Summary
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.
Financial Highlights
49 data points| Revenue | $138.30M |
| Cost of Revenue | $111.32M |
| Gross Profit | $26.98M |
| R&D Expenses | $14.41M |
| Operating Expenses | $37.94M |
| Operating Income | -$10.96M |
| Interest Expense | $27.15M |
| Net Income | -$56.00M |
| EPS (Basic) | $-5.31 |
| Shares Outstanding (Basic) | 10.54M |
| Shares Outstanding (Diluted) | 10.54M |
Key Highlights
- 1Total revenue for the three months ended June 30, 2018, increased by 94.6% to $168.9 million, compared to $86.8 million for the same period in 2017.
- 2Product revenue saw a substantial increase of 172.1% to $108.7 million in Q2 2018, driven by increased product acceptances and a favorable revenue recognition mix.
- 3The company reported a net loss of $45.7 million for the quarter, a significant improvement from the $63.5 million net loss in Q2 2017.
- 4Gross profit turned positive, reaching $32.8 million in Q2 2018, a reversal from a gross loss of $5.8 million in Q2 2017, primarily due to improved product margins and the impact of the reinstated ITC.
- 5Bloom Energy successfully completed its Initial Public Offering (IPO) in July 2018, raising $284.3 million in net proceeds.
- 6Operating expenses increased by 7.6% to $38.0 million, driven by higher R&D and G&A expenses, reflecting continued investment in growth and public company readiness.
- 7Cash used in operating activities improved significantly, from $79.6 million in the first six months of 2017 to $18.6 million in the same period of 2018.