Q1 Revenue of $194.0 million; an increase of
23.8% year-over-year
Q1 GAAP Gross Margin of 28.2%; Non-GAAP Gross
Margin of 29.7%
Profitable service business in Q1, GAAP and
Non-GAAP
Q1 GAAP Operating Margin of (7.4%); Non-GAAP
Operating Margin of 1.4%
Q1 GAAP EPS of $(0.15); Adjusted EPS of
$(0.07)
Bloom Energy Corporation (NYSE: BE) today announced financial
results for its first quarter ended March 31, 2021.
First Quarter Financial Highlights
- Revenue of $194.0 million in the first quarter of 2021, an
increase of 23.8% compared to revenue of $156.7 million in the
first quarter of 2020. Product revenue of $137.9 million in the
first quarter of 2021, an increase of 38.5% from the first quarter
of 2020, primarily driven by a 40.2% increase in acceptances.
- 359 acceptances, or 35.9 megawatts (MW) in the first quarter of
2021, a 40.2% increase year-over-year. Acceptance typically occurs
upon transfer of control to our customers, which is either at the
time when systems are shipped and delivered to our customers, or
when the system is turned on and producing full power.
- Gross margin of 28.2% in the first quarter of 2021, an increase
of 15.5 percentage points compared to gross margin of 12.7% in the
first quarter of 2020, primarily driven by an improvement in
product gross margin from 27.2% to 36.7% over the same period, a
decline in installation revenue and associated margin dilution, and
achievement of positive service gross margin.
- Non-GAAP gross margin was 29.7% in the first quarter of 2021,
an increase of 13.5 percentage points compared to non-GAAP gross
margin of 16.2% in the first quarter of 2020, primarily driven by
an improvement in product and service gross margin.
- Operating margin of (7.4%) in the first quarter of 2021, an
improvement of 22.2 percentage points compared to operating margin
of (29.6%) in the first quarter of 2020, driven by the improvements
in gross margin.
- Non-GAAP operating margin was 1.4% in the first quarter of
2021, an improvement of 16.3 percentage points compared to non-GAAP
operating margin of (14.9%) in the first quarter of 2020, driven by
the improvements in gross margin.
- GAAP EPS of $(0.15) and Adjusted EPS of $(0.07) in the first
quarter of 2021, compared to GAAP EPS of $(0.61) and Adjusted EPS
of $(0.34) in the first quarter of 2020, driven by improvements in
gross margin and reduction in interest expenses due to refinancing
of our notes at a lower interest rate in 2020.
KR Sridhar, founder, chairman, and chief executive officer,
Bloom Energy, commented: “We are off to a strong start in 2021 and
are performing just as we thought we would. We are continuing to
make progress on our five growth levers that capitalize on the
flexibility and adaptability of our core platform technology – the
Bloom Energy Server. The focus on infrastructure, resiliency,
reliability and clean energy solutions in the U.S. and around the
world is significant and we are confident that our solutions fit
the need and demand, which will lead to growth for years to
come.”
Greg Cameron, EVP and chief financial officer, Bloom Energy,
commented: “We delivered solid financial results - growing revenue
and increasing margins, while achieving record acceptances. We
continue to make great strides in reducing costs, while investing
for the future. We are confident in our guidance and are on the way
to being a $1 billion revenue business that is well positioned for
future growth.”
Summary of Key Financial Metrics
Preliminary Summary GAAP Profit and
Loss Statements
($000)
Q121
Q420
Q120
Revenue
194,007
249,387
156,699
Cost of Revenue
139,356
185,761
136,768
Gross Profit
54,651
63,626
19,931
Gross Margin
28.2%
25.5%
12.7%
Operating Expenses
69,048
68,144
66,326
Operating Loss
(14,397)
(4,518)
(46,395)
Operating Margin
(7.4%)
(1.8%)
(29.6%)
Non-operating Expenses1
10,492
22,620
29,554
Net Loss
(24,889)
(27,138)
(75,949)
GAAP EPS
$ (0.15)
$ (0.16)
$ (0.61)
1.
