Bloom Energy Reports Third Quarter 2024 Financial Results

Reiterating 2024 Financial Guidance

Announcing World’s Largest Fuel Cell Installation

SAN JOSE, Calif.–(BUSINESS WIRE)–Bloom Energy Corporation (NYSE: BE) reported today its financial results for the third quarter ended September 30, 2024. The company reported revenue of $330.4 million for the third quarter of 2024.


Third Quarter Highlights

  • Revenue of $330.4 million in the third quarter of 2024, a decrease of 17.5% year-over-year.
  • Gross margin of 23.8% in the third quarter of 2024, an increase of 25.1 percentage points year-over-year; Non-GAAP gross margin of 25.2% in the third quarter of 2024, a decrease of 6.4 percentage points year-over-year.
  • Operating loss of $9.7 million in the third quarter of 2024, an improvement of $94.1 million year-over-year; Non-GAAP operating profit of $8.1 million in the third quarter of 2024, a decrease of $43.7 million year-over-year.
  • Announced what is expected to be the world’s largest single site fuel cell installation, supporting partner SK Eternix, to begin commercial operations in 2025.
  • Announced follow on orders from Quanta, expected to create the world’s largest fuel cell islanded microgrid site.

“Today we are announcing an 80 MW power project using Bloom Energy fuel cells” said KR Sridhar, Founder, Chairman and CEO of Bloom Energy. “We are thrilled to partner with SK Eternix to deliver the world’s largest fuel cell power system and make it operational in 2025. A fuel cell project of this scale is a proof point for how Bloom Energy can power large AI data centers going forward.”

Dan Berenbaum, CFO of Bloom Energy added, “Bloom is a project-based business, which can lead to quarterly variability – our year-to-date results and our expectations for a strong close to 2024 reflect this. We are confident in our ability to execute based on our identified projects and contracting activities, and we are thus reaffirming our 2024 financial guidance.”

Summary of Key Financial Metrics

Summary of GAAP Profit and Loss Statements

($000), except EPS data

Q3’24

Q2’24

Q3’23

Revenue

 

330,399

 

 

335,767

 

 

400,268

 

Cost of Revenue

 

251,665

 

 

267,245

 

 

405,482

 

Gross Profit (Loss)

 

78,734

 

 

68,522

 

 

(5,214

)

Gross Margin

 

23.8

%

 

20.4

%

 

(1.3

)%

Operating Expenses

 

88,385

 

 

91,650

 

 

98,494

 

Operating Loss

 

(9,651

)

 

(23,128

)

 

(103,708

)

Operating Margin

 

(2.9

)%

 

(6.9

)%

 

(25.9

)%

Non-operating Expenses

 

5,060

 

 

38,659

 

 

65,291

 

Net Loss to Common Stockholders

 

(14,711

)

 

(61,787

)

 

(168,999

)

GAAP EPS, Basic and Diluted

$

(0.06

)

$

(0.27

)

$

(0.80

)

Summary of Non-GAAP Financial Information1

($000), except EPS data

Q3’24

Q2’24

Q3’23

Revenue

 

330,399

 

 

335,767

 

 

400,268

 

Cost of Revenue

 

247,066

 

 

262,611

 

 

273,888

 

Gross Profit

 

83,332

 

 

73,156

 

 

126,380

 

Gross Margin

 

25.2

%

 

21.8

%

 

31.6

%

Operating Expenses

 

75,229

 

 

76,344

 

 

74,580

 

Operating Profit (Loss)

 

8,104

 

 

(3,188

)

 

51,800

 

Operating Margin

 

2.5

%

 

(0.9

)%

 

12.9

%

Adjusted EBITDA

 

21,344

 

 

10,219

 

 

66,415

 

Non-GAAP EPS, Basic

$

(0.01

)

$

(0.06

)

$

0.20

 

Non-GAAP EPS, Diluted

$

(0.01

)

$

(0.06

)

$

0.15

 

