Boom Energy reported a wider loss in the fourth quarter and year, due to changes in how the company books revenue.
The bigger loss was partially due to a change in the way the company books revenue on its fuel cell servers that generate electricity. Bloom share prices fell sharply despite today’s upturn on Wall Street.
Bloom is based in San Jose, CA with its main production site in Newark.
The company saw a record 386 acceptances, a 50.2 percent year-over-year increase and 27.8 percent higher than Q3 2019. The acceptances during the quarter represented 12 different end customers, across nine industries and three countries)
The company reported an expanded product and installation backlog to 1,983 systems at year-end, a 43.3 percent increase from the prior year.
KR Sridhar, Founder, Chairman and CEO, Bloom Energy said: “We are pleased to have delivered another great quarter for revenue and record acceptances – a strong ending to the year. For 2019, we grew acceptances by 48 percent and expanded our backlog by 43 percent to set us up for a solid 2020. Our positive momentum continues as tailwinds bolster our value proposition of reliability, resiliency, and cost-effectiveness for our customers.”
