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
- Revenue of $572.4 million in the fourth quarter of 2024, an
increase of 60.4% compared to $356.9 million in the fourth quarter
of 2023. Product and service revenue of $525.5 million in the
fourth quarter of 2024, an increase of 67.2% compared to $314.4
million in the fourth quarter of 2023.
- Gross margin of 38.3% in the fourth quarter of 2024, an
increase of 12.4 percentage points year-over-year; Non-GAAP gross
margin of 39.3% in the fourth quarter of 2024, an increase of 11.9
percentage points year-over-year.
- Operating income of $104.7 million in the fourth quarter of
2024, an increase of $91.8 million year-over-year; Non-GAAP
operating income of $133.4 million in the fourth quarter of 2024,
an increase of $106.0 million year-over-year.
- Generated $484.2 million cash flow from operating
activities.
Total Year Highlights
- Revenue of $1,473.9 million in 2024, an increase of 10.5%
compared to $1,333.5 million in 2023. Product and service revenue
of $1,298.7 million in 2024, an increase of 12.1% compared to
$1,158.3 million in 2023.
- Gross margin of 27.5% in 2024, an increase of 12.6 percentage
points compared to 14.8% in 2023.
- Non-GAAP gross margin of 28.7% in 2024, an increase of 2.9
percentage points compared to 25.8% in 2023.
- Operating income of $22.9 million in 2024, an improvement of
$231.8 million compared to operating loss of $208.9 million in
2023.
- Non-GAAP operating income of $107.6 million in 2024, an
increase of $88.4 million compared to $19.2 million in 2023.
- Generated $92.0 million cash flow from operating
activities.
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
)
- A detailed reconciliation of GAAP to Non-GAAP financial
measures is provided at the end of this press release
Outlook
Bloom provides outlook for the full-year 2025:
- Revenue: $1.65B - $1.85B
- Non-GAAP Gross Margin: ~29%
- Non-GAAP Operating Income: $135M - $165M
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.
- The GAAP measure most directly comparable to non-GAAP gross
profit (loss) is gross profit (loss).
- The GAAP measure most directly comparable to non-GAAP gross
margin is gross margin.
- The GAAP measure most directly comparable to non-GAAP operating
income (loss) (non-GAAP earnings from operations) is operating
income (loss) (earnings from operations).
- The GAAP measure most directly comparable to non-GAAP operating
margin is operating margin.
- The GAAP measure most directly comparable to non-GAAP net
profit (loss) (non-GAAP net earnings) is net profit (loss) (net
earnings).
- The GAAP measure most directly comparable to non-GAAP diluted
earnings per share is diluted earnings per share.
- The GAAP measure most directly comparable to Adjusted EBITDA is
net profit (loss) (net earnings).
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:
- Stock-based compensation expense consists of equity awards
granted based on the estimated fair value of those awards at grant
date. Although stock-based compensation is a key incentive offered
to our employees, Bloom Energy excludes these charges for the
purpose of calculating these non-GAAP measures, primarily because
they are non-cash expenses and such an exclusion facilitates a more
meaningful evaluation of Bloom Energy current operating performance
and comparisons to Bloom Energy operating performance in other
periods.
- Income (loss) attributable to noncontrolling interest
represents allocation to the non-controlling interests under the
hypothetical liquidation at book value (HLBV) method and are
associated with our legacy PPA entity and the joint venture in the
Republic of Korea.
- Effects of Assets Buyout and Repowering consists of two
components:
(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.
- Loss on derivatives liabilities represents non-cash adjustments
to the fair value of the embedded derivatives.
- Restructuring charges and reversals are represented by
severance expense, facility closure costs, and other costs.
- Loss on debt extinguishment for the year ended December 31,
2024, related to the partial repurchase of the 2.5% Green
Convertible Senior Notes due August 2025 and consisted of 22.6%
premium upon partial repurchase of $26.0 million and $1.2 million
of debt issuance cost write-off. Loss on extinguishment of debt for
the year ended December 31, 2023, of $4.3 million consisted of: (1)
$1.4 million recognized as a result of the repayment on August 24,
2023, of 3.04% Senior Secured Notes due June 2031 as part of our
legacy PPA entity repowering, and represented in its entirety
derecognition of debt issuance costs; and (2) $2.9 million effect
of redemption on July 1, 2023 of 10.25% senior secured notes due
March 2027 and consisted of 4% premium upon redemption of $2.3
million and $0.6 million of debt issuance cost write-off.
- Impairment of assets represents non-cash impairment charge on
old Energy Server systems decommissioned upon repowering of our
legacy PPA entity of $123.7 million and non-cash impairment charge
on non-recoverable production insurance of $6.4 million.
- Interest expense on SK loan commitment recognized as a result
of automatic conversion of 13.5 million shares of our Series B
redeemable convertible preferred stock to shares of our Class A
common stock.
- Other represents (1) site termination costs of $1.3 million,
$0.7 million, and $0.2 million for the year ended December 31,
2024, three months ended September 30, 2024, and the three months
ended December 31, 2024, respectively; (2) sales property tax of
$1.6 million, $0.7 million, and $0.7 million for the years ended
December 31, 2023, and 2024, and three months ended December 31,
2024, respectively; (3) loss on termination of lease agreement of
$0.2 million for the three months ended December 31, 2024; and (4)
immaterial amounts of quarterly amortization of acquired intangible
assets.
- Adjusted EBITDA is defined as Adjusted Net Profit (Loss) before
depreciation and amortization expense, provision for income tax,
interest expense, other expense (income), net. We use Adjusted
EBITDA to measure the operating performance of our business,
excluding specifically identified items that we do not believe
directly reflect our core operations and may not be indicative of
our recurring operations.
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:
- Items such as stock-based compensation expense that is excluded
from non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP
operating expenses, non-GAAP operating income (loss) (non-GAAP
earnings from operations), non-GAAP operating margin, non-GAAP net
profit (loss) (non-GAAP net earnings), and non-GAAP diluted
earnings per share can have a material impact on the equivalent
GAAP earnings measure.
- Income (loss) attributable to noncontrolling interest and loss
on derivatives liabilities, though not directly affecting Bloom
Energy’s cash position, represent the loss (gain) in value of
certain assets and liabilities. The expense associated with this
loss (gain) in value is excluded from non-GAAP net earnings, and
non-GAAP diluted earnings per share and can have a material impact
on the equivalent GAAP earnings measure.
- Other companies may calculate non-GAAP gross profit, non-GAAP
gross profit margin, non-GAAP operating profit (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 and Adjusted EBITDA differently than Bloom Energy does,
limiting the usefulness of those measures for comparative
purposes.
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
Bloom Energy (NYSE:BE)
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