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SAN JOSE, Calif.--(BUSINESS WIRE)--Nov 7, 2024--
Bloom Energy Corporation (NYSE: BE) reported today its financial results for the third quarter ended September 30, 2024. The company reported revenue of $330.4 million for the third quarter of 2024.
Third Quarter Highlights
“Today we are announcing an 80 MW power project using Bloom Energy fuel cells” said KR Sridhar, Founder, Chairman and CEO of Bloom Energy. “We are thrilled to partner with SK Eternix to deliver the world’s largest fuel cell power system and make it operational in 2025. A fuel cell project of this scale is a proof point for how Bloom Energy can power large AI data centers going forward.”
Dan Berenbaum, CFO of Bloom Energy added, “Bloom is a project-based business, which can lead to quarterly variability - our year-to-date results and our expectations for a strong close to 2024 reflect this. We are confident in our ability to execute based on our identified projects and contracting activities, and we are thus reaffirming our 2024 financial guidance.”
Summary of Key Financial Metrics
Summary of GAAP Profit and Loss Statements
($000), except EPS data | Q3’24 | Q2’24 | Q3’23 | ||||||
Revenue |
| 330,399 |
|
| 335,767 |
|
| 400,268 |
|
Cost of Revenue |
| 251,665 |
|
| 267,245 |
|
| 405,482 |
|
Gross Profit (Loss) |
| 78,734 |
|
| 68,522 |
|
| (5,214 | ) |
Gross Margin |
| 23.8 | % |
| 20.4 | % |
| (1.3 | )% |
Operating Expenses |
| 88,385 |
|
| 91,650 |
|
| 98,494 |
|
Operating Loss |
| (9,651 | ) |
| (23,128 | ) |
| (103,708 | ) |
Operating Margin |
| (2.9 | )% |
| (6.9 | )% |
| (25.9 | )% |
Non-operating Expenses |
| 5,060 |
|
| 38,659 |
|
| 65,291 |
|
Net Loss to Common Stockholders |
| (14,711 | ) |
| (61,787 | ) |
| (168,999 | ) |
GAAP EPS, Basic and Diluted | $ | (0.06 | ) | $ | (0.27 | ) | $ | (0.80 | ) |
Summary of Non-GAAP Financial Information1
($000), except EPS data | Q3’24 | Q2’24 | Q3’23 | ||||||
Revenue |
| 330,399 |
|
| 335,767 |
|
| 400,268 |
|
Cost of Revenue |
| 247,066 |
|
| 262,611 |
|
| 273,888 |
|
Gross Profit |
| 83,332 |
|
| 73,156 |
|
| 126,380 |
|
Gross Margin |
| 25.2 | % |
| 21.8 | % |
| 31.6 | % |
Operating Expenses |
| 75,229 |
|
| 76,344 |
|
| 74,580 |
|
Operating Profit (Loss) |
| 8,104 |
|
| (3,188 | ) |
| 51,800 |
|
Operating Margin |
| 2.5 | % |
| (0.9 | )% |
| 12.9 | % |
Adjusted EBITDA |
| 21,344 |
|
| 10,219 |
|
| 66,415 |
|
Non-GAAP EPS, Basic | $ | (0.01 | ) | $ | (0.06 | ) | $ | 0.20 |
|
Non-GAAP EPS, Diluted | $ | (0.01 | ) | $ | (0.06 | ) | $ | 0.15 |
|
Outlook
Bloom reaffirms outlook for the full-year 2024:
| • Revenue: | $1.4 - $1.6B |
• Non-GAAP Gross Margin: | ~28% | |
• Non-GAAP Operating Income: | $75 - $100M |
Conference Call Details
Bloom will host a conference call today, November 7, 2024, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call toll-free dial-in number: +1 (888) 596-4144 and toll-dial-in-number +1 (646) 968-2525. The conference ID is 5744085. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com/. Following the webcast, an archived version will be available on Bloom's website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 770-2030 and entering passcode 5744085
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exchange Commission (SEC). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Bloom urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom’s expectations regarding its 2024 Outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating income measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Material changes to reconciling items could have a significant effect on future GAAP results and, as such, we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors.
