benefits, if any, to which you may be entitled under the Corporation's employee benefit plans as of the date of your termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. <u>Eligibility for Severance; Requirement of Release</u>.

Any severance payments required hereunder shall commence on the first regular payroll date following the sixtieth (60<sup>th</sup>) day after the date of termination of your employment with the Corporation so long as, prior to such date, you execute and agree to be bound by (and do not revoke) a release of all claims, on a form provided by the Corporation, which releases any and all claims that you have or might have against the Corporation and which contains terms customary in such a release. If the Corporation does not receive an executed release prior to the date occurring sixty (60) days after the date of termination of your employment with the Corporation (including within such sixty (60) day period any applicable revocation period), the Corporation shall have no obligation to provide severance payments or benefits to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. <u>Compliance with Section 409A of the Code; Entire Agreement</u>.

To the extent the Corporation in the exercise of its reasonable judgment shall determine that Section 409A of the Code applies to any amounts payable to you hereunder, then any such amounts shall be paid in such fashion and at such times so as to ensure that the Corporation and you are in compliance with Section 409A of the Code; provided that the Corporation does not guarantee that any payments or benefits contemplated by this Agreement shall comply with Section 409A of the Code.

Notwithstanding anything to the contrary in this Agreement, in the event that any stock of the Corporation or any entity within the same controlled group (as defined in Section 414(b) of the Code), is publicly traded on an established securities market as defined in Section 1.409A-1(i) of the Treasury Regulations under Section 409A of the Code, payments to you that are subject to the provisions of Section 409A of the Code will not be made until the date that is six (6) months plus one day after your date of separation from service, or, if earlier than the end of the six-month period, the date of your death, if you are a Specified Employee (as defined below) to the extent required for compliance with Section 409A of the Code. Any payments delayed hereunder shall be paid in a single lump sum payment on such date. For purposes of this paragraph, "Specified Employee" means a key employee (as defined in Code Section 416(i)) of the Corporation or any

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affiliated organization with employees in the United States. You will be considered a key employee for the period commencing April 1 and ending on the March 31 thereafter if you were a key employee on the previous December 31 and such designation shall be effective solely for that period.

This Agreement contains the entire agreement and understanding by and between you and the Corporation with respect to your employment and supersedes any existing agreements between the Corporation and you with respect to such subject matter. No representations, promises, agreements, or understandings, written or oral, relating to your employment by the Corporation, or any of its officers, directors, employees, or agents, not contained herein shall be of any force or effect, other than any agreement(s) relating to confidentiality, intellectual property or restrictive covenants between you and the Corporation.

In no event shall any payment be made hereunder that shall exceed the limitations of Section 162(m) of the Code and any regulations thereunder applicable to the Corporation.

THE NEXT PAGE IS THE SIGNATURE PAGE

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IN WITNESS WHEREOF, the Corporation and you have duly executed this Agreement on the date set forth below.

CORPORATION:

FUELCELL ENERGY, INC.

<u>__/s/ Jason B Few__________________________</u><br>Name: Jason B. Few<br>Its: President and Chief Executive Officer

Date: <u>___June 4, 2025_________</u>

Michael Hill

<u>__/s/ Michael Hill________________________</u>

Date: <u>__June 4, 2025__________</u>

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## Exhibit 10.8

Exhibit 10.8

![Graphic](fcel-20250430xex10d8001.jpg)

June 4, 2025

Shankar Achanta

118 Florida Hill Road,

Ridgefield, CT-06877

Dear Shankar:

This amended and restated employment agreement (this "Agreement") is made and entered into effective as of June 4, 2025 (the "Effective Date"), by and between FuelCell Energy, Inc., a Delaware corporation (the "Corporation"), and you.

WHEREAS, the Corporation and you desire to enter into this Agreement to set forth the terms and conditions of your continuing employment relationship and amend and restate in its entirety your existing employment agreement with the Corporation; and

WHEREAS, you acknowledge that by executing and delivering this Agreement, you will obtain certain rights, compensation, and benefits greater than those that you previously received from the Corporation and that, accordingly, such rights, compensation, and benefits constitute valid consideration to you.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Position and Duties</u>.

