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BE · Bloom Energy Corp

27 filings

10-Q

BE 10-Q Quarterly Reports

Bloom Energy Corp - 27 quarterly reports

Filing record · 2018–202610-K810-Q278-K106

2026-Q2-A
Bloom Energy Corp Quarterly Report (Amendment) for Q2 Ended Jun 30, 2026
Bloom Energy Corporation reported a strong financial performance for the six months ended June 30, 2026, demonstrating significant revenue growth and a substantial shift from a net loss to a net profit. Total revenue reached $1.816 billion, an increase of approximately 150% compared to the same period in 2025. This growth was driven primarily by a more than threefold increase in product revenue. The company has successfully navigated from a net loss of $65.6 million in the first six months of 2025 to a net income of $272.5 million for the same period in 2026. This turnaround is also reflected in the earnings per share, which moved from a loss of $0.29 per share in the prior year to a positive $0.85 per share. Key to this improvement is the significant increase in gross profit, which grew to $581.1 million from $195.8 million year-over-year, indicating improved operational efficiency and pricing power. Operating expenses also increased, but at a slower pace than revenue, contributing to a positive operating income of $254.4 million compared to an operating loss of $22.6 million in the prior year. The company's balance sheet shows a robust cash position of $2.67 billion, and it generated $300 million in operating cash flow for the first half of 2026, highlighting improved financial health and operational execution.
Jul 29, 2026
2026-Q2
Bloom Energy Corp Quarterly Report for Q2 Ended Jun 30, 2026
Bloom Energy Corporation (BE) reported strong revenue growth in the second quarter of 2026, with total revenue increasing by 165.5% year-over-year to $1.065 billion. This surge was primarily driven by a substantial increase in product revenue, up 215.4%, fueled by robust demand for their power solutions, including significant deployments for AI infrastructure customers and joint venture projects. The company also achieved positive operating cash flow of $300.0 million for the first six months of 2026, a significant improvement from the previous year. Despite increased operating expenses, driven by investments in R&D, sales, and marketing, Bloom Energy demonstrated improved profitability with a substantial increase in gross profit. The company's liquidity remains strong, with cash and cash equivalents of $2.67 billion as of June 30, 2026. Key highlights include the successful conversion of Green Notes, leading to a stronger equity position, and the issuance of a warrant to Oracle, which was subsequently exercised. While the company faces ongoing challenges related to supply chain management, commodity pricing, and inflationary pressures, its strategic focus on innovation and market expansion, particularly in the AI data center sector, positions it for continued growth.
Jul 28, 2026
2026-Q1
Bloom Energy Corp Quarterly Report for Q1 Ended Mar 31, 2026
Bloom Energy Corporation (BE) reported a significant turnaround in its financial performance for the first quarter of 2026 compared to the same period in 2025. The company achieved substantial revenue growth, driven primarily by a surge in product revenue, indicating strong demand for its energy server systems, particularly from large projects. This robust top-line performance translated into a substantial increase in gross profit and a return to profitability, with net income attributable to common stockholders reaching $70.7 million, a stark contrast to the loss incurred in the prior year. While the company's financial position remains robust with substantial cash reserves, investors should note the significant increase in inventory and contract assets on the balance sheet, which requires careful monitoring. The company's debt levels remain substantial, although interest expense has decreased due to debt conversions and refinancings. Management expresses confidence in the company's liquidity for the next 12 months, but future growth may necessitate additional financing. Key operational highlights include strong demand for energy server systems and positive developments in service revenue, although installation and electricity revenues saw declines. The company continues to invest in R&D and sales & marketing, reflecting its strategy for expansion and product development, particularly in the burgeoning AI data center market.
Apr 29, 2026
2025-Q3
Bloom Energy Corp Quarterly Report for Q3 Ended Sep 30, 2025
Bloom Energy Corporation (BE) reported a significant increase in total revenue, up 57.1% year-over-year for the third quarter of 2025, driven by strong growth in product and installation revenue. This surge reflects increased demand for its Energy Server systems, particularly in the burgeoning AI data center market and new international territories. Despite the revenue growth, the company continues to generate net losses, reporting a net loss attributable to common stockholders of $23.1 million for the quarter. The company's liquidity remains a key focus, with $595.1 million in cash and cash equivalents as of September 30, 2025, and management anticipates this, along with operational cash flow, will be sufficient for at least the next 12 months. Key financial events during the quarter included a debt exchange that resulted in a significant loss on extinguishment, highlighting the ongoing efforts to manage its debt structure.
