Slide 1: Q2 2024 Earnings
Q2 2024 Earnings August 8, 2024
Slide 2: Forward-looking statements and non-GAAP financial measures
Forward-looking statements and non-GAAP financial measures This presentation contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our futur
Slide 3: Financial performance
Financial performance $ in millions Q2’24 Q2’23 YoY Total Revenue $335.8 $301.1 11.5% Product & Service Revenue $278.8 $257.0 8.5% Non-GAAP Gross Margin1 21.8% 20.4% 1.4 pts Non-GAAP Operating Loss1 ($3.2) ($25.9) $22.7 Adjusted EBITDA1 $10.2 ($8.4) $18.6 Non-GAAP EPS1 ($0.06) ($0.17) $0.11 Note: Do
Slide 4: Revenue and margin analysis – Q2'24
Revenue and margin analysis – Q2’24 Q2’24 Q2’23 Non-GAAP Non-GAAP Non-GAAP Non-GAAP $ in millions Revenue gross profit Revenue gross profit gross margin1 gross margin1 (loss)1 (loss)1 Product $226.3 $67.5 29.8% $214.7 $72.2 33.6% Service 52.5 1.6 3.0% 42.3 (13.6) (32.1%) Install 42.7 (1.0) (2.2%) 24
Slide 5: Cash flow and debt analysis
Cash flow and debt analysis Cash balances Cash flows ($ in millions) Q2’24 Q1’24 Q2’23 ($ in millions) Q2’24 Q1’24 Q2’23 Beginning balance $ 582.7 $ 745.2 $ 483.4 Restricted $56.1 $66.7 $155.5 Unrestricted 581.7 516.0 767.1 Operating cash (CFOA) (175.5) (147.3) (46.5) Total cash $637.8 $582.7 $922.5
Slide 6: Non-GAAP operating expenses overview
1 Non-GAAP operating expenses overview $ in millions Continue to Invest $76 For Growth: $72 • Investing in technology roadmap Research and $31 development $30 • Electrolyzers Sales and $15 • Hydrogen fuel cells $12 marketing • Carbon capture General and $30 $30 • Expanding domestic and administrativ
Slide 7: Reaffirming 2024 guidance
Reaffirming 2024 guidance Metric 2024 Outlook Total Revenue $1.4-1.6B Non-GAAP Gross Margin1 ~28% Non-GAAP Operating Income1 $75-$100M 1. With respect to Bloom’s expectations regarding its 2024 Outlook. Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP
Slide 8: Appendix
Appendix Q2 2024 Bloomenersy
Slide 9: GAAP to Non-GAAP reconciliation: Gross profit and margin
GAAP to Non-GAAP reconciliation: Gross profit and margin $ in millions Q2’24 Q2’23 GAAP revenue $335.8 $301.1 GAAP cost of sales 267.2 244.7 GAAP gross profit $68.5 $56.4 Non-GAAP adjustments: Stock-based compensation expense 4.1 5.1 Restructuring 0.1 - Other 0.4 - Non-GAAP gross profit $73.2 $61.4
Slide 10: GAAP to Non-GAAP reconciliation: Operating loss and margin
GAAP to Non-GAAP reconciliation: Operating loss and margin $ in millions Q2’24 Q2’23 GAAP operating loss ($23.1) ($54.5) Non-GAAP adjustments: Stock-based compensation expense 19.4 28.5 Restructuring 0.1 - Other 0.4 - Non-GAAP operating loss ($3.2) ($25.9) GAAP operating margin (6.9%) (18.1%) Non-GA
Slide 11: GAAP to Non-GAAP reconciliation: Net loss and EPS
GAAP to Non-GAAP reconciliation: Net loss and EPS Diluted loss Diluted loss $ in millions, except per share Q2’24 Q2’23 per share per share GAAP net loss to common stockholders ($61.8) ($0.27) ($66.1) ($0.32) Non-GAAP adjustments: Gain (loss) for non-controlling interests 0.6 0.00 (3.0) (0.01) Loss
Slide 12: GAAP to Non-GAAP reconciliation: Adjusted EBITDA
GAAP to Non-GAAP reconciliation: Adjusted EBITDA $ in millions Q2’24 Q2’23 GAAP net loss to common stockholders $(61.8) ($66.1) Non-GAAP adjustments:1 Add: Gain (loss) for non-controlling interests 0.6 (3.0) Loss on derivatives liabilities 0.1 1.2 Loss on extinguishment of debt 27.2 2.9 Stock-based
Slide 13: GAAP to Non-GAAP reconciliation: Diluted loss per share
GAAP to Non-GAAP reconciliation: Diluted loss per share $ and count in millions, except per share Q2’24 Q2’23 Numerator: GAAP net loss to common stockholders ($61.8) ($66.1) Non-GAAP net loss to common stockholders ($14.0) ($36.5) Denominator: Weighted-average shares used to compute basic net loss p
Slide 14: GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin
GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin $ in Q2’24 Q2’23 millions Non- Non- GAAP GAAP Non- GAAP Non-GAAP Non- GAAP Non-GAAP gross gross Revenue GAAP gross gross Revenue GAAP gross gross profit profit Adj 1 profit margin Adj 1 profit margin (loss) (loss) (loss) (loss) Product
Slide 15: What Powers You
What Bloomenergy | Powers You