SAN JOSE, Calif. — Bloom Energy Corporation (NYSE: BE) today announced financial results for its third quarter ended September 30, 2022.
- Record third quarter revenue of $292.3 million in 2022, an increase of 41.1% compared to $207.2 in the third quarter of 2021.
- Gross Margin of 17.4% in the third quarter of 2022, compared to gross margin of 17.8% in the third quarter of 2021.
- Non-GAAP gross margin was 19.1% in the third quarter of 2022, compared to non-GAAP gross margin of 19.2% in the third quarter of 2021.
- Raised $388.7 million through new class A common stock offering.
- Reaffirming our 2022 financial outlook.
Commenting on third quarter results, KR Sridhar, founder, chairman, and CEO of Bloom Energy said, “Bloom Energy is continuing to execute at a high level. Our commercial and industrial consumers want pragmatic solutions that can power their growth today and meet their zero-carbon needs in the future. In Bloom, our customers have a peerless platform that is purposeful and practical, offering energy security, economic security, and environmental security.”
Greg Cameron, executive vice president and CFO of Bloom Energy added, “We had a very strong operating quarter, delivering record third quarter revenue and strengthening our liquidity position to fund our growth. We remain confident in our business and are reaffirming our 2022 financial guidance.”
Summary of Key Financial Metrics
Preliminary Summary GAAP Profit and Loss Statements
-
Includes non-operating expenses, tax provision, noncontrolling interest, and redeemable noncontrolling interest
Preliminary Summary Non-GAAP Financial Information1
1.A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release
Outlook
Bloom reaffirms outlook for the full-year 2022:
- Revenue $1.1 – $1.15 billion
- Product & Service Revenue $1 billion
- Non-GAAP Gross Margin ~24%
- Non-GAAP Operating Margin ~1%
- Cash Flow from Operations Positive
Acceptances
We use acceptances as a key operating metric to measure the volume of our completed Energy Server installation activity from period to period. Acceptance typically occurs upon transfer of control to our customers, which depending on the contract terms is when the system is shipped and delivered to our customers, when the system is shipped and delivered and is physically ready for startup and commissioning, or when the system is shipped and delivered and is turned on and producing power.
Conference Call Details
Bloom will host a conference call today, November 3, 2022, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call +1 (844) 200-6205 and enter the passcode: 450417. Those calling from outside the United States may dial +1 (929) 526-1599 and enter the same passcode: 450417. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com/. Following the webcast, an archived version will be available on Bloom’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (866) 813-9403 or + 44 204-525-0658 entering passcode 242063.
Use of Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exchange Commission (SEC). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Bloom urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom’s expectations regarding its 2022 Outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating margin measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Material changes to reconciling items could have a significant effect on future GAAP results and, as such, we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors (see SEC Staff Non-GAAP C&DI 102.10 and the Adopting Release).
About Bloom Energy
Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.
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