  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, November 7, 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 5744085. 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 5744085

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 and hydrogen 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 Electrolyzer 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 as filed with the SEC on February 15, 2024 and our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2024 and June 30, 2024, as filed with the SEC on May 9, 2024 and August 8, 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)

(in thousands, except share data)

 

 

 

September 30,

 

December 31,

 

 

 

2024

 

 

 

2023

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents1

 

$

495,677

 

 

$

664,593

 

Restricted cash1

 

 

22,548

 

 

 

46,821

 

Accounts receivable less allowance for credit losses of $119 as of September 30, 2024, and December 31, 20231, 2

 

 

590,794

 

 

 

340,740

 

Contract assets3

 

 

121,074

 

 

 

41,366

 

Inventories1

 

 

584,484

 

 

 

502,515

 

Deferred cost of revenue4

 

 

40,648

 

 

 

45,984

 

Prepaid expenses and other current assets1, 5

 

 

47,663

 

 

 

51,148

 

Total current assets

 

 

1,902,888

 

 

 

1,693,167

 

Property, plant and equipment, net1

 

 

484,505

 

 

 

493,352

 

Operating lease right-of-use assets1, 6

 

 

133,143

 

 

 

139,732

 

Restricted cash1

 

 

30,926

 

 

 

33,764

 

Deferred cost of revenue

 

 

3,539

 

 

 

3,454

 

Other long-term assets1, 7

 

 

49,516

 

 

 

50,208

 

Total assets

 

$

2,604,517

 

 

$

2,413,677

 

Liabilities and stockholders’ equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable1, 8

 

$

124,272

 

 

$

132,078

 

Accrued warranty9

 

 

15,009

 

 

 

19,326

 

Accrued expenses and other current liabilities1, 10

 

 

130,331

 

 

 

130,879

 

Deferred revenue and customer deposits1, 11

 

 

142,056

 

 

 

128,922

 

Operating lease liabilities1, 12

 

 

20,195

 

 

 

20,245

 

Financing obligations

 

 

20,921

 

 

 

38,972

 

Recourse debt

 

 

114,139

 

 

 

 

Total current liabilities

 

 

566,923

 

 

 

470,422

 

Deferred revenue and customer deposits1, 13

 

 

34,796

 

 

 

19,140

 

Operating lease liabilities1, 14

 

 

135,159

 

 

 

141,939

 

Financing obligations

 

 

390,539

 

 

 

405,824

 

Recourse debt

 

 

1,008,734

 

 

 

842,006

 

Non-recourse debt1, 15

 

 

4,563

 

 

 

4,627

 

Other long-term liabilities

 

 

8,811

 

 

 

9,049

 

Total liabilities

 

$

2,149,525

 

 

$

1,893,007

 

Commitments and contingencies

 

 

 

 

Stockholders’ equity:

 

 

 

 

Common stock: $0.0001 par value; Class A shares — 600,000,000 shares authorized and 228,509,625 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 September 30, 2024, and December 31, 2023, respectively

 

 

23

 

 

 

21

 

Additional paid-in capital

 

 

4,435,152

 

 

 

4,370,343

 

Accumulated other comprehensive loss

 

 

(1,818

)

 

 

(1,687

)

Accumulated deficit

 

 

(4,002,413

)

 

 

(3,866,599

)

Total equity attributable to common stockholders

 

 

430,944

 

 

 

502,078

 

Noncontrolling interest

 

 

24,048

 

 

 

18,592

 

Total stockholders’ equity

 

$

454,992

 

 

$

520,670

 

Total liabilities and stockholders’ equity

 

$

2,604,517

 

 

$

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 $349.5 million and $262.0 million as of September 30, 2024, and December 31, 2023, respectively.

3 Including amounts from related parties of $0.8 million and $6.9 million as of September 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 September 30, 2024.

5 Including amounts from related parties of $1.1 million and $2.3 million as of September 30, 2024, and December 31, 2023, respectively.

