Bloom Energy Announces Second Quarter 2020 Preliminary Financial Results

Bloom Energy Corporation (NYSE: BE) today announced financial results for the second quarter ended June 30, 2020. The Company has issued a shareholder letter discussing its second quarter 2020 financial results, and it may be accessed on the Investor Relations section of the Company’s website at: https://investor.bloomenergy.com.

Key highlights from the second quarter include:

• Revenue of $187.9 million, GAAP gross margin of 14.0% and net loss of $42.5 million. Excluding stock-based compensation, Bloom achieved 16.5% gross margin and $2.1 million adjusted EBITDA*. Both revenue and adjusted EBITDA were above consensus estimates.
• Q2 acceptances of 306, a 19.5% increase from the first quarter of 2020. The acceptances during the quarter represented 10 different end customers, across four industries and two countries.

Commenting on second quarter results, KR Sridhar, founder, chairman and CEO, Bloom Energy said:

“Our business grew in Q2 2020 with acceptances increasing 19.5% sequentially from Q1 2020. Now, more than ever, it is apparent how vulnerable the entire economy is to disruptions that impact the production and distribution of goods and services. Our business has proven to be resilient and our products offer resilience. We remain focused on delivering reliable, localized power solutions to the world. We will continue the push to innovate and execute while reimagining future operating models that will sustainably power communities.”

Outlook for Q3 of FY20:

Due to the uncertainties resulting from the global economic impact of the coronavirus ("COVID-19"), Bloom Energy will not be providing guidance for the third quarter of 2020.

Bloom Energy will hold a conference call today to discuss its financial results and to provide an update on the business. The details are included at the end of the release.

Executive Appointment

The Company also announced the appointment of Sharelynn Moore as executive vice president and chief marketing officer, effective August 3, 2020. Moore will replace Bloom Energy’s current EVP and CMO Matt Ross, who will be departing to focus on a significant health challenge.

Sridhar commented, “Our Board and leadership team are thrilled to welcome Sharelynn to Bloom Energy. She is a proven leader that brings over two decades of experience to Bloom, where she will help us drive growth and enhance capabilities to accelerate our business to new heights. We also want to thank Matt for his significant accomplishments and contributions and wish him the very best in overcoming his health challenge.”