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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 | |
|---|---|---|---|---|---|---|---|---|
| -1.87 | -8.50% | 20.12 | 22.03 | 20.03 | 21.42 | 7,790,935 | 23:20:32 |
From Jan 2025 to Mar 2025
Bloom Energy Corporation (NYSE: BE) reported today its financial results for the fourth quarter and the full year ended December 31, 2024. The company had record revenue of $1.47 billion for the full year driven by continued growth in product and service revenue.
Fourth Quarter Highlights
Total Year Highlights
KR Sridhar, Founder, Chairman, and CEO of Bloom Energy said, “We are the solution of choice for powering AI, whether that’s large data centers that need reliable power now, or businesses that are going to use AI for productivity gains. Our proven solution is ready to be deployed at GW scale starting this year.”
Dan Berenbaum, CFO of Bloom Energy added, “As expected, we closed 2024 with record quarterly results. We expect our commercial momentum to continue into 2025 and beyond. For 2025, at the mid-point of our guidance, we expect revenue to grow 19% year-over-year. We will continue to prudently invest to support accelerating growth, while at the same time increasing profitability and focusing on generating positive cash flow.”
Summary of Key Financial Metrics
Summary of GAAP Profit and Loss Statements
($000), except EPS data
Q4'24
Q3'24
Q4'23
2024
2023
Revenue
$
572,393
$
330,399
$
356,917
$
1,473,856
$
1,333,470
Cost of Revenue
353,076
251,665
264,526
1,069,208
1,135,676
Gross Profit
219,317
78,734
92,391
404,648
197,794
Gross Margin
38.3
%
23.8
%
25.9
%
27.5
%
14.8
%
Operating Expenses
114,611
88,385
79,452
381,739
406,701
Operating Income (Loss)
104,706
(9,651
)
12,939
22,909
(208,907
)
Operating Margin
18.3
%
(2.9
)%
3.6
%
1.6
%
(15.7
)%
Non-operating Expenses (Income)
(89
)
5,060
8,428
52,136
93,209
Net (Loss) Profit to Common Stockholders
$
104,795
$
(14,711
)
$
4,511
$
(29,227
)
$
(302,116
)
GAAP EPS, Basic
$
0.46
$
(0.06
)
$
0.02
$
(0.13
)
$
(1.42
)
GAAP EPS, Diluted
$
0.38
$
(0.06
)
$
0.02
$
(0.13
)
$
(1.42
)
Summary of Non-GAAP Financial Information1
($000), except EPS data
Q4'24
Q3'24
Q4'23
2024
2023
Revenue
$
572,393
$
330,399
$
356,917
$
1,473,856
$
1,333,470
Cost of Revenue
347,299
247,066
259,138
1,051,047
989,464
Gross Profit
225,094
83,332
97,779
422,809
344,006
Gross Margin
39.3
%
25.2
%
27.4
%
28.7
%
25.8
%
Operating Expenses
91,672
75,229
70,368
315,207
324,825
Operating Income
133,422
8,104
27,411
107,602
19,181
Operating Margin
23.3
%
2.5
%
7.7
%
7.3
%
1.4
%
EBITDA
$
147,316
$
21,344
$
39,760
$
160,651
$
81,791
Non-GAAP EPS, Basic
$
0.52
$
(0.01
)
$
0.09
$
0.28
$
(0.10
)
Non-GAAP EPS, Diluted
$
0.43
$
(0.01
)
$
0.07
$
0.28
$
(0.10
)
Outlook
Bloom provides outlook for the full-year 2025:
Conference Call Details
Bloom will host a conference call today, February 27, 2025, 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 or +1 (609) 800-9909 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 2025 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 power needs. 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 electricity 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 2025 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; impact of the Inflation Reduction Act of 2022 (the "IRA"), including expiration of the Investment Tax Credit ("ITC") with respect to fuel cells running on non-zero carbon fuels and transferability of tax credits on our business; 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 quarters ended March 31, 2024, June 30, 2024, and September 30, 2024, as filed with the SEC on May 9, 2024, August 8, 2024, and November 7, 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.