You shall perform all duties, consistent with your position as Executive Vice President, Chief Product and Technology Officer in order to advance the Corporation's affairs and related business efforts, assigned or delegated to you by the Board of Directors of the Corporation (the "Board") or the Corporation's President and Chief Executive Officer ("CEO") and normally associated with the position of Executive Vice President, Chief Product and Technology Officer. You shall devote all of your full business time, attention, energies, skills, and efforts to the advancement of the interests and business of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Your base annual salary will be $400,000 effective as of the Effective Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.You will be eligible for an annual bonus as determined and approved by the Board or a committee thereof. For fiscal year 2025, you will be eligible for a target annual bonus equal to 60% of your base salary as determined and approved by the Board or a committee thereof. The actual amount of the bonus may be more or less than the target amount, and may be pro-rated for any partial year of service. Any bonus may be payable in cash, stock options and/or restricted stock upon such terms and conditions as determined by the Board or a committee thereof. The Corporation will pay any such bonus by the end of the first quarter of the following fiscal year, provided you are employed by the Corporation on the date the bonus is actually paid. Payment of the bonus in any year should not be construed as requiring the payment of a bonus in any other year. You may from time to time also be eligible to receive other incentive awards at the Corporation' sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.You shall be entitled to participate in the Corporation's long-term incentive compensation program under its 2018 Omnibus Incentive Plan or any successor plan thereto (the "Plan"). The determination as to the amount or number of shares subject to any long-term incentive awards, and the other terms and conditions of such awards, shall be subject to the sole discretion of the Board or a committee thereof. Any awards granted to you shall be subject to the provisions of the Plan and a separate written agreement embodying the grant of the award in the form stipulated pursuant to the Plan.

You hereby acknowledge that your rights hereunder shall be subject to the Corporation's Compensation Recovery Policy or similar requirements in favor of the Corporation established by law or by Corporation policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. <u>Severance Benefits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>Termination Without Cause or for Good Reason</u>. In the event that the Corporation terminates your employment without Cause (as defined below) or you terminate your employment for Good Reason (as defined below) other than in connection with a Change in Control (as defined below), you will be entitled to receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.A severance payment in an amount equal to twelve (12) months of your annual base salary as of the date of termination, payable over a twelve (12) month period, with payments made in equal installments in accordance with the Corporation's usual pay periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Payment by the Corporation of your COBRA premiums for up to twelve (12) months provided you elect continuation of coverage under COBRA and you are not eligible for health coverage under another employer's plan. The Corporation reserves the right to provide you with a cash equivalent of the cost of such COBRA premiums in lieu of making the premium payments. Such payments will be made over a twelve (12) month period in equal installments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Accelerated vesting of all outstanding time-vesting equity awards, *provided, however*, that a pro rata portion of any unearned performance awards shall remain eligible to be earned following the end of the applicable performance period based on actual performance achieved (with all remaining unearned performance awards being forfeited).

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For the avoidance of doubt, upon a termination of your employment under this Section III.A, you will also be eligible to receive a pro rata portion of your annual bonus consistent with Section II.B based on actual performance.

For purposes of this Agreement, "Cause" shall mean that any of the following has occurred: (1) your material breach of this Agreement if the Corporation has notified you of such breach and you have not cured such breach within the period described below; (2) your conviction of, or entry of a guilty plea or plea of no contest with respect to, a felony, the equivalent thereof, or of a lesser crime having as its predicate element fraud, dishonesty or misappropriation of property, whether or not property of the Corporation; (3) your willful misconduct, willful dishonesty, or illegal conduct, whether or not related to your employment with the Corporation and including any acts that occurred prior the Effective Date, in each case which the Board reasonably determines has or could cause material financial or reputational harm to the Corporation or its affiliates; (4) your material failure to adhere to any policy of the Corporation generally applicable to employees of the Corporation if you have been given an reasonable opportunity to comply with such policy or cure your failure to comply; (5) your appropriation (or attempted appropriation) of a business opportunity of the Corporation, including attempting to secure or securing any personal profit in connection with any transaction entered into on behalf of the Corporation; (6) your misappropriation (or attempted misappropriation) of any of the Corporation's funds or property; (7) your engaging in bad faith or gross negligence in the performance of your duties under this Agreement; or (8) your willful and material failure to comply with any valid and legal directive of the Board or the CEO; provided, however, that your unwillingness to accept an act that would constitute Good Reason or any other action by or at the request of the Corporation that is contrary to this Agreement may not be considered by the Board or the CEO to be a failure to comply. To terminate your employment for Cause, the Board or the CEO must provide you with written notice of the existence of the circumstances providing grounds for termination for Cause and, except for a circumstance which, by its nature, cannot reasonably be expected to be cured, you will have fifteen (15) business days after delivery of such notice to cure the circumstances constituting Cause. If such circumstances are timely cured, they shall not constitute grounds for a termination for Cause.