About Bloom Energy
Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.
Forward-Looking Statements
This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding: innovation and solutions; customer reaction to Bloom’s products; Bloom’s liquidity position; market demand for energy and hydrogen solutions; and Bloom’s 2024 outlook for revenue and profitability. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to: Bloom’s limited operating history; the emerging nature of the distributed generation market and rapidly evolving market trends; the significant losses Bloom has incurred in the past; the significant upfront costs of Bloom’s Energy Servers and Electrolyzer and Bloom’s ability to secure financing for its products; Bloom’s ability to drive cost reductions and to successfully mitigate against potential price increases; Bloom’s ability to service its existing debt obligations; Bloom’s ability to be successful in new markets; government incentive programs including the scheduled expiration of the Investment Tax Credit at the end of 2024; the ability of the Bloom Energy Server to operate on the fuel source a customer will want; the success of the strategic partnership with SK ecoplant in the United States and international markets; timing and development of an ecosystem for the hydrogen market, including in the South Korean market; continued incentives in the South Korean market; adapting to the new government bidding process in the South Korean market; the timing and pace of adoption of hydrogen for stationary power; the risk of manufacturing defects; the accuracy of Bloom’s estimates regarding the useful life of its Energy Servers; delays in the development and introduction of new products or updates to existing products; supply constraints; the availability of rebates, tax credits and other tax benefits; changes in the regulatory landscape; Bloom’s reliance upon a limited number of customers; Bloom’s lengthy sales and installation cycle; construction, utility interconnection and other delays and cost overruns related to the installation of its Energy Servers, including inventories with distributors; business and economic conditions and growth trends in commercial and industrial energy markets; global macroeconomic conditions, including rising interest rates, recession fears and inflationary pressures, or geopolitical events or conflicts; overall electricity generation market; management transitions; Bloom’s ability to protect its intellectual property; and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential factors that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on February 15, 2024 and our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2024 and June 30, 2024, as filed with the SEC on May 9, 2024 and August 8, 2024, respectively, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Bloom’s website at www.bloomenergy.com and the SEC’s website at www.sec.gov. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.
The Investor Relations section of Bloom’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom encourages investors to visit this website from time to time, as information is updated and new information is posted.
Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share data) | ||||||||
|
| September 30, |
| December 31, | ||||
|
|
| 2024 |
|
|
| 2023 |
|
Assets |
|
|
|
| ||||
