Bloom Energy Announces Third Quarter 2019 Financial Results
November 07 2019 - 04:26PM
Business Wire
Revenue of $233.5 million
302 Acceptances, 47% Higher than Q3’18
Selected leading global investment bank to
manage refinancing – with focus on enhancing financial
flexibility
Bloom Energy Corporation (NYSE: BE) today announced financial
results for the third quarter ended September 30, 2019. The Company
has issued a shareholder letter discussing its third quarter 2019
financial results and forward estimates. The shareholder letter may
be accessed on the Investor Relations section of the Company’s
website at: https://investor.bloomenergy.com.
Key highlights from the third quarter include:
- Posted $233.5 million of revenue, GAAP gross margin of 22.9%
and a net loss of $34.9 million. Excluding stock-based
compensation, Bloom achieved non-GAAP gross margin of 25.8% and
$40.8 million of adjusted EBITDA.
- Realized a record 302 acceptances, a 46.6% year-over-year
increase and 11.4% higher than Q2 2019.
- Announced a collaboration with California BioEnergy to use
dairy waste to create biogas that can be used in Bloom’s Energy
Servers to generate renewable electricity that may be used to power
electric vehicles throughout California.
- Entered a new, potentially substantial market by announcing a
collaboration with Samsung Heavy Industries, a part of Samsung
Group, to design and develop ships powered by fuel cells running on
natural gas. Each new ship requires 19 MW to 100 MW of power. With
2,000 to 2,500 new ships annually entering the global fleet over
the next 5-years, Bloom’s Energy Servers could provide the power to
operate these ships, which could materially reduce their carbon
footprint by up to 45%.
- Selected Jefferies Group, a leading global investment bank, to
manage the refinancing of certain of the company’s debt maturities
with a focus on completing this effort in the first half of 2020. A
range of options is being considered with a focus on enhancing
financial flexibility.
Commenting on third quarter results, KR Sridhar, Founder,
Chairman and CEO, Bloom Energy said:
“We generated record Q3 revenue, delivered meaningful adjusted
EBITDA and achieved another quarter of record acceptances. Our
primary drivers of success this quarter include installs with new
customers in our core industry sectors and expanding relationships
with existing customers – which reflects the quality, reliability
and cost-effectiveness of our energy solutions. We continue to
enable new features of our technology to open new markets and
provide additional options for Bloom’s customers and the industry
at large at a time when reliable, clean energy sources are in high
demand. We are confident that the Bloom Energy Microgrid is the
right product, right now to add to the infrastructure.”
Bloom’s financial outlook for Q4 of FY19 is as follows:
Acceptances (100 kW):
355 to 385
Average Sales Price
(dollars-per-kilowatt):
$5,920 to $6,220
Total installed system cost
(dollars-per-kilowatt):
$4,250 to $4,550
Bloom Energy will hold a conference call today to discuss its
financial results and to provide an update on the business.
Conference Call Details
Bloom Energy will host a conference call today, November 7,
2019, 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 (844) 828-0524 and enter the passcode:
3989647. Those calling from outside the U.S. may dial +1 (647)
689-5146 and enter the same passcode: 3989647. 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 thirty days. A telephonic replay of the
conference call will be available until Thursday, November 14,
2019, by dialing (800) 585-8367 or (416) 621-4642 and entering
passcode: 3989647.
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable, and
affordable energy 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 and sustainable. Bloom’s
customers include twenty-five of the Fortune 100 companies and
leaders in cloud services and data centers, healthcare, retail,
financial services and many 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 Company’s collaboration with
CalBio on its biogas project; entering a new and potential
substantial market in collaboration with Samsung to provide
electric power to its fleet; the potential reduction in the carbon
footprint of the Samsung fleet; the timing of the proposed
refinancing of the Company’s current debt facilities; potential new
market opportunities for Bloom technology; and certain of the
Company’s financial estimates for Q4 2019, including acceptances,
average sales price (in dollars per kilowatt) and total installed
system cost (in dollars per kilowatt). 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-Q for the quarter ended June 30, 2019 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20191107006102/en/
Investor Relations: Mark Mesler VP of Finance and
Investor Relations Bloom Energy +1 (408) 543-1743
Mark.Mesler@bloomenergy.com Media: Natalia Blank Head of
Corporate PR Bloom Energy T: 408.543.1566
Natalia.Blank@bloomenergy.com OR Sloane & Company Whit Clay /
Joe Germani T: 212.486.9500 WClay@SloanePR.com /
JGermani@SloanePR.com
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