6 Including amounts from related parties of $1.7 million and $2.0 million as of September 30, 2024, and December 31, 2023, respectively.

7 Including amounts from related parties of $9.1 million and $9.1 million as of September 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 September 30, 2024.

9 Including amounts from related parties of $2.8 million and $1.3 million as of September 30, 2024, and December 31, 2023, respectively.

10 Including amounts from related parties of $7.6 million and $3.4 million as of September 30, 2024, and December 31, 2023, respectively.

11 Including amounts from related parties of $7.1 million and $1.7 million as of September 30, 2024, and December 31, 2023, respectively.

12 Including amounts from related parties of $0.5 million and $0.4 million as of September 30, 2024, and December 31, 2023, respectively.

13 Including amounts from related parties of $6.3 million and $6.7 million as of September 30, 2024, and December 31, 2023, respectively.

14 Including amounts from related parties of $1.2 million and $1.6 million as of September 30, 2024, and December 31, 2023, respectively.

15 Including amounts from related parties of $4.6 million and $4.6 million as of September 30, 2024, and December 31, 2023, respectively.

Condensed Consolidated Statements of Operations (unaudited)

(in thousands, except per share data)

 

 

 

Three Months Ended

September 30, 2024

 

Three Months Ended

June 30, 2024

 

Three Months Ended

September 30, 2023

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

Product

 

$

233,770

 

 

$

226,308

 

 

$

304,976

 

Installation

 

 

32,052

 

 

 

42,733

 

 

 

21,916

 

Service

 

 

50,761

 

 

 

52,531

 

 

 

47,535

 

Electricity

 

 

13,816

 

 

 

14,195

 

 

 

25,841

 

Total revenue1

 

 

330,399

 

 

 

335,767

 

 

 

400,268

 

Cost of revenue:

 

 

 

 

 

 

Product

 

 

155,124

 

 

 

161,332

 

 

 

182,832

 

Installation

 

 

35,688

 

 

 

44,298

 

 

 

25,902

 

Service

 

 

51,363

 

 

 

52,401

 

 

 

57,370

 

Electricity

 

 

9,490

 

 

 

9,214

 

 

 

139,378

 

Total cost of revenue2

 

 

251,665

 

 

 

267,245

 

 

 

405,482

 

Gross profit (loss)

 

 

78,734

 

 

 

68,522

 

 

 

(5,214

)

Operating expenses:

 

 

 

 

 

 

Research and development

 

 

36,315

 

 

 

37,364

 

 

 

35,126

 

Sales and marketing

 

 

14,667

 

 

 

17,901

 

 

 

20,002

 

General and administrative3

 

 

37,403

 

 

 

36,385

 

 

 

43,366

 

Total operating expenses

 

 

88,385

 

 

 

91,650

 

 

 

98,494

 

Loss from operations

 

 

(9,651

)

 

 

(23,128

)

 

 

(103,708

)

Interest income

 

 

6,456

 

 

 

6,430

 

 

 

7,419

 

Interest expense4

 

 

(16,763

)

 

 

(15,376

)

 

 

(68,037

)

Other income (expense), net

 

 

5,821

 

 

 

(985

)

 

 

(1,577

)

Loss on extinguishment of debt

 

 

 

 

 

(27,182

)

 

 

(1,415

)

Loss on revaluation of embedded derivatives

 

 

(386

)

 

 

(88

)

 

 

(114

)

Loss before income taxes

 

 

(14,523

)

 

 

(60,329

)

 

 

(167,432

)

Income tax provision

 

 

109

 

 

 

856

 

 

 

646

 

Net loss

 

 

(14,632

)

 

 

(61,185

)

 

 

(168,078

)

Less: Net income attributable to noncontrolling interest

 

 

79

 

 

 

602

 

 

 

921

 

Net loss attributable to common stockholders

 

$

(14,711

)

 

$

(61,787

)

 

$

(168,999

)

