Bloom Energy(BE)2024-11-07 22:24Revenue 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].