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Bloom Energy(BE) - 2024 Q1 - Quarterly Results
BEBloom Energy(BE)2024-05-09 20:03

Revenue and Financial Performance - Revenue for Q1 2024 was 235.3million[13]−RevenueforQ1′24was235.3 million[13] - Revenue for Q1'24 was 235.3 million, a 14.5% decrease compared to 275.2millioninQ1′23[52]−TotalrevenueforQ12024was275.2 million in Q1'23[52] - Total revenue for Q1 2024 was 235.3 million, a decrease from 356.9millioninQ42023and356.9 million in Q4 2023 and 275.2 million in Q1 2023[65] - Q1'24 revenue decreased to 235.3million,down34.1235.3 million, down 34.1% from Q4'23 and 14.5% from Q1'23[82] - Product and service revenue for Q1'24 was 209.8 million, a 10.5% decrease compared to 234.4millioninQ1′23[52]−RelatedpartyrevenueforQ12024was234.4 million in Q1'23[52] - Related party revenue for Q1 2024 was 122.2 million, compared to 126.2millioninQ42023and126.2 million in Q4 2023 and 0.8 million in Q1 2023[59] Gross Margin and Profitability - Gross margin for Q1'24 was 16.2%, a decrease of 3.5 percentage points compared to 19.7% in Q1'23[52] - Non-GAAP gross margin for Q1'24 was 17.5%, a decrease of 3.7 percentage points compared to 21.2% in Q1'23[52] - Gross profit for Q1 2024 was 38.1million,downfrom38.1 million, down from 92.4 million in Q4 2023 and 54.3millioninQ12023[65]−GAAPgrossmarginforQ12024was16.254.3 million in Q1 2023[65] - GAAP gross margin for Q1 2024 was 16.2%, down from 25.9% in Q4 2023 and 19.7% in Q1 2023[78] - Non-GAAP gross margin for Q1 2024 was 17.5%, compared to 27.4% in Q4 2023 and 21.2% in Q1 2023[78] - Gross margin for Q1'24 was 16.2%, a decline from 25.9% in Q4'23 and 19.7% in Q1'23[82] Operating Performance - Operating loss for Q1'24 was 49.0 million, an improvement of 14.7millioncomparedto14.7 million compared to 63.7 million in Q1'23[52] - Non-GAAP operating loss for Q1'24 was 30.7million,animprovementof30.7 million, an improvement of 3.4 million compared to 34.1millioninQ1′23[52]−OperatinglossinQ1′24was34.1 million in Q1'23[52] - Operating loss in Q1'24 was 49.0 million, compared to an operating income of 12.9millioninQ4′23andalossof12.9 million in Q4'23 and a loss of 63.7 million in Q1'23[82] - Operating expenses in Q1'24 were 87.1million,up9.687.1 million, up 9.6% from Q4'23 but down 26.2% from Q1'23[82] - Total operating expenses for Q1 2024 were 87.1 million, up from 79.5millioninQ42023butdownfrom79.5 million in Q4 2023 but down from 117.9 million in Q1 2023[65] - Research and development expenses for Q1 2024 were 35.5million,upfrom35.5 million, up from 33.6 million in Q4 2023 but down from 45.7millioninQ12023[65]NetLossandEarnings−AdjustedNetLossforQ12024was45.7 million in Q1 2023[65] Net Loss and Earnings - Adjusted Net Loss for Q1 2024 was (38,432) thousand, compared to 19,421thousandinQ42023and19,421 thousand in Q4 2023 and (45,445) thousand in Q1 2023[31] - Net loss for Q1 2024 was 56.5million,comparedtoanetincomeof56.5 million, compared to a net income of 4.1 million in Q4 2023 and a net loss of 74.9millioninQ12023[65]−NetlosstocommonstockholdersinQ1′24was74.9 million in Q1 2023[65] - Net loss to common stockholders in Q1'24 was 57.5 million, compared to a net income of 4.5millioninQ4′23andalossof4.5 million in Q4'23 and a loss of 71.6 million in Q1'23[82] - GAAP