Bloom Energy’s 1st quarter loss widens as company sticks to earnings guidance for 2024

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Bloom Energy's Newark site
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Fuel cell maker Bloom Energy Corporation reported a wider loss in the first quarter of 2024. However, its operating loss fell during the period at the northern California company which operates a production site in Newark.

Bloom also reaffirmed revenue and loss guidance for 2024, despite the first quarter sales decline.

First quarter highlights

  • Revenue of $235.3 million in the first quarter of 2024, a decrease of 14.5% compared to $275.2 million in the first quarter of 2023. Product and service revenue of $209.8 million in the first quarter of 2024, a drop of 10.5% compared to $234.4 million in the first quarter of 2023.
  • The gross margin was 16.2% in the first quarter of 2024, a decrease of 3.5 percentage points compared to 19.7% in the first quarter of 2023.
  • Operating loss of $49.0 million in the first quarter of 2024, an improvement of $14.7 million compared to operating loss of $63.7 million in the first quarter of 2023.
  • Non-GAAP operating loss of $30.7 million in the first quarter of 2024, an improvement of $3.4 million compared to a non-GAAP operating loss of $34.1 million in the first quarter of 2023.

“We are seeing strong market interest, increasing momentum, and robust commercial activity across diverse end markets” said KR Sridhar, CEO of Bloom Energy.  “In addition to data centers, we view AI hardware supply chain industries as a good growth opportunity for Bloom, both in the US and in Asia. Our customer wins on islanded-power mode without need for grid interconnection demonstrates an ideal solution for customers seeking time-to-power advantages.”

The earnings release included statements praising the company from the outgoing and incoming chief financial officers. Changes with CFOs are often viewed by investors as a sign of trouble ahead.

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Bloom has never earned a profit during its existence.

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