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Good morning,

It would be hard to find a more interesting and drama-filled initial stock offering than the one rolled out this summer by Bloom Energy.

Under founder and CEO K.R. Sridhar, Bloom had long  operated under its own set of rules regarding financial disclosures, a practice that emboldened critics and frustrated fans of the company.

The Silicon Valley company that has been dubbed a “unicorn” based on its unique niche in fuel cells, has been underwritten by the valley’s venture capital giants that would clearly like to cash out one day.

As a private company with its main production site in Newark,  Bloom never had to worry about being less than forthcoming about its bottom line. That changed when the company went public.

As the go-to political and business website Axios noted, Sridhar may be struggling to adjust to the new reality.

In an interview with MarketWatch, Sridhar said the company is profitable.  That view was in sharp contrast with the IPO materials that did not envision blank ink anytime soon.

Bloom filed a clarification of the CEO’s remarks with the Securities and Exchange Commission.

Interestingly enough,  Bloom’s stock price after the IPO remains above $23 a share, well above the initial estimated price of $15, but below the $26 a share peak price.

The robust price comes despite a reliance on big customers and a heavy debt load that is outlined in a recent report from Motley Fool.

It is worth noting that the offering materials show the company is making progress on the cost front. Bloom has also been aided by tax breaks that were restored by Congress.

Click here for previous stories about Bloom, including its power deal in Delaware. – Doug Rainey, publisher.

 

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