Bloom Energy(BE)2024-11-10 07:29Investment Rating - The report maintains a revenue guidance for Bloom Energy for FY2024 at $1.4 to $1.6 billion, representing a year-over-year growth of 5-20% [1][2] Core Insights - Bloom Energy's Q3 performance was disappointing, with reported revenue of $330 million, aligning with market expectations, but a net loss of $15 million was significantly below the anticipated profit of $19 million [1][2] - The company reiterated its FY2024 guidance for gross margin and revenue, emphasizing that it has signed and deployed power capacity agreements related to data centers exceeding 300 MW [1][2] - The adjusted EBITDA for Q3 was $21 million, falling short of the expected $49 million, attributed to lower-than-expected product and service revenues [2] Summary by Sections Financial Performance - Q3 revenue was reported at $330 million, consistent with market expectations, while adjusted net loss was $15 million, contrasting with the expected profit of $19 million [2] - The adjusted EBITDA for Q3 was $21 million, significantly lower than the anticipated $49 million, indicating challenges in revenue generation [2][4] Guidance and Projections - The company reaffirmed its revenue guidance for FY2024 at $1.4 to $1.6 billion, with a projected growth rate of 5-20% year-over-year [1][2] - The non-GAAP gross margin is expected to be 28%, with operating income projected between $75 million and $100 million [1] Market Focus - The average selling price in Q3 was $3,171 per kW, reflecting a 6% decrease from the previous quarter [2] - The company reported that international sales accounted for 48% of total sales in Q3, a significant shift from 17% in the previous quarter [2]