Bloom Energy Corporation reported improved results in the fourth quarter and 2024. The San Jose, CA-based company that operates a site in Newark reported a record $1.3 billion in revenue for 2024.
However, the fuel cell maker saw a sharp drop in fourth quarter revenue and the departure of its chief financial officer.
The company’s results missed analyst estimates with the company’s stock price slipping below $10 a share. Bloom has never posted a profit.
Fourth quarter
- Revenue of $356.9 million in the fourth quarter of 2023, a decrease of 22.8% compared to $462.6 million in the fourth quarter of 2022. Product and service revenue of $314.4 million in the fourth quarter of 2023, a decrease of 21.4% compared to $400.2 million in the fourth quarter of 2022.
- Gross margin of 25.9% in the fourth quarter of 2023, an increase of 10.5 percentage points compared to 15.4% in the fourth quarter of 2022.
- Non-GAAP gross margin of 27.4% in the fourth quarter of 2023, a decrease of 3.0 percentage points compared to 30.4% in the fourth quarter of 2022.
- Operating profit of $12.9 million in the fourth quarter of 2023, an improvement of $53.5 million compared to operating loss of $40.6 million in the fourth quarter of 2022.
- Non-GAAP operating profit of $27.4 million in the fourth quarter of 2023, a decrease of $31.6 million compared to a non-GAAP operating profit of $59.0 million in the fourth quarter of 2022.
2024
- Revenue of $1,333.5 million in 2023, an increase of 11.2% compared to $1,199.1 million in 2022. Product and service revenue of $1,158.3 million in 2023, an increase of 12.3% compared to $1,031.6 million in 2022.
- Gross margin of 14.8% in 2023, an increase of 2.4 percentage points compared to 12.4% in 2022.
- Non-GAAP gross margin of 25.8% in 2023, an increase of 2.8 percentage points compared to 23.0% in 2022.
- Operating loss of $208.9 million in 2023, an improvement of $52.1 million compared to $261.0 million in 2022.
- Non-GAAP operating profit of $19.2 million in 2023, an improvement of $52.7 million compared to a non-GAAP operating loss of $33.5 million in 2022.
“At Bloom Energy, our relentless focus on operational excellence and innovation helped us achieve a year of record revenue in 2023,” said KR Sridhar, founder, chairman and CEO of Bloom Energy. “In order to meet the growing demand for fast, efficient, clean energy across industries from data centers to industrial applications, we have continued to develop and commercialize innovative new offerings, including our Combined Heat and Power system announced in 2023, and our Be Flexible™ load following product offering announced this week. We look forward to building on this momentum in 2024 and beyond.”
Greg Cameron, President and CFO of Bloom Energy, added, “This year we reached critical milestones by delivering record revenues and positive Non-GAAP Operating Margins. We continue to execute across the company, and I remain excited about Bloom’s future. The last four years have been an amazing professional journey and I’m proud of what we’ve been able to accomplish.”
Bloom announced that President and CFO Cameron notified the company of his intention to leave the company. The company has retained Caldwell Partners to identify candidates to fill the CFO role.
Accoding to a release, Cameron’s departure is not the result of any disagreement with the company on any matter relating to the its operations, policies, or practices.
