SAN JOSE, Calif.–Bloom Energy Corporation (NYSE: BE) today announced financial results for the third quarter ended September 30, 2019. The Company has issued a shareholder letter discussing its third-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 third quarter include:
- Posted $233.5 million of revenue, GAAP gross margin of 22.9% and a net loss of $34.9 million. Excluding stock-based compensation, Bloom achieved non-GAAP gross margin of 25.8% and $40.8 million of adjusted EBITDA.
- Realized a record 302 acceptances, a 46.6% year-over-year increase and 11.4% higher than Q2 2019.
- Announced a collaboration with California BioEnergy to use dairy waste to create biogas that can be used in Bloom’s Energy Servers to generate renewable electricity that may be used to power electric vehicles throughout California.
- Entered a new, potentially substantial market by announcing a collaboration with Samsung Heavy Industries, a part of Samsung Group, to design and develop ships powered by fuel cells running on natural gas. Each new ship requires 19 MW to 100 MW of power. With 2,000 to 2,500 new ships annually entering the global fleet over the next 5-years, Bloom’s Energy Servers could provide the power to operate these ships, which could materially reduce their carbon footprint by up to 45%.
- Selected Jefferies Group, a leading global investment bank, to manage the refinancing of certain of the company’s debt maturities with a focus on completing this effort in the first half of 2020. A range of options is being considered with a focus on enhancing financial flexibility.
Commenting on third-quarter results, KR Sridhar, Founder, Chairman and CEO, Bloom Energy said:
“We generated record Q3 revenue, delivered meaningful adjusted EBITDA and achieved another quarter of record acceptances. Our primary drivers of success this quarter include installs with new customers in our core industry sectors and expanding relationships with existing customers – which reflects the quality, reliability and cost-effectiveness of our energy solutions. We continue to enable new features of our technology to open new markets and provide additional options for Bloom’s customers and the industry at large at a time when reliable, clean energy sources are in high demand. We are confident that the Bloom Energy Microgrid is the right product, right now to add to the infrastructure.”
Bloom’s financial outlook for Q4 of FY19 is as follows:
|Acceptances (100 kW):||355 to 385|
|Average Sales Price (dollars-per-kilowatt):||$5,920 to $6,220|
|Total installed system cost (dollars-per-kilowatt):||$4,250 to $4,550|
Bloom Energy will hold a conference call today to discuss its financial results and to provide an update on the business.
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 twenty-five of the Fortune 100 companies and leaders in cloud services and data centers, healthcare, retail, financial services and many other industries. For more information, visit https://www.bloomenergy.com.
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