Bloom Energy Corp. reported a wider loss in the second quarter and the first half of this year.
The figures were in line with loss estimates from Zacks Investment Research. Bloom has never posted a profit. Bloom’s stock price was down by 1.5% on Tuesday.
Bloom’s share price has been rising due to demand for its products and the possible passage of the Inflation Reduction Act. The federal legislation includes incentives to decrease greenhouse gases.
Bloom has also announced venues with companies and a national laboratory in determining the feasibility of “green hydrogen production.
Bloom has expanded beyond fuel cells into hydrogen production. The San Jose, CA-based company operates a manufacturing site in Newark. Employment at the plant now numbers about 700, according to the company
- Record second-quarter revenue of $243.2 million in 2022 on 471 acceptances.
- Deployed first fuel cells in the European Union with Ferrari and announced first USA electrolyzer order with LSB Industries.
- Commenced operations in a new Fremont facility, which is expected to add a gigawatt of capacity by 2023.
- Reaffirming its 2022 financial outlook.
Commenting on second-quarter results, KR Sridhar, founder, and CEO of Bloom Energy, said, “Bloom Energy is continuing to innovate, execute and deliver value in a multitude of energy transformation market segments. In this ever-changing energy marketplace and policy environment, the flexibility of our platform is a unique advantage and strength that sets Bloom Energy apart in the energy industry.”
Greg Cameron, executive vice president and CFO of Bloom Energy, added, “We had a very strong operating quarter delivering record Q2 revenue, expanding our margins and building the manufacturing capacity to support our growth. We remain confident in our business and are reaffirming our 2022 financial guidance. With our solid record of accomplishments, we believe the company is at an inflection point to build upon our mature technology platform and achieve our robust growth roadmap given.”
Bloom reaffirmed its outlook for the full-year 2022 forecasting positive cash flow and revenue between $1.1 billion and $1.15 billion.