Consolidated Balance Sheets
(in thousands, except share data)
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents1
$
802,851
$
664,593
Restricted cash1
110,622
46,821
Accounts receivable, less allowance for credit losses of $119 as of December 31, 2024, and 20231, 2
335,841
340,740
Contract assets3
145,162
41,366
Inventories1
544,656
502,515
Deferred cost of revenue4
58,792
45,984
Prepaid expenses and other current assets1, 5
46,203
51,148
Total current assets
2,044,127
1,693,167
Property, plant and equipment, net1
403,475
493,352
Operating lease right-of-use assets1, 6
122,489
139,732
Restricted cash1
37,498
33,764
Deferred cost of revenue
3,629
3,454
Other long-term assets1, 7
46,136
50,208
Total assets
$
2,657,354
$
2,413,677
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable1, 8
$
92,704
$
132,078
Accrued warranty9
16,559
19,326
Accrued expenses and other current liabilities1, 10
138,450
130,879
Deferred revenue and customer deposits1, 11
243,314
128,922
Operating lease liabilities1, 12
19,642
20,245
Financing obligations
11,704
38,972
Recourse debt
114,385
—
Total current liabilities
636,758
470,422
Deferred revenue and customer deposits1, 13
43,105
19,140
Operating lease liabilities1, 14
124,523
141,939
Financing obligations
244,132
405,824
Recourse debt
1,010,350
842,006
Non-recourse debt1, 15
4,057
4,627
Other long-term liabilities
9,213
9,049
Total liabilities
$
2,072,138
$
1,893,007
Commitments and contingencies
Stockholders’ equity:
Common stock: 0.0001 par value; Class A shares — 600,000,000 shares and 600,000,000 shares authorized, and 229,142,474 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 December 31, 2024, and 2023, respectively.
23
21
Additional paid-in capital
4,462,659
4,370,343
Accumulated other comprehensive loss
(2,593
)
(1,687
)
Accumulated deficit
(3,897,618
)
(3,866,599
)
Total equity attributable to common stockholders
562,471
502,078
Noncontrolling interest
22,745
18,592
Total stockholders’ equity
$
585,216
$
520,670
Total liabilities and stockholders’ equity
$
2,657,354
$
2,413,677
1 We have 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 $93.5 million and $262.0 million as of December 31, 2024, and 2023, respectively.
3 Including amounts from related parties of $0.8 million and $6.9 million as of December 31, 2024, and 2023, respectively.
4 Including amounts from related parties of $0.9 million as of December 31, 2023. There were no related party balances as of December 31, 2024.
5 Including amounts from related parties of $1.2 million and $2.3 million as of December 31, 2024, and 2023, respectively.
6 Including amounts from related parties of $1.4 million and $2.0 million as of December 31, 2024, and 2023, respectively.
7 Including amounts from related parties of $8.8 million and $9.1 million as of December 31, 2024, and 2023, respectively.
8 Including amounts from related parties of $0.1 million as of December 31, 2023. There were no related party balances as of December 31, 2024.
9 Including amounts from related parties of $1.2 million and $1.3 million as of December 31, 2024, and 2023, respectively.
10 Including amounts from related parties of $4.0 million and $3.4 million as of December 31, 2024, and 2023, respectively.
11 Including amounts from related parties of $8.9 million and $1.7 million as of December 31, 2024, and 2023, respectively.
12 Including amounts from related parties of $0.4 million and $0.4 million as of December 31, 2024, and 2023, respectively.
13 Including amounts from related parties of $3.3 million and $6.7 million as of December 31, 2024, and 2023, respectively.
14 Including amounts from related parties of $1.0 million and $1.6 million as of December 31, 2024, and 2023, respectively.
15 Including amounts from related parties of $4.1 million and $4.6 million as of December 31, 2024, and 2023, respectively.