Current assets: |
|
|
|
| ||||
Cash and cash equivalents 1 |
| $ | 495,677 |
|
| $ | 664,593 |
|
Restricted cash 1 |
|
| 22,548 |
|
|
| 46,821 |
|
Accounts receivable less allowance for credit losses of $119 as of September 30, 2024, and December 31, 2023 1, 2 |
|
| 590,794 |
|
|
| 340,740 |
|
Contract assets 3 |
|
| 121,074 |
|
|
| 41,366 |
|
Inventories 1 |
|
| 584,484 |
|
|
| 502,515 |
|
Deferred cost of revenue 4 |
|
| 40,648 |
|
|
| 45,984 |
|
Prepaid expenses and other current assets 1, 5 |
|
| 47,663 |
|
|
| 51,148 |
|
Total current assets |
|
| 1,902,888 |
|
|
| 1,693,167 |
|
Property, plant and equipment, net 1 |
|
| 484,505 |
|
|
| 493,352 |
|
Operating lease right-of-use assets 1, 6 |
|
| 133,143 |
|
|
| 139,732 |
|
Restricted cash 1 |
|
| 30,926 |
|
|
| 33,764 |
|
Deferred cost of revenue |
|
| 3,539 |
|
|
| 3,454 |
|
Other long-term assets 1, 7 |
|
| 49,516 |
|
|
| 50,208 |
|
Total assets |
| $ | 2,604,517 |
|
| $ | 2,413,677 |
|
Liabilities and stockholders’ equity |
|
|
|
| ||||
Current liabilities: |
|
|
|
| ||||
Accounts payable 1, 8 |
| $ | 124,272 |
|
| $ | 132,078 |
|
Accrued warranty 9 |
|
| 15,009 |
|
|
| 19,326 |
|
Accrued expenses and other current liabilities 1, 10 |
|
| 130,331 |
|
|
| 130,879 |
|
Deferred revenue and customer deposits 1, 11 |
|
| 142,056 |
|
|
| 128,922 |
|
Operating lease liabilities 1, 12 |
|
| 20,195 |
|
|
| 20,245 |
|
Financing obligations |
|
| 20,921 |
|
|
| 38,972 |
|
Recourse debt |
|
| 114,139 |
|
|
| — |
|
Total current liabilities |
|
| 566,923 |
|
|
| 470,422 |
|
Deferred revenue and customer deposits 1, 13 |
|
| 34,796 |
|
|
| 19,140 |
|
Operating lease liabilities 1, 14 |
|
| 135,159 |
|
|
| 141,939 |
|
Financing obligations |
|
| 390,539 |
|
|
| 405,824 |
|
Recourse debt |
|
| 1,008,734 |
|
|
| 842,006 |
|
Non-recourse debt 1, 15 |
|
| 4,563 |
|
|
| 4,627 |
|
Other long-term liabilities |
|
| 8,811 |
|
|
| 9,049 |
|
Total liabilities |
| $ | 2,149,525 |
|
| $ | 1,893,007 |
|
Commitments and contingencies |
|
|
|
| ||||
Stockholders’ equity: |
|
|
|
| ||||
Common stock: $0.0001 par value; Class A shares — 600,000,000 shares authorized and 228,509,625 shares and 224,717,533 shares issued and outstanding, and Class B shares — 470,092,742 shares and 600,000,000 shares authorized and no shares issued and outstanding at September 30, 2024, and December 31, 2023, respectively |
|
| 23 |
|
|
| 21 |
|
Additional paid-in capital |
|
| 4,435,152 |
|
|
| 4,370,343 |
|
Accumulated other comprehensive loss |
|
| (1,818 | ) |
|
| (1,687 | ) |
Accumulated deficit |
|
| (4,002,413 | ) |
|
| (3,866,599 | ) |
Total equity attributable to common stockholders |
|
| 430,944 |
|
|
| 502,078 |
|
Noncontrolling interest |
|
| 24,048 |
|
|
| 18,592 |
|
Total stockholders’ equity |
| $ | 454,992 |
|
| $ | 520,670 |
|
Total liabilities and stockholders’ equity |
| $ | 2,604,517 |
|
| $ | 2,413,677 |
|
1 We have a variable interest entity related to a joint venture in the Republic of Korea, which represents a portion of the consolidated balances recorded within these financial statement line items. |
2 Including amounts from related parties of $349.5 million and $262.0 million as of September 30, 2024, and December 31, 2023, respectively. |
3 Including amounts from related parties of $0.8 million and $6.9 million as of September 30, 2024, and December 31, 2023, respectively. |
