Bloom Energy Reports First Quarter 2024 Financial Results
Reiterating guidance for 2024
SAN JOSE, Calif.–(BUSINESS WIRE)–Bloom Energy Corporation (NYSE: BE) reported today its financial results for the first quarter ended March 31, 2024. The company reported revenue of $235.3 million for the first quarter of 2024.
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 decrease of 10.5% compared to $234.4 million in the first quarter of 2023.
- Gross margin of 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.
- Non-GAAP gross margin of 17.5% in the first quarter of 2024, a decrease of 3.7 percentage points compared to 21.2% 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, Founder, Chairman and 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.”
Greg Cameron, outgoing President and CFO of Bloom Energy, said, “I’d like to thank KR, the Board, and the entire Bloom team for allowing me to be part of this amazing journey. Over the past four years, we have accomplished a great deal to position Bloom to be a leader in the Energy Transition. While I may no longer be part of this journey, I’m very excited for the opportunities for Bloom Energy that lie ahead.”
Dan Berenbaum, incoming CFO of Bloom Energy, added, “I’m energized by what I’ve seen in my short time at Bloom. It’s clear that we have a robust commercial pipeline and a path for meaningful ongoing product cost reduction. I’m looking forward to working with the team to deliver on the promise of our clean energy solutions.”
Summary of Key Financial Metrics
Summary of GAAP Profit and Loss Statements
($000), except EPS data |
Q1’24 |
Q4’23 |
Q1’23 |
||||||
Revenue |
|
235,298 |
|
|
356,917 |
|
|
275,191 |
|
Cost of Revenue |
|
197,222 |
|
|
264,526 |
|
|
220,924 |
|
Gross Profit |
|
38,076 |
|
|
92,391 |
|
|
54,267 |
|
Gross Margin |
|
16.2 |
% |
|
25.9 |
% |
|
19.7 |
% |
Operating Expenses |
|
87,093 |
|
|
79,452 |
|
|
117,948 |
|
Operating (Loss) Income |
|
(49,017 |
) |
|
12,939 |
|
|
(63,681 |
) |
Operating Margin |
|
(20.8 |
)% |
|
3.6 |
% |
|
(23.1 |
)% |
Non-operating Expenses |
|
8,507 |
|
|
8,428 |
|
|
7,886 |
|
Net (Loss) Income to Common Stockholders |
|
(57,524 |
) |
|
4,511 |
|
|
(71,567 |
) |
GAAP EPS, Basic |
$ |
(0.25 |
) |
$ |
0.02 |
|
$ |
(0.35 |
) |
GAAP EPS, Diluted |
$ |
(0.25 |
) |
$ |
0.02 |
|
$ |
(0.35 |
) |
Summary of Non-GAAP Financial Information1
($000), except EPS data |
Q1’24 |
Q4’23 |
Q1’23 |
||||||
Revenue |
|
235,298 |
|
|
356,917 |
|
|
275,191 |
|
Cost of Revenue |
|
194,071 |
|
|
259,138 |
|
|
216,763 |
|
Gross Profit |
|
41,226 |
|
|
97,779 |
|
|
58,428 |
|
Gross Margin |
|
17.5 |
% |
|
27.4 |
% |
|
21.2 |
% |
Operating Expenses |
|
71,962 |
|
|
70,368 |
|
|
92,520 |
|
Operating (Loss) Income |
|
(30,736 |
) |
|
27,411 |
|
|
(34,092 |
) |
Operating Margin |
|
(13.1 |
)% |
|
7.7 |
% |
|
(12.4 |
)% |
Adjusted EBITDA |
|
(18,218 |
) |
|
39,760 |
|
|
(15,942 |
) |
Non-GAAP EPS, Basic |
$ |
(0.17 |
) |
$ |
0.09 |
|
$ |
(0.22 |
) |
Non-GAAP EPS, Diluted |
$ |
(0.17 |
) |
$ |
0.07 |
|
$ |
(0.22 |
) |
1. |
A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release |
Outlook
Bloom reaffirms outlook for the full-year 2024:
• Revenue: • Non-GAAP Gross Margin: • Non-GAAP Operating Income: |
$1.4 – $1.6B |
Conference Call Details
Bloom will host a conference call today, May 9, 2024, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call toll-free dial-in number: +1 (888) 330-2443 and toll-dial-in-number +1 (240) 789-2728. The conference ID is 4781037. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com/. Following the webcast, an archived version will be available on Bloom’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 770-2030 and entering passcode 4781037.