Consolidated Statements of Operations
(in thousands, except per share data)
Q4'24
Q3'24
Q4'23
2024
2023
Revenue:
Product
$
471,711
$
233,770
$
261,819
$
1,085,153
$
975,245
Installation
36,089
32,052
26,033
122,318
92,796
Service
53,790
50,761
52,569
213,542
183,065
Electricity
10,803
13,816
16,496
52,843
82,364
Total revenue1
572,393
330,399
356,917
1,473,856
1,333,470
Cost of revenue:
Product
253,634
155,124
172,514
685,847
630,105
Installation
34,107
35,688
27,854
129,446
105,735
Service
54,691
51,363
55,050
214,961
220,927
Electricity
10,644
9,490
9,108
38,954
178,909
Total cost of revenue2
353,076
251,665
264,526
1,069,208
1,135,676
Gross profit
219,317
78,734
92,391
404,648
197,794
Operating expenses:
Research and development
39,465
36,315
33,556
148,629
155,865
Sales and marketing
21,838
14,667
16,026
68,005
89,961
General and administrative3
53,308
37,403
29,871
165,105
160,875
Total operating expenses
114,611
88,385
79,452
381,739
406,701
Income (loss) from operations
104,706
(9,651
)
12,939
22,909
(208,907
)
Interest income
4,925
6,456
6,114
25,342
19,885
Interest expense4
(15,951
)
(16,763
)
(14,563
)
(62,636
)
(108,299
)
Other income (expense), net
12,237
5,821
867
15,904
(2,793
)
Loss on extinguishment of debt
—
—
—
(27,182
)
(4,288
)
Loss on revaluation of embedded derivatives
(378
)
(386
)
(428
)
(694
)
(1,641
)
(Loss) profit before income taxes
105,539
(14,523
)
4,930
(26,357
)
(306,043
)
Income tax provision
382
109
811
846
1,894
Net (loss) profit
105,157
(14,632
)
4,117
(27,203
)
(307,937
)
Less: Net income (loss) attributable to noncontrolling interest
362
79
(394
)
2,024
(5,821
)
Net (loss) income attributable to common stockholders
$
104,795
$
(14,711
)
$
4,511
$
(29,227
)
$
(302,116
)
Net (loss) earnings per share available to common stockholders, basic
$
0.46
$
(0.06
)
$
0.02
$
(0.13
)
$
(1.42
)
Net (loss) earnings per share available to common stockholders, diluted
$
0.38
$
(0.06
)
$
0.02
$
(0.13
)
$
(1.42
)
Weighted average shares used to compute net (loss) earnings per share available to common stockholders, basic
228,728
227,957
224,204
227,365
212,681
Weighted average shares used to compute net (loss) earnings per share available to common stockholders, diluted
294,429
227,957
274,366
227,365
212,681
1 Including related party revenue of $3.0 million, $126.6 million and $126.2 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and $338.6 million and $487.2 million for the years ended December 31, 2024, and 2023, respectively.
2 Including related party cost of revenue of $0.1 million for the three months ended December 31, 2024, and of $0.2 million and $0.1 million for the years ended December 31, 2024, and 2023, respectively. There was no related party cost of revenue for the three months ended September 30, 2024, and December 31, 2023.
3 Including related party general and administrative expenses of $0.2 million, $0.2 million, and $0.2 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and $0.7 million and $0.8 million for the years ended December 31, 2024, and 2023, respectively.
4 Including related party interest expenses of $0.1 million, $0.1 million and $0.1 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and $0.2 million and $0.1 million for the years ended December 31, 2024, and 2023, respectively.
Consolidated Statement of Cash Flows
(in thousands)
Q4'24
Q3'24
Q4'23
2024
2023
Cash flows from operating activities:
Net profit (loss)
$
105,157
$
(14,632
)
$
4,117
$
(27,203
)
$
(307,937
)
Adjustments to reconcile net (loss) profit to net cash provided by (used in) operating activities:
Depreciation and amortization
13,893
13,240
12,349
53,048
62,609
Non-cash lease expense
8,792
9,175
9,079
35,898
33,619
Loss (gain) on disposal of property, plant and equipment
193
(17
)
234
161
411
Revaluation of derivative contracts
378
386
428
694
1,641
Impairment of assets
—
—
—
—
130,088
Derecognition of loan commitment asset related to SK ecoplant Second Tranche Closing
—
—
—
—
52,792
Stock-based compensation expense
27,408
17,689
7,320
82,424
84,480
Amortization of debt issuance costs
1,861
1,862
1,472
6,797
4,772
Loss on extinguishment of debt
—
—
—
27,182
4,288
Net (gain) loss on failed sale-and-leaseback transactions
(12,387
)
(5,003
)
403
(17,390
)
403
Unrealized foreign currency exchange loss (gain)
3,698
(1,496
)
(2,411
)
3,756
618
Other
54
105
1
69
47
Changes in operating assets and liabilities:
Accounts receivable1
257,469
(67,064
)
(6,037
)
7,133
(89,888
)
Contract assets2
(24,088
)
(30,687
)
102,509
(103,796
