- Record Q1 revenue with 38.6% year over year growth
- Reaffirming 2025 revenue and margin guidance
Bloom Energy Corporation (NYSE: BE) reported today its financial
results for the first quarter ended March 31, 2025. The company
reported revenue of $326.0 million for the first quarter of
2025.
First Quarter Highlights
- Revenue of $326.0 million in the first quarter of 2025, an
increase of 38.6% compared to $235.3 million in the first quarter
of 2024. Product and service revenue of $265.4 million in the first
quarter of 2025, an increase of 26.5% compared to $209.8 million in
the first quarter of 2024.
- Gross margin of 27.2% in the first quarter of 2025, an increase
of 11.0 percentage points compared to 16.2% in the first quarter of
2024; Non-GAAP gross margin of 28.7% in the first quarter of 2025,
an increase of 11.2 percentage points compared to 17.5% in the
first quarter of 2024.
- Operating loss of $19.1 million in the first quarter of 2025,
an improvement of $29.9 million compared to operating loss of $49.0
million in the first quarter of 2024; Non-GAAP operating profit of
$13.2 million in the first quarter of 2025, an improvement of $43.9
million compared to a non-GAAP operating loss of $30.7 million in
the first quarter of 2024.
- We reiterate our 2025 revenue and margin guidance.
Bloom today also announced that CFO Dan Berenbaum will depart
the Company effective May 1, 2025. Bloom has commenced a national
search for a new permanent Chief Financial Officer, and in the
interim, Maciej Kurzymski, Bloom’s Chief Accounting Officer since
2021, will assume the role of Acting Principal Financial Officer.
Mr. Berenbaum’s departure is amicable and not the result of any
disagreement with the company on any matter relating to the
company’s accounting or financial policies and practices.
KR Sridhar, Founder, Chairman, and CEO of Bloom Energy, said,
“Building on our success in 2024, we delivered excellent results in
the first quarter of 2025, thanks to the strong execution across
the entire company, and the trust our customers place in us. We
appreciate Dan’s contributions over the past year and wish him all
the best in his next chapter. Looking ahead, the world needs power,
and we expect demand to grow, driven by AI, data center needs and
industrial electrification, and Bloom is well-positioned to serve
these markets.”
Dan Berenbaum, Chief Financial Officer of Bloom Energy added,
“We delivered record Q1 revenue and continue to execute in a strong
commercial environment. I am excited about the future opportunities
for Bloom, have full confidence in the finance organization and
wish all employees the utmost success.”
Summary of Key Financial Metrics
Summary of GAAP Profit and Loss
Statements
($000), except EPS data
Q1'25
Q4'24
Q1'24
Revenue
$
326,021
$
572,393
$
235,298
Cost of Revenue
237,314
353,076
197,222
Gross Profit
88,707
219,317
38,076
Gross Margin
27.2
%
38.3
%
16.2
%
Operating Expenses
107,777
114,611
87,093
Operating (Loss) Income
(19,070
)
104,706
(49,017
)
Operating Margin
(5.8
)%
18.3
%
(20.8
)%
Non-Operating Expenses (Income)
4,744
(89
)
8,507
Net (Loss) Profit to Common
Stockholders
$
(23,814
)
$
104,795
$
(57,524
)
GAAP EPS, Basic
$
(0.10
)
$
0.46
$
(0.25
)
GAAP EPS, Diluted
$
(0.10
)
$
0.38
$
(0.25
)
Summary of Non-GAAP Financial
Information1
($000), except EPS data
Q1'25
Q4'24
Q1'24
Revenue
$
326,021
$
572,393
$
235,298
Cost of Revenue
232,530
347,299
194,071
Gross Profit
93,492
225,094
41,226
Gross Margin
28.7
%
39.3
%
17.5
%
Operating Expenses
80,317
91,672
71,962
Operating Income (Loss)
13,175
133,422
(30,736
)
Operating Margin
4.0
%
23.3
%
(13.1
)%
EBITDA
$
25,161
$
147,316
$
(18,218
)
Non-GAAP EPS, Basic
$
0.03
$
0.52
$
(0.17
)
Non-GAAP EPS, Diluted
$
0.03
$
0.43
$
(0.17
)
1
A detailed reconciliation of GAAP to
Non-GAAP financial measures is provided at the end of this press
release
Outlook
Bloom reaffirms outlook for the full-year 2025:
- Revenue: $1.65B - $1.85B
- Non-GAAP Gross Margin:* ~29%
- Non-GAAP Operating Income:* $135M - $165M
*
See “Use of Non-GAAP Financial Measures”
below for an explanation of Bloom is not able to provide guidance
with respect to the corresponding GAAP measures.