Oct 28, 2025
2025-Q2
Bloom Energy Corp Quarterly Report for Q2 Ended Jun 30, 2025
Bloom Energy Corporation (BE) reported its financial results for the quarter ended June 30, 2025. The company saw a significant increase in total revenue, up 19.5% year-over-year, driven primarily by a strong performance in product revenue, which grew 31.1%. This revenue growth is indicative of increasing demand for Bloom Energy's products and a favorable shift in product mix towards non-U.S. markets. Despite the revenue growth, the company continued to incur a net loss, though it narrowed compared to the prior year's period. Operating expenses saw an increase, largely due to higher stock-based compensation and personnel costs, as well as increased investment in R&D and sales & marketing. The company also recorded a significant loss on the extinguishment of debt related to a convertible note exchange. Management remains confident in its liquidity position, expecting it to be sufficient for the next 12 months, but acknowledges the potential need for future financing to support growth initiatives.
Jul 31, 2025
2025-Q1
Bloom Energy Corp Quarterly Report for Q1 Ended Mar 31, 2025
Bloom Energy Corporation (BE) reported its first-quarter 2025 financial results, showcasing significant top-line growth driven by a strong increase in product and installation revenues. Total revenue surged by 38.6% year-over-year, reaching $326.0 million. This growth was primarily fueled by a 38.1% rise in product revenue and an impressive 194.0% jump in installation revenue, indicating successful project execution and increased demand. Despite this top-line expansion, the company continued to operate at a net loss, reporting a net loss attributable to common stockholders of $23.8 million, an improvement from the $57.5 million loss in the prior year period. The company's gross profit also saw a substantial increase of 133.0% to $88.7 million, leading to an improved gross margin of 27% from 16% in Q1 2024, demonstrating progress in cost management and operational efficiency. Key balance sheet movements include a decrease in total assets to $2.61 billion from $2.66 billion, largely due to reductions in cash and cash equivalents and restricted cash. Total liabilities also decreased to $2.01 billion from $2.07 billion. The company's liquidity remains a key focus, with management stating that existing cash and projected operating cash flows are expected to be sufficient for at least the next 12 months. However, the company may seek additional financing to support future growth, which could result in dilution for existing shareholders. Investors should monitor the company's ability to convert revenue growth into profitability and manage its debt obligations.
Apr 30, 2025
2024-Q3
Bloom Energy Corp Quarterly Report for Q3 Ended Sep 30, 2024
Bloom Energy Corporation (BE) reported its financial results for the quarter ending September 30, 2024. The company experienced a significant decrease in total revenue, down 17.5% year-over-year, primarily driven by a 23.3% drop in product revenue. This decline was largely attributed to the completion of a large repowering project (PPA V) in the prior year, which did not repeat in the current quarter, impacting both product revenue and its associated cost of revenue. Despite the revenue decline, the company saw improvements in gross profit, driven by a significant reduction in electricity cost of revenue, largely due to an impairment charge recognized in the prior year related to the PPA V project. Total operating expenses also decreased, reflecting ongoing cost control measures and restructuring efforts. Operationally, the company is navigating a challenging energy market characterized by increased demand, grid reliability concerns, and evolving regulatory landscapes. Management highlights the growing demand for power from data centers and AI, which is straining existing grids and creating opportunities for Bloom Energy's distributed power solutions, particularly their islanded microgrid offerings. However, longer sales cycles and supply chain constraints remain persistent headwinds. The company has secured a significant tax credit allocation under the Inflation Reduction Act, which could provide future financial benefits, subject to meeting certain requirements.