Non-Operating Expenses and tax
provision and non-controlling interest
Preliminary Summary Non-GAAP Financial
Information1
($000)
Q121
Q420
Q120
Revenue
194,007
249,387
156,699
Cost of Revenue2
136,357
182,097
131,261
Gross Profit2
57,650
67,290
25,438
Gross Margin2
29.7%
27.0%
16.2%
Operating Expenses2
54,837
55,300
48,814
Operating Income (loss) 2
2,813
11,990
(23,376)
Operating Margin2
1.4%
4.8%
(14.9%)
Adjusted EBITDA3
16,062
25,521
(9,782)
Adjusted EPS4
$ (0.07)
$ (0.08)
$ (0.34)
1.
Reference pages 11-14 for
detailed reconciliation of GAAP to Non-GAAP financial measures
2.
Excludes stock-based
compensation
3.
Adjusted EBITDA is net income
(loss) excluding non-controlling interest, gain (loss) on
derivative revaluations, fair value adjustment for PPA derivatives,
stock-based compensation, provision for income taxes, depreciation
and amortization, interest expense and other one-time items
4.
Adjusted EPS is net income (loss)
excluding non-controlling interest, gain (loss) on derivative
revaluations, fair value adjustment for PPA derivatives and
stock-based compensation using the adjusted Weighted Average Shares
Outstanding (WASO) share count
Revenue
Revenue of $194.0 million in the first quarter of 2021, an
increase of 23.8% compared to revenue of $156.7 million in the
first quarter of 2020, primarily driven by a $38.4 million increase
in product revenue and a $11.3 million increase in service revenue
partially offset by a $14.0 million decrease in installation
revenue.
Product revenue increased $38.4 million, or 38.5%, in the first
quarter of 2021 as compared to the prior year period, primarily
driven by the 40.2% increase in product acceptances enabled by the
expansion of our Community Distributed Generation program. Product
revenue was minimally impacted by price reduction on a per unit
basis in the first quarter of 2021 as compared to the prior year
period.
Installation revenue decreased $14.0 million, in the first
quarter 2021 as compared to the prior year period. This decrease in
installation revenue was driven by site mix as many of the
acceptances did not have installation, either because the
installation was done by our partner in the Republic of Korea, or,
for a specific customer, the final installation will be completed
later in the year although the Energy Servers were delivered and
accepted in the current quarter.
Margin
GAAP gross margin in the first quarter of 2021 was 28.2%, up
15.5 percentage points compared to 12.7% in the first quarter of
2020. Non-GAAP gross margin in the first quarter of 2021 was 29.7%,
up 13.5 percentage points compared to 16.2% in the first quarter of
2020. The improvement in gross margin was primarily driven by
higher product and service margins.
Product gross margin in the first quarter of 2021 was 36.7%, up
9.5 percentage points compared to 27.2% in the first quarter of
2020 as our per unit product cost reduction of 12.3% outpaced our
minimal product price reductions.
Service gross margin in the first quarter of 2021 was positive
at 0.8%, up 24.0 percentage points compared to (23.2%) in the first
quarter of 2020. This increase was due to the significant
improvements in power module life, cost reductions, our actions to
proactively manage the fleet optimizations, and international
growth, primarily in the Republic of Korea.
Balance Sheet
Our cash position, including restricted cash, as of March 31,
2021 was $365.7 million, compared to $416.7 million as of December
31, 2020. We ended the first quarter of 2021 with $522.2 million of
debt, a decrease of $4.9 million from the fourth quarter of
2020.
2021 Outlook
We announced the following outlook for the full year of
2021:
- Revenue: $950 million - $1 billion
- Non-GAAP Gross Margin*: ~25%
- Non-GAAP Operating Margin*: ~3%
- Cash Flow from Operations: Approaching Positive
*Non-GAAP gross margin and non-GAAP operating margin only
exclude stock-based compensation.
Conference Call Details
We will host a conference call today, May 5, 2021, at 2:00 p.m.