Conference Call Details
Bloom will host a conference call today, April 30, 2025, 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 toll-free dial-in number: +1 (888) 596-4144 and
toll-dial-in-number +1 (646) 968-2525. The conference ID is
5744085. 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) 770-2030 or +1
(609) 800-9909 and entering passcode 5744085.
Use of Non-GAAP Financial Measures
This press 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 2025 outlook, Bloom is not able
to provide a quantitative reconciliation of non-GAAP gross margin
and non-GAAP operating income measures to the corresponding GAAP
measures without unreasonable efforts due to the uncertainty
regarding, and the potential variability of, reconciling items such
as stock-based compensation expense. Material changes to
reconciling items could have a significant effect on future GAAP
results and, as such, we believe that any reconciliation provided
would imply a degree of precision that could be confusing or
misleading to investors.
About Bloom Energy
Bloom Energy empowers businesses and communities to responsibly
take charge of their power needs. 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 electricity today and a net-zero future. 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 and are based on current
expectations, estimates, and projections about our industry,
management’s beliefs, and certain assumptions made by management
based on information currently available to management at the time
they are made. 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 expectations
regarding: commercial environment and Bloom’s ability to execute;
market demand for energy solutions, Bloom’s opportunities and
Bloom’s capacity to meet such demand; and Bloom’s 2025 outlook for
revenue and profitability. Readers are cautioned that these
forward-looking statements are only predictions and may differ
materially from actual future events, results, circumstances,
outcomes and timing 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 ability of the Bloom Energy Server to operate on the fuel
source a customer will want; 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 South Korean market; continued incentives
in the South Korean market; adapting to the new government bidding
process 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;
Bloom’s ability to secure partners in order to commercialize its
electrolyzer and carbon capture products; supply constraints; the
availability of rebates, tax credits and other tax benefits; impact
of the Inflation Reduction Act of 2022, including expiration of the
Investment Tax Credit with respect to fuel cells running on
non-zero carbon fuels and transferability of tax credits on our
business; changes in the regulatory landscape; Bloom’s reliance
upon a limited number of customers; Bloom’s lengthy sales and
installation cycle, construction, utility interconnection and other
delays related to the installation of its Energy Servers, business
and economic conditions and growth trends in commercial and
industrial energy markets; global macroeconomic conditions,
including rising interest rates, recession fears and inflationary
pressures, or geopolitical events or conflicts; trade policies
including tariffs; overall electricity generation market;
management transitions; 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 Annual Report on Form
10-K for the year ended December 31, 2024, as filed with the SEC on
February 27, 2025, 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 (unaudited) (in thousands, except share data)
March 31,
December 31,
2025
2024
Assets
Current assets:
Cash and cash equivalents1
$
794,751
$
802,851
Restricted cash
6,203
110,622
Accounts receivable less allowance for