4 Including amounts from related parties of $0.9 million as of December 31, 2023. There were no amounts from related parties as of September 30, 2024. |
5 Including amounts from related parties of $1.1 million and $2.3 million as of September 30, 2024, and December 31, 2023, respectively. |
6 Including amounts from related parties of $1.7 million and $2.0 million as of September 30, 2024, and December 31, 2023, respectively. |
7 Including amounts from related parties of $9.1 million and $9.1 million as of September 30, 2024, and December 31, 2023, respectively. |
8 Including amounts from related parties of $0.1 million as of December 31, 2023. There were no amounts from related parties as of September 30, 2024. |
9 Including amounts from related parties of $2.8 million and $1.3 million as of September 30, 2024, and December 31, 2023, respectively. |
10 Including amounts from related parties of $7.6 million and $3.4 million as of September 30, 2024, and December 31, 2023, respectively. |
11 Including amounts from related parties of $7.1 million and $1.7 million as of September 30, 2024, and December 31, 2023, respectively. |
12 Including amounts from related parties of $0.5 million and $0.4 million as of September 30, 2024, and December 31, 2023, respectively. |
13 Including amounts from related parties of $6.3 million and $6.7 million as of September 30, 2024, and December 31, 2023, respectively. |
14 Including amounts from related parties of $1.2 million and $1.6 million as of September 30, 2024, and December 31, 2023, respectively. |
15 Including amounts from related parties of $4.6 million and $4.6 million as of September 30, 2024, and December 31, 2023, respectively. |
Condensed Consolidated Statements of Operations (unaudited) (in thousands, except per share data) | ||||||||||||
|
| Three Months Ended |
| Three Months Ended |
| Three Months Ended | ||||||
|
|
|
|
|
|
| ||||||
Revenue: |
|
|
|
|
|
| ||||||
Product |
| $ | 233,770 |
|
| $ | 226,308 |
|
| $ | 304,976 |
|
Installation |
|
| 32,052 |
|
|
| 42,733 |
|
|
| 21,916 |
|
Service |
|
| 50,761 |
|
|
| 52,531 |
|
|
| 47,535 |
|
Electricity |
|
| 13,816 |
|
|
| 14,195 |
|
|
| 25,841 |
|
Total revenue 1 |
|
| 330,399 |
|
|
| 335,767 |
|
|
| 400,268 |
|
Cost of revenue: |
|
|
|
|
|
| ||||||
Product |
|
| 155,124 |
|
|
| 161,332 |
|
|
| 182,832 |
|
Installation |
|
| 35,688 |
|
|
| 44,298 |
|
|
| 25,902 |
|
Service |
|
| 51,363 |
|
|
| 52,401 |
|
|
| 57,370 |
|
Electricity |
|
| 9,490 |
|
|
| 9,214 |
|
|
| 139,378 |
|
Total cost of revenue 2 |
|
| 251,665 |
|
|
| 267,245 |
|
|
| 405,482 |
|
Gross profit (loss) |
|
| 78,734 |
|
|
| 68,522 |
|
|
| (5,214 | ) |
Operating expenses: |
|
|
|
|
|
| ||||||
Research and development |
|
| 36,315 |
|
|
| 37,364 |
|
|
| 35,126 |
|
Sales and marketing |
|
| 14,667 |
|
|
| 17,901 |
|
|
| 20,002 |
|
General and administrative 3 |
|
| 37,403 |
|
|
| 36,385 |
|
|
| 43,366 |
|
Total operating expenses |
|
| 88,385 |
|
|
| 91,650 |
|
|
| 98,494 |
|
Loss from operations |
|
| (9,651 | ) |
|
| (23,128 | ) |
|
| (103,708 | ) |
Interest income |
|
| 6,456 |
|
|
| 6,430 |
|
|
| 7,419 |
|
Interest expense 4 |
|
| (16,763 | ) |
|
| (15,376 | ) |
|
| (68,037 | ) |
Other income (expense), net |
|
| 5,821 |
|
|
| (985 | ) |
|
| (1,577 | ) |
Loss on extinguishment of debt |
|
| — |
|
|
| (27,182 | ) |
|
| (1,415 | ) |
