- Revenue of $213.8 million, an increase of 35.8% versus Q418
- 386 Acceptances, 50.2% higher than Q418
- Expanded product and installation backlog to 1,983 systems at year-end, a 43.3% increase from FY18
SAN JOSE, CA — Bloom Energy Corporation (NYSE: BE) today announced financial results for the fourth quarter ended December 31, 2019.
The Company has issued a shareholder letter discussing its fourth-quarter 2019 financial results and forward estimates. The shareholder letter may be accessed on the Investor Relations section of the Company’s website at: https://investor.bloomenergy.com.
Key highlights from the fourth quarter include:
- Posted $213.8 million of revenue, GAAP gross margin of 12.2% and a t loss of $67.1 million, which includes the impact of the adoption of ASC 606 revenue standard. Excluding stock-based compensation, Bloom achieved 16.2% gross margin and $3.7 million of adjusted EBITDA.
- Realized a record 386 acceptances, a 50.2% year-over-year increase and 27.8% higher than Q3 2019. The acceptances during the quarter represented twelve different end customers, across nine industries and three countries.
- Expanded product and installation backlog to 1,983 systems at year-end, a 43.3% increase from the prior year.
Commenting on fourth-quarter results, KR Sridhar, Founder, Chairman and CEO, Bloom Energy said:
“We are pleased to have delivered another great quarter for revenue and record acceptances – a strong ending to the year. For 2019, we grew acceptances by 48% and expanded our backlog by 43% to set us up for a solid 2020. Our positive momentum continues as tailwinds bolster our value proposition of reliability, resiliency, and cost-effectiveness for our customers.”
Bloom’s financial outlook for Q1 of FY20 is as follows:
- Total Consolidated Revenue: $140 million to $160 million
- Adjusted EBITDA: ($25) million to ($15) million
- Operating Expenses (excluding stock-based compensation): $48.0 million to $51.0 million
Today, Bloom Energy filed Form 12b-25 with the Securities and Exchange Commission indicating that it expects to file its Form 10-K no later than March 31, 2020.
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable, and affordable energy 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 and sustainable. Bloom’s customers include leaders in cloud services and data centers, healthcare, retail, financial services,and many other industries. For more information, visit www.bloomenergy.com.