credit losses of $119 as of March 31, 2025, and December 31, 20241,
2
333,981
335,841
Contract assets3
143,619
145,162
Inventories1
612,504
544,656
Deferred cost of revenue
66,515
58,792
Prepaid expenses and other current
assets1, 4
51,305
46,203
Total current assets
2,008,878
2,044,127
Property, plant and equipment, net1
405,879
403,475
Operating lease right-of-use assets1,
5
118,292
122,489
Restricted cash
30,404
37,498
Deferred cost of revenue
651
3,629
Other long-term assets1, 6
43,880
46,136
Total assets
$
2,607,984
$
2,657,354
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable1
$
144,998
$
92,704
Accrued warranty7
10,283
16,559
Accrued expenses and other current
liabilities1, 8
104,296
138,450
Deferred revenue and customer
deposits9
168,444
243,314
Operating lease liabilities1, 10
20,214
19,642
Financing obligations
21,553
11,704
Recourse debt
114,631
114,385
Total current liabilities
584,419
636,758
Deferred revenue and customer deposits1,
11
47,173
43,105
Operating lease liabilities1, 12
119,487
124,523
Financing obligations
229,872
244,132
Recourse debt
1,012,113
1,010,350
Non-recourse debt1, 13
4,069
4,057
Other long-term liabilities
9,396
9,213
Total liabilities
$
2,006,529
$
2,072,138
Commitments and contingencies
Stockholders’ equity:
Common stock: $0.0001 par value; Class A
shares — 600,000,000 shares and 600,000,000 shares authorized, and
231,969,446 shares and 229,142,474 shares issued and outstanding,
and Class B shares — 470,092,742 shares and 600,000,000 shares
authorized, and no shares issued and outstanding at March 31, 2025,
and December 31, 2024, respectively.
23
23
Additional paid-in capital
4,502,881
4,462,659
Accumulated other comprehensive loss
(2,270
)
(2,593
)
Accumulated deficit
(3,922,363
)
(3,897,618
)
Total equity attributable to common
stockholders
578,271
562,471
Noncontrolling interest
23,184
22,745
Total stockholders’ equity
$
601,455
$
585,216
Total liabilities and stockholders’
equity
$
2,607,984
$
2,657,354
1
We have a variable interest entity related
to a joint venture in the Republic of Korea, which represents a
portion of the consolidated balances recorded within these
financial statement line items.
2
Including amounts from related parties of
$100.3 million and $93.5 million as of March 31, 2025, and
December 31, 2024, respectively.
3
Including amounts from related parties of
$0.7 million and $0.8 million as of March 31, 2025, and
December 31, 2024, respectively.
4
Including amounts from related parties of
$1.5 million and $1.2 million as of March 31, 2025, and
December 31, 2024, respectively.
5
Including amounts from related parties of
$1.3 million and $1.4 million as of March 31, 2025, and
December 31, 2024, respectively.
6
Including amounts from related parties of
$8.4 million and $8.8 million as of March 31, 2025, and
December 31, 2024, respectively.
7
Including amounts from related parties of
$1.2 million and $1.2 million as of March 31, 2025, and
December 31, 2024, respectively.
8
Including amounts from related parties of
$5.7 million and $4.0 million as of March 31, 2025, and
December 31, 2024, respectively.
9
Including amounts from related parties of
$6.6 million and $8.9 million as of March 31, 2025, and
December 31, 2024, respectively.
10
Including amounts from related parties of
$0.5 million and $0.4 million as of March 31, 2025, and
December 31, 2024, respectively.
11
Including amounts from related parties of
$1.9 million and $3.3 million as of March 31, 2025, and
December 31, 2024, respectively.
12
Including amounts from related parties of
$0.9 million and $1.0 million as of March 31, 2025, and
December 31, 2024, respectively.
13
Including amounts from related parties of
$4.1 million and $4.1 million as of March 31, 2025, and
December 31, 2024, respectively.
