Summary
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.
Financial Highlights
50 data points| Revenue | $168.62M |
| Cost of Revenue | $141.21M |
| Gross Profit | $27.41M |
| R&D Expenses | $27.02M |
| Operating Expenses | $89.42M |
| Operating Income | -$62.01M |
| Interest Expense | $22.13M |
| Net Income | -$80.50M |
| EPS (Basic) | $-0.99 |
| Shares Outstanding (Basic) | 81.32M |
| Shares Outstanding (Diluted) | 81.32M |
Key Highlights
- 1Total revenue for the nine months ended September 30, 2018, increased by 109.1% to $528.4 million, compared to $252.7 million in the same period of 2017.
- 2Product revenue saw a substantial increase of 215.1% year-over-year, reaching $355.7 million for the nine months ended September 30, 2018.
- 3The company successfully raised $282.3 million in net proceeds from its initial public offering (IPO) in July 2018, significantly bolstering its cash position.
- 4Despite revenue growth, Bloom Energy continued to report a net loss. The net loss attributable to common stockholders was $(141.97) million for the nine months ended September 30, 2018.
- 5Stock-based compensation expenses increased significantly, from $22.3 million in the first nine months of 2017 to $87.5 million in the same period of 2018, primarily due to new RSU grants.
- 6Total operating expenses more than doubled year-over-year, from $99.9 million to $165.5 million for the nine months ended September 30, 2018.
- 7Cash and cash equivalents increased substantially from $103.8 million at December 31, 2017, to $395.5 million at September 30, 2018, largely due to IPO proceeds.