Bloom Energy reported revenue gains for the fourth quarter and year.
The company’s main U.S. manufacturing site is in Newark at the University Delaware STAR Campus.
The fuel cell company cut its net loss in 2020 to $157.5 million, from $306.9 million during the same period in 2019.
Fourth quarter revenue was $249.4 million; an increase of 16.8 percent from the same period in 2019. Revenue for 2020 was $794.2 million, an increase of 1.1 percent over 2019.
Bloom reported 1,326 acceptances, or 132.6 megawatts , an 11.1 percent increase versus full year 2019. According to Bloom, acceptances are booked when the Bloom fuel cell is in operation.
KR Sridhar, founder and CEO of Bloom Energy, stated, “The Biden Administration is embracing proactive climate change policies and continuing a low-interest environment while focusing on critical infrastructure investments that fit well with our strategic approach. And, beyond the United States, there is significant momentum in Asia and opportunities to grow in other markets around the world. We believe our work in 2020 provides a spring board for success in 2021 and beyond.”
Greg Cameron, EVP and chief financial officer, Bloom Energy, commented: “Our bookings in the second half of the year gained momentum, and we have a strong backlog for 2021 that provides high project visibility into our 2021 guidance framework and improving cash flow outlook. We continue to make significant progress on reducing our product costs, and our technology investments remain on track.”
Preliminary summary GAAP (1) profit and loss statements
($000) | Q420 | Q320 | Q419 | FY20 | FY19 |
Revenue | 249,387 | 200,305 | 213,543 | 794,247 | 785,177 |
Cost of Revenue | 185,761 | 144,318 | 188,595 | 628,454 | 687,590 |
Gross Profit | 63,626 | 55,987 | 24,948 | 165,793 | 97,587 |
Gross Margin | 25.5% | 28.0% | 11.7% | 20.9% | 12.4% |
Operating Expenses | 68,144 | 56,359 | 72,820 | 246,578 | 330,391 |
Operating Loss | (4,518) | (372) | (47,872) | (80,785) | (232,804) |
Operating Margin | (1.8%) | (0.2%) | (22.4%) | (10.2%) | (29.6%) |
Non-operating Expenses | 22,620 | 11,582 | 20,415 | 76,768 | 74,064 |
Net Loss | (27,138) | (11,954) | (68,287) | (157,553) | (306,868) |
GAAP EPS | ($0.16) | ($0.09) | ($0.58) | ($1.14) | ($2.67) |
(1) Generally accepted accounting principles
Revenue in the fourth quarter of 2020 included $171.8 million of product revenue, $28.8 million of installation revenue, $32.1 million of service revenue, and $16.6 million of electricity revenue. For 2020, Bloom Energy achieved $518.6 million of product revenue, $101.9 million of installation revenue, $109.6 million of service revenue and $64.1 million of electricity revenue.
Bloom Energy’s cash position, including restricted cash, as of December 31, 2020 was $416.7 million, compared to $504.4 million as of September 30, 2020. Bloom ended the year with $527.1 million of debt, a decrease of $180.1 million from the third quarter of 2020.
Bloom’s guidance calls 2021 revenue of $950 million to $1 billion, with cash flow from operations approaching positive. Bloom has never posted a profit.