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exchange Commission (SEC). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Bloom urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom’s expectations regarding its 2024 Outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating income measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Material changes to reconciling items could have a significant effect on future GAAP results and, as such, we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors.
About Bloom Energy
Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.
Forward-Looking Statements
This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding: innovation and solutions; customer reaction to Bloom’s products; Bloom’s liquidity position; market demand for energy solutions; and Bloom’s 2024 outlook for revenue and profitability. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to: Bloom’s limited operating history; the emerging nature of the distributed generation market and rapidly evolving market trends; the significant losses Bloom has incurred in the past; the significant upfront costs of Bloom’s Energy Servers and Bloom’s ability to secure financing for its products; Bloom’s ability to drive cost reductions and to successfully mitigate against potential price increases; Bloom’s ability to service its existing debt obligations; Bloom’s ability to be successful in new markets; the ability of the Bloom Energy Server to operate on the fuel source a customer will want; the success of the strategic partnership with SK ecoplant in the United States and international markets; timing and development of an ecosystem for the hydrogen market, including in the South Korean market; continued incentives in the South Korean market; adapting to the new government bidding process in the South Korean market; the timing and pace of adoption of hydrogen for stationary power; the risk of manufacturing defects; the accuracy of Bloom’s estimates regarding the useful life of its Energy Servers; delays in the development and introduction of new products or updates to existing products; Bloom’s ability to secure partners in order to commercialize its electrolyzer and carbon capture products; supply constraints; the availability of rebates, tax credits and other tax benefits; changes in the regulatory landscape; Bloom’s reliance upon a limited number of customers; Bloom’s lengthy sales and installation cycle, construction, utility interconnection and other delays and cost overruns related to the installation of its Energy Servers, including inventories with distributors; business and economic conditions and growth trends in commercial and industrial energy markets; global macroeconomic conditions, including rising interest rates, recession fears and inflationary pressures, or geopolitical events or conflicts; overall electricity generation market; management transitions; Bloom’s ability to protect its intellectual property; and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential factors that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on February 15, 2024, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Bloom’s website at www.bloomenergy.com and the SEC’s website at www.sec.gov. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.
The Investor Relations section of Bloom’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom encourages investors to visit this website from time to time, as information is updated and new information is posted.
Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share data) |
||||||||
|
|
March 31, |
|
December 31, |