Condensed Consolidated
Statements of Operations (unaudited) (in thousands, except per
share data)
Three Months Ended March 31,
2025
Three Months Ended December
31, 2024
Three Months Ended March 31,
2024
Revenue:
Product
$
211,869
$
471,711
$
153,364
Installation
33,651
36,089
11,444
Service
53,548
53,790
56,460
Electricity
26,953
10,803
14,030
Total revenue1
326,021
572,393
235,298
Cost of revenue:
Product
139,573
253,634
115,757
Installation
33,315
34,107
15,353
Service
52,858
54,691
56,506
Electricity
11,568
10,644
9,606
Total cost of revenue2
237,314
353,076
197,222
Gross profit
88,707
219,317
38,076
Operating expenses:
Research and development
40,612
39,465
35,485
Sales and marketing
22,265
21,838
13,599
General and administrative3
44,900
53,308
38,009
Total operating expenses
107,777
114,611
87,093
(Loss) income from operations
(19,070
)
104,706
(49,017
)
Interest income
8,553
4,925
7,531
Interest expense4
(14,411
)
(15,951
)
(14,546
)
Other income (expense), net
2,048
12,237
(1,170
)
(Loss) gain on revaluation of embedded
derivatives
(103
)
(378
)
158
(Loss) profit before income taxes
(22,983
)
105,539
(57,044
)
Income tax provision (benefit)
431
382
(501
)
Net (loss) profit
(23,414
)
105,157
(56,543
)
Less: Net income attributable to
noncontrolling interest
400
362
981
Net (loss) income attributable to common
stockholders
(23,814
)
104,795
(57,524
)
Net (loss) earnings per share available to
common stockholders, basic
$
(0.10
)
$
0.46
$
(0.25
)
Net (loss) earnings per share available to
common stockholders, diluted
$
(0.10
)
$
0.38
$
(0.25
)
Weighted average shares used to compute
net (loss) earnings per share available to common stockholders,
basic
230,210
228,728
225,587
Weighted average shares used to compute
net (loss) earnings per share available to common stockholders,
diluted
230,210
294,429
225,587
1
Including related party revenue of $2.8
million, $3.0 million, and $122.2 million, and for the three months
ended March 31, 2025, three months ended December 31, 2024, and
three months ended March 31, 2024, respectively.
2
Including related party cost of revenue of
$0.1 million and $0.02 million for the three months ended December
31, 2024, and three months ended March 31, 2024, respectively.
There was no related party cost of revenue three months ended March
31, 2025.
3
Including related party general and
administrative expenses of $0.2 million, $0.2 million, and $0.2
million for the three months ended March 31, 2025, three months
ended December 31, 2024, and three months ended March 31, 2024,
respectively.
4
Including related party interest expense
of $0.1 million, $0.1 million, and $0.1 million for the three
months ended March 31, 2025, three months ended December 31, 2024,
and three months ended March 31, 2024, respectively.
Condensed Consolidated
Statement of Cash Flows (unaudited) (in thousands)
Three Months Ended March 31,
2025
Three Months Ended December
31, 2024
Three Months Ended March 31,
2024
Cash flows from operating
activities:
Net (loss) profit
$
(23,414
)
$
105,157
$
(56,543
)
Adjustments to reconcile net (loss) profit
to net cash (used in) provided by operating activities:
Depreciation and amortization
11,986
13,893
12,518
Non-cash lease expense
8,068
8,792
8,951
Loss (gain) on disposal of property, plant
and equipment
102
193
(2
)
Revaluation of derivative contracts
103
378
(158
)
Stock-based compensation expense
30,054
27,408
18,136
Amortization of debt issuance costs
1,859
1,861
1,471
Net gain on failed sale-and-leaseback
transactions
(767
)
(12,387
)
