Bloom Energy ( (BE) ) has released its Q3 earnings. Here is a breakdown of the information Bloom Energy presented to its investors.
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Bloom Energy Corporation, operating in the clean energy sector, is known for its innovative solid oxide platform for distributed electricity and hydrogen generation, catering primarily to major corporations aiming for a net-zero future.
In its third-quarter 2024 earnings report, Bloom Energy disclosed a revenue of $330.4 million, reflecting a 17.5% decline year-over-year. However, the company highlighted a significant milestone with the announcement of the world’s largest fuel cell installation, set to commence operations in 2025.
The financial results revealed a mixed performance with a gross margin increase to 23.8%, an improvement from the previous year’s negative margin, although non-GAAP gross margin decreased to 25.2%. The company reported an operating loss of $9.7 million, a notable improvement from the previous year’s loss, while achieving a non-GAAP operating profit of $8.1 million, albeit lower than last year. Bloom Energy’s strategic partnerships, notably with SK Eternix for the 80 MW power project, underscore their commitment to advancing fuel cell technology at scale.
Bloom Energy’s reaffirmation of its 2024 financial guidance reflects its confidence in the project-based business model, despite quarterly variability. The company projects revenue between $1.4 billion and $1.6 billion and a non-GAAP operating income of $75 to $100 million for the full year.
Looking ahead, Bloom Energy remains optimistic about its capability to execute identified projects and expand its influence in the clean energy market, driven by strategic partnerships and innovation in fuel cell technology.