||||
|
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents1 |
|
$ |
515,957 |
|
|
$ |
664,593 |
|
Restricted cash1 |
|
|
51,387 |
|
|
|
46,821 |
|
Accounts receivable less allowance for credit losses of $119 as of March 31, 2024 and December 31, 20231, 2 |
|
|
348,422 |
|
|
|
340,740 |
|
Contract assets3 |
|
|
33,788 |
|
|
|
41,366 |
|
Inventories1 |
|
|
526,351 |
|
|
|
502,515 |
|
Deferred cost of revenue4 |
|
|
56,051 |
|
|
|
45,984 |
|
Prepaid expenses and other current assets1, 5 |
|
|
47,639 |
|
|
|
51,148 |
|
Total current assets |
|
|
1,579,595 |
|
|
|
1,693,167 |
|
Property, plant and equipment, net1 |
|
|
496,225 |
|
|
|
493,352 |
|
Operating lease right-of-use assets1, 6 |
|
|
138,941 |
|
|
|
139,732 |
|
Restricted cash1 |
|
|
15,378 |
|
|
|
33,764 |
|
Deferred cost of revenue |
|
|
3,552 |
|
|
|
3,454 |
|
Other long-term assets1, 7 |
|
|
52,363 |
|
|
|
50,208 |
|
Total assets |
|
$ |
2,286,054 |
|
|
$ |
2,413,677 |
|
Liabilities and stockholders’ equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable1, 8 |
|
$ |
94,231 |
|
|
$ |
132,078 |
|
Accrued warranty |
|
|
9,197 |
|
|
|
19,326 |
|
Accrued expenses and other current liabilities1, 9 |
|
|
99,307 |
|
|
|
130,879 |
|
Deferred revenue and customer deposits1, 10 |
|
|
94,696 |
|
|
|
128,922 |
|
Operating lease liabilities1, 11 |
|
|
20,513 |
|
|
|
20,245 |
|
Financing obligations |
|
|
36,727 |
|
|
|
38,972 |
|
Total current liabilities |
|
|
354,671 |
|
|
|
470,422 |
|
Deferred revenue and customer deposits1, 12 |
|
|
39,912 |
|
|
|
19,140 |
|
Operating lease liabilities1, 13 |
|
|
141,024 |
|
|
|
141,939 |
|
Financing obligations |
|
|
404,728 |
|
|
|
405,824 |
|
Recourse debt |
|
|
843,477 |
|
|
|
842,006 |
|
Non-recourse debt1, 14 |
|
|
4,458 |
|
|
|
4,627 |
|
Other long-term liabilities |
|
|
8,634 |
|
|
|
9,049 |
|
Total liabilities |
|
$ |
1,796,904 |
|
|
$ |
1,893,007 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Common stock: $0.0001 par value; Class A shares — 600,000,000 shares authorized and 226,933,763 shares and 224,717,533 shares issued and outstanding and Class B shares — 600,000,000 shares authorized and no shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively |
|
|
21 |
|
|
|
21 |
|
Additional paid-in capital |
|
|
4,394,148 |
|
|
|
4,370,343 |
|
Accumulated other comprehensive loss |
|
|
(2,139 |
) |
|
|
(1,687 |
) |
Accumulated deficit |
|
|
(3,925,915 |
) |
|
|
(3,866,599 |
) |
Total equity attributable to common stockholders |
|
|
466,115 |
|
|
|
502,078 |
|
Noncontrolling interest |
|
|
23,035 |
|
|
|
18,592 |
|
Total stockholders’ equity |
|
$ |
489,150 |
|
|
$ |
520,670 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,286,054 |
|
|
$ |
2,413,677 |
|
1 |
We have a variable interest entity related to a joint venture in the Republic of Korea, which represents a portion of the consolidated balances recorded within these financial statement line items. |
2 |
Including amounts from related parties of $292.4 million and $262.0 million as of March 31, 2024 and December 31, 2023, respectively. |
3 |
Including amounts from related parties of $3.5 million and $6.9 million as of March 31, 2024 and December 31, 2023, respectively. |
4 |
Including amounts from related parties of $0.9 million as of December 31, 2023. There were no amounts from related parties as of March 31, 2024. |
5 |
Including amounts from related parties of $2.2 million and $2.3 million as of March 31, 2024 and December 31, 2023, respectively. |
6 |
Including amounts from related parties of $1.9 million and $2.0 million as of March 31, 2024 and December 31, 2023, respectively. |
7 |