—
Unrealized foreign currency exchange
(gain) loss
(2,208
)
3,698
1,136
Other
(26
)
54
(50
)
Changes in operating assets and
liabilities:
Accounts receivable1
2,257
257,469
(7,615
)
Contract assets2
1,543
(24,088
)
7,578
Inventories
(65,575
)
38,717
(24,965
)
Deferred cost of revenue3
(4,501
)
(18,275
)
(10,183
)
Prepaid expenses and other4
(5,102
)
1,460
3,509
Other long-term assets5
2,256
3,381
(2,155
)
Operating lease right-of-use assets and
operating lease liabilities
(8,335
)
(9,327
)
(8,807
)
Financing lease liabilities
451
1,151
97
Accounts payable6
52,564
(35,262
)
(33,455
)
Accrued warranty
(6,276
)
1,550
(10,129
)
Accrued expenses and other
liabilities7
(34,881
)
8,050
(32,996
)
Deferred revenue and customer
deposits8
(70,802
)
111,078
(13,454
)
Other long-term liabilities
(38
)
(723
)
(150
)
Net cash (used in) provided by operating
activities
(110,682
)
484,228
(147,266
)
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(14,259
)
(11,106
)
(21,435
)
Proceeds from sale of property, plant and
equipment
43
34
7
Net cash used in investing activities
(14,216
)
(11,072
)
(21,428
)
Cash flows from financing
activities:
Proceeds from financing obligations
—
—
1,334
Repayment of financing obligations
(2,671
)
(70,431
)
(4,958
)
Proceeds from issuance of common stock
7,651
1,251
6,816
Contributions from noncontrolling
interest
—
—
3,958
Other
150
—
—
Net cash provided by (used in) financing
activities
5,130
(69,180
)
7,150
Effect of exchange rate changes on cash,
cash equivalent, and restricted cash
155
(2,156
)
(912
)
Net (decrease) increase in cash, cash
equivalents, and restricted cash
(119,613
)
401,820
(162,456
)
Cash, cash equivalents, and restricted
cash:
Beginning of period
950,971
549,151
745,178
End of period
$
831,358
$
950,971
$
582,722
1
Including changes in related party
balances of $6.8 million, $81.0 million, and $30.3 million for the
three months ended March 31, 2025, three months ended December 31,
2024, and three months ended March 31, 2024, respectively.
2
Including changes in related party
balances of $0.1 million and $3.3 million for the three months
ended March 31, 2025, and three months ended March 31, 2024,
respectively. There were no associated related party balances as of
December 31, 2024.
3
Including changes in related party
balances of $0.9 million for the three months ended March 31, 2024.
There were no related party balances as of March 31, 2025, or
December 31, 2024.
4
Including changes in related party
balances of $0.3 million, $0.2 million, and $0.1 million for the
three months ended March 31, 2025, three months ended December 31,
2024, and three months ended March 31, 2024, respectively.
5
Including changes in related party
balances of $0.4 million, $0.3 million, and $0.8 million for the
three months ended March 31, 2025, three months ended December 31,
2024, and three months ended March 31, 2024, respectively.
6
Including changes in related party
balances of $0.1 million for the three months ended March 31, 2024.
There were no related party balances as of March 31, 2025, or
December 31, 2024.
7
Including changes in related party
balances of $1.7 million, $3.6 million, and $2.7 million for the
three months ended March 31, 2025, three months ended December 31,
2024, and three months ended March 31, 2024, respectively.
8
Including changes in related party
balances of $3.6 million, $1.1 million, and $0.8 million for the
three months ended March 31, 2025, three months ended December 31,
2024, and three months ended March 31, 2024, respectively.
