09 Aug Bloom Energy Reports Second Quarter 2024 Financial Results
Reiterating 2024 financial guidance
SAN JOSE, Calif.–(BUSINESS WIRE)–Bloom Energy Corporation (NYSE: BE) reported today its financial results for the second quarter ended June 30, 2024. The company reported revenue of $335.8 million for the second quarter of 2024.
Second Quarter Highlights
- Revenue of $335.8 million in the second quarter of 2024, an increase of 11.5% year-over-year.
- Gross margin of 20.4% in the second quarter of 2024, an increase of 1.7 percentage points year-over-year; Non-GAAP gross margin of 21.8% in the second quarter of 2024, an increase of 1.4 percentage points year-over-year.
- Operating loss of $23.1 million in the second quarter of 2024, an improvement of $31.3 million year-over-year; Non-GAAP operating loss of $3.2 million in the second quarter of 2024, an improvement of $22.7 million year-over-year.
- Strengthened our balance sheet through the issuance of 3% convertible green notes.
- Announced agreement with CoreWeave, a leader in AI, to power the high-performance data center owned by Chirisa Technology Parks located in Volo, Illinois.
- Silicon Valley Power received municipal approval to enter into an agreement using Bloom fuel cells to power 20-megawatts of AWS data centers in Santa Clara, CA.
KR Sridhar, CEO of Bloom Energy, said, “It is now widely understood that demand for electricity is expected to far exceed available supply through the grid. It is presenting Bloom with a huge opportunity. We are seeing high levels of commercial interest in our products and solutions. We continue to execute well, advance our technology and build out our team for future growth.”
Dan Berenbaum, CFO of Bloom Energy, added, “We delivered record revenue and non-GAAP profitability for a second quarter and strengthened our balance sheet through the issuance of our 3% convertible green notes. We are confident in our commercial pipeline, and we are reaffirming our prior 2024 financial guidance.”
Summary of Key Financial Metrics
|
Summary of GAAP Profit and Loss Statements |
||||||||||||
|
($000), except EPS data |
Q2’24 |
Q1’24 |
Q2’23 |
|||||||||
|
Revenue |
|
335,767 |
|
|
235,298 |
|
|
301,095 |
|
|||
|
Cost of Revenue |
|
267,245 |
|
|
197,222 |
|
|
244,745 |
|
|||
|
Gross Profit |
|
68,522 |
|
|
38,076 |
|
|
56,350 |
|
|||
|
Gross Margin |
|
20.4 |
% |
|
16.2 |
% |
|
18.7 |
% |
|||
|
Operating Expenses |
|
91,650 |
|
|
87,093 |
|
|
110,806 |
|
|||
|
Operating Loss |
|
(23,128 |
) |
|
(49,017 |
) |
|
(54,456 |
) |
|||
|
Operating Margin |
|
(6.9 |
)% |
|
(20.8 |
)% |
|
(18.1 |
)% |
|||
|
Non-operating Expenses |
|
38,659 |
|
|
8,507 |
|
|
11,607 |
|
|||
|
Net Loss to Common Stockholders |
|
(61,787 |
) |
|
(57,524 |
) |
|
(66,061 |
) |
|||
|
GAAP EPS, Basic and Diluted |
$ |
(0.27 |
) |
$ |
(0.25 |
) |
$ |
(0.32 |
) |
|||
|
Summary of Non-GAAP Financial Information1 |
||||||||||||
|
($000), except EPS data |
Q2’24 |
Q1’24 |
Q2’23 |
|||||||||
|
Revenue |
|
335,767 |
|
|
235,298 |
|
|
301,095 |
|
|||
|
Cost of Revenue |
|
262,611 |
|
|
194,071 |
|
|
239,678 |
|
|||
|
Gross Profit |
|
73,156 |
|
|
41,226 |
|
|
61,418 |
|
|||
|
Gross Margin |
|
21.8 |
% |
|
17.5 |
% |
|
20.4 |
% |
|||
|
Operating Expenses |
|
76,344 |
