Bloom Energy Corporation · NYSE:BE
Bloom Energy — Q1 2023 Earnings Presentation
16 slides from Bloom Energy's earnings presentation, May 9, 2023
Slide 1: Q1 2023 Earnings
Q1 2023 Earnings May 9, 2023
Slide 2: Forward-looking statements and non-GAAP financial measures
Forward-looking statements and non-GAAP financial measures This press release 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 futu
Slide 3: Financial performance
Financial performance $ in millions Q1’23 Q1’22 YoY • Record first quarter revenue Total Revenue $275.2 $201.0 36.9% • Product costs down 10% versus Product & Service Revenue $234.4 $168.8 38.9% 1Q’22 Non-GAAP Gross Margin1 21.2% 15.8% 5.4 pts • Investing to meet demand Non-GAAP Operating Loss1 ($34
Slide 4: Revenue and margin analysis
Revenue and margin analysis Q1’23 Q1’22 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 $193.7 $66.0 34.1% $133.5 $30.1 22.5% Service 40.7 (9.4) (23.1%) 35.2 (5.7) (16.2%) Install 20.5 (3.5) (17.2%) 13.6
Slide 5: Cash flow and debt analysis
Cash flow and debt analysis Cash flows ($ in millions) Q1’23 Q4’22 Q1’22 Cash balances ($ in millions) Q1’23 Q4’22 Q1’22 Beginning balance $518.4 $669.3 $615.1 Restricted $163.0 $169.9 $207.9 Operating cash (CFOA)1 (314.7) (23.3) (92.4) Unrestricted 320.4 348.5 286.0 Investing cash (26.6) (35.9) (18
Slide 6: Non-GAAP operating expenses overview
Non-GAAP operating expenses1 overview $ in millions Continue to Invest $93 For Growth: $82 Research and • Investing in technology roadmap development $37 $29 • Electrolyzers Sales and • Hydrogen fuel cells marketing $21 $21 • Carbon capture General and $34 $32 • Expanding domestic and administrative
Slide 7: Reaffirming 2023 financial outlook
Reaffirming 2023 financial outlook 2023 Metric Outlook Total Revenue $1.4-1.5B ✓ • On-track for record revenues Product & Service Revenue $1.25-1.35B ✓ • Margins expanding on lower product costs Non-GAAP Gross Margin1 ~25% ✓ • Expect positive cash flow from operating activities (CFOA) Non-GAAP Opera
Slide 8: Appendix
Appendix Q1 2023 Bloomenersy
Slide 9: GAAP to Non-GAAP reconciliation: Gross profit and margin
GAAP to Non-GAAP reconciliation: Gross profit and margin $ in millions Q1’23 Q1’22 GAAP revenue $275.2 $201.0 GAAP cost of sales 220.9 173.1 GAAP gross profit $54.3 $27.9 Non-GAAP adjustments: Stock-based compensation expense 4.2 3.9 Non-GAAP gross profit $58.4 $31.8 GAAP gross margin 19.7% 13.9% No
Slide 10: GAAP to Non-GAAP reconciliation: Operating loss and margin
GAAP to Non-GAAP reconciliation: Operating loss and margin $ in millions Q1’23 Q1’22 GAAP operating loss $(63.7) $(65.7) Non-GAAP adjustments: Stock-based compensation expense 29.6 26.3 Amortization of acquired intangible assets 0.0 - Non-GAAP operating loss $(34.1) $(39.4) GAAP operating margin (23
Slide 11: GAAP to Non-GAAP reconciliation: Net loss and EPS
GAAP to Non-GAAP reconciliation: Net loss and EPS Diluted Diluted $ in millions, except per share Q1’23 earnings Q1’22 earnings per share per share GAAP net loss to common stockholders ($71.6) ($0.35) ($78.4) ($0.44) Non-GAAP adjustments: Loss for non-controlling interest (3.4) (0.02) (4.4) (0.02) G
Slide 12: GAAP to Non-GAAP reconciliation: Adjusted EBITDA
GAAP to Non-GAAP reconciliation: Adjusted EBITDA $ in millions Q1’23 Q1’22 GAAP net loss to common stockholders ($71.6) ($78.4) Non-GAAP adjustments: Loss for non-controlling interest (3.4) (4.4) Gain on derivatives liabilities (0.1) (0.5) Stock-based compensation expense 29.6 26.3 Amortization of a
Slide 13: GAAP to Non-GAAP reconciliation: Diluted earnings per share
GAAP to Non-GAAP reconciliation: Diluted earnings per share $ in millions, except per share Q1’23 Q1’22 Numerator: GAAP net loss to common stockholders ($71.6) ($78.4) Non-GAAP net loss to common stockholders ($45.4) ($57.0) Denominator: Weighted-average shares used to compute basic net earnings per
Slide 14: GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin
GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin $ in millions Q1’23 Q1’22 Non- Non- GAAP GAAP GAAP Non-GAAP GAAP Non-GAAP gross gross Revenue SBC1 gross gross Revenue SBC1 gross gross profit profit profit margin profit margin (loss) (loss) (loss) (loss) Product $ 193.7 $ 64.1 $ 2.0 $
Slide 15: GAAP to Non-GAAP reconciliation: Operating expenses
GAAP to Non-GAAP reconciliation: Operating expenses $ in millions Q1’23 Q1’22 Operating expenses: Research and development $45.7 $34.5 Sales and marketing 27.1 21.3 General and administrative 45.1 37.7 Total GAAP operating expenses $117.9 $93.6 Stock-based compensation expense: Research and developm
Slide 16: What Powers You
What Bloomenergy | Powers You