Including amounts from related parties of $8.3 million and $9.1 million as of March 31, 2024 and December 31, 2023, respectively. |
8 |
Including amounts from related parties of $0.1 million as of December 31, 2023. There were no amounts from related parties as of March 31, 2024. |
9 |
Including amounts from related parties of $6.1 million and $3.4 million as of March 31, 2024 and December 31, 2023, respectively. |
10 |
Including amounts from related parties of $5.7 million and $1.7 million as of March 31, 2024 and December 31, 2023, respectively. |
11 |
Including amounts from related parties of $0.4 million and $0.4 million as of March 31, 2024 and December 31, 2023, respectively. |
12 |
Including amounts from related parties of $3.5 million and $6.7 million as of March 31, 2024 and December 31, 2023, respectively. |
13 |
Including amounts from related parties of $1.4 million and $1.6 million as of March 31, 2024 and December 31, 2023, respectively. |
14 |
Including amounts from related parties of $4.5 million and $4.6 million as of March 31, 2024 and December 31, 2023, respectively. |
Condensed Consolidated Statements of Operations (unaudited) (in thousands, except per share data) |
||||||||||||
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
||||||
|
|
|
|
|
|
|
||||||
Revenue: |
|
|
|
|
|
|
||||||
Product |
|
$ |
153,364 |
|
|
$ |
261,819 |
|
|
$ |
193,745 |
|
Installation |
|
|
11,444 |
|
|
|
26,033 |
|
|
|
20,525 |
|
Service |
|
|
56,460 |
|
|
|
52,569 |
|
|
|
40,663 |
|
Electricity |
|
|
14,030 |
|
|
|
16,496 |
|
|
|
20,258 |
|
Total revenue1 |
|
|
235,298 |
|
|
|
356,917 |
|
|
|
275,191 |
|
Cost of revenue: |
|
|
|
|
|
|
||||||
Product |
|
|
115,757 |
|
|
|
172,514 |
|
|
|
129,613 |
|
Installation |
|
|
15,353 |
|
|
|
27,854 |
|
|
|
25,100 |
|
Service |
|
|
56,506 |
|
|
|
55,050 |
|
|
|
51,244 |
|
Electricity |
|
|
9,606 |
|
|
|
9,108 |
|
|
|
14,967 |
|
Total cost of revenue |
|
|
197,222 |
|
|
|
264,526 |
|
|
|
220,924 |
|
Gross profit |
|
|
38,076 |
|
|
|
92,391 |
|
|
|
54,267 |
|
Operating expenses: |
|
|
|
|
|
|
||||||
Research and development |
|
|
35,485 |
|
|
|
33,556 |
|
|
|
45,690 |
|
Sales and marketing |
|
|
13,599 |
|
|
|
16,026 |
|
|
|
27,111 |
|
General and administrative2 |
|
|
38,009 |
|
|
|
29,871 |
|
|
|
45,147 |
|
Total operating expenses |
|
|
87,093 |
|
|
|
79,452 |
|
|
|
117,948 |
|
(Loss) income from operations |
|
|
(49,017 |
) |
|
|
12,939 |
|
|
|
(63,681 |
) |
Interest income |
|
|
7,531 |
|
|
|
6,114 |
|
|
|
1,995 |
|
Interest expense3 |
|
|
(14,546 |
) |
|
|
(14,563 |
) |
|
|
(11,746 |
) |
Other (expense) income, net4 |
|
|
(1,170 |
) |
|
|
867 |
|
|
|
(1,343 |
) |
Gain (loss) on revaluation of embedded derivatives |
|
|
158 |
|
|
|
(428 |
) |
|
|
117 |
|
(Loss) income before income taxes |
|
|
(57,044 |
) |
|
|
4,930 |
|
|
|
(74,658 |
) |
Income tax (benefit) provision |
|
|
(501 |
) |
|
|
811 |
|
|
|
259 |
|
Net (loss) income |
|
|
(56,543 |
) |
|
|
4,117 |
|
|
|
(74,917 |
) |
Less: Net income (loss) attributable to noncontrolling interest |
|
|
981 |
|
|
|
(394 |
) |
|
|
(3,350 |
) |
Net (loss) income attributable to common stockholders |
|
|
(57,524 |
) |
|
|
4,511 |
|
|
|
(71,567 |
) |
Net (loss) income per share available to common stockholders, basic |
|
$ |
(0.25 |
) |
|
$ |
0.02 |
|
|
$ |
(0.35 |
) |
Net (loss) income per share available to common stockholders, diluted |
|
$ |
(0.25 |
) |
|
$ |
0.02 |
|
|
$ |
(0.35 |
) |
Weighted average shares used to compute net (loss) income per share available to common stockholders, basic |
|
|
225,587 |
|
|
|
224,204 |
|
|
|
206,724 |
|
Weighted average shares used to compute net (loss) income per share available to common stockholders, diluted |
