Q3 2024 Earnings November 7, 2024 Forward-looking statements and non-GAAP financial measures This presentation 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," ...

Core Viewpoint - Bloom Energy reported a quarterly loss of $0.01 per share, missing the Zacks Consensus Estimate of $0.09, and down from earnings of $0.15 per share a year ago, indicating a significant earnings surprise of -111.11% [1][2] Financial Performance - The company posted revenues of $330.4 million for the quarter ended September 2024, which was 14.38% below the Zacks Consensus Estimate and a decrease from $400.27 million in the same quarter last year [2] - Over the last four quarters, Bloom Energy has not surpassed consensus EPS estimates and has only topped revenue estimates once [2] Stock Performance - Bloom Energy shares have declined approximately 25.9% since the beginning of the year, contrasting with the S&P 500's gain of 24.3% [3] - The current Zacks Rank for Bloom Energy is 4 (Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.27 on revenues of $499.6 million, and for the current fiscal year, it is $0.13 on revenues of $1.47 billion [7] - The trend for estimate revisions ahead of the earnings release has been unfavorable, which may impact future stock movements [6] Industry Context - The Alternative Energy - Other industry, to which Bloom Energy belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, suggesting potential challenges for stocks in this sector [8]

Revenue Performance - Total revenue for the three months ended September 30, 2024, was $330.4 million, a decrease of 17.4% compared to $400.3 million in the same period of 2023[9]. - Product revenue for the three months ended September 30, 2024, was $233.8 million, down 23.3% from $305.0 million in the same period of 2023[9]. - Total revenue from contracts with customers for the three months ended September 30, 2024, was $321.8 million, a decrease of 16% compared to $383.4 million in 2023[47]. - Total revenue from contracts with customers decreased to $874,435,000 in Q3 2024 from $927,501,000 for the same period in 2023, a decrease of about 5.7%[47]. - The company reported a total of $901,463,000 in revenue for the nine months ended September 30, 2024, compared to $976,554,000 in the same period of 2023, a decline of approximately 7.7%[47]. Financial Losses and Improvements - Net loss attributable to common stockholders for the three months ended September 30, 2024, was $14.7 million, compared to a net loss of $169.0 million in the same period of 2023[9]. - The company reported a loss from operations of $9.7 million for the three months ended September 30, 2024, significantly improved from a loss of $103.7 million in the same period of 2023[9]. - Comprehensive loss attributable to common stockholders for the three months ended September 30, 2024, was $14.2 million, compared to $169.3 million in the same period of 2023[10]. - The net loss for the nine months ended September 30, 2024, was $132.36 million, a significant improvement from a net loss of $312.05 million in the same period of 2023, representing a reduction of approximately 57.6%[18]. Expenses and Cost Management - Research and development expenses for the three months ended September 30, 2024, were $36.3 million, slightly up from $35.1 million in the same period of 2023[9]. - Total operating expenses for the three months ended September 30, 2024, were $88.4 million, down from $98.5 million in the same period of 2023[9]. - The company reported stock-based compensation expense of $55,016 for the nine months ended September 30, 2024, down from $77,160 in 2023, a reduction of approximately 28.7%[18]. Equity and Stockholder Information - Total stockholders' equity as of September 30, 2024, was $455.0 million, down from $520.7 million as of December 31, 2023[6]. - The total stockholders' equity as of September 30, 2024, was $454.99 million, an increase from $446.55 million as of June 30, 2024[12]. - The total equity attributable to common stockholders increased from $430,944,000 at June 30, 2024, to $454,992,000 at September 30, 2024, reflecting a growth of approximately 5.6%[12]. Cash Flow and Liquidity - Cash used in operating activities decreased to $392.23 million for the nine months ended September 30, 2024, compared to $494.36 million in 2023, reflecting a 20.6% improvement[18]. - The company reported a cash balance of $549.15 million at the end of the period, down from $637.70 million at the end of September 2023[18]. - The company anticipates that existing cash and expected operating cash flows will be sufficient to meet operational and capital cash flow requirements for the next 12 months[27]. Debt and Financing Activities - The company issued $402.5 million in 3% Green Convertible Senior Notes due June 2029, with net proceeds of $389.7 million after costs[25]. - As of September 30, 2024, total debt amounted to $1,154,563,000, with recourse debt at $1,150,000,000 and non-recourse debt at $4,563,000[71]. - The repayment schedule indicates a total outstanding loan principal of $1,154.563 million, with $632.5 million due in 2028 and $402.5 million thereafter[96]. Inventory and Asset Management - Inventory increased to $584,484,000 as of September 30, 2024, up from $502,515,000 as of December 31, 2023, with raw materials rising to $339,023,000[60]. - The company’s property, plant, and equipment net value was $484,505,000 as of September 30, 2024, compared to $493,352,000 as of December 31, 2023[63]. - Accounts receivable increased by $250.1 million for the nine months ended September 30, 2024, driven by transaction timing and changes in customer mix[40]. Tax and Regulatory Matters - For the three months ended September 30, 2024, the company recorded a pre-tax loss of $14.5 million, with an income tax provision of $0.1 million, resulting in an effective tax rate of (0.8)%[149]. - The effective tax rate for the three and nine months ended September 30, 2024, is lower than the statutory federal tax rate primarily due to a full valuation allowance against U.S. deferred tax assets[150]. Joint Ventures and Partnerships - The company entered into an amended joint venture agreement with SK ecoplant in September 2023, allowing SK ecoplant to increase its voting rights in the Korean joint venture to 60%[153]. - The total assets of the Korean joint venture reached $42.7 million as of September 30, 2024, up from $36.1 million as of December 31, 2023[156].