You will be considered to have terminated your employment for "Good Reason" if you resign after one or more of the following conditions arises without your consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A material diminution in your base salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.A material diminution in your authority, duties or responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.A material diminution in the budget over which you retain authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.A material change in the geographic location at which you must perform your duties.

Notwithstanding the foregoing, you will not be considered to have terminated your employment for Good Reason unless (a) you provide written notice to the Corporation of the existence of the condition constituting Good Reason within a period not to exceed ninety (90) days

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of the initial existence of the condition, upon the receipt of which the Corporation will have a cure period of at least thirty (30) days during which it may remedy the condition and not be required to pay any severance, (b) the Corporation fails to remedy such condition within such thirty (30) day period and (c) you actually resign for Good Reason within sixty (60) days following the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.<u>Change in Control</u>. In the event that your employment is terminated by the Corporation for any reason other than for Cause or you resign for Good Reason, in each case in connection with a Change in Control, you will be entitled to receive a severance payment in an amount equal to one (1) year of your base salary as of the date of termination plus your target annual bonus for the year in which your employment is terminated (or for the prior year, if your target annual bonus has not yet been determined for the year in which your employment is terminated). The Corporation will also pay your COBRA premiums for up to twelve (12) months provided you elect continuation coverage under COBRA and you are not eligible for health coverage under another employer's plan. The Corporation reserves the right to provide you with a cash equivalent of the cost of such COBRA premiums in lieu of making the premium payments. The severance payment will be made over a twelve (12) month period following the date of termination, with payments made in equal installments in accordance with the Corporation's usual pay periods. Upon a termination of your employment under this Section III.B, you will also be eligible to receive a pro rata portion of your annual bonus consistent with Section II.B, calculated at the target performance level.

Notwithstanding the foregoing, you will not be considered to have terminated your employment for Good Reason in connection with a Change in Control unless (a) you provide written notice to the Corporation (or its successor in the Change in Control) of the existence of the condition constituting Good Reason within a period not to exceed ninety (90) days of the initial existence of the condition and within the ninety (90) day period preceding the Change in Control or the twenty-four (24) month period after the Change in Control, upon the receipt of which the Corporation (or its successor) will have a cure period of at least thirty (30) days during which it may remedy the condition and not be required to pay any severance, (b) the Corporation (or its successor) fails to remedy such condition within such thirty (30) day period and (c) you actually resign for Good Reason within sixty (60) days following the expiration of such cure period. If the Corporation terminates your employment without Cause during the ninety (90) day period preceding a Change in Control or the twenty-four (24) month period thereafter, the termination will be deemed to be in connection with a Change in Control.

A "Change in Control" shall be deemed to have occurred upon the closing of a transaction that is of a nature that would be required to be reported in response to Item 5.01(a) of the Current Report on Form 8-K, as in effect on the date of this Agreement, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"); provided that, without limitation, such a Change in Control shall be deemed to have occurred if: (a) a third person, including a "group" as such term is used in Section 13(d)(3) of the Exchange Act, other than the trustee of any employee benefit plan of the Corporation, becomes the beneficial owner, directly or indirectly, of 35% or more of the combined voting power of the Corporation's outstanding voting securities ordinarily having the right to vote for the election of directors of the Corporation; (b) during any period of twenty-four (24) consecutive months individuals who, at the beginning of such consecutive twenty-four (24) month period, constitute the Board cease for any reason (other than retirement