Loss on revaluation of embedded derivatives |
|
| (386 | ) |
|
| (88 | ) |
|
| (114 | ) |
Loss before income taxes |
|
| (14,523 | ) |
|
| (60,329 | ) |
|
| (167,432 | ) |
Income tax provision |
|
| 109 |
|
|
| 856 |
|
|
| 646 |
|
Net loss |
|
| (14,632 | ) |
|
| (61,185 | ) |
|
| (168,078 | ) |
Less: Net income attributable to noncontrolling interest |
|
| 79 |
|
|
| 602 |
|
|
| 921 |
|
Net loss attributable to common stockholders |
| $ | (14,711 | ) |
| $ | (61,787 | ) |
| $ | (168,999 | ) |
Net loss per share available to common stockholders, basic and diluted |
| $ | (0.06 | ) |
| $ | (0.27 | ) |
| $ | (0.80 | ) |
Weighted average shares used to compute net loss per share available to common stockholders, basic and diluted |
|
| 227,957 |
|
|
| 227,167 |
|
|
| 210,930 |
|
1 Including related party revenue of $126.6 million, $86.8 million and $125.7 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively. |
2 Including related party cost of revenue of $0.1 million for the three months ended, June 30, 2024. Related party cost of revenue for the three months ended September 30, 2024, was immaterial. There were no related party cost of revenue for the three months ended September 30, 2023. |
3 Including related party general and administrative expenses of $0.2 million and $0.2 million for the three months ended September 30, 2024, and June 30, 2024, respectively. There were no related party general and administrative expenses for the three months ended September 30, 2023. |
4 Including related party interest expense of $0.1 million and $0.1 million for the three months ended September 30, 2024, and June 30, 2024, respectively. There were no related party general and administrative expenses for the three months ended September 30, 2023. |
Condensed Consolidated Statement of Cash Flows (unaudited) (in thousands) | ||||||||||||
|
|
|
|
|
|
| ||||||
|
| Three Months Ended |
| Three Months Ended |
| Three Months Ended | ||||||
Cash flows from operating activities: |
|
|
|
|
|
| ||||||
Net loss |
| $ | (14,632 | ) |
| $ | (61,185 | ) |
| $ | (168,078 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
| ||||||
Depreciation and amortization |
|
| 13,240 |
|
|
| 13,407 |
|
|
| 14,615 |
|
Non-cash lease expense |
|
| 9,175 |
|
|
| 8,980 |
|
|
| 8,356 |
|
Gain on disposal of property, plant and equipment |
|
| (17 | ) |
|
| (13 | ) |
|
| (19 | ) |
Revaluation of derivative contracts |
|
| 386 |
|
|
| 88 |
|
|
| 114 |
|
Impairment of assets |
|
| — |
|
|
| — |
|
|
| 130,111 |
|
Derecognition of loan commitment asset related to SK ecoplant Second Tranche Closing |
|
| — |
|
|
| — |
|
|
| 52,792 |
|
Stock-based compensation expense |
|
| 17,689 |
|
|
| 19,191 |
|
|
| 21,315 |
|
Amortization of debt issuance costs |
|
| 1,862 |
|
|
| 1,603 |
|
|
| 1,514 |
|
Gain from terminations of failed sale-and-leaseback transactions |
|
| (5,003 | ) |
|
| — |
|
|
| — |
|
Loss on extinguishment of debt |
|
| — |
|
|
| 27,182 |
|
|
| 1,415 |
|
Unrealized foreign currency exchange (gain) loss |
|
| (1,496 | ) |
|
| 418 |
|
|
| 1,517 |
|
Other |
|
| 105 |
|
|
| (50 | ) |
|
| — |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
| ||||||
Accounts receivable 1 |
|
| (67,064 | ) |
|
| (175,657 | ) |
|
| 16,100 |
|
Contract assets 2 |
|
| (30,687 | ) |
|
| (56,599 | ) |
|
| (108,692 | ) |
Inventories |
|
| (64,141 | ) |
|
| 5,862 |
|
|
| (8,969 | ) |