)
5,361
Inventories
38,717
(64,141
)
(25,374
)
(44,527
)
(231,689
)
Deferred cost of revenue3
(18,275
)
7,796
17,569
(13,070
)
1,655
Prepaid expenses and other assets4
1,460
(8,716
)
15,095
3,790
(5,754
)
Other long-term assets5
3,381
4,646
(17,000
)
4,072
(3,366
)
Operating lease right-of-use assets and operating lease liabilities
(9,327
)
(9,325
)
(8,922
)
(36,675
)
(32,801
)
Financing lease liabilities
1,151
173
104
1,644
1,011
Accounts payable6
(35,262
)
23,882
(23,385
)
(36,629
)
(29,080
)
Accrued warranty7
1,550
2,621
2,789
(2,767
)
1,994
Accrued expenses and other liabilities8
8,050
13,819
17,152
8,662
(13,785
)
Deferred revenue and customer deposits9
111,078
36,231
14,406
139,868
(42,635
)
Other long-term liabilities
(723
)
(13
)
(65
)
(1,143
)
(1,385
)
Net cash provided by (used in) operating activities
484,228
(69,469
)
121,833
91,998
(372,531
)
Cash flows from investing activities:
Purchase of property, plant and equipment
(11,106
)
(14,292
)
(16,254
)
(58,852
)
(83,739
)
Proceeds from sale of property, plant and equipment
34
14
11
70
14
Net cash used in investing activities
(11,072
)
(14,278
)
(16,243
)
(58,782
)
(83,725
)
Cash flows from financing activities:
Proceeds from issuance of debt10
—
—
3,144
402,500
637,127
Payment of debt issuance costs
—
(438
)
(197
)
(12,761
)
(19,736
)
Repayment of debt
—
—
—
(140,990
)
(191,390
)
Purchase of capped call options related to convertible notes
—
—
—
—
(54,522
)
Proceeds from financing obligations
—
464
2,291
1,798
4,993
Repayment of financing obligations
(70,431
)
(9,767
)
(4,970
)
(90,197
)
(18,445
)
Distributions and payments to noncontrolling interest
—
—
—
—
(2,265
)
Proceeds from issuance of common stock
1,251
4,141
942
12,367
16,945
Payment of public share offering costs
—
—
—
—
(35
)
Buyout of noncontrolling interest
—
—
—
—
(6,864
)
Proceeds from issuance of redeemable convertible preferred stock
—
—
—
—
310,957
Payment of issuance costs related to redeemable convertible preferred stock
—
—
(22
)
—
(395
)
Dividend paid
—
—
—
(1,468
)
—
Contributions from noncontrolling interest
—
—
—
3,958
6,979
Net cash provided by (used in) financing activities
(69,180
)
(5,600
)
1,188
175,207
683,349
Effect of exchange rate changes on cash, cash equivalent, and restricted cash
(2,156
)
694
704
(2,630
)
(281
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
401,820
(88,653
)
107,482
205,793
226,812
Cash, cash equivalents, and restricted cash:
Beginning of period
549,151
637,804
637,696
745,178
518,366
End of period
$
950,971
$
549,151
$
745,178
$
950,971
$
745,178
1 Including changes in related party balances of $81.0 million, $1.4 million, and $14.2 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and changes in related party balances of $168.5 million and $257.8 million for the years ended December 31, 2024, and 2023, respectively.
2 Including changes in related party balances of $0.1 million and $3.5 million for the three months ended September 30, 2024, and December 31, 2023, respectively, and changes in related party balances of $6.1 million and $6.9 million for the years ended December 31, 2024, and 2023, respectively. There were no associated changes in related party balances for the three months ended December 31, 2024.
3 Including changes in related party balances of $22.5 million for the three months ended December 31, 2023, and changes in related party balances of $0.9 million and $0.9 million for the years ended December 31, 2024, and 2023, respectively. There were no associated changes in related party balances for the three months ended December 31, 2024, and September 30, 2024.
4 Including changes in related party balances of $0.2 million, $0.2 million, and $7.6 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and changes in related party balances of $1.0 million and $2.3 million for the years ended December 31, 2024, and 2023, respectively.
5 Including changes in related party balances of $0.3 million, $0.4 million, and $7.1 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and changes in related party balances of $0.3 million and $9.1 million for the years ended December 31, 2024, and 2023, respectively.
6 Including changes in related party balances of $0.1 million for the three months ended December 31, 2023, and related party balances of $0.1 million and $0.1 million for the years ended December 31, 2024, and 2023, respectively. There were no associated changes in related party balances for the three months ended December 31, 2024, and September 30, 2024.
