Bloom Energy Announces First Quarter 2020 Financial Results
May 11 2020 - 4:05PM
Business Wire
Revenue of $156.7 million, an increase of 6.6%
versus 1Q19
256 acceptances, 8.9% higher than 1Q19
Bloom Energy Corporation (NYSE: BE) today announced financial
results for the first quarter ended March 31, 2020. The Company has
issued a shareholder letter discussing its first quarter 2020
financial results, and it may be accessed on the Investor Relations
section of the Company’s website at:
https://investor.bloomenergy.com.
Key highlights from the first quarter include:
- Revenue of $156.7 million, GAAP gross margin of 12.7% and net
loss of $75.9 million. Excluding stock-based compensation, Bloom
achieved 16.2% gross margin and ($9.8) million of Adjusted
EBITDA.
- Q1 acceptances of 256, an 8.9% year-over-year increase. The
acceptances during the quarter represented eleven different end
customers, across seven industries and two countries.
Commenting on first quarter results, KR Sridhar, founder,
chairman and CEO, Bloom Energy said:
“Despite the impact of COVID-19, our business showed strength in
the first quarter of 2020. We continued to grow acceptances, up
8.9% YoY, driven by existing customers increasing their Bloom
Energy Server footprint, as well as new acceptances in technology,
media and telecommunications, and other industries. The high value
of resilient power is more evident now than ever, and we are
well-positioned, as operations begin to normalize, to capitalize on
this trend with our unique solutions.”
Outlook for Q2 of FY20:
Due to the uncertainties resulting from the global economic
impact of the coronavirus ("COVID-19"), Bloom Energy will not be
providing guidance for the second quarter of 2020.
Bloom Energy will hold a conference call today to discuss its
financial results and to provide an update on the business. On the
call, the Company will provide an assessment of current trends as
well as outline the proactive actions Bloom Energy is taking to
navigate potential outcomes.
Conference Call Details
Bloom Energy will host a conference call today, May 11, 2020, at
2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss
financial results. To participate in the live call, analysts and
investors may call +1 (833) 520-0063 and enter the passcode:
9681766. Those calling from outside the U.S. may dial +1 (236)
714-2197 and enter the same passcode: 9681766. A simultaneous live
webcast will also be available under the Investor Relations section
on the Company’s website at https://investor.bloomenergy.com/.
Following the webcast, an archived version will be available on the
Company’s website for one year. A telephonic replay of the
conference call will be available until Monday, May 18, 2020, by
dialing (800) 585-8367 or (416) 621-4642 and entering passcode
9681766.
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable energy
affordable for everyone in the world. The Company’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 under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking statements within
the meaning of the federal securities laws that involve risks and
uncertainties. Words such as “anticipates,” “expects,” “intends,”
“plans,” “projects,” “believes,” “seeks,” “estimates,” “can,”
“may,” “will,” “would” and similar expressions identify such
forward-looking statements. These statements include, but are not
limited to statements regarding the demand and value for resilient
power and resulting demand for the Company’s product and the
marketplace opportunities in 2020 and beyond. These statements
should not be taken as guarantees of results and should not be
considered an indication of future activity or future performance.
Actual events or results may differ materially from those described
in this press release due to a number of risks and uncertainties,
including those included in the Risk Factor section of the
Company’s Quarterly Report on Form 10-K for the year ended December
31, 2019, the Quarterly Report on Form 10Q and other risks detailed
in Bloom’s SEC filings from time to time. Bloom undertakes no
obligation to revise or publicly update any forward-looking
statements unless if and as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200511005881/en/
Investor Relations:
Mark Mesler Bloom Energy +1 (408) 543-1743
Mark.Mesler@bloomenergy.com
Media:
Erica Osian Bloom Energy +1 (401) 714-6883
Erica.Osian@bloomenergy.com
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