Monksdream
10 months ago
BE
Bloom Energy Corp NYSE: BE
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Industrials : Electrical Equipment | Small Cap GrowthCompany profile
Bloom Energy Corporation is a provider of commercially viable solid oxide fuel- cell based power generation platform that provides power to businesses, essential services, critical infrastructure and communities. The Company's technology primarily produces electricity and hydrogen. The Company's fuel-flexible Bloom Energy Server uses biogas, hydrogen, natural gas, or a blend of fuels, to create sustainable power. In addition, the solid oxide platform powers its fuel cells, which is used for creating hydrogen. The Company's Bloom Electrolyzer is designed to produce hydrogen solutions and is ideal for applications across gas, utilities, nuclear, concentrated solar, ammonia and heavy industries. Its Bloom Electrolyzer is designed to require less energy to break up water molecules and produce hydrogen. The Company has also adapted its energy servers to advance the decarbonization of the marine industry through the design and development of fuel cell-powered ships.
abrooklyn
11 months ago
Bloom Energy Reports Record Revenue in First Quarter 2023 Financial Results
Source: Business Wire
Bloom Energy Corporation (NYSE: BE) reported today its total revenue for the first quarter ended March 31, 2023 grew 37% compared with the first quarter of 2022. The record revenue for the quarter was driven by continued growth in Product and Service revenue and supported an improvement in operating margin of over five percentage points.
First Quarter Highlights
Revenue of $275.2 million in the first quarter of 2023, an increase of 36.9% compared to $201.0 million in the first quarter of 2022. Product and Service revenue of $234.4 million in the first quarter of 2023, an increase of 38.9% compared to $168.8 million in the first quarter of 2022.
Gross margin of 19.7% in the first quarter of 2023, an increase of 5.8 percentage points compared to 13.9% in the first quarter of 2022.
Non-GAAP gross margin of 21.2% in the first quarter of 2023, an increase of 5.4 percentage points compared to 15.8% in the first quarter of 2022.
Operating loss of ($63.7) million in the first quarter of 2023, an improvement of $2.0 million compared to ($65.7) million in the first quarter of 2022.
Non-GAAP operating loss of ($34.1) million in the first quarter of 2023, an improvement of $5.3 million compared to ($39.4) million in the first quarter of 2022.
Commenting on first quarter results, KR Sridhar founder, Chairman and CEO of Bloom Energy said, βBloom Energy is off to a very strong start in 2023. Our company is operating well and delivering on our goals. We are making great strides in developing products that serve the needs of our customers today, will help them to position well for the future and, importantly, create revenue growth for us.β
Greg Cameron, President and CFO of Bloom Energy, added, βWe had record first quarter revenue driven by strong domestic acceptances. Our margins improved as we maintained price while reducing our product costs. We are reaffirming our 2023 framework for revenue and profitability.β
Summary of Key Financial Metrics
jammy32
1 year ago
The hydrogen revolution accelerates
17 MAR 2023
Hydrogen has both flexibility and a high specific energy per unit mass β two attributes that make it uniquely capable at removing emissions from the harder-to-decarbonize parts of the global economy.
According to Goldman Sachs Research:
Hydrogen can be used as an energy fuel, energy vector and feedstock.
Hydrogen can be used to store energy over the long term, propel heavy vehicles, and heat furnaces for the manufacture of steel among other heavy industrial uses.
Hydrogen can get us closer to net zero.
βGreenβ hydrogen, which is produced by using renewable energy sources to electrolyze water and split it into hydrogen and oxygen, is one of the most promising alternatives to βgrayβ hydrogen, which relies on natural gas supplies β and produces carbon dioxide that then needs to be released or stored. According to a new report from Goldman Sachs Research, government incentives are powering major strides in green hydrogen investments, particularly in the United States.
The size of clean hydrogen projects is measured by the gigawatts (GW) used to power the electrolysis used in production. By this measure, the market is still in its infancy: At the end of 2020, only about 0.3 GW of capacity was installed.
However, based on projects that have been announced, GS Research estimates as much as 137 GW will be installed by the end of 2030, about 1.7 times more than last yearβs estimate of 80 GW. Given the long lead times in creating clean hydrogen production facilities, GS expects even more projects will be announced in the next few years. βMany of the projects for the second half of this decade still have not yet been announced, and are therefore not captured here, implying further upside,β writes Goldman Sachs equity research analyst Michele Della Vigna.
The clean hydrogen industry is scaling up not just in the number of projects planned, but also in the average size of them. The research team estimates that the average project will increase more than 600 times from the current dimensions.
The effects of U.S. policy changes
The U.S. has historically lagged the rest of the world in clean hydrogen development, but the incentives in the Inflation Reduction Act have spurred a development boom in the U.S., with planned installed capacity jumping to 12 GW from 2 GW by 2030. The increase will help the U.S. narrow the gap with the rest of the world, but likely not close it since projects in Europe, Australia and other parts of Asia are also accelerating. The report estimates that Europe will drive the growth of installed capacity, adding 50 GW of cumulative capacity by 2030, followed by Australia with 34 GW, Africa with 25 GW, and Latin America with 17 GW.
βWe expect this [U.S. growth] trend to continue further with the introduction of IRA being a game-changer for the production of hydrogen and bringing significant benefits for companies with current or planned hydrogen projects in the U.S.,β Della Vigna writes. According to the report, the law offers several key incentives:
Production tax credits. These 10-year credits apply to developers who produce clean hydrogen beginning this year or begin construction of new facilities before January 1, 2033.
Investment tax credits for energy storage. The IRA expands the scope of existing credits for energy storage to include hydrogen.
Clean vehicle credits. The credits extend to vehicles that use hydrogen fuel cells as well as electric batteries, and offer significant credits for commercial vehicles, for which hydrogen is particularly well suited.
Alternative fuel credits. The IRA provides property tax credits for expanding alternative fueling stations, which will encourage more hydrogen transportation infrastructure.
By the teamβs estimation, a $3 tax credit for every two kilograms of hydrogen produced would lower the cost of clean hydrogen to that of hydrogen currently produced with fossil fuels. βThis effectively fully bridges the cost gap between grey hydrogen and green hydrogen from renewable power,β according to the report.