7 Including changes in related party balances of $1.4 million and $0.2 million for the three months ended December 31, 2024, and September 30, 2024, respectively, and changes in related party balances of $0.1 million and $1.3 million for the years ended December 31, 2024, and 2023, respectively. There were no associated related party balance for the three months ended December 31, 2023.
8 Including changes in related party balances of $3.6 million, $1.8 million, and $2.3 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and changes in related party balances of $0.6 million and $3.4 million for the years ended December 31, 2024, and 2023, respectively.
9 Including changes in related party balances of $1.1 million, $0.5 million, and $2.7 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and changes in related party balances of $3.8 million and $8.4 million for the years ended December 31, 2024, and 2023, respectively.
10 Including changes in related party balances of $0.5 million, $0.2 million, and $4.6 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and changes in related party balances of $0.6 million and $4.6 million for the years ended December 31, 2024, and 2023, respectively.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
(in thousands, except percentages)
Q4'24
Q3'24
Q4'23
2024
2023
GAAP revenue
$
572,393
$
330,399
$
356,917
$
1,473,856
$
1,333,470
GAAP cost of sales
353,076
251,665
264,526
1,069,208
1,135,676
GAAP gross profit
219,317
78,734
92,391
404,648
197,794
Non-GAAP adjustments:
Stock-based compensation expense
4,877
3,778
2,693
16,579
17,504
Restructuring
54
90
2,695
(403
)
3,420
Impairment of assets
—
—
—
—
123,700
Other
846
731
—
1,985
1,588
Non-GAAP gross profit
$
225,094
$
83,332
$
97,779
$
422,809
$
344,006
GAAP gross margin %
38.3
%
23.8
%
25.9
%
27.5
%
14.8
%
Non-GAAP adjustments
1.0
%
1.4
%
1.5
%
1.2
%
11.0
%
Non-GAAP gross margin %
39.3
%
25.2
%
27.4
%
28.7
%
25.8
%
Q4'24
Q3'24
Q4'23
2024
2023
GAAP income (loss) from operations
$
104,706
$
(9,651
)
$
12,939
$
22,909
$
(208,907
)
Non-GAAP adjustments:
Stock-based compensation expense
27,655
17,057
7,500
82,995
87,095
Restructuring
179
(70
)
6,940
(434
)
9,166
Impairment of assets
—
—
—
—
130,088
Other
882
768
34
2,132
1,739
Non-GAAP earnings from operations
$
133,422
$
8,104
$
27,411
$
107,602
$
19,181
GAAP operating margin %
18.3
%
(2.9
)%
3.6
%
1.6
%
(15.7
)%
Non-GAAP adjustments
5.0
%
5.4
%
4.1
%
5.7
%
17.1
%
Non-GAAP operating margin %
23.3
%
2.5
%
7.7
%
7.3
%
1.4
%
Reconciliation of GAAP Net Profit (Loss) to non-GAAP Net Profit (Loss) and Computation of non-GAAP Net Earnings (Loss) per Share (EPS)
(unaudited)
(in thousands, except share data)
Q4'24
Q3'24
Q4'23
2024
2023
Net (loss) income to Common Stockholders
$
104,795
$
(14,711
)
$
4,511
$
(29,227
)
$
(302,116
)
Non-GAAP adjustments:
Add back: Income (loss) attributable to noncontrolling interest
362
79
(394
)
2,024
(5,821
)
Stock-based compensation expense
27,655
17,057
7,500
82,995
87,095
Effects of Assets Buyout and Repowering
(15,971
)
(4,991
)
403
(20,975
)
403
Loss on derivative liabilities
378
386
428
694
1,641
Restructuring
179
(70
)
6,940
(434
)
9,166
Loss on extinguishment of debt
—
—
—
27,182
4,288
Impairment of assets
—
—
—
—
130,088
Interest expense on SK loan commitment
—
—
—
—
52,792
Other
1,088
768
34
2,340
1,739
Adjusted Net Profit (Loss)
$
118,486
$
(1,481
)
$
19,421
$
64,599
$
(20,724
)
Adjusted net earnings (loss) per share (EPS), Basic
$
0.52
$
(0.01
)
$
0.09
$
0.28
$
(0.10
)
Adjusted net earnings (loss) per share (EPS), Diluted
$
0.43
$
(0.01
)
$
0.07
$
0.28
$
(0.10
)
Weighted average shares outstanding attributable to common stockholders, Basic
228,728
227,957
224,204
227,365
212,681
Weighted-average shares outstanding attributable to common stockholders, Diluted
294,429
227,957
274,366
227,365
212,681
Reconciliation of GAAP Net Profit (loss) to Adjusted EBITDA
(unaudited)
(in thousands)
Q4'24
Q3'24
Q4'23
2024
2023
Net (loss) income to Common Stockholders
$
104,795
$
(14,711
)
$
4,511
$
(29,227
)
$
(302,116
)
Add back: Income (loss) attributable to noncontrolling interest
362
79
(394
)
2,024
(5,821
)
Stock-based compensation expense
27,655
17,057
7,500
82,995
87,095
Effects of Assets Buyout and Repowering
(15,971
)
(4,991
)
403
(20,975
)
403
Loss on derivative liabilities
378
386
428
694
1,641
Restructuring
179