Nov 7, 2024
2024-Q2
Bloom Energy Corp Quarterly Report for Q2 Ended Jun 30, 2024
Bloom Energy Corporation (BE) reported its financial results for the second quarter and first six months of 2024. Total revenue for the three months ended June 30, 2024, increased by 11.5% year-over-year to $335.8 million, driven by strong growth in installation and service revenue. However, for the six-month period, total revenue saw a slight decrease of 0.9% to $571.1 million, primarily due to a decline in product and electricity revenue. The company continued to focus on operational efficiency, leading to a decrease in total operating expenses by 17.3% for the quarter and 21.9% for the six-month period, largely attributable to reduced employee compensation and benefits following restructuring efforts. Despite revenue growth in the quarter, the company reported a net loss of $61.2 million for the three months ended June 30, 2024, compared to a net loss of $69.1 million in the prior year period. For the six months ended June 30, 2024, the net loss widened to $117.7 million from $144.0 million in the prior year. Financially, Bloom Energy raised $389.7 million in net proceeds from the issuance of 3% Green Convertible Senior Notes due June 2029 and used a portion of these proceeds to repurchase $115 million of its 2.5% Green Convertible Senior Notes due August 2025. The company ended the period with $581.7 million in cash and cash equivalents. Management believes its current liquidity is sufficient for the next 12 months, though future funding needs may arise.
Aug 8, 2024
2024-Q1
Bloom Energy Corp Quarterly Report for Q1 Ended Mar 31, 2024
Bloom Energy Corporation's (BE) Form 10-Q filing for the quarter ended March 31, 2024, reveals a notable decline in total revenue, primarily driven by a significant decrease in product and installation revenue. This was partially offset by a substantial increase in service revenue, indicating a shift in the company's revenue mix. Despite the revenue challenges, Bloom Energy demonstrated progress in reducing its operating expenses, particularly in sales and marketing, and research and development, largely due to cost-saving measures and restructuring efforts. The company's net loss attributable to common stockholders narrowed compared to the prior year, suggesting some operational efficiencies. However, the company continues to face challenges related to market conditions, supply chain constraints, and customer financing, which impact sales cycles and revenue generation. The company remains focused on its long-term strategy, including efforts related to hydrogen production and sustainability initiatives, while managing its liquidity and operational costs.
May 9, 2024
2023-Q3
Bloom Energy Corp Quarterly Report for Q3 Ended Sep 30, 2023
Bloom Energy Corporation (BE) reported its third-quarter 2023 financial results, showing a significant increase in total revenue, up 36.9% year-over-year to $400.3 million. This growth was primarily driven by a substantial 43.0% increase in product revenue, reaching $305.0 million, indicating strong demand for its Energy Servers. Despite the revenue growth, the company experienced a net loss of $168.1 million for the quarter, compared to a loss of $60.4 million in the same period last year. This widened loss is largely attributable to a significant increase in the cost of electricity revenue, driven by a $123.7 million impairment charge related to the PPA V Upgrade, and increased interest expenses associated with recent debt issuances. Financially, Bloom Energy ended the quarter with $557.4 million in cash and cash equivalents, bolstered by recent financing activities including the issuance of $632.5 million in 3% Green Convertible Senior Notes. The company also completed the conversion of Series B redeemable convertible preferred stock into Class A common stock, strengthening its equity position. Despite the ongoing net losses, management believes its current cash position and expected operating cash flows are sufficient to meet its needs for the next 12 months. The company is also actively managing its cost structure, including a recently announced restructuring plan aimed at optimizing operations and improving margins.
Nov 8, 2023
2023-Q2
Bloom Energy Corp Quarterly Report for Q2 Ended Jun 30, 2023
Bloom Energy Corporation (BE) reported increased revenue for the second quarter and first half of 2023, driven primarily by growth in product and installation revenue. Despite revenue growth, the company continued to incur net losses, though the loss narrowed year-over-year in the second quarter. The company successfully raised significant capital through a convertible senior notes issuance and a strategic investment from SK ecoplant, bolstering its liquidity position. However, operating expenses also increased, reflecting ongoing investments in R&D, sales, and marketing. The company noted improvements in its cost of revenue, particularly in product costs per kilowatt, due to efficiency initiatives. Management expressed confidence in its ability to meet operational and capital cash flow requirements for the next 12 months.