Pacific Time (5:00 p.m. Eastern Time) to discuss our financial
results. To participate in the live call, analysts and investors
may call +1 (833) 520-0063 and enter the passcode: 8548909. Those
calling from outside the United States may dial +1 (236) 714-2197
and enter the same passcode: 8548909. 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 our 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 8548909.
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. We urge you to
review the reconciliations of our 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 our expectations
regarding our 2021 Outlook, we are 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 our expectations,
strategy, priorities, plans or intentions. These forward-looking
statements include, but are not limited to, our ability to continue
to make progress on our five growth levers; our expectations that
our solutions fit the need and demand for future growth; our
ability to continue to reduce costs and invest in the future; and
our 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, our limited operating
history, the emerging nature of the distributed generation market,
the significant losses we have incurred in the past, the
significant upfront costs of our Energy Servers and our ability to
secure financing for our products, our ability to service our
existing debt obligations, our ability to be successful in new
markets, the risk of manufacturing defects, the accuracy of our
estimates regarding the useful life of our Energy Servers, delays
in the development and introduction of new products or updates to
existing products, our ability to drive cost reductions, the
availability of rebates, tax credits and other tax benefits, our
reliance on tax equity financing arrangements, our reliance upon a
limited number of customers, our lengthy sales and installation
cycle, construction, utility interconnection and other delays and
cost overruns related to the installation of our 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, the impact of the COVID-19 pandemic on the
global economy and its potential impact on our business, our
ability to protect our intellectual property, and other risks and
uncertainties detailed in our SEC filings from time to time. More
information on potential factors that may impact our business are
set forth in our periodic reports filed with the SEC, including our
Annual Report on Form 10-K for the year ended on December 31, 2020
as filed with the SEC on February 26, 2021, as well as subsequent
reports filed with or furnished to the SEC from time to time. These
reports are available on our website at www.bloomenergy.com and the
SEC’s website at www.sec.gov. We assume no obligation to, and do
not currently intend to, update any such forward-looking
statements.
The Investor Relations section of our website at
investor.bloomenergy.com contains a significant amount of
information about Bloom Energy, including financial and other
information for investors. We encourage 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)
March 31,
December 31,
2021
2020
Assets
Current assets:
Cash and cash equivalents
$
180,719
$
246,947
Restricted cash
54,865
52,470
Accounts receivable
108,328
99,513
Inventories
153,172
142,059
Deferred cost of revenue
55,064
41,469
Customer financing receivable
5,515
5,428
Prepaid expenses and other current
assets
26,809
30,718
Total current assets
584,472
618,604
Property, plant and equipment, net
599,437
600,628
Operating lease right-of-use assets
55,165
35,621
Customer financing receivable,
non-current
43,880
45,268
Restricted cash, non-current
130,080
117,293
Deferred cost of revenue, non-current
3,029
2,462
Other long-term assets
35,199
34,511
Total assets
$
1,451,262
$
1,454,387
Liabilities, Redeemable Noncontrolling
Interest, Stockholders’ Equity and Noncontrolling Interest
Current liabilities:
Accounts payable
$
72,960
$
58,334
Accrued warranty
5,958
10,263
Accrued expenses and other current
liabilities
82,133
112,004
Deferred revenue and customer deposits
69,240
