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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bloom Energy Corporation | NYSE:BE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.05 | 10.99% | 10.60 | 10.66 | 9.4601 | 9.58 | 7,016,791 | 01:00:00 |
Bloom Energy Corporation (NYSE: BE) today announced financial results for its third quarter ended September 30, 2022.
Third Quarter Highlights
Commenting on third quarter results, KR Sridhar, founder, chairman, and CEO of Bloom Energy said, “Bloom Energy is continuing to execute at a high level. Our commercial and industrial consumers want pragmatic solutions that can power their growth today and meet their zero-carbon needs in the future. In Bloom, our customers have a peerless platform that is purposeful and practical, offering energy security, economic security, and environmental security.”
Greg Cameron, executive vice president and CFO of Bloom Energy added, “We had a very strong operating quarter, delivering record third quarter revenue and strengthening our liquidity position to fund our growth. We remain confident in our business and are reaffirming our 2022 financial guidance.”
Summary of Key Financial Metrics
Preliminary Summary GAAP Profit and Loss Statements
($000)
Q322
Q222
Q321
Revenue
292,274
243,236
207,228
Cost of Revenue
241,330
245,206
170,345
Gross Profit (loss)
50,944
(1,970
)
36,833
Gross Margin %
17.4
%
(0.8
%)
17.8
%
Operating Expenses
103,536
100,203
80,772
Operating Loss
(52,592
)
(102,173
)
(43,889
)
Operating Margin %
(18.0
%)
(42.0
%)
(21.2
)%
Non-operating Expenses1
4,485
16,627
8,481
Net Loss
(57,077
)
(118,800
)
(52,370
)
EPS
$
(0.31
)
$
(0.67
)
$
(0.30
)
1. Includes non-operating expenses, tax provision, noncontrolling interest, and redeemable noncontrolling interest
Preliminary Summary Non-GAAP Financial Information1
($000)
Q322
Q222
Q321
Revenue
292,274
243,236
207,228
Cost of Revenue
236,349
195,639
167,400
Gross Profit
55,925
47,597
39,828
Gross Margin %
19.1
%
19.6
%
19.2
%
Operating Expenses
84,449
72,223
62,571
Operating loss
(28,524
)
(24,626
)
(22,923
)
Operating Margin %
(9.8
%)
(10.1
%)
(11.1
%)
Adjusted EBITDA
(13,076
)
(8,314
)
(9,777
)
EPS
$
(0.20
)
$
(0.20
)
$
(0.20
)
Outlook
Bloom reaffirms outlook for the full-year 2022:
• Revenue
$1.1 - $1.15 billion
• Product & Service Revenue
$1 billion
• Non-GAAP Gross Margin
~24%
• Non-GAAP Operating Margin
~1%
• Cash Flow from Operations
Positive
Acceptances
We use acceptances as a key operating metric to measure the volume of our completed Energy Server installation activity from period to period. Acceptance typically occurs upon transfer of control to our customers, which depending on the contract terms is when the system is shipped and delivered to our customers, when the system is shipped and delivered and is physically ready for startup and commissioning, or when the system is shipped and delivered and is turned on and producing power.
Conference Call Details
Bloom will host a conference call today, November 3, 2022, 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 +1 (844) 200-6205 and enter the passcode: 450417. Those calling from outside the United States may dial +1 (929) 526-1599 and enter the same passcode: 450417. 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 (866) 813-9403 or + 44 204-525-0658 entering passcode 242063.
Use of Non-GAAP Financial Measures
This 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 2022 Outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating margin 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 (see SEC Staff Non-GAAP C&DI 102.10 and the Adopting Release).
