Bloom Energy(US:BE)2024-05-09 20:03Revenue and Financial Performance - Revenue for Q1 2024 was $235.3 million[13] - Revenue for Q1'24 was $235.3 million, a 14.5% decrease compared to $275.2 million in Q1'23[52] - Total revenue for Q1 2024 was $235.3 million, a decrease from $356.9 million in Q4 2023 and $275.2 million in Q1 2023[65] - Q1'24 revenue decreased to $235.3 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 $234.4 million in Q1'23[52] - Related party revenue for Q1 2024 was $122.2 million, compared to $126.2 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 $38.1 million, down from $92.4 million in Q4 2023 and $54.3 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 $14.7 million compared to $63.7 million in Q1'23[52] - Non-GAAP operating loss for Q1'24 was $30.7 million, an improvement of $3.4 million compared to $34.1 million in Q1'23[52] - Operating loss in Q1'24 was $49.0 million, compared to an operating income of $12.9 million in Q4'23 and a loss of $63.7 million in Q1'23[82] - Operating expenses in Q1'24 were $87.1 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 $79.5 million in Q4 2023 but down from $117.9 million in Q1 2023[65] - Research and development expenses for Q1 2024 were $35.5 million, up from $33.6 million in Q4 2023 but down from $45.7 million in Q1 2023[65] Net Loss and Earnings - Adjusted Net Loss for Q1 2024 was $(38,432) thousand, compared to $19,421 thousand in Q4 2023 and $(45,445) thousand in Q1 2023[31] - Net loss for Q1 2024 was $56.5 million, compared to a net income of $4.1 million in Q4 2023 and a net loss of $74.9 million in Q1 2023[65] - Net loss to common stockholders in Q1'24 was $57.5 million, compared to a net income of $4.5 million in Q4'23 and a loss of $71.6 million in Q1'23[82] - GAAP EPS, diluted, was $(0.25) in Q1'24, compared to $0.02 in Q4'23 and $(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 $121,833 thousand in Q4 2023 and $(314,710) thousand in Q1 2023[5] - Cash and cash equivalents decreased to $515,957 thousand in Q1 2024 from $664,593 thousand in Q1 2023[20] - Net cash provided by financing activities for Q1 2024 was $7,150 thousand, compared to $1,188 thousand in Q4 2023 and $306,487 thousand in Q1 2023[28] Balance Sheet and Assets - Total assets decreased to $2,286,054 thousand in Q1 2024 from $2,413,677 thousand in Q1 2023[20] - Inventories increased to $526,351 thousand in Q1 2024 from $502,515 thousand in Q1 2023[20] - Accounts payable decreased to $94,231 thousand in Q1 2024 from $132,078 thousand in Q1 2023[20] - Deferred revenue and customer deposits decreased to $94,696 thousand in Q1 2024 from $128,922 thousand in Q1 2023[20] - Total stockholders' equity as of March 31, 2024 was $489.2 million, down from $520.7 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 $18,860 thousand, compared to $7,500 thousand in Q4 2023 and $29,553 thousand in Q1 2023[31] - Stock-based compensation expense for Q1'24 was $18.9 million, compared to $7.5 million in Q4'23 and $29.6 million in Q1'23[36] - Adjusted EBITDA for Q1'24 was $(18.2) million, compared to $39.8 million in Q4'23 and $(15.9) million in Q1'23[41] Outlook and Strategic Focus - Bloom Energy reaffirms its 2024 outlook with expected revenue of $1.4 - $1.6 billion and non-GAAP gross margin of ~28%[56] - Non-GAAP operating income for 2024 is projected to be between $75 - $100 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 $8.4 million in Q4'23 and $7.9 million in Q1'23[82]