114,286
Operating lease liabilities
7,219
7,899
Financing obligations
13,330
12,745
Non-recourse debt
118,468
120,846
Total current liabilities
369,308
436,377
Deferred revenue and customer deposits,
non-current
84,472
87,463
Operating lease liabilities,
non-current
61,714
41,849
Financing obligations, non-current
461,468
459,981
Recourse debt, non-current
290,090
168,008
Non-recourse debt, non-current
99,941
102,045
Other long-term liabilities
19,867
17,268
Total liabilities
1,386,860
1,312,991
Redeemable noncontrolling interest
356
377
Stockholders’ equity:
Common stock
17
17
Additional paid-in capital
3,129,687
3,182,753
Accumulated other comprehensive loss
(126
)
(9
)
Accumulated deficit
(3,123,518
)
(3,103,937
)
Total stockholders’ equity
6,060
78,824
Noncontrolling interest
57,986
62,195
Total liabilities, redeemable
noncontrolling interest, stockholders' equity and noncontrolling
interest
$
1,451,262
$
1,454,387
Condensed Consolidated Statements of
Operations (preliminary & unaudited)
(in thousands, except per share
data)
Three Months Ended March
31,
2021
2020
Revenue:
Product
$
137,930
$
99,559
Installation
2,659
16,618
Service
36,417
25,147
Electricity
17,001
15,375
Total revenue
194,007
156,699
Cost of revenue:
Product
87,294
72,489
Installation
4,625
20,779
Service
36,118
30,970
Electricity
11,319
12,530
Total cost of revenue
139,356
136,768
Gross profit
54,651
19,931
Operating expenses:
Research and development
23,295
23,279
Sales and marketing
19,952
13,949
General and administrative
25,801
29,098
Total operating expenses
69,048
66,326
Loss from operations
(14,397
)
(46,395
)
Interest income
74
819
Interest expense
(14,731
)
(20,754
)
Interest expense - related parties
—
(1,366
)
Other expense, net
(85
)
(8
)
Loss on extinguishment of debt
—
(14,098
)
(Loss) gain on revaluation of embedded
derivatives
(518
)
284
Loss before income taxes
(29,657
)
(81,518
)
Income tax provision
124
124
Net loss
(29,781
)
(81,642
)
Less: Net loss attributable to
noncontrolling interests and redeemable noncontrolling
interests
(4,892
)
(5,693
)
Net loss attributable to Class A and Class
B common stockholders
$
(24,889
)
$
(75,949
)
Net loss per share available to Class A
and Class B common stockholders, basic and diluted
$
(0.15
)
$
(0.61
)
Weighted average shares used to compute
net loss per share available to Class A and Class B common
stockholders, basic and diluted
170,745
123,763
Condensed Consolidated Statement of
Cash Flows (preliminary & unaudited)
(in thousands)
Three Months Ended March
31,
2021
2020
Cash flows from operating
activities:
Net loss
$
(29,781
)
$
(81,642
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
13,442
13,035
Non-cash lease expense
2,115
1,549
Revaluation of derivative contracts
290
241
Stock-based compensation
17,210
23,019
Gain on long-term REC purchase
contract
—
(4
)
Loss on extinguishment of debt
—
14,098
Amortization of debt issuance and premium,
net
971
4,755
Changes in operating assets and
liabilities:
Accounts receivable
(8,815
)
2,136
Inventories
(10,820
)
2,083
Deferred cost of revenue
(13,952
)
(19,494
)
Customer financing receivable
1,302
1,240
Prepaid expenses and other current
assets
3,908
3,060
Other long-term assets
(687
)
(2,924
)
Accounts payable
14,145
4,822
Accrued warranty
(4,305
)
681
Accrued expenses and other current
liabilities
(24,941
)
489
Operating lease liabilities
(2,474
)
(1,717
)
Deferred revenue and customer deposits
(48,036
)
5,253
Other long-term liabilities
1,393
1,372
Net cash used in operating activities
(89,035
)
(27,948
)
Cash flows from investing
activities:
Purchase of property, plant and
equipment
(12,932
)
(12,360
)
Net cash used in investing activities
(12,932
)
(12,360
)
Three Months Ended March
31,
2021
2020
Cash flows from financing
activities:
Proceeds from issuance of debt to related
parties
—
30,000
Repayment of debt
(4,862
)
(9,128
)
Repayment of debt - related parties
—
(2,105
)
Proceeds from financing obligations
5,016
—
Repayment of financing obligations
(3,077
)
(2,503
)
Distributions to noncontrolling interests