Deferred cost of revenue 3 |
|
| 7,796 |
|
|
| 7,592 |
|
|
| (8,370 | ) |
Prepaid expenses and other assets 4 |
|
| (8,716 | ) |
|
| 7,537 |
|
|
| (22,807 | ) |
Other long-term assets 5 |
|
| 4,646 |
|
|
| (1,800 | ) |
|
| 10,219 |
|
Operating lease right-of-use assets and operating lease liabilities |
|
| (9,325 | ) |
|
| (9,216 | ) |
|
| (8,432 | ) |
Financing lease liabilities |
|
| 173 |
|
|
| 223 |
|
|
| 171 |
|
Accounts payable |
|
| 23,882 |
|
|
| 8,206 |
|
|
| (41,589 | ) |
Accrued warranty 6 |
|
| 2,621 |
|
|
| 3,191 |
|
|
| 1,631 |
|
Accrued expenses and other current liabilities 7 |
|
| 13,819 |
|
|
| 19,789 |
|
|
| 4,782 |
|
Deferred revenue and customer deposits 8 |
|
| 36,231 |
|
|
| 6,013 |
|
|
| (30,275 | ) |
Other long-term liabilities |
|
| (13 | ) |
|
| (257 | ) |
|
| (590 | ) |
Net cash used in operating activities |
|
| (69,469 | ) |
|
| (175,495 | ) |
|
| (133,169 | ) |
Cash flows from investing activities: |
|
|
|
|
|
| ||||||
Purchase of property, plant and equipment |
|
| (14,292 | ) |
|
| (12,019 | ) |
|
| (21,357 | ) |
Proceeds from sale of property, plant and equipment |
|
| 14 |
|
|
| 15 |
|
|
| — |
|
Net cash used in investing activities |
|
| (14,278 | ) |
|
| (12,004 | ) |
|
| (21,357 | ) |
Cash flows from financing activities: |
|
|
|
|
|
| ||||||
Proceeds from issuance of debt 9 |
|
| — |
|
|
| 402,500 |
|
|
| — |
|
Payment of debt issuance costs |
|
| (438 | ) |
|
| (12,323 | ) |
|
| (3,711 | ) |
Repayment of debt |
|
| — |
|
|
| (140,990 | ) |
|
| (118,538 | ) |
Proceeds from financing obligations |
|
| 464 |
|
|
| — |
|
|
| — |
|
Repayment of financing obligations |
|
| (9,767 | ) |
|
| (5,041 | ) |
|
| (4,747 | ) |
Buyout of noncontrolling interest |
|
| — |
|
|
| — |
|
|
| (6,864 | ) |
Distributions and payments to noncontrolling interest |
|
| — |
|
|
| — |
|
|
| (2,265 | ) |
Proceeds from issuance of common stock |
|
| 4,141 |
|
|
| 159 |
|
|
| 6,745 |
|
Dividend paid |
|
| — |
|
|
| (1,468 | ) |
|
| — |
|
Other |
|
| — |
|
|
| — |
|
|
| (285 | ) |
Net cash (used in) provided by financing activities |
|
| (5,600 | ) |
|
| 242,837 |
|
|
| (129,665 | ) |
Effect of exchange rate changes on cash, cash equivalent, and restricted cash |
|
| 694 |
|
|
| (256 | ) |
|
| (657 | ) |
Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
| (88,653 | ) |
|
| 55,082 |
|
|
| (284,848 | ) |
Cash, cash equivalents, and restricted cash: |
|
|
|
|
|
| ||||||
Beginning of period |
|
| 637,804 |
|
|
| 582,722 |
|
|
| 922,544 |
|
End of period |
| $ | 549,151 |
|
| $ | 637,804 |
|
| $ | 637,696 |
|
1 Including changes in related party balances of $1.4 million, $55.8 million, and $241.9 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively. |
2 Including changes in related party balances of $0.1 million, $2.7 million, and $3.4 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively. |
3 Including changes in related party balances of $23.4 million for the three months ended September 30, 2023. There were no changes in related party balances for the three months ended September 30, 2024, and June 30, 2024. |
4 Including changes in related party balances of $0.2 million and $0.9 million for the three months ended September 30, 2024, and June 30, 2024, respectively. There were no changes in related party balances for the three months ended September 30, 2023. |