EPS, diluted, was (0.25)inQ1′24,comparedto(0.25) in Q1'24, compared to 0.02 in Q4'23 and (0.35)inQ1′23[82]CashFlowandLiquidity−NetcashusedinoperatingactivitiesforQ12024was(0.35) in Q1'23[82] Cash Flow and Liquidity - Net cash used in operating activities for Q1 2024 was (147,266) thousand, compared to 121,833thousandinQ42023and121,833 thousand in Q4 2023 and (314,710) thousand in Q1 2023[5] - Cash and cash equivalents decreased to 515,957thousandinQ12024from515,957 thousand in Q1 2024 from 664,593 thousand in Q1 2023[20] - Net cash provided by financing activities for Q1 2024 was 7,150thousand,comparedto7,150 thousand, compared to 1,188 thousand in Q4 2023 and 306,487thousandinQ12023[28]BalanceSheetandAssets−Totalassetsdecreasedto306,487 thousand in Q1 2023[28] Balance Sheet and Assets - Total assets decreased to 2,286,054 thousand in Q1 2024 from 2,413,677thousandinQ12023[20]−Inventoriesincreasedto2,413,677 thousand in Q1 2023[20] - Inventories increased to 526,351 thousand in Q1 2024 from 502,515thousandinQ12023[20]−Accountspayabledecreasedto502,515 thousand in Q1 2023[20] - Accounts payable decreased to 94,231 thousand in Q1 2024 from 132,078thousandinQ12023[20]−Deferredrevenueandcustomerdepositsdecreasedto132,078 thousand in Q1 2023[20] - Deferred revenue and customer deposits decreased to 94,696 thousand in Q1 2024 from 128,922thousandinQ12023[20]−Totalstockholders′equityasofMarch31,2024was128,922 thousand in Q1 2023[20] - Total stockholders' equity as of March 31, 2024 was 489.2 million, down from 520.7millionasofDecember31,2023[72]−ThecompanyhasavariableinterestentityrelatedtoajointventureintheRepublicofKorea,withrelatedpartybalancesof520.7 million as of December 31, 2023[72] - The company has a variable interest entity related to a joint venture in the Republic of Korea, with related party balances of 292.4 million as of March 31, 2024[75] Stock-Based Compensation and Non-GAAP Metrics - Stock-based compensation expense for Q1 2024 was 18,860thousand,comparedto18,860 thousand, compared to 7,500 thousand in Q4 2023 and 29,553thousandinQ12023[31]−Stock−basedcompensationexpenseforQ1′24was29,553 thousand in Q1 2023[31] - Stock-based compensation expense for Q1'24 was 18.9 million, compared to 7.5millioninQ4′23and7.5 million in Q4'23 and 29.6 million in Q1'23[36] - Adjusted EBITDA for Q1'24 was (18.2)million,comparedto(18.2) million, compared to 39.8 million in Q4'23 and (15.9)millioninQ1′23[41]OutlookandStrategicFocus−BloomEnergyreaffirmsits2024outlookwithexpectedrevenueof(15.9) million in Q1'23[41] Outlook and Strategic Focus - Bloom Energy reaffirms its 2024 outlook with expected revenue of 1.4 - 1.6billionandnon−GAAPgrossmarginof 281.6 billion and non-GAAP gross margin of ~28%[56] - Non-GAAP operating income for 2024 is projected to be between 75 - 100million[56]−BloomEnergy′ssolidoxideplatformistransformingdistributedgenerationofelectricityandhydrogen,targetinganet−zerofuture[83]Non−OperatingExpenses−Non−operatingexpensesinQ1′24were100 million[56] - Bloom Energy's solid oxide platform is transforming distributed generation of electricity and hydrogen, targeting a net-zero future[83] Non-Operating Expenses - Non-operating expenses in Q1'24 were 8.5 million, slightly up from 8.4millioninQ4′23and8.4 million in Q4'23 and 7.9 million in Q1'23[82]