Reconciliation of GAAP to
Non-GAAP Financial Measures (unaudited) (in thousands, except
percentages)
Q1'25
Q4'24
Q1'24
GAAP revenue
$
326,021
$
572,393
$
235,298
GAAP cost of sales
237,314
353,076
197,222
GAAP gross profit
88,707
219,317
38,076
Non-GAAP adjustments:
Stock-based compensation expense
4,829
4,877
3,814
Restructuring
(212
)
54
(663
)
Other
168
846
—
Non-GAAP gross profit
$
93,492
$
225,094
$
41,226
GAAP gross margin %
27.2
%
38.3
%
16.2
%
Non-GAAP adjustments
1.5
%
1.0
%
1.3
%
Non-GAAP gross margin %
28.7
%
39.3
%
17.5
%
Q1'25
Q4'24
Q1'24
GAAP (loss) income from
operations
$
(19,070
)
$
104,706
$
(49,017
)
Non-GAAP adjustments:
Stock-based compensation expense
32,201
27,655
18,860
Restructuring
(162
)
179
(616
)
Other
206
882
37
Non-GAAP earnings (loss) from
operations
$
13,175
$
133,422
$
(30,736
)
GAAP operating margin %
(5.8
)%
18.3
%
(20.8
)%
Non-GAAP adjustments
9.9
%
5.0
%
7.8
%
Non-GAAP operating margin %
4.0
%
23.3
%
(13.1
)%
Reconciliation of GAAP Net
Profit (Loss) to non-GAAP Net Profit (Loss) and Computation of
non-GAAP Net Earnings (Loss) per Share (EPS) (unaudited) (in
thousands, except share data)
Q1'25
Q4'24
Q1'24
Net (loss) income to Common
Stockholders
$
(23,814
)
$
104,795
$
(57,524
)
Non-GAAP adjustments:
Add back: Income attributable to
noncontrolling interest
400
362
981
Stock-based compensation expense
32,201
27,655
18,860
Effects of assets buyout and
repowering
(2,514
)
(15,971
)
(12
)
Restructuring
(162
)
179
(616
)
Loss (gain) on derivative liabilities
103
378
(158
)
Other
206
1,088
37
Adjusted Net Profit (Loss)
$
6,420
$
118,486
$
(38,432
)
Adjusted net earnings (loss) per share
(EPS), Basic
$
0.03
$
0.52
$
(0.17
)
Adjusted net earnings (loss) per share
(EPS), Diluted
$
0.03
$
0.43
$
(0.17
)
Weighted average shares outstanding
attributable to common stockholders, Basic
230,210
228,728
225,587
Weighted-average shares outstanding
attributable to common stockholders, Diluted
230,210
294,429
225,587
Reconciliation of GAAP Net
(Loss) Income to Adjusted EBITDA (unaudited) (in thousands)
Q1'25
Q4'24
Q1'24
Net (loss) income to Common
Stockholders
$
(23,814
)
$
104,795
$
(57,524
)
Add back: Income attributable to
noncontrolling interest
400
362
981
Stock-based compensation expense
32,201
27,655
18,860
Effects of assets buyout and
repowering
(2,514
)
(15,971
)
(12
)
Restructuring
(162
)
179
(616
)
Loss (gain) on derivative liabilities
103
378
(158
)
Other
206
1,088
37
Adjusted Net Profit (Loss)
6,420
118,486
(38,432
)
Depreciation & amortization
11,986
13,893
12,518
Income tax provision (benefit)
431
382
(501
)
Interest expense, Other income, net
6,324
14,555
8,197
Adjusted EBITDA
$
25,161
$
147,316
$
(18,218
)
Use of non-GAAP financial measures
To supplement Bloom Energy condensed consolidated financial
statement information presented on a GAAP basis, Bloom Energy
provides financial measures including non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating income (loss) (non-GAAP
earnings (loss) from operations), non-GAAP operating margin,
non-GAAP net profit (loss) (non-GAAP net earnings (loos)), non-GAAP
basic and diluted earnings per share and Adjusted EBITDA. Bloom
Energy also provides forecasts of non-GAAP gross margin and
non-GAAP operating margin.
These non-GAAP financial measures are not computed in accordance
with, or as an alternative to, GAAP in the United States.
- The GAAP measure most directly comparable to non-GAAP gross
profit is gross profit.
- The GAAP measure most directly comparable to non-GAAP gross
margin is gross margin.
- The GAAP measure most directly comparable to non-GAAP operating
income (loss) (non-GAAP earnings (loss) from operations) is
operating income (loss) (earnings (loss) from operations).
- The GAAP measure most directly comparable to non-GAAP operating
margin is operating margin.