Bloomenergy Bloom Energy Reports Third Quarter 2024 Financial Results Reiterating 2024 Financial Guidance Announcing World's Largest Fuel Cell Installation SAN JOSE, Calif., November 7, 2024 — Bloom Energy Corporation (NYSE: BE) reported today its financial results for the third quarter ended September 30, 2024. The company reported revenue of $330.4 million for the third quarter of 2024. Third Quarter Highlights • Revenue of $330.4 million in the third quarter of 2024, a decrease of 17.5% year-over-year. • ...

Industrial Sector Performance - Industrials stocks have surged over the past year, driven by government spending initiatives such as the Inflation Reduction Act and the CHIPS and Science Act, with the Industrial Select Sector SPDR Fund (XLI) up more than 36% [1] Clean Hydrogen Companies' Struggles - Clean hydrogen companies, focused on sustainable energy using hydrogen, have underperformed compared to the broader industrials sector, with many stocks declining over the past year [2] - McKinsey reduced its U.S. green hydrogen forecast for 2030 by 70%, citing the hydrogen market as broadly uninvestable and national production targets as unattainable [2] Plug Power Inc (PLUG) - Plug Power, a hydrogen fuel cell leader, has seen its stock price drop by almost 63% in the last year, forcing the company to halt a $290-million New York project due to a cash crunch [4] - Despite the decline, analysts remain optimistic, with a consensus price target of $5.01, representing a 135% upside from current levels, though still far below its all-time high of nearly $70 [5] FuelCell Energy Inc (FCEL) - FuelCell Energy, another clean hydrogen firm, has seen its stock price plummet by more than 68% in the last year, trading at just 34 cents per share, as the company struggles to turn a profit or scale production [6] - The company recently signed a memorandum of understanding with Korea Hydro & Nuclear Power Co, potentially leveraging Korea Hydro's power plant infrastructure to pivot toward sustainable energy operations in Asia [7] - Analysts assign a consensus price target of 88 cents per share, a 150% upside, but maintain a Hold rating [8] Bloom Energy Corp (BE) - Bloom Energy, which uses solid oxide fuel cell technology, reported $336 million in revenue for the second quarter, an 11% increase year-over-year, while also improving gross margins [9] - The company has secured new contracts with data center users like CoreWeave, positioning itself favorably in the AI and cloud spaces, with analysts seeing 58% upside potential and nine out of 19 analysts rating it a Buy [9] - Bloom Energy's stock has declined by only 8% in the last year, outperforming other clean hydrogen companies [9] Future Outlook for Clean Hydrogen - As businesses increasingly rely on clean energy, hydrogen firms could benefit from a large-scale shift, though many may struggle without a clear path to growing revenue, margins, and profitability [10] - Bloom Energy stands out among clean hydrogen companies due to its strong positioning in the fast-growing AI and cloud sectors [10]

The market expects Bloom Energy (BE) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released ...

The most recent trading session ended with Bloom Energy (BE) standing at $10.14, reflecting a -0.1% shift from the previouse trading day's closing. This change lagged the S&P 500's 0.16% gain on the day. At the same time, the Dow lost 0.37%, and the tech-heavy Nasdaq gained 0.78%. The developer of fuel cell systems's shares have seen a decrease of 3.88% over the last month, surpassing the Oils-Energy sector's loss of 9.36% and falling behind the S&P 500's gain of 1.67%. The investment community will be payi ...

Company Performance - Bloom Energy's stock closed at $9.73, down 1.42% from the previous trading day, underperforming the S&P 500's loss of 0.05% [1] - The stock has decreased by 9.12% over the past month, contributing to a 9.67% loss in the Oils-Energy sector, while the S&P 500 gained 2.76% [1] - The upcoming earnings report is expected to show an EPS of $0.09, a 40% decline year-over-year, with projected revenue of $385.88 million, down 3.59% from the same quarter last year [1] Earnings Estimates - Full-year Zacks Consensus Estimates predict earnings of $0.13 per share and revenue of $1.47 billion, indicating year-over-year increases of 230% and 9.93%, respectively [2] - Changes in analyst estimates are crucial as they reflect short-term business trends, with positive revisions indicating analyst optimism about the company's profitability [2] Valuation Metrics - Bloom Energy currently has a Zacks Rank of 4 (Sell), with the Zacks Consensus EPS estimate having decreased by 5.29% over the past month [3] - The company is trading at a Forward P/E ratio of 74.77, significantly higher than the industry average of 23.71 [3] - The PEG ratio for Bloom Energy is 2.99, compared to the Alternative Energy - Other industry's average PEG ratio of 2.62 [3] Industry Context - The Alternative Energy - Other industry, part of the Oils-Energy sector, has a Zacks Industry Rank of 203, placing it in the bottom 20% of over 250 industries [3] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [4]

Bloom Energy (BE) closed the most recent trading day at $10.25, moving -1.06% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 0.97% for the day. On the other hand, the Dow registered a gain of 0.3%, and the technology-centric Nasdaq increased by 1.45%. The the stock of developer of fuel cell systems has risen by 6.26% in the past month, leading the Oils-Energy sector's loss of 1.76% and the S&P 500's gain of 5.41%. Market participants will be closely follow ...

Bloom Energy (BE) closed at $10.56 in the latest trading session, marking a -1.31% move from the prior day. This change lagged the S&P 500's daily gain of 0.42%. Elsewhere, the Dow gained 0.04%, while the techheavy Nasdaq added 0.38%. Coming into today, shares of the developer of fuel cell systems had lost 10.16% in the past month. In that same time, the Oils-Energy sector lost 2.47%, while the S&P 500 gained 2.06%. Market participants will be closely following the financial results of Bloom Energy in its u ...