SAN JOSE, Calif., May 5, 2022 — Bloom Energy Corporation (NYSE: BE) today announced financial results for its first quarter ended March 31, 2022.
First Quarter Highlights
- Record first quarter revenue of $201.0 million in 2022 on 375 acceptances.
- $493.9 million in cash to fund our near-term investments.
- On-track to add a gigawatt of capacity by 2023.
- Reaffirming our 2022 financial outlook.
- Hosting Investor Conference in our new manufacturing facility in Fremont, CA on May 25th.
Commenting on first quarter results, KR Sridhar, founder, chairman, and CEO of Bloom Energy said, “We are very pleased with our operating and financial performance in the first quarter. We have done exactly what we set out to do. In many ways, Bloom Energy’s long-term view of the macro factors that would drive growth for our business are becoming reality. We have an important ability through our product and commercialization strategy to be a meaningful contributor to the energy sector’s efforts to support decarbonization. This is creating significant demand and reaffirming our strategy to build a flexible energy platform to decarbonize major segments of the global economy, and every single one of Bloom Energy’s products are effective tools in the global decarbonization effort. This has made Bloom Energy’s solutions not simply an option, but increasingly a necessity. Our focus now is very much on execution.”
Greg Cameron, executive vice president and CFO of Bloom Energy added, “We’re off to a great start to the year – we delivered record Q1 revenue and our commercial pipeline is strong, in line with our expectations. We remain confident in our business and are reaffirming our 2022 financial guidance. We look forward to hosting our Investor Conference on May 25th in Fremont, CA.”
Summary of Key Financial Metrics
Outlook
Bloom reaffirms outlook for the full-year 2022:
- Revenue: $1.1 – $1.15 billion
- Product & Service Revenue: $1 billion
- Non-GAAP Gross Margin*: ~24%
- Non-GAAP Operating Margin*: ~1%
- Cash Flow from Operations: Positive
*GAAP to non-GAAP reconciliation in appendix.
Acceptances
We use acceptances as a key operating metric to measure the volume of our completed Energy Server installation activity from period to period. Acceptance typically occurs upon transfer of control to our customers, which depending on the contract terms is when the system is shipped and delivered to our customers, when the system is shipped and delivered and is physically ready for startup and commissioning, or when the system is shipped and delivered and is turned on and producing power.
Conference Call Details
Bloom will host a conference call today, May 5, 2022, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call +1 (844) 200-6205 and enter the passcode: 708677. Those calling from outside the United States may dial +1 (833) 950-0062 and enter the same passcode: 708677. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com/. Following the webcast, an archived version will be available on Bloom’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (866) 813-9403 or + 1 (226) 828-7578 entering passcode 006370.
Investor Conference Details
Bloom Energy’s management team will be hosting an Investor Conference at our new manufacturing plant in Fremont, California on May 25, 2022. The live event will begin at 9:00 a.m. Pacific Time (PT) / 12:00 p.m. Eastern Time (ET) with a technology showcase featuring Bloom’s power generation, hydrogen production, and marine decarbonization solutions. The management presentations will begin at 9:30 a.m. Pacific Time (PT) / 12:30 p.m. Eastern Time (ET), when we will share our vision of a decarbonized energy future and our plans to execute on an aggressive multiyear growth strategy. This event will also be webcast live and archived on our investor website. Additional details are available at https://investor.bloomenergy.com/ or at https://investor.bloomenergy.com/overview/default.aspx.
Use of Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exchange Commission (SEC). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Bloom urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom’s expectations regarding its 2022 Outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating margin measures to the corresponding GAAP measures without unreasonable efforts.
About Bloom Energy
Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.