Bloom Energy Corporation · NYSE:BE
Bloom Energy — Q2 2023 Earnings Presentation
16 slides from Bloom Energy's earnings presentation, Aug 3, 2023
Slide 1: Q2 2023 Earnings
Q2 2023 Earnings August 3, 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 Q2’23 Q2’22 YoY • Record second quarter revenue Total Revenue $301.1 $243.2 23.8% • Product costs down 13% Product & Service Revenue $257.0 $212.1 21.2% • Total cash balance of $923M Non-GAAP Gross Margin1 20.4% 19.6% 0.8 pts Non-GAAP Operating Loss1 ($25.9) ($24.
Slide 4: Revenue and margin analysis
Revenue and margin analysis Q2’23 Q2’22 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 $214.7 $72.2 33.6% $173.6 $46.8 27.0% Service 42.3 (13.6) (32.1%) 38.4 (1.3) (3.4%) Install 24.3 (1.6) (6.4%) 12.7 (
Slide 5: Cash flow and debt analysis
Cash flow and debt analysis Cash flows ($ in millions) Q2’23 Q1’23 Q2’22 Cash balances ($ in millions) Q2’23 Q1’23 Q2’22 Beginning balance $483.4 $518.4 $ 493.9 Restricted $155.5 $163.0 $ 178.5 Operating cash (CFOA)1 (46.5) (314.7) (6.1) Unrestricted 767.1 320.4 235.7 Investing cash (19.6) (26.6) (2
Slide 6: Non-GAAP operating expenses overview
Non-GAAP operating expenses1 overview $ in millions $93 $87 • Managing operating expenses with focus Research and development $37 on profitability $34 • Continued technical and commercial Sales and investments : marketing $21 $21 • Electrolyzers • Hydrogen fuel cells General and $33 $34 administrati
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 Q2 2023 Bloom 8
Slide 9: GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin
GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin $ in millions Q2’23 Q2’22 GAAP revenue $301.1 $243.2 GAAP cost of sales 244.7 245.2 GAAP gross profit (loss) $56.4 ($2.0) Non-GAAP adjustments: Stock-based compensation expense 5.1 4.8 PPA IIIa repowering related impairment charges - 44
Slide 10: GAAP to Non-GAAP reconciliation: Operating loss and margin
GAAP to Non-GAAP reconciliation: Operating loss and margin $ in millions Q2’23 Q2’22 GAAP operating loss $(54.5) $(102.2) Non-GAAP adjustments: Stock-based compensation expense 28.5 32.6 PPA IIIa repowering related impairment charges - 44.8 Amortization of acquired intangible assets 0.0 0.1 Non-GAAP
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 Q2’23 earnings Q2’22 earnings per share per share GAAP net loss to common stockholders ($66.1) ($0.32) ($118.8) ($0.67) Non-GAAP adjustments: Loss for non-controlling interests (3.0) (0.01) (2.4) (0.01)
Slide 12: GAAP to Non-GAAP reconciliation: Adjusted EBITDA
GAAP to Non-GAAP reconciliation: Adjusted EBITDA $ in millions Q2’23 Q2’22 GAAP net loss to common stockholders ($66.1) ($118.8) Non-GAAP adjustments:1 Loss for non-controlling interests (3.0) (2.4) Loss (gain) on derivatives liabilities 1.2 (0.0) Goodwill impairment - 2.0 Stock-based compensation e
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 Q2’23 Q2’22 Numerator: GAAP net loss to common stockholders ($66.1) ($118.8) Non-GAAP net loss to common stockholders ($36.5) ($36.0) Denominator: Weighted-average shares used to compute basic net earnings pe
Slide 14: GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin
GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin $ in millions Q2’23 Q2’22 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: GAAP to Non-GAAP reconciliation: Operating expenses
GAAP to Non-GAAP reconciliation: Operating expenses $ in millions Q2’23 Q2’22 Operating expenses: Research and development $41.5 $41.6 Sales and marketing 26.8 20.5 General and administrative 42.5 38.1 Total GAAP operating expenses $110.8 $100.2 Stock-based compensation expense: Research and develop
Slide 16: What Powers You
What Bloomenergy’ Powers You