UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________ FORM 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________to ____________ Commission File Number: 001-38598 ________________________ ...

[Bloom Energy Reports Second Quarter 2024 Financial Results](index=1&type=section&id=Bloom%20Energy%20Reports%20Second%20Quarter%202024%20Financial%20Results) [Second Quarter Highlights](index=1&type=section&id=Second%20Quarter%20Highlights) Bloom Energy reported strong second-quarter 2024 results, with revenue increasing 11.5% year-over-year to a record $335.8 million, alongside improvements in gross margin and a significant reduction in operating loss Q2 2024 Key Financial Metrics (Year-over-Year) | Metric | Q2 2024 | Change vs. Q2 2023 | | :--- | :--- | :--- | | **Revenue** | $335.8 million | +11.5% | | **Gross Margin** | 20.4% | +1.7 ppt | | **Non-GAAP Gross Margin** | 21.8% | +1.4 ppt | | **Operating Loss** | $23.1 million | $31.3M improvement | | **Non-GAAP Operating Loss** | $3.2 million | $22.7M improvement | - The company strengthened its balance sheet by issuing **3% convertible green notes**[2](index=2&type=chunk) - Announced a significant agreement with AI leader CoreWeave to power a high-performance data center in Volo, Illinois[2](index=2&type=chunk) - Silicon Valley Power approved an agreement to use Bloom fuel cells to provide **20-megawatts of power** for AWS data centers in Santa Clara, CA[2](index=2&type=chunk) [Summary of Key Financial Metrics](index=2&type=section&id=Summary%20of%20Key%20Financial%20Metrics) The company provided detailed GAAP and Non-GAAP financial summaries for the second quarter of 2024, showing sequential and year-over-year comparisons, with GAAP results indicating a net loss of $61.8 million and Non-GAAP results showing a significantly improved operating loss of $3.2 million Summary of GAAP Profit and Loss Statements (Q2'24 vs. Q2'23) | Metric ($000, except EPS) | Q2'24 | Q2'23 | | :--- | :--- | :--- | | **Revenue** | 335,767 | 301,095 | | **Gross Profit** | 68,522 | 56,350 | | **Operating Loss** | (23,128) | (54,456) | | **Net Loss to Common Stockholders** | (61,787) | (66,061) | | **GAAP EPS, Diluted** | $(0.27) | $(0.32) | Summary of Non-GAAP Financial Information (Q2'24 vs. Q2'23) | Metric ($000, except EPS) | Q2'24 | Q2'23 | | :--- | :--- | :--- | | **Gross Profit** | 73,156 | 61,418 | | **Operating Loss** | (3,188) | (25,939) | | **Adjusted EBITDA** | 10,219 | (8,421) | | **Non-GAAP EPS, Diluted** | $(0.06) | $(0.17) | [Full-Year 2024 Outlook](index=3&type=section&id=Outlook) Bloom Energy reaffirmed its financial outlook for the full year of 2024, signaling confidence in its commercial pipeline and continued execution, with expectations for significant revenue and positive non-GAAP operating income Full-Year 2024 Guidance | Metric | Outlook | | :--- | :--- | | **Revenue** | $1.4 - $1.6 Billion | | **Non-GAAP Gross Margin** | ~28% | | **Non-GAAP Operating Income** | $75 - $100 Million | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, Bloom Energy's balance sheet shows total assets of $2.55 billion, an increase from $2.41 billion at the end of 2023, while total liabilities increased to $2.10 billion and cash and cash equivalents decreased to $581.7 million Balance Sheet Summary (in thousands) | Metric | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $581,684 | $664,593 | | **Total current assets** | $1,830,014 | $1,693,167 | | **Total assets** | $2,548,044 | $2,413,677 | | **Total current liabilities** | $393,475 | $470,422 | | **Total liabilities** | $2,101,494 | $1,893,007 | | **Total stockholders' equity** | $446,550 | $520,670 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the second quarter of 2024, the company generated $335.8 million in total revenue, primarily from product sales, resulting in a net loss of $61.8 million attributable to common stockholders due to operating expenses and a significant loss on debt extinguishment Q2 2024 Revenue Breakdown (in thousands) | Revenue