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upon reaching normal retirement age, disability, or death) to constitute at least a majority of the Board; provided that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Corporation's shareholders, was approved by a vote of at least three quarters of the directors comprising the Incumbent Board (as defined below) shall be, for purposes of this Agreement, considered as though such person were a member of the Incumbent Board; or (c) the Corporation shall cease to be a publicly owned corporation having its outstanding Common Stock listed on the New York Stock Exchange or quoted in the NASDAQ National or Small Cap Market System, except where the delisting is related to a private purchase of the Corporation's stock by a group consisting of the Corporation's current officers, or where the delisting would not result in the occurrence of any of the events described in clauses (a) or (b) of this definition.

For these purposes, a Change in Control shall not be deemed to have occurred and the enhanced severance under Section III.B shall not apply where, with respect to any transaction otherwise constituting a Change in Control, you are reasonably expected to maintain the same position you had as of immediately prior to such transaction.

For these purposes, "Incumbent Board" means the Board as in existence twenty-four (24) months prior to the date the action is being considered. Notwithstanding the foregoing, if the Incumbent Board specifically determines in good faith that any transaction does not constitute a Change in Control for purposes of this Agreement such determination shall be conclusive and binding.

Except to the extent a result more favorable to you is provided for in the Plan or the applicable award agreements, any equity-based awards granted to you by the Corporation shall accelerate and immediately vest if there is a Change in Control and your employment with the Corporation is terminated by the Corporation without Cause or by you for Good Reason in connection with such Change in Control.

Notwithstanding anything to the contrary herein, upon a Change in Control, if the Corporation's legal counsel or accountants determine that any payment, benefit or transfer by the Corporation or an affiliate under this Agreement or any other plan, agreement, or arrangement to you or for your benefit (in the aggregate, the "Total Payments") to be subject to the tax ("Excise Tax") imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") but for this paragraph, then the Total Payments shall be delivered either (a) in full or (b) in an amount such that the value of the aggregate Total Payments that Executive is entitled to receive shall be One Dollar ($1.00) less than the maximum amount that you may receive without being subject to the Excise Tax, whichever of (a) or (b) results in you receiving the greatest benefit on an after-tax basis (taking into account applicable federal, state and local income taxes and the Excise Tax). In the event that (b) results in a greater after-tax benefit to you, payments or benefits included in the Total Payments shall be reduced or eliminated by applying the following principles, in order: (i) the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (ii) the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (iii) cash payments shall be reduced prior to non-cash benefits; provided that if the foregoing order of reduction or elimination would violate Section 409A of the Code, then the

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reduction shall be made pro rata among the payments or benefits included in the Total Payments (on the basis of the relative present value of the parachute payments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.<u>Other Terminations of Employment</u>. In the event that your employment is terminated under any circumstances not described above, you will be entitled to receive only your accrued but unpaid base salary and accrued but unused vacation as of your termination date, which shall be paid in accordance with the Corporation's customary payroll procedures; reimbursement for unreimbursed business expenses properly incurred by you, paid in accordance with the Corporation's expense reimbursement policy; and employee benefits, if any, to which you may be entitled under the Corporation's employee benefit plans as of the date of your termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. <u>Eligibility for Severance; Requirement of Release</u>.

Any severance payments required hereunder shall commence on the first regular payroll date following the sixtieth (60<sup>th</sup>) day after the date of termination of your employment with the Corporation so long as, prior to such date, you execute and agree to be bound by (and do not revoke) a release of all claims, on a form provided by the Corporation, which releases any and all claims that you have or might have against the Corporation and which contains terms customary in such a release. If the Corporation does not receive an executed release prior to the date occurring sixty (60) days after the date of termination of your employment with the Corporation (including within such sixty (60) day period any applicable revocation period), the Corporation shall have no obligation to provide severance payments or benefits to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. <u>Compliance with Section 409A of the Code; Entire Agreement</u>.

