Bloom Energy posts loss in 3rd quarter

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Bloom Energy Corp. reported a loss in the third quarter.

The San Jose, CA-based fuel cell company operates a plant in Newark.

Bloom Energy has issued a shareholder letter discussing its third quarter 2020 financial results, and it may be accessed on the Investor Relations section of Bloom Energy’s website at: https://investor.bloomenergy.com.

Highlights from the third quarter include:

  • Revenue of $200.3 million, gross margin of 28 percent, and net loss of $12.0 million
  • Adjusted earnings before interest, taxes, depreciation and amortization of $27.7 million

KR Sridhar, founder, chairman and CEO of Bloom Energy said:

“From the ongoing Covid-19 pandemic, to natural disasters occurring on either coast of the United States, and countries around the globe calling for immediate and necessary shifts to hydrogen and better forms of energy, we continue to see an increasing need for the sustainable and resilient energy power sources that Bloom Energy’s technology provides. As we move forward, we will continue to serve our customers and communities around the world through ground-breaking innovation and access to leading technologies to improve global energy consumption.”

The company announced refinancing its debt and the powering of Gillette Stadium in Foxborough, MA, home of the New England Patriots and the deployment for 28 megawatts of fuel cells to power the South Korea cities of Hwasung and Paju.

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