Bloom Energy(US:BE)2025-10-28 21:21Financial Performance - Total revenue for the three months ended September 30, 2025, was $519.048 million, a 57% increase from $330.399 million in the same period of 2024[14] - Product revenue reached $384.314 million for the three months ended September 30, 2025, compared to $233.770 million in the prior year, reflecting a 64% growth[14] - Gross profit for the three months ended September 30, 2025, was $151.675 million, up from $78.734 million in the same quarter of 2024, indicating a significant improvement in profitability[14] - The comprehensive loss attributable to common stockholders for the three months ended September 30, 2025, was $23.47 million, compared to $14.23 million for the same period in 2024, indicating a 64.9% increase[18] - The total comprehensive loss for the three months ended September 30, 2025, was $23.91 million, compared to $13.48 million for the same period in 2024, indicating a 77.5% increase[16] - For the three months ended September 30, 2025, Bloom Energy Corporation reported a net loss of $22.96 million, compared to a net loss of $14.63 million for the same period in 2024, representing a 56.0% increase in losses year-over-year[16] Cash and Liquidity - Cash and cash equivalents decreased to $595.055 million as of September 30, 2025, from $802.851 million as of December 31, 2024[11] - The company ended the period with cash, cash equivalents, and restricted cash totaling $627.015 million, an increase from $549.151 million at the end of the same period in 2024[24] - As of September 30, 2025, the company had unrestricted cash and cash equivalents of $595.1 million, down from $802.9 million as of December 31, 2024[193] Liabilities and Debt - Total current liabilities decreased to $465.951 million as of September 30, 2025, from $636.758 million as of December 31, 2024, showing improved financial stability[11] - Total outstanding recourse and non-recourse debt as of September 30, 2025, was $1.128 billion and $4.3 million, respectively, with $1.4 million classified as short-term debt and $1.1309 billion as long-term debt[30] - 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] - As of September 30, 2025, total debt amounted to $1,154,998 thousand, with recourse debt at $1,150,725 thousand and non-recourse debt at $4,273 thousand[86] Equity and Stock - The company reported a total equity attributable to common stockholders of $653.070 million as of September 30, 2025, up from $562.471 million at the end of 2024[11] - The total equity attributable to common stockholders increased to $653.07 million as of September 30, 2025, up from $430.94 million as of September 30, 2024, reflecting a growth of 51.5%[19] - The total number of shares available for grant under stock plans increased to 41,853,133 as of September 30, 2025, from 35,263,475 at the end of 2024[129] Research and Development - Research and development expenses for the three months ended September 30, 2025, were $48.724 million, an increase from $36.315 million in the same period of 2024, highlighting ongoing investment in innovation[14] Customer and Revenue Concentration - One related party customer accounted for approximately 55% of total revenue for the three months ended September 30, 2025, while three customers accounted for 23%, 19%, and 15% of total revenue for the nine months ended September 30, 2025[41] - The portion of total revenue from direct purchases (including third-party PPAs and international channels) was 98% for the three months ended September 30, 2025, compared to 94% for the same period in 2024[207] Market and Operational Insights - Bloom Energy has deployed over 1.5 gigawatts of low-carbon power across more than 1,200 sites globally[164] - The company anticipates increased customer interest in its power solutions due to rising electricity rates and energy security concerns[165] - The ongoing geopolitical stresses have raised concerns regarding natural gas supply and pricing, impacting customer buying decisions[165] - Demand for power is significantly outpacing available grid-based generation supply, with nearly 2,300 gigawatts (GW) of generation and storage capacity seeking grid connection by the end of 2024, almost double the current installed capacity[170] Future Outlook and Challenges - The expiration of the ITC for fuel cells operating on non-zero-carbon fuels on December 31, 2024, may impact future project economics[176] - Supply chain constraints and trade tariff uncertainties are expected to adversely impact gross margin by approximately 1% for the fiscal year 2025[184] - The company is facing challenges in hiring and retention, which may impact manufacturing capabilities despite recent improvements[189] Stock-Based Compensation - Stock-based compensation expense for the three months ended September 30, 2025, was $37.37 million, compared to $17.78 million for the same period in 2024, representing a 109.1% increase[18] - The intrinsic value of stock options exercised during the three months ended September 30, 2025, was $26.8 million, significantly higher than $0.1 million in the same period of 2024[119] Tax Provisions - For the three months ended September 30, 2025, the company recorded an income tax provision of $0.3 million on a pre-tax loss of $22.6 million, resulting in an effective tax rate of (1.5)%[157] - The effective tax rate for the nine months ended September 30, 2025, was (2.1)% on a pre-tax loss of $86.8 million, compared to (0.4)% for the same period in 2024[157]