|
|
71,962 |
|
|
87,357 |
|
|||
|
Operating Loss |
|
(3,188 |
) |
|
(30,736 |
) |
|
(25,939 |
) |
|||
|
Operating Margin |
|
(0.9 |
)% |
|
(13.1 |
)% |
|
(8.6 |
)% |
|||
|
Adjusted EBITDA |
|
10,219 |
|
|
(18,218 |
) |
|
(8,421 |
) |
|||
|
Non-GAAP EPS, Basic and Diluted |
$ |
(0.06 |
) |
$ |
(0.17 |
) |
$ |
(0.17 |
) |
|||
|
(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: |
$1.4 – $1.6B |
| • |
Non-GAAP Gross Margin: |
~28% |
| • |
Non-GAAP Operating Income: |
$75 – $100M |
Conference Call Details
Bloom will host a conference call today, August 8, 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) 596-4144 and toll-dial-in-number +1 (646) 968-2525. The conference ID is 9501971. 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 9501971
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; government incentive programs including the scheduled expiration of the Investment Tax Credit at the end of 2024; 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; 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 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, as filed with the SEC on February 15, 2024 and May 9, 2024, respectively, 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) |
||||||||
|
|
|
June 30, |
|
December 31, |
||||
|
|
|
2024 |
|
2023 |
||||
|
Assets |
|
|
|
|
||||
|
Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents1 |
|
$ |
581,684 |
|
|
$ |
664,593 |
|
|
Restricted cash1 |
|
|
25,167 |
|
|
|
46,821 |
|
|
Accounts receivable less allowance for credit losses of $119 as of June 30, 2024 and December 31, 20231, 2 |
|
|
524,000 |
|
|
|
340,740 |
|
|
Contract assets3 |
|
|
90,388 |
|
|
|
41,366 |
|
|
Inventories1 |
|
|
520,216 |
|
|
|
502,515 |
|
|
Deferred cost of revenue4 |
|
|
48,457 |
|
|
|
45,984 |
|
|
Prepaid expenses and other current assets1, 5 |
|
|
40,102 |
|
|
|
51,148 |
|
|
Total current assets |
|
|
1,830,014 |
|
|
|
1,693,167 |
|
|
Property, plant and equipment, net1 |
|
|
494,377 |
|
|
|
493,352 |
|
|
Operating lease right-of-use assets1, 6 |
|
|
134,972 |
|
|
|
139,732 |
|
|
Restricted cash1 |
|
|
30,953 |
|
|
|
33,764 |
|
|
Deferred cost of revenue |
|
|
3,565 |
|
|
|
3,454 |
|
|
Other long-term assets1, 7 |
|
|
54,163 |
|
|
|
50,208 |
|
|
Total assets |
|
$ |
2,548,044 |
|
|
$ |
2,413,677 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|
||||
|
Current liabilities: |
|
|
|
|
||||
|
Accounts payable1, 8 |
|
$ |
104,201 |
|
|
$ |
132,078 |
|
|
Accrued warranty |
|
|
12,388 |
|
|
|
19,326 |
|
|
Accrued expenses and other current liabilities1, 9 |
|
|
116,399 |
|
|
|
130,879 |
|
|
Deferred revenue and customer deposits1, 10 |
|
|
112,032 |
|
|
|
128,922 |
|
|
Operating lease liabilities1, 11 |
|
|
20,123 |
|
|
|
20,245 |
|
|
Financing obligations |
|
|
28,332 |
|
|
|
38,972 |
|
|
Total current liabilities |
|
|
393,475 |
|
|
|
470,422 |
|
|
Deferred revenue and customer deposits1, 12 |
|
|
28,589 |
|
|
|
19,140 |
|
|
Operating lease liabilities1, 13 |
|
|
137,209 |
|
|
|
141,939 |
|
|
Financing obligations |
|
|
408,384 |
|
|
|
405,824 |
|
|
Recourse debt |
|
|
1,121,011 |
|
|
|
842,006 |
|
|
Non-recourse debt1, 14 |
|
|
4,347 |
|
|
|
4,627 |
|
|
Other long-term liabilities |
|
|
8,479 |
|
|
|
9,049 |
|
|
Total liabilities |
|
$ |