Aug 3, 2023
2023-Q1
Bloom Energy Corp Quarterly Report for Q1 Ended Mar 31, 2023
Bloom Energy Corporation's (BE) first-quarter 2023 results show significant revenue growth, up 36.9% year-over-year to $275.2 million, primarily driven by a strong increase in product revenue (45.1%). This top-line growth, however, was accompanied by an expanded net loss to $74.9 million from $82.7 million in the prior year period, indicating persistent operating expenses and cost of revenue growth. The company successfully raised $311.0 million in proceeds from the issuance of Series B redeemable convertible preferred stock to SK ecoplant, significantly boosting its cash position. Despite ongoing losses, management expressed confidence in their ability to meet operational and capital requirements for the next 12 months, supported by existing cash reserves and the recent financing. Key areas of focus for investors include the company's substantial revenue growth, which demonstrates market demand for its energy solutions. However, the continued operating losses and the increase in inventory levels to $397.7 million warrant close monitoring. The substantial financing from SK ecoplant provides a crucial liquidity buffer, but the company's long-term profitability path remains a key concern. Investors should also note the continued investment in research and development and sales and marketing, which, while necessary for future growth, contribute to current operating expenses.
May 9, 2023
2022-Q3
Bloom Energy Corp Quarterly Report for Q3 Ended Sep 30, 2022
Bloom Energy Corporation reported significant revenue growth in the third quarter of 2022, driven primarily by a substantial increase in product revenue. This growth was supported by a notable rise in product acceptances and contributions from the PPA IIIa Upgrade. Despite the top-line growth, the company experienced an increase in operating expenses, particularly in research and development and general administrative costs, driven by investments in technology roadmap expansion and business development. The company's liquidity position appears strengthened due to recent financing activities, including a public offering and the expected proceeds from SK ecoplant's stock purchase. However, Bloom Energy continues to navigate supply chain challenges and inflationary pressures, which have impacted cost of revenue and are expected to persist. The company is actively assessing the impact of the Inflation Reduction Act, which is anticipated to significantly influence the clean energy sector. While revenue shows a positive trend, the company's overall profitability remains under pressure due to increased operational costs and a substantial write-off related to the PPA IIIa Upgrade. Investors should monitor the company's ability to manage its cost of revenue and operating expenses while capitalizing on growth opportunities, especially in light of ongoing macroeconomic uncertainties and supply chain constraints.
Nov 3, 2022
2022-Q2
Bloom Energy Corp Quarterly Report for Q2 Ended Jun 30, 2022
Bloom Energy Corporation (BE) reported its financial results for the second quarter and first half of 2022, with total revenue increasing by 6.5% to $243.2 million for the quarter and by 5.2% to $444.3 million for the six months, compared to the prior year periods. This growth was primarily driven by an increase in product and service revenues, partially offset by a significant decrease in installation revenue. Despite revenue growth, the company experienced a net loss of $121.2 million for the quarter and $203.9 million for the six months, widening from the comparable periods in 2021. This was largely due to a substantial increase in the cost of revenue, particularly within the electricity segment, driven by a significant write-off related to the PPA IIIa Upgrade and increased supply chain costs. Operationally, the company saw an increase in product acceptances, indicating growing demand for its Energy Servers. However, persistent supply chain and labor market constraints continue to pose challenges, leading to longer lead times, increased costs, and potential delays in manufacturing and installation. The company's liquidity remains a focus, with cash and cash equivalents of $235.6 million as of June 30, 2022, and management expects these resources to be sufficient for the next 12 months, though the possibility of future equity or debt financings for expansion remains. The company also reported significant investments in research and development, reflecting its commitment to technological advancement.
Aug 9, 2022
2022-Q1
Bloom Energy Corp Quarterly Report for Q1 Ended Mar 31, 2022
Bloom Energy Corporation (BE) reported total revenue of $201.0 million for the first quarter of 2022, a 3.6% increase year-over-year, primarily driven by a significant rise in installation revenue. However, product revenue saw a slight decline, attributed to pricing strategies aimed at market expansion. The company's gross profit decreased substantially by 49%, mainly due to higher product costs stemming from increased freight and supply chain pressures, and a shift in installation mix. Operating expenses increased significantly, driven by investments in R&D and sales & marketing, leading to a wider net loss of $82.7 million compared to $29.8 million in the prior year quarter. While the company highlighted its strategic partnership with SK ecoplant and improved cash position, the increasing costs and net loss warrant close monitoring by investors.
