Q3 Revenue of $207.2 million; an increase of
3.5% year-over-year
Q3 GAAP Gross Margin of 17.8%; Non-GAAP Gross
Margin of 19.2%
Record number of third quarter acceptances
Successfully launched Bloom Electrolyzer and
Hydrogen Energy Server
Bloom Energy Corporation (NYSE: BE) today announced financial
results for its third quarter ended September 30, 2021.
Third Quarter Highlights
- Record acceptances of 353 systems in the third quarter of 2021,
an increase of 12.4% versus the third quarter of 2020.
- Revenue of $207.2 million in the third quarter of 2021, an
increase of 3.5% compared to revenue of $200.3 million in the third
quarter of 2020. Revenue up 11.4% excluding a $14.2 million prior
year one-time revenue benefit that did not repeat.
- Launched commercial availability of Bloom Electrolyzer and
Hydrogen Energy Server starting in 2022 to establish leadership
position in unlocking a net zero emissions future.
- Further buildout of our gigawatt factory in Fremont, California
to meet future customer demand is on schedule.
- On October 25, 2021, Bloom Energy and SK ecoplant announced an
expansion of their strategic partnership to accelerate hydrogen
commercialization.
Commenting on the third quarter, KR Sridhar, founder, chairman,
and CEO of Bloom Energy said, “We are excited about our new and
enhanced strategic partnership with SK ecoplant, which further
validates our technology. It also provides real revenue for the
long term and an equity investment in the near term that will
enable us to accelerate our growth in our current products and
hydrogen electrolyzers around the world. As we look at the
challenges of sustainability, resiliency, and cost predictability
that our customers face, we are confident that these are not
‘either / or’ choices. They are “and” propositions, which we are
best positioned to solve with our fuel cell technology
platform.”
Greg Cameron, executive vice president and CFO of Bloom Energy
added, “Bloom Energy is executing well in a challenging
environment. We achieved record third quarter acceptances, expanded
our hydrogen product offering and are continuing to build our
manufacturing capacity. Our recently announced expansion of the SK
ecoplant partnership provides the capability to accelerate
investment in our expanding platform.”
Summary of Key Financial Metrics
Preliminary Summary GAAP Profit and Loss Statements
($000)
Q321
Q221
Q320
Revenue
207,228
228,470
200,305
Cost of Revenue
170,345
191,126
144,318
Gross Profit
36,883
37,344
55,987
Gross Margin
17.8%
16.3%
28.0%
Operating Expenses
80,772
80,055
56,359
Operating Loss
(43,889)
(42,711)
(372)
Operating Margin
(21.2)%
(18.7)%
(0.2)%
Non-operating Expenses1
8,481
11,152
11,582
Net Loss
(52,370)
(53,863)
(11,954)
GAAP EPS
(0.30)
(0.31)
(0.09)
1.
Non-operating expenses and tax provision
and non-controlling interest
Preliminary Summary Non-GAAP Financial Information1
($000)
Q321
Q221
Q320
Revenue
207,228
228,470
200,305
Cost of Revenue2
167,400
187,322
140,750
Gross Profit2
39,828
41,148
59,555
Gross Margin2
19.2%
18.0%
29.7%
Operating Expenses2
62,751
64,726
44,192
Operating Income (loss) 2
(22,923)
(23,578)
15,363
Operating Margin2
(11.1)%
(10.3)%
7.7%
Adjusted EBITDA3
(9,777)
(10,947)
27,673
Adjusted EPS4
(0.20)
$ (0.23)
(0.04)
1.
A detailed reconciliation of GAAP to
Non-GAAP financial measures is provided at the end of this news
release
2.
Excludes stock-based compensation
3.
Adjusted EBITDA is net income (loss)
excluding net loss attributable to non-controlling interest, gain
(loss) on revaluation of embedded derivatives, fair value
adjustment for PPA derivatives, stock-based compensation expense,
income tax provision, depreciation and amortization, interest
expense and other one-time items
4.
Adjusted EPS is net income (loss)
excluding net loss attributable to non-controlling interest, gain
(loss) on revaluation of embedded derivatives, loss on
extinguishment of debt, depreciation and amortization, provision
for income tax, interest expense, fair value adjustment for PPA
derivatives and stock-based compensation expense using the adjusted
Weighted Average Shares Outstanding (WASO) share count
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.