Net loss per share available to common stockholders, basic and diluted

 

$

(0.06

)

 

$

(0.27

)

 

$

(0.80

)

Weighted average shares used to compute net loss per share available to common stockholders, basic and diluted

 

 

227,957

 

 

 

227,167

 

 

 

210,930

 

1 Including related party revenue of $126.6 million, $86.8 million and $125.7 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

2 Including related party cost of revenue of $0.1 million for the three months ended, June 30, 2024. Related party cost of revenue for the three months ended September 30, 2024, was immaterial. There were no related party cost of revenue for the three months ended September 30, 2023.

3 Including related party general and administrative expenses of $0.2 million and $0.2 million for the three months ended September 30, 2024, and June 30, 2024, respectively. There were no related party general and administrative expenses for the three months ended September 30, 2023.

4 Including related party interest expense of $0.1 million and $0.1 million for the three months ended September 30, 2024, and June 30, 2024, respectively. There were no related party general and administrative expenses for the three months ended September 30, 2023.

Condensed Consolidated Statement of Cash Flows (unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended

September 30, 2024

 

Three Months Ended

June 30, 2024

 

Three Months Ended

September 30, 2023

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(14,632

)

 

$

(61,185

)

 

$

(168,078

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

13,240

 

 

 

13,407

 

 

 

14,615

 

Non-cash lease expense

 

 

9,175

 

 

 

8,980

 

 

 

8,356

 

Gain on disposal of property, plant and equipment

 

 

(17

)

 

 

(13

)

 

 

(19

)

Revaluation of derivative contracts

 

 

386

 

 

 

88

 

 

 

114

 

Impairment of assets

 

 

 

 

 

 

 

 

130,111

 

Derecognition of loan commitment asset related to SK ecoplant Second Tranche Closing

 

 

 

 

 

 

 

 

52,792

 

Stock-based compensation expense

 

 

17,689

 

 

 

19,191

 

 

 

21,315

 

Amortization of debt issuance costs

 

 

1,862

 

 

 

1,603

 

 

 

1,514

 

Gain from terminations of failed sale-and-leaseback transactions

 

 

(5,003

)

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

27,182

 

 

 

1,415

 

Unrealized foreign currency exchange (gain) loss

 

 

(1,496

)

 

 

418

 

 

 

1,517

 

Other

 

 

105

 

 

 

(50

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable1

 

 

(67,064

)

 

 

(175,657

)

 

 

16,100

 

Contract assets2

 

 

(30,687

)

 

 

(56,599

)

 

 

(108,692

)

Inventories

 

 

(64,141

)

 

 

5,862

 

 

 

(8,969

)

Deferred cost of revenue3

 

 

7,796

 

 

 

7,592

 

 

 

(8,370

)

Prepaid expenses and other assets4

 

 

(8,716

)

 

 

7,537

 

 

 

(22,807

)

Other long-term assets5

 

 

4,646

 

 

 

(1,800

)

 

 

10,219

 

Operating lease right-of-use assets and operating lease liabilities

 

 

(9,325

)

 

 

(9,216

)

 

 

(8,432

)

Financing lease liabilities

 

 

173

 

 

 

223

 

 

 

171

 

Accounts payable

 

 

23,882

 

 

 

8,206

 

 

 

(41,589

)

Accrued warranty6

 

 

2,621

 

 

 

3,191

 

 

 

1,631

 

Accrued expenses and other current liabilities7

 

 

13,819

 

 

 

19,789

 

 

 

4,782

 

Deferred revenue and customer deposits8

 

 

36,231

 

 

 

6,013

 

 

 

(30,275

)

Other long-term liabilities

 

 

(13

)

 

 

(257

)

 

 

(590

)

Net cash used in operating activities

 

 

(69,469

)

 

 

(175,495

)

 

 

(133,169

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(14,292

)

 

 

(12,019

)

 

 

(21,357

)

Proceeds from sale of property, plant and equipment

 