2,101,494 |
|
|
$ |
1,893,007 |
|
|
Commitments and contingencies |
|
|
|
|
||||
|
Stockholders’ equity: |
|
|
|
|
||||
|
Common stock: $0.0001 par value; Class A shares — 600,000,000 shares authorized and 227,556,594 shares and 224,717,533 shares issued and outstanding, and Class B shares — 470,092,742 shares and 600,000,000 shares authorized and no shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively |
|
|
23 |
|
|
|
21 |
|
|
Additional paid-in capital |
|
|
4,413,233 |
|
|
|
4,370,343 |
|
|
Accumulated other comprehensive loss |
|
|
(2,301 |
) |
|
|
(1,687 |
) |
|
Accumulated deficit |
|
|
(3,987,702 |
) |
|
|
(3,866,599 |
) |
|
Total equity attributable to common stockholders |
|
|
423,253 |
|
|
|
502,078 |
|
|
Noncontrolling interest |
|
|
23,297 |
|
|
|
18,592 |
|
|
Total stockholders’ equity |
|
$ |
446,550 |
|
|
$ |
520,670 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
2,548,044 |
|
|
$ |
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 $348.2 million and $262.0 million as of June 30, 2024 and December 31, 2023, respectively. |
|
3 |
|
Including amounts from related parties of $0.9 million and $6.9 million as of June 30, 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 June 30, 2024. |
|
5 |
|
Including amounts from related parties of $1.3 million and $2.3 million as of June 30, 2024 and December 31, 2023, respectively. |
|
6 |
|
Including amounts from related parties of $1.7 million and $2.0 million as of June 30, 2024 and December 31, 2023, respectively. |
|
7 |
|
Including amounts from related parties of $9.5 million and $9.1 million as of June 30, 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 June 30, 2024. |
|
9 |
|
Including amounts from related parties of $5.8 million and $3.4 million as of June 30, 2024 and December 31, 2023, respectively. |
|
10 |
|
Including amounts from related parties of $8.6 million and $1.7 million as of June 30, 2024 and December 31, 2023, respectively. |
|
11 |
|
Including amounts from related parties of $0.4 million and $0.4 million as of June 30, 2024 and December 31, 2023, respectively. |
|
12 |
|
Including amounts from related parties of $4.3 million and $6.7 million as of June 30, 2024 and December 31, 2023, respectively. |
|
13 |
|
Including amounts from related parties of $1.3 million and $1.6 million as of June 30, 2024 and December 31, 2023, respectively. |
|
14 |
|
Including amounts from related parties of $4.3 million and $4.6 million as of June 30, 2024 and December 31, 2023, respectively. |
|
Condensed Consolidated Statements of Operations (unaudited)| |
||||||||||||
|
|
|
Three Months |
|
Three Months |
|
Three Months |
||||||
|
|
|
|
|
|
|
|
||||||
|
Revenue: |
|
|
|
|
|
|
||||||
|
Product |
|
$ |
226,308 |
|
|
$ |
153,364 |
|
|
$ |
214,706 |
|
|
Installation |
|
|
42,733 |
|
|
|
11,444 |
|
|
|
24,321 |
|
|
Service |
|
|
52,531 |
|
|
|
56,460 |
|
|
|
42,298 |
|
|
Electricity |
|
|
14,195 |
|
|
|
14,030 |
|
|
|
19,770 |
|
|
Total revenue1 |
|
|
335,767 |
|
|
|
235,298 |
|
|
|
301,095 |
|
|
Cost of revenue: |
|
|
|
|
|
|
||||||
|
Product |
|
|
161,332 |
|
|
|
115,757 |
|
|
|
145,146 |
|
|
Installation |
|
|
44,298 |
|
|
|
15,353 |
|
|
|
26,879 |
|
|
Service |
|
|
52,401 |
|
|
|
56,506 |
|
|
|
57,263 |
|
|