and redeemable noncontrolling interests
(3,880
)
(4,270
)
Proceeds from issuance of common stock
57,953
4,845
Net cash provided by financing
activities
51,150
16,839
Effect of exchange rate changes on cash,
cash equivalent and restricted cash
(229
)
—
Net decrease in cash, cash equivalents,
and restricted cash
(51,046
)
(23,469
)
Cash, cash equivalents, and restricted
cash:
Beginning of period
416,710
377,388
End of period
$
365,664
$
353,919
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 margin and gross profit excluding stock-based compensation
(SBC) are supplemental measures of operating performance that do
not represent and should not be considered alternatives to gross
margin or gross profit, as determined under GAAP. These measures
remove the impact of stock-based compensation. We believe that
gross margin and gross profit excluding stock-based compensation
supplement the GAAP measures and enable us to more effectively
evaluate our performance period-over-period. A reconciliation of
gross margin and gross profit excluding stock-based compensation to
gross margin and gross profit, the most directly comparable GAAP
measures, and the computation of gross margin excluding stock-based
compensation are as follows:
Q121
Q420
Q120
Revenue
194,007
249,387
156,699
Gross Profit
54,651
63,626
19,931
Gross Margin %
28.2%
25.5%
12.7%
Stock-based compensation (Cost of
Revenue)
2,999
3,664
5,507
Gross Profit excluding SBC
57,650
67,290
25,438
Gross Margin excluding SBC %
29.7%
27.0%
16.2%
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:
Q121
Q420
Q120
Cost of Revenue
139,356
185,761
136,768
Stock-Based Compensation - Cost of
Revenue
2,999
3,664
5,507
Cost of Revenue – Excluding SBC
136,357
182,097
131,261
Q121
Q420
Q120
Operating Expenses
69,048
68,144
66,326
Stock-Based Compensation - Operating
Expenses
14,211
12,844
17,512
Operating Expenses – Excluding
SBC
54,837
55,300
48,814
Operating Loss to Operating
Income (Loss) Excluding Stock-Based Compensation
Operating income (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:
Q121
Q420
Q120
Operating Loss
(14,397)
(4,518)
(46,395)
Stock-based compensation
17,210
16,508
23,019
Operating Income (loss) excluding
SBC
2,813
11,990
(23,376)
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:
Q121
Q420
Q120
Net loss to Common Stockholders
(24,889)
(27,138)
(75,949)
Loss on extinguishment of debt
-
-
14,098
Loss for non-controlling interests1
(4,892)
(4,453)
(5,693)
Loss (gain) on derivatives
liabilities2
518
1,737
(284)
Loss (gain) on the Fair Value Adjustments
for certain PPA derivatives3
(193)
140
560
Stock-based compensation
17,210
16,508
23,019
Adjusted Net Loss
(12,246)
(13,206)
(44,248)
Net loss to Common Stockholders per
share
$ (0.15)
$ (0.16)
$ (0.61)
Adjusted net loss per share
(EPS)
$ (0.07)
$ (0.08)
$ (0.34)
GAAP weighted average shares outstanding
attributable to common, Basic and Diluted (thousands)
170,745
165,975
123,763
Adjusted weighted average shares
outstanding attributable to common, Basic and Diluted
(thousands)4
170,745
165,975
128,323
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
first 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:
Q121
Q420
Q120
Net loss to Common Stockholders
(24,889)
(27,138)
(75,949)
Loss on extinguishment of debt
-
-
14,098
Loss for non-controlling interests1
(4,892)
(4,453)
(5,693)
Loss (gain) on derivatives
liabilities2
518
1,737
(284)
Loss (gain) on the Fair Value Adjustments
for certain PPA derivatives3
(193)
140
560
Stock-based compensation
17,210
16,508
23,019
Depreciation & Amortization
13,442
13,391
13,034
Provision (benefit) for Income Tax
124
(16)
124
Interest Expense (Income), Other Expense
(Income), net
14,742
25,352
21,309
Adjusted EBITDA
16,062
25,521
(9,782)
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
first PPA company)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210505005931/en/
Investor Relations: investor@bloomenergy.com
Media: Jennifer Duffourg Bloom Energy +1 (480) 341-5464
jennifer.duffourg@bloomenergy.com
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