May 6, 2022
2021-Q3
Bloom Energy Corp Quarterly Report for Q3 Ended Sep 30, 2021
Bloom Energy Corporation (BE) reported its financial results for the third quarter and nine months ended September 30, 2021. The company experienced an increase in total revenue, driven primarily by strong growth in its service revenue and a rebound in product revenue compared to the prior year's pandemic-affected period. However, installation revenue saw a decline, influenced by site mix and the timing of final installations. Despite revenue growth, the company continued to operate at a loss, with an increased operating expense base due to investments in research and development and sales and marketing to support future growth initiatives. The company also highlighted a significant strategic investment from SK ecoplant, signaling a potential boost in liquidity and partnership opportunities. From an investor's perspective, the key takeaways are the top-line revenue growth, particularly in services, indicating expanding recurring revenue streams. The increased operating expenses, while a drag on profitability, are investments in future growth, which is a common theme for companies in expansionary phases. The strategic investment from SK ecoplant is a significant positive development, providing capital and potential market access. However, the persistent net loss and increasing costs (especially in product cost of revenue due to supply chain pressures) remain key concerns that investors will monitor closely.
Nov 5, 2021
2021-Q2
Bloom Energy Corp Quarterly Report for Q2 Ended Jun 30, 2021
Bloom Energy Corporation (BE) reported its second-quarter results for 2021, showing a significant increase in total revenue, driven primarily by strong growth in product and service revenue. The company saw a 21.6% increase in total revenue year-over-year, reaching $228.47 million, with product revenue up 26.4% and service revenue up 36.2%. This top-line growth was accompanied by an improved gross profit, which more than doubled compared to the prior year's quarter, reaching $37.34 million, leading to a gross margin of 16.3%, up from 14% in the prior year. Despite these improvements, the company continues to operate at a net loss, reporting a net loss attributable to common stockholders of $53.86 million for the quarter, a slight increase from the prior year's loss of $42.51 million. This was influenced by increased operating expenses, particularly in sales and marketing, as the company invests in expanding its sales force and market reach. The company highlighted increased product acceptances by 41.5% year-over-year, indicating strong demand and successful market penetration. Cost reduction efforts in product manufacturing also contributed to improved product gross margins. While the company faces ongoing challenges related to supply chain disruptions and the COVID-19 pandemic, it is actively working to mitigate these impacts. Management believes its current cash position is sufficient for the next 12 months, but the company may seek additional capital for future growth and expansion. Investors should monitor the company's ability to manage its operating expenses, achieve profitability, and secure necessary financing for future growth initiatives.
Aug 6, 2021
2021-Q1
Bloom Energy Corp Quarterly Report for Q1 Ended Mar 31, 2021
Bloom Energy Corporation's (BE) first-quarter 2021 report shows a significant year-over-year increase in total revenue, driven primarily by a substantial rise in product revenue and growth in service revenue. This top-line growth was bolstered by a notable increase in product acceptances, particularly within the utility sector and through the Community Distributed Generation (CDG) program. Despite this revenue expansion, the company's cost of revenue also increased, though gross profit and gross margin saw considerable improvement, moving towards profitability. The company continued to navigate operational challenges, including supply chain disruptions and installation delays, partly exacerbated by the ongoing COVID-19 pandemic. While these factors impacted installation revenue negatively, strategic cost-reduction efforts in product manufacturing helped offset some of these pressures. Bloom Energy is actively working to secure financing for its 2021 installations, a critical step that, if unsuccessful, could materially impact future revenue and liquidity. Financially, the company's cash position saw a decrease in operating activities, partly due to working capital investments to support future demand and international expansion. The company also reported a decrease in overall operating expenses, largely due to reduced legal costs and stock-based compensation. Bloom Energy's liquidity appears sufficient for the next 12 months, but the company acknowledges the potential need for additional capital through equity or debt financing for future expansion.
