SAN JOSE, Calif., August 3, 2023 — Bloom Energy Corporation (NYSE: BE) reported today its total revenue for the second quarter ended June 30, 2023 grew 24% compared with the second quarter of 2022. The record revenue for the quarter was driven by continued growth in Product and Service revenue.
Second Quarter Highlights
- Revenue of $301.1 million in the second quarter of 2023, an increase of 23.8% compared to $243.2 million in the second quarter of 2022. Product and Service revenue of $257.0 million in the second quarter of 2023, an increase of 21.2% compared to $212.1 million in the second quarter of 2022.
- Gross margin of 18.7% in the second quarter of 2023, an increase of 19.5 percentage points compared to (0.8%) in the second quarter of 2022.
- Non-GAAP gross margin of 20.4% in the second quarter of 2023, an increase of 0.8 percentage points compared to 19.6% in the second quarter of 2022.
- Operating loss of ($54.5) million in the second quarter of 2023, an improvement of $47.7 million compared to ($102.2) million in the second quarter of 2022.
- Non-GAAP operating loss of ($25.9) million in the second quarter of 2023, an increase of ($1.3) million compared to ($24.6) million in the second quarter of 2022.
Commenting on second quarter results, KR Sridhar founder, Chairman and CEO of Bloom Energy said, “Bloom continued to make great progress in the second quarter. We grew revenues, reduced costs, and strengthened our balance sheet. We are dedicated as ever to building a great company that continues to innovate and offers real solutions. As we look forward, we are excited about the recent launch of Series 10 and our enhanced CHP product which we believe will resonate strongly with customers.”
Greg Cameron, President and CFO of Bloom Energy, added, “We had record second quarter revenue on strong product shipments. Our product costs declined 13% over last year, significantly improving our product margins. With total cash of over $900 million, we are in a strong liquidity position. We are reaffirming our 2023 outlook for revenues and profitability.”
For more details, visit Investor.bloomenergy.com.