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 around the world 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 revenue growth, margin expansion and its innovative solutions; Bloom’s expectations regarding its growth plans and Bloom’s financial outlook for 2022. 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; 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; the impact of the COVID-19 pandemic on the global economy and its potential impact on Bloom’s business; the availability of rebates, tax credits and other tax benefits; changes in the regulatory landscape; Bloom’s reliance on tax equity financing arrangements; 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; 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; 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 Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022 as filed with the SEC on May 6, 2022 and August 9, 2022, 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 (preliminary & unaudited)
(in thousands)
September 30,
December 31,
2022
2021
Assets
Current assets:
Cash and cash equivalents
$
492,120
$
396,035
Restricted cash
42,104
92,540
Accounts receivable
71,184
87,789
Contract assets
25,768
25,201
Inventories
254,895
143,370
Deferred cost of revenue
31,812
25,040
Customer financing receivable
—
5,784
Prepaid expenses and other current assets
46,489
30,661
Total current assets
964,372
806,420
Property, plant and equipment, net
646,768
604,106
Operating lease right-of-use assets
114,053
106,660
Customer financing receivable
—
39,484
Restricted cash
135,098
126,539
Deferred cost of revenue
3,462
1,289
Other long-term assets
38,316
41,073
Total assets
$
1,902,069
$
1,725,571
Liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders’ equity (deficit)
Current liabilities:
Accounts payable
$
120,444
$
72,967
Accrued warranty
13,344
11,746
Accrued expenses and other current liabilities
102,010
114,138
Deferred revenue and customer deposits
98,841
89,975
Operating lease liabilities
12,671
13,101
Financing obligations
16,682
14,721
Recourse debt
12,792
8,348
Non-recourse debt
15,943
17,483
Total current liabilities
392,727
342,479
Deferred revenue and customer deposits
68,727
90,310
Operating lease liabilities
122,412
106,187
Financing obligations
443,665
461,900
Recourse debt
274,742
283,483
Non-recourse debt
179,955
217,416
Other long-term liabilities
8,917
16,772
Total liabilities
1,491,145
1,518,547
Redeemable convertible preferred stock
208,551
208,551
Redeemable noncontrolling interest
—
300
Stockholders’ equity (deficit):
Common stock
19
18
Additional paid-in capital
3,691,715
3,219,081
Accumulated other comprehensive loss
(1,531
)
(350
)
Accumulated deficit
(3,517,311
)
(3,263,075
)
Total equity (deficit) attributable to Class A and Class B common stockholders
172,892
(44,326
)
Noncontrolling interest
29,481
42,499
Total stockholders' equity (deficit)
$
202,373
$
(1,827
)
Total liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders' equity (deficit)
$
1,902,069
$
1,725,571
Condensed Consolidated Statements of Operations (preliminary & unaudited)
(in thousands, except per share data)
Three Months Ended
September 30,
2022
2021
Revenue:
Product
$
213,243
$
128,550
Installation
22,682
22,172
Service
37,347
39,251
Electricity
19,002
17,255
Total revenue
292,274
207,228
Cost of revenue:
Product
158,176
93,704
Installation
28,333
25,616
Service
41,792
39,586
Electricity
13,029
11,439
Total cost of revenue
241,330
170,345
Gross profit
50,944
36,883
Operating expenses:
Research and development
36,146
27,634
Sales and marketing
23,275
20,124
General and administrative
44,115
33,014
Total operating expenses
103,536
80,772
Loss from operations
(52,592
)
(43,889
)
Interest income
1,109
72
Interest expense
(13,099
)
(14,514
)
Loss on extinguishment of debt
—
—
Other income, net
4,472
2,011
Gain (loss) on revaluation of embedded derivatives
54
(184
)
Loss before income taxes
(60,056
)
(56,504
)
Income tax provision
336
158
Net loss
(60,392
)
(56,662
)
Less: Net loss attributable to noncontrolling interest
(3,315
)
(4,309
)
Net loss attributable to Class A and Class B common stockholders
$
(57,077
)
$
(52,353
)
Less: Net income attributable to redeemable noncontrolling interest
—
17
Net loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest
$
(57,077
)
$
(52,370
)
Net loss per share available to Class A and Class B common stockholders, basic and diluted
$
(0.31
)
$
(0.30
)
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted
186,487
174,269
Condensed Consolidated Statement of Cash Flows (preliminary & unaudited)
(in thousands)
Nine Months Ended
September 30,
2022
2021
Cash flows from operating activities:
Net loss
$
(264,304
)
$
(144,864
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
46,182
40,079
Non-cash lease expense
18,153
7,161
Gain on sale of property, plant and equipment
(523
)
—
Write-off of assets related to PPA IIIa
44,800
—
Revaluation of derivative liabilities
(9,640
)
486
Stock-based compensation
81,460
57,309
Gain on remeasurement of investment
—
(1,966
)
Loss on extinguishment of debt
4,233
—
Amortization of warrants and debt issuance costs
2,355