May 6, 2021
2020-Q3
Bloom Energy Corp Quarterly Report for Q3 Ended Sep 30, 2020
Bloom Energy's Q3 2020 10-Q shows a company that has materially improved its near-term liquidity profile while still posting losses. Revenue for the quarter was $200.3 million, down 10.7% year over year, mainly because of a higher-margin PPA II upgrade in the prior-year period and COVID-19 installation delays. Gross profit rose to $56.0 million (28% gross margin versus 19% a year earlier), helped by lower stock-based compensation in cost of revenue and a one-time $14.2 million recognition of previously deferred revenue. Net loss attributable to common stockholders narrowed to $12.0 million from $51.8 million, though the nine-month net loss attributable to common stockholders was still $130.4 million. Note that the restated 2019 comparatives reflect the Managed Services accounting correction. The balance sheet and capital structure were the main story this quarter. Management extended or converted most of the 2021 maturities: the 10% Convertible Notes were largely converted into equity, the Constellation note was converted, and the company issued $70 million of 10.25% Senior Secured Notes and $230 million of 2.5% Green Convertible Notes due 2025. Cash and cash equivalents rose to $325.2 million from $202.8 million at year-end 2019, and the current portion of total debt fell to $129.7 million. Management says the existing cash and operating cash flows should cover needs for the next 12 months, and it has called the 10% Notes for redemption in November 2020, which is expected to cut annual debt service from more than $44 million to under $13 million. The risks remain significant. Operating cash flow was negative $80.0 million for the nine months, stockholders' deficit was $22.4 million, and total consolidated debt was $570.3 million. The company disclosed a material weakness in internal control over financial reporting and a restatement of prior periods. It also faces securities class actions tied to its IPO and an arbitration and related lawsuit from former executives. Investors should weigh the improved debt maturity profile against continued cash burn, customer concentration (Duke Energy and SK E&C each about 29% of nine-month revenue), and reliance on third-party tax equity financing.
Nov 6, 2020
2020-Q2-A
Bloom Energy Corp Quarterly Report (Amendment) for Q2 Ended Jun 30, 2020
Bloom Energy's Q2 2020 10-Q shows a company still burning cash and deeply loss-making, but with a materially improved near-term liquidity position after a March–May 2020 debt restructuring. Total revenue was $187.9M in Q2 2020, down 6.2% year over year, with product revenue down 19.4% on a tougher 2019 comparison that included the PPA II upgrade. Installation revenue more than doubled (+128%) on higher acceptances (306 systems, up 12.9%) and a mix shift toward complex sites. Gross margin was roughly flat at 14%, but installation remained a gross loss, and service margins turned negative as power module replacements increased. Operating expenses fell 39% to $55.7M, largely because stock-based compensation dropped sharply after the one-time IPO-related RSU grants. Net loss narrowed to $48.0M from $86.9M, and the net loss attributable to Class A/B holders was $42.5M, or $(0.34) per share. The balance sheet and liquidity picture is the central investor issue. Cash and equivalents fell to $144.1M from $202.8M, and operating cash flow was negative $40.2M for the first half of 2020. Management extended roughly $290M of 6% convertible notes into 10% notes maturing December 2021, converted the $33M Constellation note into equity, and issued $70M of 10.25% senior secured notes due 2027 to repay $70M of the convertible notes. Current debt is now only $26.1M, and management states that cash plus operating cash flow should cover the next 12 months. However, the 10% convertible notes carry a redemption penalty after October 21, 2020, and the principal comes due in December 2021, so refinancing risk remains significant. The filing also discloses a restatement of 2019 interim periods tied to Managed Services accounting, along with a material weakness in internal control over financial reporting that management says is still being remediated. Disclosure controls were concluded to be not effective as of June 30, 2020. Investors should weigh the improved debt maturity profile against the restatement, the control weakness, continued losses, and ongoing dependence on third-party financing and tax-credit monetization. Litigation from former advisers and securities class actions related to the IPO also remain pending.