 

14

 

 

 

15

 

 

 

 

Net cash used in investing activities

 

 

(14,278

)

 

 

(12,004

)

 

 

(21,357

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from issuance of debt9

 

 

 

 

 

402,500

 

 

 

 

Payment of debt issuance costs

 

 

(438

)

 

 

(12,323

)

 

 

(3,711

)

Repayment of debt

 

 

 

 

 

(140,990

)

 

 

(118,538

)

Proceeds from financing obligations

 

 

464

 

 

 

 

 

 

 

Repayment of financing obligations

 

 

(9,767

)

 

 

(5,041

)

 

 

(4,747

)

Buyout of noncontrolling interest

 

 

 

 

 

 

 

 

(6,864

)

Distributions and payments to noncontrolling interest

 

 

 

 

 

 

 

 

(2,265

)

Proceeds from issuance of common stock

 

 

4,141

 

 

 

159

 

 

 

6,745

 

Dividend paid

 

 

 

 

 

(1,468

)

 

 

 

Other

 

 

 

 

 

 

 

 

(285

)

Net cash (used in) provided by financing activities

 

 

(5,600

)

 

 

242,837

 

 

 

(129,665

)

Effect of exchange rate changes on cash, cash equivalent, and restricted cash

 

 

694

 

 

 

(256

)

 

 

(657

)

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

 

(88,653

)

 

 

55,082

 

 

 

(284,848

)

Cash, cash equivalents, and restricted cash:

 

 

 

 

 

 

Beginning of period

 

 

637,804

 

 

 

582,722

 

 

 

922,544

 

End of period

 

$

549,151

 

 

$

637,804

 

 

$

637,696

 

1 Including changes in related party balances of $1.4 million, $55.8 million, and $241.9 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

2 Including changes in related party balances of $0.1 million, $2.7 million, and $3.4 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

3 Including changes in related party balances of $23.4 million for the three months ended September 30, 2023. There were no changes in related party balances for the three months ended September 30, 2024, and June 30, 2024.

4 Including changes in related party balances of $0.2 million and $0.9 million for the three months ended September 30, 2024, and June 30, 2024, respectively. There were no changes in related party balances for the three months ended September 30, 2023.

5 Including changes in related party balances of $0.4 million and $0.4 million for the three months ended September 30, 2024, and June 30, 2024, respectively. There were no changes in related party balances for the three months ended September 30, 2023.

6 Including changes in related party balances of $0.2 million, $0.4 million, and $0.1 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

7 Including changes in related party balances of $1.8 million, $0.3 million, and $5.7 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

8 Including changes in related party balances of $0.5 million, $3.6 million, and $11.1 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

9 Including changes in related party balances of $0.2 million and $0.1 million for the three months ended September 30, 2024, and June 30, 2024, respectively. There were no changes in related party balances for the three months ended September 30, 2023.

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

(in thousands, except percentages)

 

 

Q3’24

Q2’24

Q3’23

GAAP revenue

330,399

 

335,767

 

400,268

 

GAAP cost of sales

251,665

 

267,245

 

405,482

 

GAAP gross profit (loss)

78,734

 

68,522

 

(5,214

)

Non-GAAP adjustments:

 

 

 

Stock-based compensation expense

3,778

 

4,110

 

5,581

 

Restructuring

90

 

116

 

725

 

Impairment of assets

 

 

123,700

 

Other

731

 

408

 

1,588

 

Non-GAAP gross profit

83,332

 

73,156

 

126,380

 

 

 

 

 

GAAP gross margin %

23.8

%

20.4

%

(1.3

)%

Non-GAAP adjustments

1.4

%

1.4

%

32.9

%

Non-GAAP gross margin %

25.2

%

21.8

%

31.6

%

 

Contacts

Investor Relations:
Michael Tierney

Bloom Energy

investor@bloomenergy.com

Media:
Katja Gagen

press@bloomenergy.com

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