- The GAAP measure most directly comparable to non-GAAP net
profit (loss) (non-GAAP net earnings (loss)) is net profit (loss)
(net earnings (loss)).
- The GAAP measure most directly comparable to non-GAAP diluted
earnings per share is diluted earnings per share.
- The GAAP measure most directly comparable to Adjusted EBITDA is
net profit (loss) (net earnings (loss)).
Reconciliations of each of these non-GAAP financial measures to
GAAP information are included in the tables above or elsewhere in
the materials accompanying this news release.
Use and economic substance of non-GAAP financial measures
used by Bloom Energy
Non-GAAP gross profit and non-GAAP gross margin are defined to
exclude charges relating to stock-based compensation expense,
restructuring (expense reversals) charges, and other charges.
Non-GAAP net profit (loss) (non-GAAP net earnings (loss)) and
non-GAAP diluted earnings per share consist of net earnings (loss)
or diluted net earnings (loss) per share excluding charges relating
to income attributable to noncontrolling interest, charges relating
to stock-based compensation expense, effects of assets buyout and
repowering, restructuring (expense reversals) charges, loss (gain)
on derivative liabilities, and other charges. Adjusted EBITDA is
defined as net profit (loss) before interest (income and expense),
income tax provision (benefit), depreciation and amortization
expense, income attributable to noncontrolling interest, charges
relating to stock-based compensation expense, restructuring
(expense reversals) charges, and other charges. Bloom Energy
management uses these non-GAAP financial measures for purposes of
evaluating Bloom Energy’s historical and prospective financial
performance, as well as Bloom Energy’s performance relative to its
competitors. Bloom Energy believes that excluding the items
mentioned above from these non-GAAP financial measures allows Bloom
Energy management to better understand Bloom Energy’s consolidated
financial performance as management does not believe that the
excluded items are reflective of ongoing operating results. More
specifically, Bloom Energy management excludes each of those items
mentioned above for the following reasons:
- Stock-based compensation expense consists of equity awards
granted based on the estimated fair value of those awards at grant
date. Although stock-based compensation is a key incentive offered
to our employees, Bloom Energy excludes these charges for the
purpose of calculating these non-GAAP measures, primarily because
they are non-cash expenses and such an exclusion facilitates a more
meaningful evaluation of Bloom Energy current operating performance
and comparisons to Bloom Energy operating performance in other
periods.
- Income attributable to noncontrolling interest represents
allocation to the non-controlling interests under the hypothetical
liquidation at book value (HLBV) method and are associated with the
joint venture in the Republic of Korea.
- Effects of assets buyout and repowering consists of two
components: (i) Net gain on failed sale-and-leaseback transactions
as a result of termination of multiple Managed Services sites,
consisting of loss on impairment of related fixed assets offset
against gain on extinguishment of debt as a result of derecognition
of respective financing obligations adjusted by cash paid for
assets buyback in the first and the fourth quarter of fiscal year
2024, including partial reimbursement from a financier for the same
asset buyback in the first quarter of fiscal year 2025; and (ii)
Selling profit on sales-type lease of $3.6 million as a result of
derecognition of the old Energy Server systems, incurred as a
result of the difference between the partial amount of $5.1 million
customer deposit previously paid by the financier and the carrying
amount of the old Energy Server systems determined at the time of
the buyout of $1.5 million in the fourth quarter of fiscal year
2024; and $1.7 million pertaining to relative selling price
allocation in the first quarter of fiscal year 2025 for the same
sale-type lease transaction.
- Loss (gain) on derivatives liabilities represents non-cash
adjustments to the fair value of the embedded derivatives.
- Restructuring charges and reversals are represented by
severance expense, facility closure costs, and other costs.
- Other represents (1) sales property tax of $0.7 million for the
three months ended December 31, 2024; (2) site termination costs of
$0.2 million, and $0.2 million for the three months ended March 31,
2025, and the three months ended December 31, 2024, respectively;
(3) loss on termination of lease agreement of $0.2 million for the
three months ended December 31, 2024; and (4) immaterial amounts of
quarterly amortization of acquired intangible assets.