|
|
225,587 |
|
|
|
274,366 |
|
|
|
206,724 |
|
|
|
|
|
|
|
|
1 |
Including related party revenue of $122.2 million, $126.2 million, and $0.8 million, and for the three months ended March 31, 2024, three months ended December 31, 2023, and three months ended March 31, 2023, respectively. |
2 |
Including related party general and administrative expenses of $0.2 million and $0.2 million for the three months ended March 31, 2024 and three months ended December 31, 2023, respectively. There were no related party general and administrative expenses for the three months ended March 31, 2023. |
3 |
Including related party interest expense of $0.1 million for the three months ended March 31, 2024. There was no related party interest expense for the three months ended December 31, 2023 and three months ended March 31, 2023. |
4 |
Including related party other expense, net of $(0.5) million for the three months ended March 31, 2024. There was no related party other expense, net for the three months ended December 31, 2023 and three months ended March 31, 2023. |
Condensed Consolidated Statement of Cash Flows (unaudited) (in thousands) |
||||||||||||
|
|
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
||||||
Cash flows from operating activities: |
|
|
|
|
|
|
||||||
Net (loss) income |
|
$ |
(56,543 |
) |
|
$ |
4,117 |
|
|
$ |
(74,917 |
) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
||||||
Depreciation and amortization |
|
|
12,518 |
|
|
|
12,349 |
|
|
|
18,150 |
|
Non-cash lease expense |
|
|
8,951 |
|
|
|
9,079 |
|
|
|
7,934 |
|
(Gain) loss on disposal of property, plant and equipment |
|
|
(2 |
) |
|
|
234 |
|
|
|
191 |
|
Revaluation of derivative contracts |
|
|
(158 |
) |
|
|
428 |
|
|
|
(117 |
) |
Stock-based compensation expense |
|
|
18,136 |
|
|
|
7,320 |
|
|
|
27,743 |
|
Amortization of warrants and debt issuance costs |
|
|
1,471 |
|
|
|
1,472 |
|
|
|
665 |
|
Unrealized foreign currency exchange loss (gain) |
|
|
1,136 |
|
|
|
(2,411 |
) |
|
|
28 |
|
Other |
|
|
(50 |
) |
|
|
404 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||||||
Accounts receivable1 |
|
|
(7,615 |
) |
|
|
(6,037 |
) |
|
|
(78,872 |
) |
Contract assets2 |
|
|
7,578 |
|
|
|
102,509 |
|
|
|
(1,051 |
) |
Inventories |
|
|
(24,965 |
) |
|
|
(25,374 |
) |
|
|
(127,666 |
) |
Deferred cost of revenue3 |
|
|
(10,183 |
) |
|
|
17,569 |
|
|
|
5,793 |
|
Prepaid expenses and other assets4 |
|
|
3,509 |
|
|
|
15,095 |
|
|
|
(4,527 |
) |
Other long-term assets5 |
|
|
(2,155 |
) |
|
|
(17,000 |
) |
|
|
(128 |
) |
Operating lease right-of-use assets and operating lease liabilities |
|
|
(8,807 |
) |
|
|
(8,922 |
) |
|
|
(7,507 |
) |
Financing lease liabilities |
|
|
97 |
|
|
|
104 |
|
|
|
244 |
|
Accounts payable6 |
|
|
(33,455 |
) |
|
|
(23,385 |
) |
|
|
(26,835 |
) |
Accrued warranty |
|
|
(10,129 |
) |
|
|
2,789 |
|
|
|
(7,876 |
) |
Accrued expenses and other liabilities7 |
|
|
(32,996 |
) |
|
|
17,152 |
|
|
|
(32,277 |
) |
Deferred revenue and customer deposits8 |
|
|
(13,454 |
) |
|
|
14,406 |
|
|
|
(13,108 |
) |
Other long-term liabilities |
|
|
(150 |
) |
|
|
(65 |
) |
|
|
(577 |
) |
Net cash (used in) provided by operating activities |
|
|
(147,266 |
) |
|
|
121,833 |
|
|
|
(314,710 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
||||||
Purchase of property, plant and equipment |
|
|
(21,435 |
) |
|
|
(16,254 |
) |
|
|
(26,574 |
) |
Proceeds from sale of property, plant and equipment |
|
|
7 |
|
|
|
11 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(21,428 |
) |
|
|
(16,243 |
) |
|
|
(26,574 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||||||
