01—Abstract
Summary
Summary of the 10-K filed February 21, 2023. Cited figures are marked; the original filing is the authoritative source.
Bloom Energy Corporation (BE) reported strong revenue growth of 23.3% in 2022, reaching $1.199 billiona, primarily driven by a significant increase in product revenue (up 32.7%).
Despite the top-line growth, the company experienced a substantial increase in its net loss, which widened to $301.4 millionb from $164.4 million in the prior year. This widening loss was influenced by increased operating expenses, particularly in research and development and general and administrative functions, as well as higher cost of revenue, notably in electricity-related costs due to asset write-offs associated with project upgrades. Key strategic developments include expanded manufacturing capacity with a new multi-gigawatt facility in Fremont, California, and continued international expansion into Europe and Asia.
The company also highlighted the potential impact of the Inflation Reduction Act (IRA) on its business, expecting it to incentivize demand for its clean energy solutions. Despite the net loss, the company ended the year with a solid cash position of $348.5 millionc, and management indicated sufficient capital for the next 12 months, though future capital needs may require additional equity or debt financings. Investors should monitor cost management initiatives and the company's ability to translate revenue growth into profitability.
02—Key points
Key Highlights
- Total revenue increased by 23.3% to $1.199 billion in 2022, primarily driven by a 32.7% increase in product revenue.
- The company reported a net loss of $301.4 million for 2022, a significant increase from a net loss of $164.4 million in 2021.
- Operating expenses rose by 31.1% to $409.3 million, with R&D and G&A expenses seeing notable increases.
- Gross profit decreased by $49.3 million, primarily due to a significant decline in electricity gross profit, impacted by asset write-offs related to project upgrades.
- Bloom Energy expanded its manufacturing capacity with the opening of a new multi-gigawatt facility in Fremont, California.
- The company ended 2022 with $348.5 million in cash and cash equivalents, and management believes it has sufficient capital for the next 12 months.
- The Inflation Reduction Act (IRA) is expected to positively impact Bloom Energy's business through various tax credits and incentives.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2022, Bloom Energy Corp lost $0.25.
- Revenue$1.20B100.0%
- Cost of revenue−$1.05B87.6%
- Gross profit$148.3M12.4%
- Operating costs−$409.3M34.1%
- Operating income−$261.0M21.8%
- Interest, other & tax−$40.7M3.4%
- Net income−$301.7M25.2%
04—Financials
Financial Highlights
Figures from 10-KFY2022filed February 21, 2023Financial Statements
FY2022 against FY2021
| Line item | FY2022FY2021 | Change |
|---|---|---|
| Revenue | $1.20B$972.18M | +23.3% |
| Cost of Revenue | $1.05B$774.60M | +35.7% |
| Gross Profit | $148.29M$197.58M | −24.9% |
| R&D Expenses | $150.61M$103.40M | +45.7% |
| Operating Expenses | $409.28M$312.08M | +31.1% |
| Operating Income | -$260.99M-$114.50M | −127.9% |
| Interest Expense | $53.50M$69.03M | −22.5% |
| Net Income | -$301.71M-$164.44M | −83.5% |
| EPS (Basic) | $-1.62$-0.95 | −70.5% |
| EPS (Diluted) | $-1.62$-0.95 | −70.5% |
| Shares Outstanding (Basic) | 185.91M173.44M | +7.2% |
| Shares Outstanding (Diluted) | 185.91M173.44M | +7.2% |
05—Questions
Frequently Asked Questions
What was Bloom Energy's revenue performance in 2022?
Bloom Energy reported a total revenue of $1.199 billion for the year ended December 31, 2022, representing a 23.3% increase compared to the prior year. This growth was primarily driven by a 32.7% increase in product revenue.
How did Bloom Energy's profitability change in 2022?
The company's profitability significantly decreased in 2022. Bloom Energy reported a net loss of $301.4 million, a substantial increase from the net loss of $164.4 million in 2021. This was largely due to increased operating expenses and higher costs of revenue.
What are the key strategic initiatives highlighted by Bloom Energy?
Key strategic initiatives include expanding manufacturing capacity with a new facility in Fremont, California, continued international market expansion, and leveraging the Inflation Reduction Act (IRA) for growth through its clean energy technologies like fuel cells and electrolyzers.
What is Bloom Energy's current financial position and liquidity outlook?
Bloom Energy ended 2022 with $348.5 million in cash and cash equivalents. Management believes this is sufficient to meet operational and capital needs for the next 12 months, but acknowledges potential future needs for additional equity or debt financing to support growth.
06—Continue