Reiterating 2024 financial guidance

Bloom Energy Corporation (NYSE: BE) reported today its financial results for the second quarter ended June 30, 2024. The company reported revenue of $335.8 million for the second quarter of 2024.

Second Quarter Highlights

Revenue of $335.8 million in the second quarter of 2024, an increase of 11.5% year-over-year.
Gross margin of 20.4% in the second quarter of 2024, an increase of 1.7 percentage points year-over-year; Non-GAAP gross margin of 21.8% in the second quarter of 2024, an increase of 1.4 percentage points year-over-year.
Operating loss of $23.1 million in the second quarter of 2024, an improvement of $31.3 million year-over-year; Non-GAAP operating loss of $3.2 million in the second quarter of 2024, an improvement of $22.7 million year-over-year.
Strengthened our balance sheet through the issuance of 3% convertible green notes.
Announced agreement with CoreWeave, a leader in AI, to power the high-performance data center owned by Chirisa Technology Parks located in Volo, Illinois.
Silicon Valley Power received municipal approval to enter into an agreement using Bloom fuel cells to power 20-megawatts of AWS data centers in Santa Clara, CA.

KR Sridhar, CEO of Bloom Energy, said, “It is now widely understood that demand for electricity is expected to far exceed available supply through the grid. It is presenting Bloom with a huge opportunity. We are seeing high levels of commercial interest in our products and solutions. We continue to execute well, advance our technology and build out our team for future growth.”

Dan Berenbaum, CFO of Bloom Energy, added, “We delivered record revenue and non-GAAP profitability for a second quarter and strengthened our balance sheet through the issuance of our 3% convertible green notes. We are confident in our commercial pipeline, and we are reaffirming our prior 2024 financial guidance.”

Summary of Key Financial Metrics

Summary of GAAP Profit and Loss Statements

($000), except EPS data	Q2’24			Q1’24			Q2’23
Revenue		335,767			235,298			301,095
Cost of Revenue		267,245			197,222			244,745
Gross Profit		68,522			38,076			56,350
*Gross Margin*		*20.4*	%		*16.2*	%		*18.7*	%
Operating Expenses		91,650			87,093			110,806
Operating Loss		(23,128	)		(49,017	)		(54,456	)
*Operating Margin*		*(6.9*	)%		*(20.8*	)%		*(18.1*	)%
Non-operating Expenses		38,659			8,507			11,607
Net Loss to Common Stockholders		(61,787	)		(57,524	)		(66,061	)
GAAP EPS, Basic and Diluted	$	(0.27	)	$	(0.25	)	$	(0.32	)

Summary of Non-GAAP Financial Information¹

($000), except EPS data	Q2’24			Q1’24			Q2’23
Revenue		335,767			235,298			301,095
Cost of Revenue		262,611			194,071			239,678
Gross Profit		73,156			41,226			61,418
*Gross Margin*		*21.8*	%		*17.5*	%		*20.4*	%
Operating Expenses		76,344			71,962			87,357
Operating Loss		(3,188	)		(30,736	)		(25,939	)
*Operating Margin*		*(0.9*	)%		*(13.1*	)%		*(8.6*	)%
Adjusted EBITDA		10,219			(18,218	)		(8,421	)
Non-GAAP EPS, Basic and Diluted	$	(0.06	)	$	(0.17	)	$	(0.17	)

⁽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 2024:

•	Revenue:	$1.4 - $1.6B
•	Non-GAAP Gross Margin:	~28%
•	Non-GAAP Operating Income:	$75 - $100M

Conference Call Details

Bloom will host a conference call today, August 8, 2024, 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 toll-free dial-in number: +1 (888) 596-4144 and toll-dial-in-number +1 (646) 968-2525. The conference ID is 9501971. 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 (800) 770-2030 and entering passcode 9501971

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 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.

Bloom Energy Reports Second Quarter 2024 Financial Results