Balance Sheet Highlights
Bloom Energy’s cash position, including restricted cash, as of
September 30, 2021 was $319.9 million, compared to $504.4 million
as of September 30, 2020. Unrestricted cash as of September 30,
2021 was $121.9 million, compared to $325.2 million as of September
30, 2020. Bloom ended the third quarter of 2021 with $516.0 million
of total debt, a decrease of $3.2 million from the second quarter
of 2021. Non-recourse debt as of September 30, 2021 was $216.0
million, compared to $219.2 million as of June 30, 2021.
Conference Call Details
Bloom will host a conference call today, November 4, 2021, 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 (833) 520-0063 and enter the passcode:
6351508. Those calling from outside the United States may dial +1
(236) 714-2197 and enter the same passcode: 6351508. 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 (800) 585-8367 or +1 (416) 621-4642 and entering passcode
6351508.
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 2021 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’s mission is to make clean, reliable energy
affordable for everyone in the world. Bloom’s product, the Bloom
Energy Server, delivers highly reliable and resilient, always-on
electric power that is clean, cost-effective, and ideal for
microgrid applications. Bloom’s customers include many Fortune 100
companies and leaders in manufacturing, data centers, healthcare,
retail, higher education, utilities, and other industries. For more
information, visit www.bloomenergy.com.
Forward-Looking Statements
This press release contains certain forward-looking statements,
which are subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events or our future
financial or operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “should,” “will” and “would” or the negative of these words
or similar terms or expressions that concern Bloom’s expectations,
strategy, priorities, plans or intentions. These forward-looking
statements include, but are not limited to, Bloom’s ability to
accelerate its growth with its current products and hydrogen
electrolyzers around the world; Bloom’s expectations regarding the
success of its strategic partnership with SK ecoplant; Bloom’s
expectations regarding its fuel cell technology platform; and
Bloom’s financial outlook for 2021. Readers are cautioned that
these forward-looking statements are only predictions and may
differ materially from actual future events or results due to a
variety of factors including, but not limited to, Bloom’s limited
operating history; the emerging nature of the distributed
generation market and rapidly evolving market trends; the
significant losses Bloom has incurred in the past; the significant
upfront costs of Bloom’s Energy Servers and Bloom’s ability to
secure financing for its products; Bloom’s ability to drive cost
reductions and to successfully mitigate against potential price
increases; Bloom’s ability to service its existing debt
obligations; Bloom’s ability to be successful in new markets; the
success of the strategic partnership with SK ecoplant in the United
States and international markets; timing and development of an
ecosystem for the hydrogen market, including in the Korean market;
continued incentives in the South Korean market; the timing and
pace of adoption of hydrogen for stationary power; the risk of
manufacturing defects; the accuracy of Bloom’s estimates regarding
the useful life of its Energy Servers; delays in the development
and introduction of new products or updates to existing products;
the impact of the COVID-19 pandemic on the global economy and its
potential impact on Bloom’s business; the availability of rebates,
tax credits and other tax benefits; Bloom’s reliance on tax equity
financing arrangements; Bloom’s reliance upon a limited number of
customers; Bloom’s lengthy sales and installation cycle,
construction, utility interconnection and other delays and cost
overruns related to the installation of its Energy Servers;
business and economic conditions and growth trends in commercial
and industrial energy markets; global economic conditions and
uncertainties in the geopolitical environment; overall electricity
generation market; Bloom’s ability to protect its intellectual
property; and other risks and uncertainties detailed in Bloom’s SEC
filings from time to time. More information on potential factors
that may impact Bloom’s business are set forth in Bloom’s periodic
reports filed with the SEC, including our Quarterly Report on Form
10-Q for the quarter ended on June 30, 2021 as filed with the SEC
on August 6, 2021, as well as subsequent reports filed with or
furnished to the SEC from time to time. These reports are available
on Bloom’s website at www.bloomenergy.com and the SEC’s website at
www.sec.gov. Bloom assumes no obligation to, and does not currently
intend to, update any such forward-looking statements.
The Investor Relations section of Bloom’s website at
investor.bloomenergy.com contains a significant amount of
information about Bloom Energy, including financial and other
information for investors. Bloom encourages investors to visit this
website from time to time, as information is updated and new
information is posted.