5 Including changes in related party balances of $0.4 million and $0.4 million for the three months ended September 30, 2024, and June 30, 2024, respectively. There were no changes in related party balances for the three months ended September 30, 2023. |
6 Including changes in related party balances of $0.2 million, $0.4 million, and $0.1 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively. |
7 Including changes in related party balances of $1.8 million, $0.3 million, and $5.7 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively. |
8 Including changes in related party balances of $0.5 million, $3.6 million, and $11.1 million for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively. |
9 Including changes in related party balances of $0.2 million and $0.1 million for the three months ended September 30, 2024, and June 30, 2024, respectively. There were no changes in related party balances for the three months ended September 30, 2023. |
Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) (in thousands, except percentages) | ||||||
| Q3’24 | Q2’24 | Q3’23 | |||
GAAP revenue | 330,399 |
| 335,767 |
| 400,268 |
|
GAAP cost of sales | 251,665 |
| 267,245 |
| 405,482 |
|
GAAP gross profit (loss) | 78,734 |
| 68,522 |
| (5,214 | ) |
Non-GAAP adjustments: |
|
|
| |||
Stock-based compensation expense | 3,778 |
| 4,110 |
| 5,581 |
|
Restructuring | 90 |
| 116 |
| 725 |
|
Impairment of assets | — |
| — |
| 123,700 |
|
Other | 731 |
| 408 |
| 1,588 |
|
Non-GAAP gross profit | 83,332 |
| 73,156 |
| 126,380 |
|
|
|
|
| |||
GAAP gross margin % | 23.8 | % | 20.4 | % | (1.3 | )% |
Non-GAAP adjustments | 1.4 | % | 1.4 | % | 32.9 | % |
Non-GAAP gross margin % | 25.2 | % | 21.8 | % | 31.6 | % |
| Q3’24 | Q2’24 | Q3’23 | |||
GAAP loss from operations | (9,651 | ) | (23,128 | ) | (103,708 | ) |
Non-GAAP adjustments: |
|
|
| |||
Stock-based compensation expense | 17,057 |
| 19,423 |
| 21,564 |
|
Restructuring | (70 | ) | 73 |
| 2,226 |
|
Impairment of assets | — |
| — |
| 130,088 |
|
Other | 768 |
| 445 |
| 1,630 |
|
Non-GAAP income (loss) from operations | 8,104 |
| (3,188 | ) | 51,800 |
|
|
|
|
| |||
GAAP operating margin % | (2.9 | )% | (6.9 | )% | (25.9 | )% |
Non-GAAP adjustments | 5.4 | % | 5.9 | % | 38.8 | % |
Non-GAAP operating margin % | 2.5 | % | (0.9 | )% | 12.9 | % |
Reconciliation of GAAP Net Loss to non-GAAP Net (Loss) Income and Computation of non-GAAP Net (Loss) Earnings per Share (EPS) (unaudited) (in thousands, except share data) | |||||||||
| Q3’24 | Q2’24 | Q3’23 | ||||||
Net loss to Common Stockholders |
| (14,711 | ) |
| (61,787 | ) |
| (168,999 | ) |
Non-GAAP adjustments: |
|
|
| ||||||
Add back: gain for non-controlling interests |
| 79 |
|
| 602 |
|
| 921 |
|
Stock-based compensation expense |
| 17,057 |
|
| 19,423 |
|
| 21,564 |
|
Gain on failed sale-and-leaseback transactions |
| (4,991 | ) |
| — |
|
| — |
|
Loss on derivative liabilities |
| 386 |
|
| 88 |
|
| 114 |
|
Impairment of assets |
| — |
|
| — |
|
| 130,088 |
|
Interest expense on SK loan commitment |
| — |
|
| — |
|
| 52,792 |
|
Loss on extinguishment of debt |
| — |
|
| 27,182 |
|
| 1,415 |
|
Restructuring |
| (70 | ) |
| 73 |
|
| 2,226 |
|
Other |
| 768 |
|
| 445 |
|
| 1,630 |
|
Adjusted Net (Loss) Profit |
| (1,481 | ) |
| (13,974 | ) |
| 41,751 |
|
|
|
|
| ||||||
Adjusted net (loss) earnings per share (EPS), Basic | $ | (0.01 | ) | $ | (0.06 | ) | $ | 0.20 |