Aug 5, 2020
2020-Q2
Bloom Energy Corp Quarterly Report for Q2 Ended Jun 30, 2020
Bloom Energy's Q2 2020 10-Q shows a company still operating at a loss while working through a major balance-sheet and accounting reset. Revenue for the quarter was $187.9 million, down 6.2% year over year, as a sharp drop in product revenue (down 19.4%) was partly offset by a 128% jump in installation revenue. Gross profit fell to $26.2 million from $28.4 million, and the gross margin held at roughly 14%. Operating expenses fell 39% to $55.7 million, mostly because of lower stock-based compensation, so the operating loss narrowed to $29.5 million from $63.3 million. Net loss attributable to common stockholders was $42.5 million, or $0.34 per share, compared with $81.9 million in the prior-year quarter. The 2019 figures in this filing are restated, so year-over-year comparisons carry some accounting noise. Liquidity is the central investor concern. Cash and cash equivalents fell to $144.1 million from $202.8 million at year-end 2019, and operating cash flow for the first half was negative $40.2 million. Total debt is about $645.7 million, of which $416.0 million is recourse. Management says the March 2020 extensions moved most convertible debt maturities to December 2021. The company also issued $70 million of 10.25% senior secured notes, which funded the May 2020 repayment of $70 million of 10% convertible notes. Constellation converted its note into equity in June. Management believes cash on hand and operating cash flow will cover the next 12 months. Redeeming the remaining 10% convertible notes after October 21, 2020 would carry a redemption penalty, and that could force a capital markets transaction. The filing also discloses a material weakness in internal control over financial reporting. Controls were judged not effective as of June 30, 2020. The weakness stems from a restatement of 2018 and 2019 interim financial statements related to Managed Services accounting, stock-based compensation capitalization, and embedded derivatives. The company is also a securities class action defendant over its IPO disclosures and the restatement, and it faces a separate arbitration. Investors should weigh these items alongside the improving operating loss and the extended debt runway.
Aug 4, 2020
2020-Q1
Bloom Energy Corp Quarterly Report for Q1 Ended Mar 31, 2020
Bloom Energy Corporation (BE) reported its first-quarter 2020 financial results, indicating a notable increase in total revenue driven by growth in product and installation revenues, despite a decrease in electricity revenue. The company's revenue grew by 6.6% year-over-year, reaching $156.7 million. This growth was primarily attributed to a 9.5% rise in product revenue and a significant 36.0% increase in installation revenue, signaling improved sales volume and project execution. Operationally, Bloom Energy made progress in reducing its cost of revenue, which decreased by 6.0% year-over-year. This reduction was largely due to lower stock-based compensation expenses and ongoing cost-reduction efforts in product manufacturing. Consequently, gross profit saw a substantial improvement, increasing by $18.4 million to $19.9 million, with the total gross margin expanding to 13% from 1% in the prior year period. Despite these operational improvements, the company reported a net loss of $81.6 million for the quarter, a slight improvement from the $108.8 million net loss in Q1 2019. The company also highlighted significant debt restructuring efforts undertaken in March 2020 to enhance its liquidity position, extending maturities and issuing new debt. Management expressed confidence that these measures, combined with existing cash, would be sufficient to meet operational and capital requirements for the next 12 months.
May 11, 2020
2019-Q3
Bloom Energy Corp Quarterly Report for Q3 Ended Sep 30, 2019
Bloom Energy Corporation (BE) reported a net loss of $34.9 million for the third quarter of 2019, a significant improvement from the $78.6 million net loss in the same period of the prior year, driven by strong revenue growth and improved gross margins. Total revenue increased by 22.8% year-over-year to $233.5 million, primarily fueled by a 45.3% increase in product revenue, indicating robust demand and successful execution in product deliveries. The company demonstrated significant progress in cost management, with product costs per kilowatt decreasing by 15.0%, leading to a substantial improvement in gross profit and a positive gross margin of 22.9% for the quarter, compared to 12.3% in the prior year. Despite the operational improvements, the company continues to invest heavily in research and development and sales and marketing, leading to increased operating expenses. However, the PPA II upgrade transaction resulted in a significant write-off and decommissioning charges, impacting the cost of revenue in the current period. The company ended the quarter with $226.5 million in cash and cash equivalents and a solid backlog, positioning it for continued growth, though liquidity remains a key focus given ongoing investments and debt obligations.