Source | Amount | | :--- | :--- | | Product | $226,308 | | Installation | $42,733 | | Service | $52,531 | | Electricity | $14,195 | | **Total Revenue** | **$335,767** | Q2 2024 Statement of Operations Summary (in thousands) | Metric | Amount | | :--- | :--- | | **Gross Profit** | $68,522 | | **Loss from Operations** | $(23,128) | | **Loss on extinguishment of debt** | $(27,182) | | **Net loss attributable to common stockholders** | $(61,787) | | **Net loss per share, diluted** | $(0.27) | [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In Q2 2024, the company used $175.5 million in cash from operating activities, while financing activities provided $242.8 million, largely from debt issuance, resulting in a net increase in cash and ending the period with $637.8 million in cash, cash equivalents, and restricted cash Q2 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Amount | | :--- | :--- | | Net cash used in operating activities | $(175,495) | | Net cash used in investing activities | $(12,004) | | Net cash provided by financing activities | $242,837 | | **Net increase in cash** | **$55,082** | - The primary source of cash from financing activities was **$402.5 million from the issuance of debt**, partially offset by **$141.0 million in debt repayments**[15](index=15&type=chunk) - The company ended the second quarter with **$637.8 million in cash, cash equivalents, and restricted cash**[16](index=16&type=chunk) [Reconciliation of GAAP to Non-GAAP Financial Measures](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) [Reconciliation of Key Metrics](index=10&type=section&id=Reconciliation%20of%20Key%20Metrics) This section provides detailed reconciliations from GAAP to non-GAAP financial measures for Q2 2024, showing how adjustments for items like stock-based compensation and loss on debt extinguishment bridge the GAAP operating loss of $23.1 million to a non-GAAP operating loss of $3.2 million and positive Adjusted EBITDA of $10.2 million Q2 2024 GAAP to Non-GAAP Reconciliation (in thousands) | Metric | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | **Gross Profit** | $68,522 | $4,634 | $73,156 | | **Loss from Operations** | $(23,128) | $19,940 | $(3,188) | | **Net Loss to Common Stockholders** | $(61,787) | $47,813 | $(13,974) | Q2 2024 GAAP Net Loss to Adjusted EBITDA Reconciliation (in thousands) | Metric | Amount | | :--- | :--- | | **Net loss to Common Stockholders** | $(61,787) | | **Adjustments (SBC, debt loss, etc.)** | $47,813 | | **Adjusted Net Loss** | $(13,974) | | **D&A, Tax, Interest** | $24,193 | | **Adjusted EBITDA** | **$10,219** | [Use and Explanation of Non-GAAP Financial Measures](index=12&type=section&id=Use%20and%20Explanation%20of%20Non-GAAP%20Financial%20Measures) Bloom Energy explains its use of non-GAAP financial measures to supplement GAAP results, believing these provide a more meaningful evaluation of ongoing operational performance by excluding certain non-cash or non-recurring items, while acknowledging their limitations and encouraging careful review of reconciliations - Management uses non-GAAP measures to evaluate historical and prospective financial performance and to better understand the company's consolidated financial performance, as they believe excluded items are not reflective of ongoing operating results[24](index=24&type=chunk) - Key items excluded from non-GAAP calculations include: **stock-based compensation**, **gain/loss for non-controlling interests**, **fair value adjustments of derivative liabilities**, **loss on debt extinguishment**, and **restructuring charges**[24](index=24&type=chunk)[25](index=25&type=chunk) - The company acknowledges that non-GAAP measures have limitations, such as excluding material expenses and potential differences in calculation methods compared to other companies, and compensates by relying primarily on GAAP results and providing detailed reconciliations[27](index=27&type=chunk)[29](index=29&type=chunk)

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