2,824
Unrealized foreign currency exchange loss
3,086
184
Other
3,487
—
Changes in operating assets and liabilities:
Accounts receivable
15,758
34,236
Contract assets
(567
)
(24,418
)
Inventories
(110,797
)
(39,953
)
Deferred cost of revenue
(8,856
)
7,307
Customer financing receivable
2,510
4,022
Prepaid expenses and other assets
(15,766
)
236
Other long-term assets
(730
)
(374
)
Operating lease right-of-use assets and operating lease liabilities
2,162
(7,593
)
Finance lease liabilities
499
—
Accounts payable
38,642
37,795
Accrued warranty
1,597
(2,357
)
Accrued expenses and other liabilities
502
(26,178
)
Deferred revenue and customer deposits
(12,716
)
(53,181
)
Other long-term liabilities
(9,980
)
1,289
Net cash used in operating activities
(168,453
)
(107,956
)
Cash flows from investing activities:
Purchase of property, plant and equipment
(80,907
)
(44,625
)
Net cash acquired from step acquisition
—
3,114
Net cash used in investing activities
(80,907
)
(41,511
)
Cash flows from financing activities:
Repayment of debt of PPA IIIa
(30,212
)
—
Repayment of debt
(17,262
)
(11,017
)
Debt make-whole payment related to PPA IIIa debt
(2,413
)
—
Proceeds from financing obligations
—
7,534
Repayment of financing obligations
(28,821
)
(10,174
)
Contributions from noncontrolling interests
2,815
—
Distributions to redeemable noncontrolling interests
—
(37
)
Distributions to noncontrolling interests
(5,972
)
(5,285
)
Proceeds from issuance of common stock
15,150
72,109
Proceeds from Class A common share offering
385,396
—
Public share offering costs
(13,407
)
—
Other cash payments
(63
)
—
Net cash provided by financing activities
305,211
53,130
Effect of exchange rate changes on cash, cash equivalent and restricted cash
(1,643
)
(472
)
Net decrease in cash, cash equivalents and restricted cash
54,208
(96,809
)
Cash, cash equivalents and restricted cash:
Beginning of period
615,114
416,710
End of period
$
669,322
$
319,901
Reconciliation of GAAP to Non-GAAP Financial Measures (preliminary & unaudited)
(in thousands, except percentages)
Q322
Q222
Q321
GAAP revenue
292,274
243,236
207,228
GAAP cost of sales
241,330
245,206
170,345
GAAP gross profit (loss)
50,944
(1,970
)
36,883
Non-GAAP adjustments:
Stock-based compensation expense
4,981
4,767
2,945
PPA IIIa repowering impairment charge
-
44,800
-
Non-GAAP gross profit
55,925
47,597
39,828
GAAP gross margin %
17.4
%
(0.8
%)
17.8
%
Non-GAAP adjustments
1.7
%
20.4
%
1.4
%
Non-GAAP gross margin %
19.1
%
19.6
%
19.2
%
Q322
Q222
Q321
GAAP loss from operations
(52,592
)
(102,173
)
(43,889
)
Non-GAAP adjustments:
Stock-based compensation expense
24,031
32,599
20,966
PPA IIIa repowering impairment charge
-
44,800
-
Amortization of acquired intangible assets
37
148
-
Non-GAAP loss from operations
(28,524
)
(24,626
)
(22,923
)
GAAP operating margin %
(18.0
%)
(42.0
%)
(21.2
%)
Non-GAAP adjustments
8.2
%
31.9
%
10.1
%
Non-GAAP operating margin %
(9.8
%)
(10.1
%)
(11.1
%)
GAAP Net Loss to non-GAAP Net Loss and Computation of non-GAAP Net Loss per Share (EPS) (preliminary & unaudited)
(in thousands)
Q322
Diluted net earnings per share
Q222
Diluted net earnings per share
Q321
Diluted net earnings per share
GAAP net loss
(57,077
)
$
(0.31
)
(118,800
)
$
(0.67
)
(52,370
)
$
(0.30
)
Non-GAAP adjustments:
Loss for non-controlling interests and redeemable noncontrolling interest
(3,315
)
(0.02
)
(2,365
)
(0.01
)
(4,292
)
(0.02
)
Loss (gain) on derivatives liabilities
(54
)
(0.00
)
(38
)
(0.00
)
184
0.00
Gain on the fair value adjustments for certain PPA derivatives
-
-
-
-
(125
)
(0.00
)
Goodwill impairment
-
-
1,957
0.01
-
-
Loss on JV investment
-
-
1,446
0.01
-
-
PPA IIIa repowering impairment charge
-
-
44,800
0.25
-
-
Loss on extinguishment of debt related to PPA IIIa
-
-
4,233
0.02
-
-
Amortization of acquired intangible assets
37
0.00
148
0.00
-
-
Stock-based compensation expense
24,031
0.13
32,599
0.18
20,966
0.12
Non-GAAP net loss
(36,378
)
$
(0.20
)
(36,020
)
$
(0.20
)
(35,637
)
$
(0.20
)
Q322
Q222
Q321
Numerator:
GAAP net loss
(57,077
)
(118,800
)
(52,370
)
Non-GAAP net loss
(36,378
)
(36,020
)
(35,637
)
Denominator:
Weighted-average shares used to compute basic net earnings per share
186,487
178,507
174,269
Weighted-average shares used to compute diluted net earnings per share
186,487
178,507
174,269
GAAP net earnings per share
Basic
$
(0.31
)
$
(0.67
)
$
(0.30
)
Diluted
$
(0.31
)
$
(0.67
)
$
(0.30
)
Non-GAAP net earnings per share
Basic
$
(0.20
)
$
(0.20
)
$
(0.20
)
Diluted
$
(0.20
)
$
(0.20
)
$
(0.20
)
GAAP Net Loss to Adjusted EBITDA reconciliation (preliminary & unaudited) (in thousands)
Q322
Q222
Q321
GAAP net loss
(57,077
)
(118,800
)
(52,370
)
Non-GAAP adjustments:
Loss for non-controlling interests and redeemable noncontrolling interest
(3,315
)
(2,365
)
(4,292
)
Loss (gain) on derivatives liabilities
(54
)
(38
)
184
Gain on the fair value adjustments for certain PPA derivatives
-
-
(125
)
Goodwill impairment
-
1,957
-
Stock-based compensation expense
24,031
32,599
20,966
Depreciation & Amortization
15,485
16,461
13,271
Provision (benefit) for Income Tax
336
(12
)
158
Loss on China JV investment
-
1,446
-
