(Photo of Bloom’s Newark site)
Bloom Energy Corporation reported record revenue and a smaller loss in the second quarter.
Bloom, based in San Jose, CA, operates a manufacturing site that does assembly work on most of its fuel cells and hydrogen electrolyzers.
Second quarter highlights
- Revenue of $301.1 million in the second quarter of 2023, an increase of 23.8% compared to $243.2 million in the second quarter of 2022. Product and service revenue of $257.0 million in the second quarter of 2023, an increase of 21.2% compared to $212.1 million in the second quarter of 2022.
- Gross margin of 18.7% in the second quarter of 2023, an increase of 19.5 percentage points compared to (0.8%) in the second quarter of 2022.
- Operating loss of $54.5 million in the second quarter of 2023, an improvement of $47.7 million compared to $102.2 million in red ink in the second quarter of 2022. Bloom has never posted a profit.
Commenting on second-quarter results, KR Sridhar, founder and CEO stated, “Bloom continued to make great progress in the second quarter. We grew revenues, reduced costs, and strengthened our balance sheet. We are dedicated as ever to building a great company that continues to innovate and offers real solutions. As we look forward, we are excited about the recent launch of Series 10 and our enhanced CHP product which we believe will resonate strongly with customers.”
Greg Cameron, president and CFO of Bloom Energy, stated, “We had record second-quarter revenue on strong product shipments. Our product costs declined 13% over last year, significantly improving our product margins. We are in a strong liquidity position with total cash of over $900 million. We are reaffirming our 2023 outlook for revenues and profitability.”
Bloom earlier sold $550 million convertible notes offering.
Preliminary Summary of GAAP Profit and Loss Statements (a)
| ($000) | Q2’23 | Q1’23 | Q2’22 |
| Revenue | 301,095 | 275,191 | 243,236 |
| Cost of Revenue | 239,678 | 216,763 | 195,639 |
| Gross Profit | 61,418 | 58,428 | 47,597 |
| Gross Margin | 20.4% | 21.2% | 19.6% |
| Operating Expenses | 87,357 | 92,520 | 72,223 |
| Operating Income (Loss) | (25,939) | (34,092) | (24,626) |
| Operating Margin | (8.6%) | (12.4%) | (10.1%) |
| Adjusted EBITDA (b) | (8,421) | (15,942) | (8,314) |
| Non-GAAP EPS | ($0.17) | ($0.22) | ($0.20) |
| (a) GAPP is generally accepted accounting principles. (b) EBITDA is earnings for interest, depreciation and other expenses. | |||
Outlook
Bloom reaffirmed outlook for the full-year 2023:
| • Revenue: | $1.4 – $1.5 billion | |
| • Product & Service Revenue: | $1.25 – $1.35 billion | |
| • Non-GAAP Gross Margin: | ~25% | |
| • Non-GAAP Operating Margin: | Positive |