|
Adjusted net (loss) earnings per share (EPS), Diluted | $ | (0.01 | ) | $ | (0.06 | ) | $ | 0.15 |
|
Weighted average shares outstanding attributable to common stockholders, Basic |
| 227,957 |
|
| 227,167 |
|
| 210,930 |
|
Weighted-average shares outstanding attributable to common stockholders, Diluted |
| 227,957 |
|
| 227,167 |
|
| 274,337 |
|
Reconciliation of GAAP Net Loss to Adjusted EBITDA (unaudited) (in thousands) | ||||||
| Q3’24 | Q2’24 | Q3’23 | |||
Net loss to Common Stockholders | (14,711 | ) | (61,787 | ) | (168,999 | ) |
Add back: gain for non-controlling interests | 79 |
| 602 |
| 921 |
|
Stock-based compensation expense | 17,057 |
| 19,423 |
| 21,564 |
|
Gain on failed sale-and-leaseback transactions | (4,991 | ) | — |
| — |
|
Loss on derivative liabilities | 386 |
| 88 |
| 114 |
|
Impairment of assets | — |
| — |
| 130,088 |
|
Interest expense on SK loan commitment | — |
| — |
| 52,792 |
|
Loss on extinguishment of debt | — |
| 27,182 |
| 1,415 |
|
Restructuring | (70 | ) | 73 |
| 2,226 |
|
Other | 768 |
| 445 |
| 1,630 |
|
Adjusted Net (Loss) Profit | (1,481 | ) | (13,974 | ) | 41,751 |
|
|
|
|
| |||
Depreciation & amortization | 13,240 |
| 13,407 |
| 14,615 |
|
Income tax provision | 109 |
| 856 |
| 646 |
|
Interest expense, Other income (expense), net | 9,476 |
| 9,930 |
| 9,403 |
|
Adjusted EBITDA | 21,344 |
| 10,219 |
| 66,415 |
|
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 (loss), non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net (loss) profit, non-GAAP basic and diluted (loss) earnings per share and Adjusted EBITDA. Bloom Energy also provides forecasts of non-GAAP gross margin and non-GAAP operating income.
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, restructuring (expense reversals) charges, impairment of assets, and other charges. Non-GAAP net (loss) profit and non-GAAP diluted (loss) earnings per share consist of net loss or diluted net loss per share excluding gain for non-controlling interest, charges relating to stock-based compensation expense, gain on failed sale-and-leaseback transactions, loss on derivatives liabilities, impairment of assets, interest expense on SK loan commitment, loss on extinguishment of debt, restructuring (expense reversals) charges, and other charges. Adjusted EBITDA is defined as net loss before interest expense, income tax provision, depreciation and amortization expense, gain for non-controlling interest, charges relating to stock-based compensation expense, gain on failed sale-and-leaseback transactions, loss on derivatives liabilities, impairment of assets, interest expense on SK loan commitment, loss on extinguishment of debt, restructuring (expense reversals) charges, 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:
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 operating margin, non-GAAP net (loss) profit, non-GAAP diluted (loss) 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/20241107734576/en/
CONTACT: Investor Relations:
Michael Tierney
Bloom Energy
investor@bloomenergy.comMedia:
Katja Gagen
press@bloomenergy.com
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: GREEN TECHNOLOGY ALTERNATIVE ENERGY ENERGY ENVIRONMENT UTILITIES
SOURCE: Bloom Energy
Copyright Business Wire 2024.
PUB: 11/07/2024 04:30 PM/DISC: 11/07/2024 04:29 PM
http://www.businesswire.com/news/home/20241107734576/en