Electricity |
|
|
9,214 |
|
|
|
9,606 |
|
|
|
15,457 |
|
|
Total cost of revenue |
|
|
267,245 |
|
|
|
197,222 |
|
|
|
244,745 |
|
|
Gross profit |
|
|
68,522 |
|
|
|
38,076 |
|
|
|
56,350 |
|
|
Operating expenses: |
|
|
|
|
|
|
||||||
|
Research and development |
|
|
37,364 |
|
|
|
35,485 |
|
|
|
41,493 |
|
|
Sales and marketing |
|
|
17,901 |
|
|
|
13,599 |
|
|
|
26,822 |
|
|
General and administrative2 |
|
|
36,385 |
|
|
|
38,009 |
|
|
|
42,491 |
|
|
Total operating expenses |
|
|
91,650 |
|
|
|
87,093 |
|
|
|
110,806 |
|
|
Loss from operations |
|
|
(23,128 |
) |
|
|
(49,017 |
) |
|
|
(54,456 |
) |
|
Interest income |
|
|
6,430 |
|
|
|
7,531 |
|
|
|
4,357 |
|
|
Interest expense3 |
|
|
(15,376 |
) |
|
|
(14,546 |
) |
|
|
(13,953 |
) |
|
Other expense, net4 |
|
|
(985 |
) |
|
|
(1,170 |
) |
|
|
(740 |
) |
|
Loss on extinguishment of debt |
|
|
(27,182 |
) |
|
|
— |
|
|
|
(2,873 |
) |
|
(Loss) gain on revaluation of embedded derivatives |
|
|
(88 |
) |
|
|
158 |
|
|
|
(1,216 |
) |
|
Loss before income taxes |
|
|
(60,329 |
) |
|
|
(57,044 |
) |
|
|
(68,881 |
) |
|
Income tax provision (benefit) |
|
|
856 |
|
|
|
(501 |
) |
|
|
178 |
|
|
Net loss |
|
|
(61,185 |
) |
|
|
(56,543 |
) |
|
|
(69,059 |
) |
|
Less: Net income (loss) attributable to noncontrolling interest |
|
|
602 |
|
|
|
981 |
|
|
|
(2,998 |
) |
|
Net loss attributable to common stockholders |
|
$ |
(61,787 |
) |
|
$ |
(57,524 |
) |
|
$ |
(66,061 |
) |
|
Net loss per share available to common stockholders, basic and diluted |
|
$ |
(0.27 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.32 |
) |
|
Weighted average shares used to compute net loss per share available to common stockholders, basic and diluted |
|
|
227,167 |
|
|
|
225,587 |
|
|
|
208,692 |
|
|
1 |
|
Including related party revenue of $86.8 million, $122.2 million and $4.6 million for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively. |
|
2 |
|
Including related party general and administrative expenses of $0.2 million and $0.2 million for the three months ended June 30, 2024, and March 31, 2024, respectively. There were no related party general and administrative expenses for the three months ended June 30, 2023. |
|
3 |
|
Including related party interest expense of $0.1 million and $0.1 million for the three months ended June 30, 2024, and March 31, 2024, respectively. There were no related party general and administrative expenses for the three months ended June 30, 2023. |
|
4 |
|
Including related party other expense, net of $0.4 million and $0.5 million for the three months ended June 30, 2024, and March 31, 2024, respectively. There were no related party general and administrative expenses for the three months ended June 30, 2023. |
|
Condensed Consolidated Statement of Cash Flows (unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
Three Months |
|
Three Months |
|
Three Months |
||||||
|
Cash flows from operating activities: |
|
|
|
|
|
|
||||||
|
Net loss |
|
$ |
(61,185 |
) |
|
$ |
(56,543 |
) |
|
$ |
(69,059 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
||||||
|
Depreciation and amortization |
|
|
13,407 |
|
|
|
12,518 |
|
|
|
17,518 |
|
|
Non-cash lease expense |
|
|
8,980 |
|
|
|
8,951 |
|
|
|
8,250 |
|
|
(Gain) loss on disposal of property, plant and equipment |
