Bloom Energy Corporation · NYSE:BE
Bloom Energy — Q4 2024 Earnings Presentation
19 slides from Bloom Energy's earnings presentation, Feb 27, 2025
Slide 1: Q4 & FY2024 Earnings
Q4 & FY2024 Earnings February 27, 2025
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: Bloom's Mission
Bloom's Mission To Make Clean, Reliable Energy Affordable for Everyone in the World.” 3
Slide 4: 2024 Highlights
2024 Highlights Record annual revenue of $1.47B Record annual non-GAAP1 gross margin of 28.7% Financial Generated full-year positive cash flow from operating activities at $92M Service business achieved non-GAAP profitability every quarter in 2024 Healthy product backlog2&3 of $2.5B Significant new
Slide 5: 2024 Financial Performance
2024 Financial Performance $ in millions Q4’24 Q4’23 YoY 2024 2023 YoY Revenue $572 $357 60.4% $1,474 $1,333 10.5% Non-GAAP Gross Margin1 39.3% 27.4% 11.9pts 28.7% 25.8% 2.9pts Non-GAAP Operating Income1 $133 $27 $106 $108 $19 $88 Adjusted EBITDA1 $147 $40 $108 $161 $82 $79 Non-GAAP EPS1 $0.43 $0.07
Slide 6: 2024 Backlog
2024 Backlog $ in billions 2024 2023 YoY Product Backlog1&2 $2.5 $2.5 - Service Backlog3 $9.6 $9.1 6% 1. Value of system backlog includes both expected Bloom Product Revenue and reflects anticipated ITC and other tax incentives as applicable. Previously furnished supplemental earnings material inclu
Slide 7: 2025 Guidance
2025 Guidance Metric 2025 Outlook Total Revenue $1.65B - $1.85B Non-GAAP Gross Margin1 ~29% Non-GAAP Operating Income1 $135M - $165M 1. With respect to Bloom’s expectations regarding its 2025 Outlook. Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP op
Slide 8: Growing Revenue and Expanding Margins
Growing Revenue and Expanding Margins Revenue ($ in billions) Non-GAAP Gross Margin1 $1.65 - $1.85 $1.5 ◆ 29% 29% $1.3 $1.2 26% $1.0 $0.8 23% 23% 22% 2020 21 22 23 24 2025E 2020 21 22 23 24 2025E 17% revenue CAGR and 6 pts Gross Margin expansion from 2020 to 2024 1. Please reference appendix for GAA
Slide 9: Driving Profitability and Generating Cash
Driving Profitability and Generating Cash Non-GAAP Operating Income1 Cash Flow from Operating Activities $135 - $165 $108 ◆ Similar to ‘24 $92 $19 $(7) $(38) $(33) $(61) $(99) $(192) $(372) 2020 21 22 23 24 2025E 2020 21 22 23 24 2025E Expanding profit margins; achieved positive annual CFOA in 2024
Slide 10: Appendix
Appendix Q4 & FY2024 Bloomenersy
Slide 11: GAAP to Non-GAAP reconciliation: Gross profit and margin
GAAP to Non-GAAP reconciliation: Gross profit and margin $ in millions Q4’24 Q4’23 2024 2023 GAAP revenue $572.4 $356.9 $1,473.9 $1,333.5 GAAP cost of sales 353.1 264.5 1,069.2 1,135.7 GAAP gross profit $219.3 $92.4 $404.6 $197.8 Non-GAAP adjustments: Stock-based compensation expense 4.9 2.7 16.6 17
Slide 12: GAAP to Non-GAAP reconciliation: Operating income (loss) and margin
GAAP to Non-GAAP reconciliation: Operating income (loss) and margin $ in millions Q4’24 Q4’23 2024 2023 GAAP operating income (loss) $104.7 $12.9 $22.9 $(208.9) Non-GAAP adjustments: Stock-based compensation expense 27.7 7.5 83.0 87.1 Impairment of assets - - - 130.1 Restructuring 0.2 6.9 (0.4) 9.2
Slide 13: GAAP to Non-GAAP reconciliation: Net income and EPS
GAAP to Non-GAAP reconciliation: Net income and EPS Diluted Diluted $ in millions, except per share Q4’24 earnings per Q4’23 earnings per share share GAAP net income to common stockholders $104.8 $0.38 $4.5 $0.02 Non-GAAP adjustments: Add back: Income (loss) attributable to noncontrolling interest 0
Slide 14: GAAP to Non-GAAP reconciliation: Net (loss) income and EPS
GAAP to Non-GAAP reconciliation: Net (loss) income and EPS Basic/Dilutive Basic/Dilutive $ in millions, except per share 2024 earnings per 2023 earnings per share share GAAP net loss to common stockholders ($29.2) ($0.13) ($302.1) ($1.42) Non-GAAP adjustments: Add back: Income (loss) attributable to
Slide 15: GAAP to Non-GAAP reconciliation: Adjusted EBITDA
GAAP to Non-GAAP reconciliation: Adjusted EBITDA $ in millions Q4’24 Q4’23 2024 2023 GAAP net income (loss) to common stockholders $104.8 $4.5 ($29.2) ($302.1) Non-GAAP adjustments:1 Add back: Income (loss) attributable to noncontrolling interest 0.4 (0.4) 2.0 (5.8) Loss on derivative liabilities 0.
Slide 16: GAAP to Non-GAAP reconciliation: Diluted earnings (loss) per share
GAAP to Non-GAAP reconciliation: Diluted earnings (loss) per share $ and count in millions, except per share Q4’24 Q4’23 2024 2023 Numerator: GAAP net income (loss) to common stockholders $104.8 $4.5 ($29.2) ($302.1) Non-GAAP net income (loss) to common stockholders $118.5 $19.4 $64.6 ($20.7) Denomi
Slide 17: GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin
GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin $ in Q4’24 Q4’23 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 profit margin Adj profit margin (loss) (loss) (loss) (loss) Product $ 47
Slide 18: GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin
GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin $ in 2024 2023 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 profit margin Adj profit margin (loss) (loss) (loss) (loss) Product $ 1085
Slide 19: What Powers You
What Bloomenergy | Powers You