(70
)
6,940
(434
)
9,166
Loss on extinguishment of debt
—
—
—
27,182
4,288
Impairment of assets
—
—
—
—
130,088
Interest expense on SK loan commitment
—
—
—
—
52,792
Other
1,088
768
34
2,340
1,739
Adjusted Net Profit (Loss)
118,486
(1,481
)
19,421
64,599
(20,724
)
Depreciation & amortization
13,893
13,240
12,349
53,048
62,609
Income tax provision
382
109
811
846
1,894
Interest expense, Other expense (income), net
14,555
9,476
7,179
42,158
38,012
Adjusted EBITDA
$
147,316
$
21,344
$
39,760
$
160,651
$
81,791
Use of non-GAAP financial measures
To supplement Bloom Energy consolidated financial statement information presented on a GAAP basis, Bloom Energy provides financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss) (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (loss) (non-GAAP net earnings), non-GAAP basic and diluted earnings per share and Adjusted EBITDA. Bloom Energy also provides forecasts of non-GAAP gross margin and non-GAAP operating 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 and non-GAAP gross margin are defined to exclude charges relating to stock-based compensation expense, impairment of assets, restructuring (expense reversals) charges, and other charges. Non-GAAP net profit (loss) (non-GAAP net earnings) and non-GAAP diluted earnings per share consist of net earnings or diluted net earnings per share excluding charges relating to income (loss) attributable to noncontrolling interest, charges relating to stock-based compensation expense, effects of assets buyout and repowering, loss on derivative liabilities, restructuring (expense reversals) charges, loss on debt extinguishment, impairment of assets, interest expense on SK loan commitment, and other charges. Adjusted EBITDA is defined as net profit (loss) before interest expense, provision for income tax, depreciation and amortization expense, income (loss) attributable to noncontrolling interest, charges relating to stock-based compensation expense, restructuring (expense reversals) charges, impairment of assets, and other charges. Bloom Energy management uses these non-GAAP financial measures for purposes of evaluating Bloom Energy’s historical and prospective financial performance, as well as Bloom Energy’s 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’s 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:
(i) Net gain (loss) on failed sale-and-leaseback transactions as a result of termination of multiple Managed Services sites, consisting of loss on impairment of related fixed assets offset against gain on extinguishment of debt as a result of derecognition of respective financing obligations adjusted by cash paid for assets buyback; and
(ii) Selling profit on sales-type lease of $3.6 million as a result of derecognition of the old Energy Server systems, incurred as a result of the difference between the partial amount of $5.1 million customer deposit previously paid by the financier and the carrying amount of the old Energy Server systems determined at the time of the buyout of $1.5 million.
For more information about these non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP to Non-GAAP Financial Measures,” “Reconciliation of GAAP Net Profit (Loss) to non-GAAP Net Profit (Loss) and Computation of non-GAAP Net Earnings (Loss) per Share (EPS),” and “Reconciliation of GAAP Net Profit (Loss) to Adjusted EBITDA” set forth in this release, which should be read together with the preceding financial statements prepared in accordance with GAAP.
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, non-GAAP gross margin, non-GAAP operating income (loss) (non-GAAP earnings from operations), non-GAAP operating profit margin, non-GAAP net profit (loss) (non-GAAP net earnings), non-GAAP diluted 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’s results “through the eyes” of management. Bloom Energy further believes that providing this information better enables Bloom Energy investors to understand Bloom Energy’s 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’s operating performance with the performance of other companies in Bloom Energy’s 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/20250227545314/en/
Investor Relations: Michael Tierney Bloom Energy investor@bloomenergy.com
Media: Katja Gagen press@bloomenergy.com
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