Condensed Consolidated Balance Sheets
(preliminary & unaudited)
(in thousands)
September 30,
December 31,
2021
2020
Assets
Current assets:
Cash and cash equivalents
$
121,861
$
246,947
Restricted cash
65,315
52,470
Accounts receivable
62,066
96,186
Contract asset
27,745
3,327
Inventories
182,555
142,059
Deferred cost of revenue
33,759
41,469
Customer financing receivable
5,693
5,428
Prepaid expenses and other current
assets
31,946
30,718
Total current assets
530,940
618,604
Property, plant and equipment, net
615,514
600,628
Operating lease right-of-use assets
70,055
35,621
Customer financing receivable,
non-current
40,981
45,268
Restricted cash, non-current
132,725
117,293
Deferred cost of revenue, non-current
2,918
2,462
Other long-term assets
38,593
34,511
Total assets
$
1,431,726
$
1,454,387
Liabilities, Redeemable Noncontrolling
Interest, Stockholders’ (Deficit) Equity and Noncontrolling
Interest
Current liabilities:
Accounts payable
$
101,908
$
58,334
Accrued warranty
7,907
10,263
Accrued expenses and other current
liabilities
85,877
112,004
Deferred revenue and customer deposits
81,894
114,286
Operating lease liabilities
6,206
7,899
Financing obligations
14,260
12,745
Recourse debt
6,034
—
Non-recourse debt
7,782
120,846
Total current liabilities
311,868
436,377
Deferred revenue and customer deposits,
non-current
67,887
87,463
Operating lease liabilities,
non-current
78,146
41,849
Financing obligations, non-current
456,315
459,981
Recourse debt, non-current
285,216
168,008
Non-recourse debt, non-current
205,164
102,045
Other long-term liabilities
26,755
17,268
Total liabilities
1,431,351
1,312,991
Redeemable noncontrolling interest
331
377
Stockholders’ equity (deficit):
Common stock
18
17
Additional paid-in capital
3,183,101
3,182,753
Accumulated other comprehensive loss
(278
)
(9
)
Accumulated deficit
(3,229,752
)
(3,103,937
)
Total stockholders’ (deficit) equity
(46,911
)
78,824
Noncontrolling interest
46,955
62,195
Total liabilities, redeemable
noncontrolling interest, stockholders' (deficit) equity and
noncontrolling interest
$
1,431,726
$
1,454,387
Condensed Consolidated Statements of
Operations (preliminary & unaudited)
(in thousands, except per share
data)
Three Months Ended
September 30,
2021
2020
Revenue:
Product
$
128,550
$
131,076
Installation
22,172
26,603
Service
39,251
26,141
Electricity
17,255
16,485
Total revenue
207,228
200,305
Cost of revenue:
Product
93,704
72,037
Installation
25,616
27,872
Service
39,586
33,214
Electricity
11,439
11,195
Total cost of revenue
170,345
144,318
Gross profit
36,883
55,987
Operating expenses:
Research and development
27,634
19,231
Sales and marketing
20,124
11,700
General and administrative
33,014
25,428
Total operating expenses
80,772
56,359
Loss from operations
(43,889
)
(372
)
Interest income
72
254
Interest expense
(14,514
)
(19,902
)
Interest expense - related parties
—
(353
)
Other income (expense), net
2,011
(221
)
Gain on extinguishment of debt
—
1,220
(Loss) gain on revaluation of embedded
derivatives
(184
)
1,505
Loss before income taxes
(56,504
)
(17,869
)
Income tax provision
158
7
Net loss
(56,662
)
(17,876
)
Less: Net loss attributable to
noncontrolling interest and redeemable noncontrolling interest
(4,292
)
(5,922
)
Net loss to common stockholders
$
(52,370
)
$
(11,954
)
Net loss per share to common stockholders,
basic and diluted
$
(0.30
)
$
(0.09
)
Weighted average shares used to compute
net loss per share to common stockholders, basic and diluted
174,269
138,964
Condensed Consolidated Statement of
Cash Flows (preliminary & unaudited)
(in thousands)
Nine Months Ended
September 30,
2021
2020
Cash flows from operating
activities:
Net loss
$
(144,864
)
$
(147,496
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
40,079
38,888
Non-cash lease expense
7,161
4,419
Write-off of property, plant and
equipment, net
—
36
Impairment of equity method investment
—
4,236
Revaluation of derivative contracts