|
|
(13 |
) |
|
|
(2 |
) |
|
|
5 |
|
|
Revaluation of derivative contracts |
|
|
88 |
|
|
|
(158 |
) |
|
|
1,216 |
|
|
Stock-based compensation expense |
|
|
19,191 |
|
|
|
18,136 |
|
|
|
28,102 |
|
|
Amortization of debt issuance costs |
|
|
1,603 |
|
|
|
1,471 |
|
|
|
1,121 |
|
|
Loss on extinguishment of debt |
|
|
27,182 |
|
|
|
— |
|
|
|
2,873 |
|
|
Unrealized foreign currency exchange loss |
|
|
418 |
|
|
|
1,136 |
|
|
|
1,484 |
|
|
Other |
|
|
(50 |
) |
|
|
(50 |
) |
|
|
— |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||||||
|
Accounts receivable1 |
|
|
(175,657 |
) |
|
|
(7,615 |
) |
|
|
(21,079 |
) |
|
Contract assets2 |
|
|
(56,599 |
) |
|
|
7,578 |
|
|
|
12,595 |
|
|
Inventories |
|
|
5,862 |
|
|
|
(24,965 |
) |
|
|
(69,680 |
) |
|
Deferred cost of revenue3 |
|
|
7,592 |
|
|
|
(10,183 |
) |
|
|
(13,337 |
) |
|
Prepaid expenses and other assets4 |
|
|
7,537 |
|
|
|
3,509 |
|
|
|
6,485 |
|
|
Other long-term assets5 |
|
|
(1,800 |
) |
|
|
(2,155 |
) |
|
|
3,543 |
|
|
Operating lease right-of-use assets and operating lease liabilities |
|
|
(9,216 |
) |
|
|
(8,807 |
) |
|
|
(7,940 |
) |
|
Financing lease liabilities |
|
|
223 |
|
|
|
97 |
|
|
|
492 |
|
|
Accounts payable6 |
|
|
8,206 |
|
|
|
(33,455 |
) |
|
|
62,729 |
|
|
Accrued warranty |
|
|
3,191 |
|
|
|
(10,129 |
) |
|
|
5,450 |
|
|
Accrued expenses and other liabilities7 |
|
|
19,789 |
|
|
|
(32,996 |
) |
|
|
(3,442 |
) |
|
Deferred revenue and customer deposits8 |
|
|
6,013 |
|
|
|
(13,454 |
) |
|
|
(13,658 |
) |
|
Other long-term liabilities |
|
|
(257 |
) |
|
|
(150 |
) |
|
|
(153 |
) |
|
Net cash used in operating activities |
|
|
(175,495 |
) |
|
|
(147,266 |
) |
|
|
(46,485 |
) |
|
Cash flows from investing activities: |
|
|
|
|
|
|
||||||
|
Purchase of property, plant and equipment |
|
|
(12,019 |
) |
|
|
(21,435 |
) |
|
|
(19,576 |
) |
|
Proceeds from sale of property, plant and equipment |
|
|
15 |
|
|
|
7 |
|
|
|
25 |
|
|
Net cash used in investing activities |
|
|
(12,004 |
) |
|
|
(21,428 |
) |
|
|
(19,551 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
||||||
|
Proceeds from issuance of debt9 |
|
|
402,500 |
|
|
|
— |
|
|
|
634,018 |
|
|
Payment of debt issuance costs |
|
|
(12,323 |
) |
|
|
— |
|
|
|
(15,828 |
) |
|
Repayment of debt |
|
|
(140,990 |
) |
|
|
— |
|
|
|
(62,960 |
) |
|
Proceeds from financing obligations |
|
|
— |
|
|
|
1,334 |
|
|
|
1,539 |
|
|
Repayment of financing obligations |
|
|
(5,041 |
) |
|
|
(4,958 |
) |
|
|
(4,462 |
) |
|
Proceeds from issuance of common stock |
|
|
159 |
|
|
|
6,816 |
|
|
|
733 |
|
|
Proceeds from issuance of redeemable convertible preferred stock |
|
|
— |
|
|
|
— |
|
|
|
310,957 |
|
|
Contributions from noncontrolling interest |
|
|
— |
|
|
|
3,958 |
|
|
|
6,979 |
|
|
Dividend paid |
|
|
(1,468 |
) |
|
|
— |
|
|
|
— |
|
|
Purchase of capped calls |
|
|
— |
|
|
|
— |
|
|
|
(54,522 |
) |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
(158 |
) |
|
Net cash provided by financing activities |
|
|
242,837 |
|
|
|
7,150 |
|
|
|
816,296 |
|
|
Effect of exchange rate changes on cash, cash equivalent and restricted cash |
|
|
(256 |
) |
|
|
(912 |
) |
|
|
(204 |
) |
|
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
55,082 |
|
|
|