To the extent the Corporation in the exercise of its reasonable judgment shall determine that Section 409A of the Code applies to any amounts payable to you hereunder, then any such amounts shall be paid in such fashion and at such times so as to ensure that the Corporation and you are in compliance with Section 409A of the Code; provided that the Corporation does not guarantee that any payments or benefits contemplated by this Agreement shall comply with Section 409A of the Code.

Notwithstanding anything to the contrary in this Agreement, in the event that any stock of the Corporation or any entity within the same controlled group (as defined in Section 414(b) of the Code), is publicly traded on an established securities market as defined in Section 1.409A-1(i) of the Treasury Regulations under Section 409A of the Code, payments to you that are subject to the provisions of Section 409A of the Code will not be made until the date that is six (6) months plus one day after your date of separation from service, or, if earlier than the end of the six-month period, the date of your death, if you are a Specified Employee (as defined below) to the extent required for compliance with Section 409A of the Code. Any payments delayed hereunder shall be paid in a single lump sum payment on such date. For purposes of this paragraph, "Specified Employee" means a key employee (as defined in Code Section 416(i)) of the Corporation or any affiliated organization with employees in the United States. You will be considered a key employee for the period commencing April 1 and ending on the March 31 thereafter if you were a key employee on the previous December 31 and such designation shall be effective solely for that period.

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This Agreement contains the entire agreement and understanding by and between you and the Corporation with respect to your employment and supersedes any existing agreements between the Corporation and you with respect to such subject matter. No representations, promises, agreements, or understandings, written or oral, relating to your employment by the Corporation, or any of its officers, directors, employees, or agents, not contained herein shall be of any force or effect, other than any agreement(s) relating to confidentiality, intellectual property or restrictive covenants between you and the Corporation.

In no event shall any payment be made hereunder that shall exceed the limitations of Section 162(m) of the Code and any regulations thereunder applicable to the Corporation.

THE NEXT PAGE IS THE SIGNATURE PAGE

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IN WITNESS WHEREOF, the Corporation and you have duly executed this Agreement on the date set forth below.

CORPORATION:

FUELCELL ENERGY, INC.

<u>___/s/ Jason B. Few_________________________</u><br>Name: Jason B. Few<br>Its: President and Chief Executive Officer

Date: <u>_June 4, 2025___________</u>

SHANKAR ACHANTA

<u>___/s/ Shankar Achanta_______________________</u>

Date: <u>__June 4, 2025__________</u>

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## Exhibit 31.1

#### Exhibit 31.1

#### CERTIFICATION
I, Jason B. Few, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of FuelCell Energy, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| June 6, 2025 | /s/ Jason B. Few |
|  | Jason B. Few<br>President and Chief Executive Officer<br>(Principal Executive Officer) |

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## Exhibit 31.2

#### Exhibit 31.2

#### CERTIFICATION
I, Michael S. Bishop, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this quarterly report on Form 10-Q of FuelCell Energy, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| June 6, 2025 | /s/ Michael S. Bishop |
|  | Michael S. Bishop<br>Executive Vice President, Chief Financial Officer and Treasurer<br>(Principle Financial Officer and Principle Accounting Officer) |

---

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## Exhibit 32.1

#### Exhibit 32.1

#### CERTIFICATION PURSUANT TO<br>18 U.S.C. SECTION 1350,<br>AS ADOPTED PURSUANT TO<br>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report of FuelCell Energy, Inc. (the "Company") on Form 10-Q for the quarter ended April 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Jason B. Few, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| June 6, 2025 | /s/ Jason B. Few |
|  | Jason B. Few<br>President and Chief Executive Officer<br>(Principal Executive Officer) |

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A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

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## Exhibit 32.2

#### Exhibit 32.2

#### CERTIFICATION PURSUANT TO<br>18 U.S.C. SECTION 1350,<br>AS ADOPTED PURSUANT TO<br>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report of FuelCell Energy, Inc. (the "Company") on Form 10-Q for the quarter ended April 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael S. Bishop, Executive Vice President, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| June 6, 2025 | /s/ Michael S. Bishop |
|  | Michael S. Bishop<br>Executive Vice President, Chief Financial Officer and Treasurer<br>(Principal Financial Officer and Principal Accounting Officer) |

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A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.

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