Bloom Energy Corporation · NYSE:BE
Bloom Energy — Q1 2024 Earnings Presentation
15 slides from Bloom Energy's earnings presentation, May 9, 2024
Slide 1: Q1 2024 Earnings
Q1 2024 Earnings May 9, 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 Q1’24 Q1’23 YoY Total Revenue $235.3 $275.2 (14.5%) Product & Service Revenue $209.8 $234.4 (10.5%) Non-GAAP Gross Margin1 17.5% 21.2% (3.7 pts) Non-GAAP Operating Loss1 ($30.7) ($34.1) $3.4 Adjusted EBITDA1 ($18.2) ($15.9) ($2.3) Non-GAAP EPS1 ($0.17) ($0.22) $0.
Slide 4: Revenue and margin analysis – Q1'24
Revenue and margin analysis – Q1’24 Q1’24 Q1’23 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 $153.4 $39.4 25.7% $193.7 $66.0 34.1% Service 56.5 0.8 1.4% 40.7 (9.4) (23.1%) Install 11.4 (3.4) (29.4%) 20
Slide 5: Cash flow and debt analysis
Cash flow and debt analysis Cash balances Cash flows ($ in millions) Q1’24 Q4’23 Q1’23 ($ in millions) Q1’24 Q4’23 Q1’23 Beginning balance $ 745.2 $ 637.7 $518.4 Restricted $66.7 $80.6 $163.0 Unrestricted 516.0 664.6 320.4 Operating cash (CFOA) (147.3) 121.8 (314.7) Total cash $582.7 $745.2 $483.4 I
Slide 6: Non-GAAP operating expenses overview
Non-GAAP operating expenses1 overview $ in millions Continue to Invest For Growth: $72 $70 • Investing in technology roadmap Research and development $30 $26 • Electrolyzers Sales and • Hydrogen fuel cells $12 $14 marketing • Carbon capture General and administrative $30 $30 • Expanding domestic and
Slide 7: 2024 financial outlook unchanged
2024 financial outlook unchanged 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 no
Slide 8: Appendix
Appendix Q1 2024 Bloomenersy
Slide 9: GAAP to Non-GAAP reconciliation: Gross profit and margin
GAAP to Non-GAAP reconciliation: Gross profit and margin $ in millions Q1’24 Q1’23 GAAP revenue $235.3 $275.2 GAAP cost of sales 197.2 220.9 GAAP gross profit $38.1 $54.3 Non-GAAP adjustments: Stock-based compensation expense 3.8 4.2 Restructuring (0.7) - Non-GAAP gross profit $41.2 $58.4 GAAP gross
Slide 10: GAAP to Non-GAAP reconciliation: Operating loss and margin
GAAP to Non-GAAP reconciliation: Operating loss and margin $ in millions Q1’24 Q1’23 GAAP operating loss ($49.0) ($63.7) Non-GAAP adjustments: Stock-based compensation expense 18.9 29.6 Restructuring (0.6) - Non-GAAP operating loss ($30.7) ($34.1) GAAP operating margin (20.8%) (23.1%) Non-GAAP adjus
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 Q1’24 earnings per Q1’23 earnings per share share GAAP net loss to common stockholders ($57.5) ($0.25) ($71.6) ($0.35)1 Non-GAAP adjustments: Gain (loss) for non-controlling interests 1.0 0.00 (3.4) (0.
Slide 12: GAAP to Non-GAAP reconciliation: Adjusted EBITDA
GAAP to Non-GAAP reconciliation: Adjusted EBITDA $ in millions Q1’24 Q1’23 GAAP net loss to common stockholders $(57.5) ($71.6) Non-GAAP adjustments:1 Add: Gain (loss) for non-controlling interests 1.0 (3.4) Gain on derivatives liabilities (0.2) (0.1) Restructuring (0.6) - Stock-based compensation e
Slide 13: GAAP to Non-GAAP reconciliation: Diluted earnings per share
GAAP to Non-GAAP reconciliation: Diluted earnings per share $ and count in millions, except per share Q1’24 Q1’23 Numerator: GAAP net loss to common stockholders ($57.5) ($71.6) Non-GAAP net loss to common stockholders ($38.4) ($45.4) Denominator: Weighted-average shares used to compute basic net ea
Slide 14: GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin
GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin $ in Q1’24 Q1’23 millions Non- Non- GAAP GAAP Non- Non- GAAP Non-GAAP Non- GAAP gross gross GAAP Revenue GAAP gross gross Revenue GAAP gross profit profit gross Adj 1 profit margin Adj 1 profit (loss) (loss) margin (loss) (loss) Product
Slide 15: What Powers You
What Bloomenergy | Powers You