- Revenue of $156.7 million, an increase of 6.6% versus 1Q19
- 256 acceptances, 8.9% higher than 1Q19
SAN JOSE, Calif. — Bloom Energy Corporation (NYSE: BE) today announced financial results for the first quarter ended March 31, 2020.
The Company has issued a shareholder letter discussing its first-quarter 2020 financial results, and it may be accessed on the Investor Relations section of the Company’s website at: https://investor.bloomenergy.com.
Key highlights from the first quarter include:
- Revenue of $156.7 million, GAAP gross margin of 12.7% and net loss of $75.9 million. Excluding stock-based compensation, Bloom achieved 16.2% gross margin and ($9.8) million of Adjusted EBITDA.
- Q1 acceptances of 256, an 8.9% year-over-year increase. The acceptances during the quarter represented eleven different end customers, across seven industries and two countries.
Commenting on first quarter results, KR Sridhar, founder, chairman and CEO, Bloom Energy said:
“Despite the impact of COVID-19, our business showed strength in the first quarter of 2020. We continued to grow acceptances, up 8.9% YoY, driven by existing customers increasing their Bloom Energy Server footprint, as well as new acceptances in technology, media and telecommunications, and other industries. The high value of resilient power is more evident now than ever, and we are well-positioned, as operations begin to normalize, to capitalize on this trend with our unique solutions.”
Outlook for Q2 of FY20:
Due to the uncertainties resulting from the global economic impact of the coronavirus (“COVID-19”), Bloom Energy will not be providing guidance for the second quarter of 2020.
Bloom Energy will hold a conference call today to discuss its financial results and to provide an update on the business. On the call, the Company will provide an assessment of current trends as well as outline the proactive actions Bloom Energy is taking to navigate potential outcomes.
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. The Company’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.