Bloom Energy(BE)2024-11-07 22:24Revenue Performance - Total revenue for the three months ended September 30, 2024, was 400.3 million in the same period of 2023[9]. - Product revenue for the three months ended September 30, 2024, was 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 383.4 million in 2023[47]. - Total revenue from contracts with customers decreased to 927,501,000 for the same period in 2023, a decrease of about 5.7%[47]. - The company reported a total of 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 169.0 million in the same period of 2023[9]. - The company reported a loss from operations 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 169.3 million in the same period of 2023[10]. - The net loss for the nine months ended September 30, 2024, was 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 35.1 million in the same period of 2023[9]. - Total operating expenses for the three months ended September 30, 2024, were 98.5 million in the same period of 2023[9]. - The company reported stock-based compensation expense of 77,160 in 2023, a reduction of approximately 28.7%[18]. Equity and Stockholder Information - Total stockholders' equity as of September 30, 2024, was 520.7 million as of December 31, 2023[6]. - The total stockholders' equity as of September 30, 2024, was 446.55 million as of June 30, 2024[12]. - The total equity attributable to common stockholders increased from 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 494.36 million in 2023, reflecting a 20.6% improvement[18]. - The company reported a cash balance of 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 389.7 million after costs[25]. - As of September 30, 2024, total debt amounted to 1,150,000,000 and non-recourse debt at 1,154.563 million, with 402.5 million thereafter[96]. Inventory and Asset Management - Inventory increased to 502,515,000 as of December 31, 2023, with raw materials rising to 484,505,000 as of September 30, 2024, compared to 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 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 36.1 million as of December 31, 2023[156].