Bloom Energy Corporation reported second-quarter revenue of $187.9 million and a net loss of $42.5 million.
Newark has its main production site in Newark.
Bloom shares have been rising of late on news that the company plans to move into the green hydrogen market in South Korea. Bloom’s technology can be used to produce hydrogen, with fuel cells also producing electricity.
Bloom achieved 16.5 percent gross margin and $2.1 million adjusted earnings before interest, taxes, depreciation, and amortization. Both revenue and adjusted EBITDA were above consensus estimates.
Second-quarter acceptances of fuel cells were 306, a 19.5 percent increase from the first quarter of 2020. The acceptances during the quarter represented 10 different customers, across four industries and two countries.
Commenting on second-quarter results, KR Sridhar, founder, and CEO, Bloom Energy said:
“Our business grew in Q2 2020 with acceptances increasing 19.5. percent sequentially from Q1 2020. Now, more than ever, it is apparent how vulnerable the entire economy is to disruptions that impact the production and distribution of goods and services. Our business has proven to be resilient and our products offer resilience. We remain focused on delivering reliable, localized power solutions to the world. We will continue the push to innovate and execute while reimagining future operating models that will sustainably power communities.”
Due to the uncertainties resulting from the global economic impact of the coronavirus (“Covid-19”), Bloom Energy will not be providing guidance for the third quarter of this year.