486
(2,267
)
Stock-based compensation expense
57,309
57,385
Gain on remeasurement of investment
(1,966
)
—
Loss on extinguishment of debt
—
11,785
Amortization of debt issuance costs and
premium, net
2,824
(195
)
Changes in operating assets and
liabilities:
Accounts receivable
34,291
(4,058
)
Contract assets
(24,418
)
(8,596
)
Inventories
(39,953
)
(22,772
)
Deferred cost of revenue
7,307
1,562
Customer financing receivable
4,022
3,790
Prepaid expenses and other current
assets
236
(2,647
)
Other long-term assets
(374
)
(3,217
)
Accounts payable
37,973
8,704
Accrued warranty
(2,357
)
(525
)
Accrued expenses and other current
liabilities
(26,178
)
4,932
Operating lease right-of-use assets and
operating lease liabilities
(7,593
)
(4,467
)
Deferred revenue and customer deposits
(53,181
)
(15,658
)
Other long-term liabilities
1,289
(3,828
)
Net cash used in operating activities
(107,907
)
(79,989
)
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(44,625
)
(33,066
)
Net cash acquired from step
acquisition
3,114
—
Net cash used in investing activities
(41,511
)
(33,066
)
Nine Months Ended
September 30,
2021
2020
Cash flows from financing
activities:
Proceeds from issuance of debt
—
300,000
Proceeds from issuance of debt to related
parties
—
30,000
Repayment of debt
(11,017
)
(92,546
)
Repayment of debt - related parties
—
(2,105
)
Debt issuance costs
—
(13,247
)
Proceeds from financing obligations
7,534
14,807
Repayment of financing obligations
(10,174
)
(7,828
)
Contribution from noncontrolling
interest
—
4,314
Distributions to noncontrolling interests
and redeemable noncontrolling interests
(5,322
)
(6,103
)
Proceeds from issuance of common stock
72,109
12,745
Net cash provided by financing
activities
53,130
240,037
Effect of exchange rate changes on cash,
cash equivalent and restricted cash
(521
)
—
Net (decrease) increase in cash, cash
equivalents, and restricted cash
(96,809
)
126,982
Cash, cash equivalents, and restricted
cash:
Beginning of period
416,710
377,388
End of period
$
319,901
$
504,370
Reconciliation of GAAP to Non-GAAP Financial Measures
(preliminary & unaudited) (in thousands)
Gross Profit and Gross Margin to
Gross Profit Excluding Stock-Based Compensation and Gross Margin
Excluding Stock-Based Compensation
Gross profit and gross margin excluding stock-based compensation
(SBC) are supplemental measures of operating performance that do
not represent and should not be considered alternatives to gross
profit or gross margin, as determined under GAAP. These measures
remove the impact of stock-based compensation. We believe that
gross profit and gross margin excluding stock-based compensation
supplement the GAAP measures and enable us to more effectively
evaluate our performance period-over-period. A reconciliation of
gross profit and gross margin excluding stock-based compensation to
gross profit and gross margin, the most directly comparable GAAP
measures, and the computation of gross margin excluding stock-based
compensation are as follows:
Q321
Q221
Q320
Revenue
207,228
228,470
200,305
Gross profit
36,883
37,344
55,987
Gross margin %
17.8%
16.3%
28.0%
Stock-based compensation - cost of
revenue
2,945
3,804
3,568
Gross profit excluding SBC
39,828
41,148
59,555
Gross margin excluding SBC %
19.2%
18.0%
29.7%
Cost of Revenue and Operating Expenses to Cost of Revenue and
Operating Expenses Excluding Stock-Based Compensation
Cost of revenue and operating expenses excluding stock-based
compensation are a supplemental measure of operating performance
that does not represent and should not be considered an alternative
to cost of revenue and operating expenses, as determined under
GAAP. This measure removes the impact of stock-based compensation.
We believe that cost of revenue and operating expenses excluding
stock-based compensation supplements the GAAP measure and enables
us to more effectively evaluate our performance period-over-period.