Nov 14, 2019
2019-Q2
Bloom Energy Corp Quarterly Report for Q2 Ended Jun 30, 2019
Bloom Energy Corporation's (BE) Q2 2019 filing shows a significant increase in total revenue, primarily driven by a 65.6% rise in product revenue due to higher unit sales and a slightly improved average selling price. This growth was supported by a 49.7% increase in product acceptances compared to the prior year's quarter, indicating successful market penetration and operational scaling. Despite revenue growth, the company reported a net loss of $67.2 million for the quarter, an increase from the previous year's net loss of $50.2 million, primarily due to substantial increases in operating expenses, particularly in Research & Development and Sales & Marketing, heavily influenced by increased stock-based compensation following the IPO. The company's cash position improved, with cash and cash equivalents increasing to $308 million from $220.7 million at the end of 2018, supported by IPO proceeds, though significant debt remains.
Aug 14, 2019
2019-Q1
Bloom Energy Corp Quarterly Report for Q1 Ended Mar 31, 2019
Bloom Energy Corporation (BE) reported its first-quarter 2019 financial results, showing a significant year-over-year increase in total revenue, driven by a substantial rise in product acceptances. However, the company also experienced a substantial increase in operating expenses, particularly in research and development, sales and marketing, and general and administrative functions, largely due to increased stock-based compensation following its Initial Public Offering (IPO) and investments in future growth. The company's financial performance for the quarter reflects continued investment in its technology and market expansion. While revenue growth is a positive sign, the concurrent surge in operating expenses led to a wider net loss compared to the prior year period. Investors should note the company's ongoing efforts to reduce product costs and improve manufacturing efficiency, which are showing positive trends. Despite the current net loss, Bloom Energy's balance sheet remains adequately funded with cash and cash equivalents to support operations for the next 12 months. Key financial highlights include an increase in product acceptances by 41.6% year-over-year, alongside a decrease in product cost per kilowatt. However, installation costs per kilowatt have risen. The company is navigating a complex PPA (Power Purchase Agreement) financing landscape, with a significant portion of revenue coming from third-party PPAs. Investors will want to monitor the company's ability to manage its expanding operational costs while continuing to grow revenue and move towards profitability.
May 14, 2019
2018-Q3
Bloom Energy Corp Quarterly Report for Q3 Ended Sep 30, 2018
Bloom Energy Corporation (BE) reported a significant increase in total revenue for the nine months ended September 30, 2018, reaching $528.4 million, a substantial jump from $252.7 million in the same period last year. This growth was primarily driven by a surge in product revenue, which more than doubled year-over-year, bolstered by a higher volume of product acceptances, a shift towards revenue recognition at acceptance, and the reinstatement of the Investment Tax Credit (ITC). Despite this top-line growth, the company continued to operate at a net loss. The net loss attributable to common stockholders widened in the nine months ended September 30, 2018, to $(141.97) million from $(194.84) million in the prior year, largely due to a significant increase in stock-based compensation expenses, particularly related to new Restricted Stock Unit (RSU) grants. The company's balance sheet shows a notable increase in cash and cash equivalents, rising from $103.8 million at the end of 2017 to $395.5 million by September 30, 2018. This improvement in liquidity is largely attributable to the net proceeds of $282.3 million from its initial public offering (IPO) in July 2018. While the IPO provided much-needed capital, the company still carries a substantial accumulated deficit of $2.5 billion, underscoring the ongoing need for careful financial management and strategic execution.
Nov 13, 2018
2018-Q2
Bloom Energy Corp Quarterly Report for Q2 Ended Jun 30, 2018
Bloom Energy Corporation (BE) reported significant revenue growth in its Q2 2018 10-Q filing, with total revenue increasing by 94.6% year-over-year to $168.9 million. This growth was primarily driven by a substantial increase in product revenue, up 172.1% to $108.7 million, aided by a higher mix of revenue recognized at acceptance and the reinstatement of the Investment Tax Credit (ITC). Despite the strong revenue performance, the company continued to operate at a net loss, though it narrowed significantly to $45.7 million for the quarter compared to $63.5 million in the prior year period. This improvement in net loss was largely due to the gross profit turnaround, moving from a loss of $5.8 million to a profit of $32.8 million, again boosted by product revenue recognition and ITC benefits. The company also highlighted its successful completion of an Initial Public Offering (IPO) in July 2018, which provided significant net proceeds of $284.3 million, bolstering its liquidity. The balance sheet shows a decrease in cash and cash equivalents and an increase in inventories, reflecting the company's growth and operational ramp-up.
Sep 7, 2018