(162,456 |
) |
|
|
750,056 |
|
|
Cash, cash equivalents, and restricted cash: |
|
|
|
|
|
|
||||||
|
Beginning of period |
|
|
582,722 |
|
|
|
745,178 |
|
|
|
172,488 |
|
|
End of period |
|
$ |
637,804 |
|
|
$ |
582,722 |
|
|
$ |
922,544 |
|
|
1 |
|
Including changes in related party balances of $55.8 million, $30.3 million and $2.6 million for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively. |
|
2 |
|
Including changes in related party balances of $2.7 million and $3.3 million for the three months ended June 30, 2024 and March 31, 2024, respectively. There were no changes in related party balances for the three months ended June 30, 2023. |
|
3 |
|
Including changes in related party balances of $0.9 million for the three months ended March 31, 2024. There were no changes in related party balances for the three months ended June 30, 2024, and June 30, 2023. |
|
4 |
|
Including changes in related party balances of $0.9 million and $0.1 million for the three months ended June 30, 2024 and March 31, 2024, respectively. There were no changes in related party balances for the three months ended June 30, 2023. |
|
5 |
|
Including changes in related party balances of $0.4 million and $0.8 million for the three months ended June 30, 2024 and March 31, 2024, respectively. There were no changes in related party balances for the three months ended June 30, 2023. |
|
6 |
|
Including changes in related party balances of $0.1 million for the three months ended March 31, 2024. There were no changes in related party balances for the three months ended June 30, 2024, and June 30, 2023. |
|
7 |
|
Including changes in related party balances of $0.3 million and $2.7 million for the three months ended June 30, 2024 and March 31, 2024, respectively. There were no changes in related party balances for the three months ended June 30, 2023. |
|
8 |
|
Including changes in related party balances of $3.6 million and $0.8 million for the three months ended June 30, 2024 and March 31, 2024, respectively. There were no changes in related party balances for the three months ended June 30, 2023. |
|
9 |
|
Including changes in related party balances of $0.1 million and $0.2 million for the three months ended June 30, 2024 and March 31, 2024, respectively. There were no changes in related party balances for the three months ended June 30, 2023. |
|
Reconciliation of GAAP to Non-GAAP Financial Measures |
|||||||||
|
|
Q2’24 |
Q1’24 |
Q2’23 |
||||||
|
GAAP revenue |
335,767 |
|
235,298 |
|
301,095 |
|
|||
|
GAAP cost of sales |
267,245 |
|
197,222 |
|
244,745 |
|
|||
|
GAAP gross profit |
68,522 |
|
38,076 |
|
56,350 |
|
|||
|
Non-GAAP adjustments: |
|
|
|
||||||
|
Stock-based compensation expense |
4,110 |
|
3,814 |
|
5,067 |
|
|||
|
Restructuring |
116 |
|
(663 |
) |
— |
|
|||
|
Other |
408 |
|
— |
|
— |
|
|||
|
Non-GAAP gross profit |
73,156 |
|
41,226 |
|
61,417 |
|
|||
|
GAAP gross margin % |
20.4 |
% |
16.2 |
% |
18.7 |
% |
|||
|
Non-GAAP adjustments |
1.4 |
% |
1.3 |
% |
1.7 |
% |
|||
|
Non-GAAP gross margin % |
21.8 |
% |
17.5 |
% |
20.4 |
% |
|||
Contacts
Investor Relations:
Michael Tierney
Bloom Energy
investor@bloomenergy.com
Media:
Bloom Energy
press@bloomenergy.com
Sorry, the comment form is closed at this time.