Bloom Energy(US:BE)2025-07-31 21:16Financial Performance - Total revenue for Q2 2025 was $401,242,000, representing a 19.5% increase from $335,767,000 in Q2 2024[14] - Product revenue increased to $296,611,000 in Q2 2025, up 31.0% from $226,308,000 in Q2 2024[14] - Gross profit for the first half of 2025 was $195,830,000, compared to $106,598,000 in the same period of 2024, reflecting an 83.6% increase[14] - The company reported a comprehensive loss attributable to common stockholders of $41,155,000 for Q2 2025, compared to $61,949,000 in Q2 2024[16] - The company reported a net loss of $42,619 thousand for the three months ended June 30, 2025, compared to a net loss of $61,787 thousand for the same period in 2024, indicating an improvement of approximately 30.9%[20] - Net loss for the six months ended June 30, 2025, was $65.6 million, a decrease from a net loss of $117.7 million in the same period of 2024[25] - Total revenue from contracts with customers for the six months ended June 30, 2025, was $715.5 million, compared to $552.5 million for the same period in 2024, reflecting a year-over-year increase of approximately 29.5%[52] - The company recognized $541.1 million in revenue for the six months ended June 30, 2025, compared to $422.3 million for the same period in 2024, indicating a growth of approximately 28.2%[50] Cash and Liquidity - Cash and cash equivalents decreased to $574,764,000 as of June 30, 2025, down from $802,851,000 at the end of 2024[11] - The company reported cash and cash equivalents of $574.8 million as of June 30, 2025, compared to $802.9 million as of December 31, 2024[54] - Cash, cash equivalents, and restricted cash decreased to $606.0 million as of June 30, 2025, from $637.8 million at the end of the previous period[25] - The company had $1.1 billion in cash equivalents and restricted cash as of June 30, 2025, down from $950.9 million at the end of December 31, 2024[54] - Cash flows from operating activities resulted in a net cash used of $323.8 million for the six months ended June 30, 2025, compared to $322.8 million for the same period in 2024[25] - Cash paid during the period for interest was $26.7 million for the six months ended June 30, 2025[25] Expenses and Liabilities - Research and development expenses for Q2 2025 were $40,768,000, up from $37,364,000 in Q2 2024, indicating a 10.3% increase[14] - Total current liabilities decreased significantly to $387,339,000 from $636,758,000 year-over-year[11] - Total accrued expenses and other current liabilities were $116,619,000 as of June 30, 2025, down 15.7% from $138,450,000 at the end of 2024[69] - The company incurred a depreciation and amortization expense of $24.6 million for the six months ended June 30, 2025[25] - The company recorded a $32.3 million loss on early extinguishment of debt due to the exchange of $112.8 million in 2.5% Green Notes for $115.7 million in 3.0% Green Notes[31] Equity and Shares - Total equity attributable to common stockholders increased to $594,581 thousand as of June 30, 2025, up from $578,271 thousand at March 31, 2025, reflecting a growth of approximately 2.3%[20] - The total number of common shares outstanding increased to 233,661,168 as of June 30, 2025, from 231,969,446 shares at March 31, 2025, representing an increase of about 0.7%[20] - The company had a weighted average of 232,542,000 shares used to compute net loss per share for Q2 2025, compared to 227,167,000 shares in Q2 2024[14] Revenue Sources - Revenue in the U.S. accounted for 58% of total revenue for the six months ended June 30, 2025, down from 65% in the same period of 2024[39] - For the three months ended June 30, 2025, four customers accounted for approximately 30%, 18%, 15%, and 11% of total revenue, while for the six months, two customers represented approximately 33% and 23% of total revenue[41] - The portion of total revenue attributable to direct purchase options was 97% for the six months ended June 30, 2025[193] Market and Strategic Developments - Bloom Energy has deployed over 1.5 gigawatts of low-carbon power across more than 1,200 installations globally[148] - The Company anticipates that its energy solutions will become more cost-competitive as utility rates are expected to rise due to infrastructure investments over the next five years[158] - The global energy transition is creating both challenges and opportunities, impacting sales cycles and customer decision-making processes[149] - The Company is working to align its development and sourcing strategies with new compliance requirements under the OBBBA, which restores the ITC at 30% for fuel cell projects starting construction after December 31, 2026[162] - The Company has experienced lengthening sales cycles, which may adversely impact revenue, margins, and cash flow if anticipated bookings are delayed[169] Stock-Based Compensation - Stock-based compensation expense for the three months ended June 30, 2025, was $30.2 million, up 55.3% from $19.4 million in the same period of 2024[102] - For the six months ended June 30, 2025, stock-based compensation expense totaled $62.4 million, an increase of 63.0% compared to $38.3 million for the same period in 2024[102] - The company recognized $25.9 million and $54.7 million in stock-based compensation costs for stock awards during the three and six months ended June 30, 2025, respectively, compared to $15.5 million and $33.4 million in the same periods of 2024[107] - As of June 30, 2025, the unrecognized stock-based compensation expense related to unvested stock awards was $235.1 million, expected to be recognized over a weighted average period of 2.3 years[108] Debt and Financing - Total outstanding recourse and non-recourse debt as of June 30, 2025, was $1,128.5 million, with $3.7 million classified as short-term debt[31] - The company had $518,225,000 in 3.0% Green Convertible Senior Notes due June 2029, with a net carrying value of $505,165,000[72] - The maximum number of shares into which the 3.0% Green Notes due June 2029 could be converted was 32,944,961 as of June 30, 2025[75] - Total debt as of June 30, 2025, was $1,157,390,000, an increase from $1,154,057,000 as of December 31, 2024[72]