Bloom Energy Corporation reported a small gain in total sales and a slightly smaller loss in the third quarter.
The stock market took the news in stride, with Bloom shares trading at $33 a share as of Thursday.
Shares in Bloom, which has a production site in Newark, were trading in the $17 range last month, before a hydrogen-related agreement with a South Korean company that included an equity investment.
The thriving nation is betting heavily on hydrogen as a way to get energy from renewable sources. Bloom has an electrolyzer based on its fuel cell technology that can produce hydrogen, which could be used to power industrial processes or produce electricity.
- Record acceptances of 353 systems in the third quarter of 2021, an increase of 12.4% versus the third quarter of 2020.
- Revenue of $207.2 million in the third quarter of 2021, an increase of 3.5% compared to revenue of $200.3 million in the third quarter of 2020. Revenue up 11.4% excluding a $14.2 million prior year one-time revenue benefit that did not repeat.
- Launched commercial availability of Bloom Electrolyzer and Hydrogen Energy Server starting in 2022.
- Further buildout of a factory in Fremont, CA.
- On October 25, 2021, Bloom Energy and SK ecoplant announced an expansion of their strategic partnership to accelerate hydrogen commercialization.
Commenting on the third quarter, KR Sridhar, CEO of Bloom Energy said, “We are excited about our new and enhanced strategic partnership with SK ecoplant, which further validates our technology. It also provides real revenue for the long term and an equity investment in the near term that will enable us to accelerate our growth in our current products and hydrogen electrolyzers around the world. As we look at the challenges of sustainability, resiliency, and cost predictability that our customers face, we are confident that these are not ‘either/or’ choices. They are “and” propositions, which we are best positioned to solve with our fuel cell technology platform.”
Greg Cameron, executive vice president and CFO of Bloom Energy added, “Bloom Energy is executing well in a challenging environment. We achieved record third quarter acceptances, expanded our hydrogen product offering and are continuing to build our manufacturing capacity. Our recently announced expansion of the SK ecoplant partnership provides the capability to accelerate investment in our expanding platform.”
Summary of Key Financial Metrics
Preliminary Summary GAAP Profit and Loss Statements
|Cost of Revenue||170,345||191,126||144,318|
|1.||Non-operating expenses and tax provision and non-controlling interest|
Preliminary Summary Non-GAAP Financial Information1
|Cost of Revenue2||167,400||187,322||140,750|
|Operating Income (loss) 2||(22,923)||(23,578)||15,363|
|Adjusted EPS4||(0.20)||$ (0.23)||(0.04)|