Proceeds from issuance of debt9 |
|
|
— |
|
|
|
3,144 |
|
|
|
— |
|
Payment of debt issuance costs |
|
|
— |
|
|
|
(197 |
) |
|
|
— |
|
Repayment of debt |
|
|
— |
|
|
|
— |
|
|
|
(9,892 |
) |
Proceeds from financing obligations |
|
|
1,334 |
|
|
|
2,291 |
|
|
|
1,163 |
|
Repayment of financing obligations |
|
|
(4,958 |
) |
|
|
(4,970 |
) |
|
|
(4,266 |
) |
Proceeds from issuance of common stock |
|
|
6,816 |
|
|
|
942 |
|
|
|
8,525 |
|
Contributions from noncontrolling interest |
|
|
3,958 |
|
|
|
— |
|
|
|
— |
|
Proceeds from issuance of redeemable convertible preferred stock |
|
|
— |
|
|
|
— |
|
|
|
310,957 |
|
Payment of issuance costs related to redeemable convertible preferred stock |
|
|
— |
|
|
|
(22 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
|
7,150 |
|
|
|
1,188 |
|
|
|
306,487 |
|
Effect of exchange rate changes on cash, cash equivalent and restricted cash |
|
|
(912 |
) |
|
|
704 |
|
|
|
(124 |
) |
Net (decrease) increase in cash, cash equivalents and restricted cash |
|
|
(162,456 |
) |
|
|
107,482 |
|
|
|
(34,921 |
) |
Cash, cash equivalents, and restricted cash: |
|
|
|
|
|
|
||||||
Beginning of period |
|
|
745,178 |
|
|
|
637,696 |
|
|
|
518,366 |
|
End of period |
|
$ |
582,722 |
|
|
$ |
745,178 |
|
|
$ |
483,445 |
|
|
|
|
|
|
|
|
1 |
Including changes in related party balances of $30.3 million, $14.2 million, and $4.3 million for the three months ended March 31, 2024, three months ended December 31, 2023, and three months ended March 31, 2023, respectively. |
2 |
Including changes in related party balances of $3.3 million and $3.5 million for the three months ended March 31, 2024 and three months ended December 31, 2023, respectively. There were no associated related party balances as of March 31, 2023. |
3 |
Including changes in related party balances of $0.9 million and $22.5 million for the three months ended March 31, 2024 and three months ended December 31, 2023, respectively. There were no associated related party balances as of March 31, 2023. |
4 |
Including changes in related party balances of $0.1 million and $7.6 million for the three months ended March 31, 2024 and three months ended December 31, 2023, respectively. There were no associated related party balances as of March 31, 2023. |
5 |
Including changes in related party balances of $0.8 million and $7.1 million for the three months ended March 31, 2024 and three months ended December 31, 2023, respectively. There were no associated related party balances as of March 31, 2023. |
6 |
Including changes in related party balances of $0.1 million and $0.1 million for the three months ended March 31, 2024 and three months ended December 31, 2023, respectively. There were no associated related party balances as of March 31, 2023. |
7 |
Including changes in related party balances of $2.7 million and $2.3 million for the three months ended March 31, 2024 and three months ended December 31, 2023, respectively. There were no associated related party balances as of March 31, 2023. |
8 |
Including changes in related party balances of $0.8 million and $2.7 million for the three months ended March 31, 2024 and three months ended December 31, 2023, respectively. There were no associated related party balances as of March 31, 2023. |
9 |
Including changes in related party balances of $0.2 million and $4.6 million for the three months ended March 31, 2024 and three months ended December 31, 2023, respectively. There were no associated related party balances as of March 31, 2023. |
Contacts
Investor Relations:
Ed Vallejo
Bloom Energy
investor@bloomenergy.com
Media:
Bloom Energy
press@bloomenergy.com