01—Abstract
Summary
Summary of the 10-K filed February 27, 2025. Cited figures are marked; the original filing is the authoritative source.
Bloom Energy Corporation (BE) has demonstrated a robust top-line performance in 2024, with total revenue increasing by 10.5%a year-over-year, driven primarily by an 11.3% rise in product revenue.
This growth is supported by strong demand in key sectors, particularly data centers and those influenced by Artificial Intelligence (AI), as well as utilities seeking reliable distributed energy solutions to address grid strain and interconnection delays. The company's strategy to offer comprehensive energy solutions, beyond just electricity, including combined heat and power (CHP) and carbon capture, utilization, and storage (CCUS) capabilities, positions it well to meet evolving customer needs. Financially, Bloom Energy has improved its cash flow from operations, turning positive in 2024, which is a significant improvement from the prior year.
This enhanced liquidity is partly due to strategic debt offerings, including the issuance of Green Convertible Senior Notes. The company continues to manage its costs effectively, with total operating expenses decreasing by 6.1%b and a notable improvement in gross profit and gross margin, which expanded from 15% to 27% year-over-year. Despite challenges such as the expiration of certain Investment Tax Credits (ITCs) which could impact future bookings and margins, Bloom Energy's focus on innovation, strategic partnerships, and its fuel-flexible platform provides a solid foundation for continued growth in the expanding distributed energy market.
02—Key points
Key Highlights
- Total revenue increased by 10.5% to $1,473.9 million in 2024, driven by a 11.3% increase in product revenue to $1,085.2 million.
- Gross profit significantly improved, increasing by $206.9 million year-over-year to $404.6 million, resulting in a gross margin of 27%, up from 15% in the prior year.
- Operating expenses decreased by 6.1% to $381.7 million, primarily due to reductions in sales and marketing expenses and ongoing cost-saving initiatives.
- Cash flow from operations turned positive, reaching $92.0 million in 2024, a substantial improvement from a negative $372.5 million in 2023.
- The company successfully issued $402.5 million in Green Convertible Senior Notes due June 2029 and used a portion of the proceeds to repurchase $115.0 million of its 2.5% Green Convertible Senior Notes.
- Strategic initiatives, including the 'Be FlexibleTM' offering for load-following capabilities and advancements in CHP and CCUS, are enhancing the value proposition for customers, particularly data centers.
- The company's long-term strategic partnership with SK ecoplant continues to be a key aspect of its international market strategy, with increased purchase commitments through 2027.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2024, Bloom Energy Corp lost $0.02.
- Revenue$1.47B100.0%
- Cost of revenue−$1.07B72.5%
- Gross profit$404.6M27.5%
- Operating costs−$381.7M25.9%
- Operating income$22.9M1.6%
- Interest, other & tax−$50.1M3.4%
- Net income−$27.2M1.8%
Where FY2024 revenue went
$1.47B- Cost of revenue: $1.07B, 73% of revenue
- Other operating costs: $233.1M, 16% of revenue
- Operating income: $22.9M, 1.6% of revenue
- R&D: $148.6M, 10% of revenue
Kept 1.6% as operating incomeOperating income $22.9M · 1.6%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 27, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $1.47B$1.33B | +10.5% |
| Cost of Revenue | $1.07B$1.14B | −5.9% |
| Gross Profit | $404.65M$197.79M | +104.6% |
| R&D Expenses | $148.63M$155.87M | −4.6% |
| Operating Expenses | $381.74M$406.70M | −6.1% |
| Operating Income | $22.91M-$208.91M | +111.0% |
| Interest Expense | $37.20M$27.60M | +34.8% |
| Net Income | -$27.20M-$302.12M | +91.0% |
| EPS (Basic) | $-0.13$-1.42 | +90.8% |
| EPS (Diluted) | $-0.13$-1.42 | +90.8% |
| Shares Outstanding (Basic) | 227.37M212.68M | +6.9% |
| Shares Outstanding (Diluted) | 227.37M212.68M | +6.9% |
05—Questions
Frequently Asked Questions
What are the primary drivers of Bloom Energy's revenue growth in 2024?
Bloom Energy's revenue growth in 2024 was primarily driven by increased demand for its Energy Server systems in sectors like data centers and AI, coupled with utilities seeking distributed energy solutions. The company's product revenue saw an 11.3% increase year-over-year, reflecting strong market adoption and the effectiveness of its energy solutions.
How has Bloom Energy's financial performance improved in 2024?
Bloom Energy demonstrated significant financial improvement in 2024. Total revenue grew by 10.5%, and importantly, the company achieved positive cash flow from operations of $92.0 million, a stark contrast to the negative cash flow in 2023. Gross profit nearly doubled, and the gross margin expanded substantially, indicating better cost management and operational efficiency.
What is the impact of the Investment Tax Credit (ITC) expiration on Bloom Energy?
The expiration of the Investment Tax Credit (ITC) for fuel cells operating on non-zero carbon fuels at the end of fiscal year 2024 presents a potential headwind. While Bloom Energy and its customers utilized safe harbor mechanisms to secure ITC benefits through 2028 for a certain amount of Energy Server systems, the absence of an extension could materially impact U.S. bookings, revenue, and gross margins in 2025 and beyond. The company is actively monitoring and seeking clarity on future clean energy incentives under the Inflation Reduction Act (IRA).
How is Bloom Energy addressing the growing demand from data centers and AI?
Bloom Energy is well-positioned to capitalize on the demand from data centers and AI, which require significant and reliable power. The company's Energy Server systems offer resilient, on-site power generation, and its 'Be FlexibleTM' load-following capability is designed to handle the variable power needs of these facilities. Additionally, Bloom's ability to bypass long grid interconnection queues with islanded microgrid solutions provides a critical 'time-to-power' advantage for these customers.
06—Continue