Bloom Energy Announces Second Quarter 2020 Preliminary Financial Results
July 28 2020 - 4:03PM
Business Wire
Revenue of $187.9 million, an increase of 19.9%
sequentially from 1Q20 and above consensus estimates
Names Sharelynn Moore Chief Marketing
Officer
Bloom Energy Corporation (NYSE: BE) today announced financial
results for the second quarter ended June 30, 2020. The Company has
issued a shareholder letter discussing its second 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 second quarter include:
- Revenue of $187.9 million, GAAP gross margin of 14.0% and net
loss of $42.5 million. Excluding stock-based compensation, Bloom
achieved 16.5% gross margin and $2.1 million adjusted EBITDA*. Both
revenue and adjusted EBITDA were above consensus estimates.
- Q2 acceptances of 306, a 19.5% increase from the first quarter
of 2020. The acceptances during the quarter represented 10
different end customers, across four industries and two
countries.
Commenting on second quarter results, KR Sridhar, founder,
chairman and CEO, Bloom Energy said:
“Our business grew in Q2 2020 with acceptances increasing 19.5%
sequentially from Q1 2020. Now, more than ever, it is apparent how
vulnerable the entire economy is to disruptions that impact the
production and distribution of goods and services. Our business has
proven to be resilient and our products offer resilience. We remain
focused on delivering reliable, localized power solutions to the
world. We will continue the push to innovate and execute while
reimagining future operating models that will sustainably power
communities.”
Outlook for Q3 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 third quarter of 2020.
Bloom Energy will hold a conference call today to discuss its
financial results and to provide an update on the business. The
details are included at the end of the release.
Executive Appointment
The Company also announced the appointment of Sharelynn Moore as
executive vice president and chief marketing officer, effective
August 3, 2020. Moore will replace Bloom Energy’s current EVP and
CMO Matt Ross, who will be departing to focus on a significant
health challenge.
Sridhar commented, “Our Board and leadership team are thrilled
to welcome Sharelynn to Bloom Energy. She is a proven leader that
brings over two decades of experience to Bloom, where she will help
us drive growth and enhance capabilities to accelerate our business
to new heights. We also want to thank Matt for his significant
accomplishments and contributions and wish him the very best in
overcoming his health challenge.”
Moore brings more than two decades of experience in the energy
and technology sectors, leading and integrating complex global
product and business lines, assessing new markets and building
go-to-market strategies, and launching new products, programs, and
enterprise-wide solutions. Prior to joining Bloom, Moore served as
senior vice president of Networked Solutions at Itron, where she
had responsibility for Itron’s largest business segment, as well as
Itron’s industrial IoT technology and smart city strategy.
Conference Call Details
Bloom Energy will host a conference call today, July 28, 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:
4887329. Those calling from outside the U.S. may dial +1 (236)
714-2197 and enter the same passcode: 4887329. 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 August 4, 2020, by dialing
+1 (800) 585-8367 or +1 (416) 621-4642 and entering passcode
4887329.
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, the
marketplace opportunities in 2020 and beyond and future policies
and regulations. 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
10-Q 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.
* For a full reconciliation of net loss to adjusted EBITDA, see
our Q220 Shareholder Letter on our Investor Relations website.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200728005956/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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