Bloom Energy sees growing revenues as loss widens due to stock payments

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Bloom Energy reported growing revenues but posted a wider loss, thanks to stock-based compensation.

San Jose, CA-based Bloom has a plant in Newark.

The company reported 271 acceptances, a 49.7 percent year-over-year increase and a record second quarter for the company.

Revenue for the quarter was $233.8 million, up 38.4 percent year-over-year, leading to anet loss of $62.2 million (including $51.2 million of stock-based compensation).

EBIDTA (earnings before interest, taxes, depreciation and amortization) was up sharply in the quarter.

Wall Street has not been impressed. Bloom stock has been under pressure, closing at $8 a share on Tuesday, down sharply from the 52-week high of $38.

Second-quarter results
Q2’19 Q1’19 Q2’18
Acceptances (100 kW) 271 235 181
Revenue ($M) $233.8 $200.7 $168.9
GAAP Gross Margin (%) 17.8% 7.8% 19.4%
Gross Margin Excluding SBC (%) 22.3% 15.0% 20.6%
GAAP Net Loss ($M) ($62.2) ($84.4) ($45.7)
Adjusted EBITDA ($M) $21.9 $2.1 $12.5
GAAP Net Loss per Share ($) ($0.55) ($0.76) ($4.34)
Adjusted Net Loss per Share ($) ($0.13) ($0.22) ($0.27)

“We are pleased to have delivered a record Q2 for acceptances, which exceeded analyst expectations. Our positive momentum was enabled by the continued success of our diversification strategy, and by greater predictability in our installs. We also made substantial progress against our cost reduction goals, delivering both sequential and year-over-year reductions in our cost of product accepted,” statedKR Sridhar, founder and CEO of Bloom Energy.

New customers included testing equipment maker Agilent Technologies and Altice USA, one of the largest broadband communications and video services operators in the U.S.

Bloom also announced its energy servers can use hydrogen or a blend of hydrogen and natural gas, as fuel. The technology could lead to hydrogen being produced from wind and solar power. The power could then be stored and then used to produce electricity through Bloom fuel cells.

Today, excess renewable power is typically curtailed and makes new wind and solar deployments less attractive to investors, Bloom noted.

The company earlier announced a strategic alliance with Duke Energy, a part of a company that owns one of the nation’s largest utilities. Duke made a quarter of a billion-dollar investment. The investment included the purchase of a majority share of Bloom’s fuel cell array in northern Delaware. See earlier story below.

Duke Energy buys Bloom Energy fuel cells totaling 37 megawatts

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