Bloom Energy Announces Fourth Quarter 2019 Financial Results
March 16 2020 - 4:18PM
Business Wire
Revenue of $213.8 million, an increase of 35.8%
versus Q418
386 Acceptances, 50.2% higher than Q418
Expanded product and installation backlog to
1,983 systems at year end, a 43.3% increase from FY18
Bloom Energy Corporation (NYSE: BE) today announced financial
results for the fourth quarter ended December 31, 2019. The Company
has issued a shareholder letter discussing its fourth 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 fourth quarter include:
- Posted $213.8 million of revenue, GAAP gross margin of 12.2%
and net loss of $67.1 million, which includes the impact of the
adoption of ASC 606 revenue standard. Excluding stock based
compensation, Bloom achieved 16.2% gross margin and $3.7 million of
adjusted EBITDA.
- Realized a record 386 acceptances, a 50.2% year-over-year
increase and 27.8% higher than Q3 2019. The acceptances during the
quarter represented twelve different end customers, across nine
industries and three countries.
- Expanded product and installation backlog to 1,983 systems at
year end, a 43.3% increase from the prior year.
Commenting on fourth quarter results, KR Sridhar, Founder,
Chairman and CEO, Bloom Energy said:
“We are pleased to have delivered another great quarter for
revenue and record acceptances – a strong ending to the year. For
2019, we grew acceptances by 48% and expanded our backlog by 43% to
set us up for a solid 2020. Our positive momentum continues as
tailwinds bolster our value proposition of reliability, resiliency,
and cost effectiveness for our customers.”
Bloom’s financial outlook for Q1 of FY20
is as follows:
Total Consolidated Revenue:
$140 million to $160 million
Adjusted EBITDA:
($25) million to ($15) million
Operating Expenses (excluding stock-based
compensation):
$48.0 million to $51.0 million
Today, Bloom Energy filed Form 12b-25 with the Securities and
Exchange Commission indicating that it expects to file its Form
10-K no later than March 31, 2020.
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, March 16, 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 (844) 828-0524 and enter the passcode:
7384224. Those calling from outside the U.S. may dial +1 (647)
689-5146 and enter the same passcode: 7384224. 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, March 23, 2020, by
dialing (800) 585-8367 or (416) 621-4642 and entering passcode
7384224.
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 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 proposed refinancing of the
Company’s current debt facilities; marketplace opportunities in
2020 and beyond; and the Company’s expectations with respect to
financial outlooks for Q1 2020, the first half of 2020 and the
second half of 2020. 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 September 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200316005819/en/
Investor Relations:
Mark Mesler Bloom Energy +1 (408) 543-1743
Mark.Mesler@bloomenergy.com
Media:
Natalia Blank 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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