A reconciliation of cost of revenue and operating expenses
excluding stock-based compensation to cost of revenue and operating
expenses, the most directly comparable GAAP measure, are as
follows:
Q321
Q221
Q320
Cost of revenue
170,345
191,126
144,318
Stock-based compensation - cost of
revenue
2,945
3,804
3,568
Cost of revenue – excluding SBC
167,400
187,322
140,750
Q321
Q221
Q320
Operating expenses
80,772
80,055
56,359
Stock-based compensation - operating
expenses
18,021
15,329
12,167
Operating expenses – excluding
SBC
62,751
64,726
44,192
Operating Loss to Operating
Income (Loss) Excluding Stock-Based Compensation
Operating loss excluding stock-based compensation is a
supplemental measure of operating performance that does not
represent and should not be considered an alternative to operating
loss, as determined under GAAP. This measure removes the impact of
stock-based compensation. We believe that operating income (loss)
excluding stock-based compensation supplements the GAAP measure and
enables us to more effectively evaluate our performance
period-over-period. A reconciliation of operating income (loss)
excluding stock-based compensation to operating loss, the most
directly comparable GAAP measure, and the computation of operating
income (loss) excluding stock-based compensation are as
follows:
Q321
Q221
Q320
Operating loss
(43,889)
(42,711)
(372)
Stock-based compensation
20,966
19,133
15,735
Operating Income (loss) excluding
SBC
(22,923)
(23,578)
15,363
Net Loss to Adjusted Net Loss and Computation of Adjusted Net
Loss per Share (EPS)
Adjusted net loss and adjusted net loss per share are
supplemental measures of operating performance that do not
represent and should not be considered alternatives to net loss and
net loss per share, as determined under GAAP. These measures remove
the impact of the non-controlling interests associated with our
legacy PPA entities, the revaluation of derivatives, fair market
value adjustment for the PPA derivatives, and stock-based
compensation, all of which are non-cash charges. We believe that
adjusted net loss and adjusted net loss per share supplement GAAP
measures and enable us to more effectively evaluate our performance
period-over-period. A reconciliation of adjusted net loss to net
loss, the most directly comparable GAAP measure, and the
computation of adjusted net loss per share are as follows:
Q321
Q221
Q320
Net loss to Common Stockholders
(52,370)
(53,863)
(11,954)
Loss on extinguishment of debt
—
—
(1,220)
Loss for non-controlling interests1
(4,292)
(4,558)
(5,922)
Loss (gain) on derivatives
liabilities2
184
942
(1,505)
Loss (gain) on the fair value adjustments
for certain PPA derivatives3
(125)
(735)
(726)
Stock-based compensation
20,966
19,133
15,735
Adjusted Net Loss
(35,637)
(39,081)
(5,592)
Net loss to Common Stockholders per
share
$ (0.30)
$ (0.31)
$ (0.09)
Adjusted net loss per share
(EPS)
$ (0.20)
$ (0.23)
$ (0.04)
GAAP weighted average shares outstanding
attributable to common, Basic and Diluted (thousands)
174,269
172,749
138,964
Adjusted weighted average shares
outstanding attributable to common, Basic and Diluted
(thousands)4
174,269
172,749
138,964
1.
Represents the profits and losses
allocated to the non-controlling interests under the hypothetical
liquidation at book value (HLBV) method
2.
Represents the adjustments to the fair
value of the embedded derivatives associated with the convertible
notes and other derivatives
3.
Represents the adjustments to the fair
value of the derivative forward contract for one PPA entity (our
Third PPA company), a wholly owned subsidiary
4.
Includes adjustments to reflect assumed
conversion of certain convertible promissory notes
Net Loss to Adjusted EBITDA
Adjusted EBITDA is a non-GAAP supplemental measure of operating
performance that does not represent and should not be considered an
alternative to operating loss or cash flow from operations, as
determined by GAAP. Adjusted EBITDA is defined as net income (loss)
before interest expense, income tax expense, non-controlling
interest, revaluations, stock-based compensation and depreciation
and amortization expense. We use Adjusted EBITDA to measure the
operating performance of our business, excluding specifically
identified items that we do not believe directly reflect our core
operations and may not be indicative of our recurring operations.
Adjusted EBITDA may not be comparable to similarly titled measures
provided by other companies due to potential differences in methods
of calculations. A reconciliation of Adjusted EBITDA to net loss is
as follows:
Q321
Q221
Q320
Net loss to Common Stockholders
(52,370)
(53,863)
(11,954)
Loss on extinguishment of debt
—
—
(1,220)
Loss for non-controlling interests1
(4,292)
(4,558)
(5,922)
Loss (gain) on derivatives
liabilities2
184
942
(1,505)
Loss (gain) on the fair value adjustments
for certain PPA derivatives3
(125)
(735)
(726)
Stock-based compensation
20,966
19,133
15,735
Depreciation & amortization
13,271
13,366
13,036
Provision (benefit) for income tax
158
313
7
Interest expense (income), Other expense
(income), net
12,431
14,455
20,222
Adjusted EBITDA
(9,777)
(10,947)
27,673
1.
Represents the profits and losses
allocated to the non-controlling interests under the hypothetical
liquidation at book value (HLBV) method
2.
Represents the adjustments to the fair
value of the embedded derivatives associated with the convertible
notes and other derivatives
3.
Represents the adjustments to the fair
value of the derivative forward contract for one PPA entity (our
Third PPA company)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211104005413/en/
Investor Relations: Ed Vallejo Bloom Energy +1 (267)
370-9717 Edward.vallejo@bloomenergy.com
Media: Jennifer Duffourg Bloom Energy +1 (480) 341-5464
jennifer.duffourg@bloomenergy.com
Bloom Energy (NYSE:BE)
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