Investors shake off news of missed financials at Bloom Energy

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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.

Highlights

  • 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

($000) Q321 Q221 Q320
Revenue 207,228 228,470 200,305
Cost of Revenue 170,345 191,126 144,318
Gross Profit 36,883 37,344 55,987
Gross Margin 17.8% 16.3% 28.0%
Operating Expenses 80,772 80,055 56,359
Operating Loss (43,889) (42,711) (372)
Operating Margin (21.2)% (18.7)% (0.2)%
Non-operating Expenses1 8,481 11,152 11,582
Net Loss (52,370) (53,863) (11,954)
GAAP EPS (0.30) (0.31) (0.09)
1.   Non-operating expenses and tax provision and non-controlling interest

Preliminary Summary Non-GAAP Financial Information1

($000) Q321 Q221 Q320
Revenue 207,228 228,470 200,305
Cost of Revenue2 167,400 187,322 140,750
Gross Profit2 39,828 41,148 59,555
Gross Margin2 19.2% 18.0% 29.7%
Operating Expenses2 62,751 64,726 44,192
Operating Income (loss) 2 (22,923) (23,578) 15,363
Operating Margin2 (11.1)% (10.3)% 7.7%
Adjusted EBITDA3 (9,777) (10,947) 27,673
Adjusted EPS4 (0.20) $ (0.23) (0.04)

 

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