Loss on extinguishment of debt related to PPA IIIa repowering
-
4,233
-
PPA IIIa repowering impairment charge
-
44,800
-
Interest Expense / Other Misc
7,518
11,405
12,431
Adjusted EBITDA
(13,076
)
(8,314
)
(9,777
)
Use of non-GAAP financial measures
To supplement Bloom Energy condensed consolidated financial statement information presented on GAAP basis, Bloom Energy provides financial measures including non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP operating profit (loss), (non-GAAP earnings from operations), non-GAAP operating profit (loss) margin, non-GAAP net earnings, non-GAAP basic, diluted net earnings per share and Adjusted EBITDA. Bloom Energy also provides forecasts of non-GAAP gross profit margin and non-GAAP operating profit (loss) margin.
These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States.
Reconciliations of each of these non-GAAP financial measures to GAAP information are included in the tables above or elsewhere in the materials accompanying this news release.
Use and economic substance of non-GAAP financial measures used by Bloom Energy
Non-GAAP gross profit (loss) and non-GAAP gross margin are defined to exclude charges relating to stock-based compensation expense and PPA IIIa repowering related impairment charge. Non-GAAP operating profit (loss) (non-GAAP earnings from operations) and non-GAAP operating margin are defined to exclude any charges relating to stock-based compensation expense, PPA IIIa repowering related impairment charge and the amortization of acquired intangible assets. Non-GAAP net earnings and non-GAAP diluted net earnings per share consist of net earnings or diluted net earnings per share excluding stock-based compensation, loss for non-controlling interest, loss (gain) on derivatives liabilities, loss (gain) on the fair value adjustments for certain PPA derivatives, goodwill impairment, loss on China JV investment, PPA IIIa repowering related impairment charge, loss on extinguishment of debt related to PPA IIIa repowering and the amortization of acquired intangible assets. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense, depreciation and amortization expense, stock-based compensation, loss for non-controlling interest, loss (gain) on derivatives liabilities, loss (gain) on the fair value adjustments for certain PPA derivatives, goodwill impairment, loss on China JV investment, PPA IIIa repowering related impairment charge, loss on extinguishment of debt related to PPA IIIa repowering.
Bloom Energy management uses these non-GAAP financial measures for purposes of evaluating Bloom Energy historical and prospective financial performance, as well as Bloom Energy performance relative to its competitors. Bloom Energy believes that excluding the items mentioned above from these non-GAAP financial measures allows Bloom Energy management to better understand Bloom Energy consolidated financial performance as management does not believe that the excluded items are reflective of ongoing operating results. More specifically, Bloom Energy management excludes each of those items mentioned above for the following reasons:
Material limitations associated with use of non-GAAP financial measures
These non-GAAP financial measures have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of Bloom Energy results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:
Compensation for limitations associated with use of non-GAAP financial measures
Bloom Energy compensates for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only as a supplement. Bloom Energy also provides a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP measure within this news release and in other written materials that include these non-GAAP financial measures, and Bloom Energy encourages investors to review those reconciliations carefully.
Usefulness of non-GAAP financial measures to investors
Bloom Energy believes that providing financial measures including non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP operating profit (non-GAAP earnings from operations), non-GAAP operating profit (loss) margin, non-GAAP net earnings, non-GAAP diluted net earnings per share in addition to the related GAAP measures provides investors with greater transparency to the information used by Bloom Energy management in its financial and operational decision making and allows investors to see Bloom Energy results “through the eyes” of management. Bloom Energy further believes that providing this information better enables Bloom Energy investors to understand Bloom Energy operating performance and to evaluate the efficacy of the methodology and information used by Bloom Energy management to evaluate and measure such performance. Disclosure of these non-GAAP financial measures also facilitates comparisons of Bloom Energy operating performance with the performance of other companies in Bloom Energy industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221103005589/en/
Investor Relations: Ed Vallejo Bloom Energy +1 (267) 370-9717 Edward.vallejo@bloomenergy.com
Media: Virginia Citrano Bloom Energy press@bloomenergy.com
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