- Adjusted EBITDA is defined as Adjusted Net Profit (Loss) before
depreciation and amortization expense, income tax provision
(benefit), interest income (expense), other income, net. 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.
For more information about these non-GAAP financial measures,
please see the tables captioned “Reconciliation of GAAP to Non-GAAP
Financial Measures,” “Reconciliation of GAAP Net Profit (Loss) to
non-GAAP Net Profit (Loss) and Computation of non-GAAP Net Earnings
(Loss) per Share (EPS),” and “Reconciliation of GAAP Net (Loss)
Income to Adjusted EBITDA” set forth in this release, which should
be read together with the preceding financial statements prepared
in accordance with GAAP.
Material limitations associated with use of non-GAAP
financial measures
These non-GAAP financial measures have limitations as analytical
tools, and these measures should not be considered in isolation or
as a substitute for analysis of Bloom Energy results as reported
under GAAP. Some of the limitations in relying on these non-GAAP
financial measures are:
- Items such as stock-based compensation expense that is excluded
from non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP
operating expenses, non-GAAP operating income (loss) (non-GAAP
earnings (loss) from operations), non-GAAP operating margin,
non-GAAP net profit (loss) (non-GAAP net earnings (loss)), and
non-GAAP diluted earnings per share can have a material impact on
the equivalent GAAP earnings measure.
- Income attributable to noncontrolling interest and (loss) gain
on derivatives liabilities, though not directly affecting Bloom
Energy’s cash position, represent the (loss) gain in value of
certain assets and liabilities. The expense associated with this
(loss) gain in value is excluded from non-GAAP net earnings (loss),
and non-GAAP diluted earnings per share and can have a material
impact on the equivalent GAAP earnings measure.
- Other companies may calculate non-GAAP gross profit (loss),
non-GAAP gross profit margin, non-GAAP operating profit (loss)
(non-GAAP earnings (loss) from operations), non-GAAP operating
profit margin, non-GAAP net profit (loss) (non-GAAP net earnings
(loss)), non-GAAP diluted earnings per share and Adjusted EBITDA
differently than Bloom Energy does, limiting the usefulness of
those measures for comparative purposes.
Compensation for limitations associated with use of non-GAAP
financial measures
Bloom Energy compensates for the limitations on its use of
non-GAAP financial measures by relying primarily on its GAAP
results and using non-GAAP financial measures only as a supplement.
Bloom Energy also provides a reconciliation of each non-GAAP
financial measure to its most directly comparable GAAP measure
within this news release and in other written materials that
include these non-GAAP financial measures, and Bloom Energy
encourages investors to review those reconciliations carefully.
Usefulness of non-GAAP financial measures to
investors
Bloom Energy believes that providing financial measures
including non-GAAP gross profit, non-GAAP gross margin, non-GAAP
operating income (loss) (non-GAAP earnings (loss) from operations),
non-GAAP operating profit margin, non-GAAP net profit (loss)
(non-GAAP net earnings (loss)), non-GAAP diluted earnings per share
in addition to the related GAAP measures provides investors with
greater transparency to the information used by Bloom Energy
management in its financial and operational decision making and
allows investors to see Bloom Energy’s results “through the eyes”
of management. Bloom Energy further believes that providing this
information better enables Bloom Energy investors to understand
Bloom Energy’s operating performance and to evaluate the efficacy
of the methodology and information used by Bloom Energy management
to evaluate and measure such performance. Disclosure of these
non-GAAP financial measures also facilitates comparisons of Bloom
Energy’s operating performance with the performance of other
companies in Bloom Energy’s industry that supplement their GAAP
results with non-GAAP financial measures that may be calculated in
a similar manner.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250430096146/en/
Investor Relations: Michael Tierney Bloom Energy
investor@bloomenergy.com
Media: Katja Gagen press@bloomenergy.com
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