Bloom Energy Corporation · NYSE:BE
Bloom Energy — Q3 2023 Earnings Presentation
17 slides from Bloom Energy's earnings presentation, Nov 8, 2023
Slide 1: Q3 2023 Earnings
Q3 2023 Earnings November 8, 2023
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 Q3’23 Q3’22 YoY YTD'23 YTD’22 YoY Total Revenue $400.3 $292.3 36.9% $976.6 $736.5 32.6% Product & Service Revenue $352.5 $250.6 40.7% $843.9 $631.4 33.7% Non-GAAP Gross Margin1 31.6% 19.1% 12.4 pts 25.2% 18.4% 6.8 pts Non-GAAP Operating Income (Loss)1 $51.8 ($28.5
Slide 4: Revenue and margin analysis
Revenue and margin analysis Q3’23 Q3’22 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 $305.0 $126.9 42% $213.2 $58.0 27% Service 47.5 (8.9) (19%) 37.3 (3.2) (9%) Install 21.9 (3.3) (15%) 22.7 (4.8) (21%
Slide 5: Cash flow and debt analysis
Cash flow and debt analysis Cash balances Cash flows ($ in millions) Q3’23 Q2’23 Q3’22 ($ in millions) Q3’23 Q2’23 Q3’22 Beginning balance $ 922.5 $483.4 $ 414.2 Restricted $ 80.3 $ 155.5 $ 177.2 Unrestricted 557.4 767.1 492.1 Operating cash (CFOA)1 (133.2) (46.5) (69.9) Total cash $ 637.7 $ 922.5 $
Slide 6: Non-GAAP operating expenses overview
Non-GAAP operating expenses1 overview $ in millions $87 $75 • Managing operating expenses with focus Research and development $34 on profitability $30 • Executing targeted restructure and expense reduction actions Sales and $21 marketing $16 • Continued technical and commercial investments General a
Slide 7: Reaffirming 2023 financial outlook
Reaffirming 2023 financial outlook 2023 Metric Outlook Total Revenue $1.4-1.5B Product & Service Revenue $1.25-1.35B Non-GAAP Gross Margin1 ~25% Non-GAAP Operating Margin1 Positive 1. With respect to Bloom’s expectations regarding its 2023 Outlook, Bloom is not able to provide a quantitative reconci
Slide 8: Appendix
Appendix Q3 2023 Bloomenersy
Slide 9: GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin
GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin $ in millions Q3’23 Q3’22 YTD’23 YTD’22 GAAP revenue $400.3 $292.3 $976.6 $736.5 GAAP cost of sales 405.5 241.3 871.2 659.6 GAAP gross (loss) profit ($5.2) $50.9 $105.4 $76.9 Non-GAAP adjustments: Stock-based compensation expense 5.6 5.
Slide 10: GAAP to Non-GAAP reconciliation: Operating income (loss) and margin
GAAP to Non-GAAP reconciliation: Operating income (loss) and margin $ in millions Q3’23 Q3’22 YTD’23 YTD’22 GAAP operating loss $(103.7) ($52.6) $(221.8) ($220.4) Non-GAAP adjustments: Stock-based compensation expense 21.6 24.0 79.6 82.9 Restructuring charges 2.2 - 2.2 - PPA V sales property tax 1.6
Slide 11: GAAP to Non-GAAP reconciliation: Net Income (loss) and EPS
GAAP to Non-GAAP reconciliation: Net Income (loss) and EPS Diluted Diluted $ in millions, except per share Q3’23 earnings per Q3’22 earnings per share share GAAP net loss to common stockholders ($169.0) ($0.61) ($57.1) ($0.31) Non-GAAP adjustments: Gain (loss) for non-controlling interests 0.9 0.00
Slide 12: 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 YTD’23 earnings per YTD’22 earnings per share share GAAP net loss to common stockholders ($306.6) ($1.47) ($254.2) ($1.41) Non-GAAP adjustments: Loss for non-controlling interests (5.4) (0.03) (10.1) (0
Slide 13: GAAP to Non-GAAP reconciliation: Adjusted EBITDA
GAAP to Non-GAAP reconciliation: Adjusted EBITDA $ in millions Q3’23 Q3’22 YTD’23 YTD’22 GAAP net loss to common stockholders ($169.0) ($57.1) ($306.6) ($254.2) Non-GAAP adjustments:1 Gain (loss) for non-controlling interests 0.9 (3.3) (5.4) (10.1) Loss (gain) on derivatives liabilities 0.1 (0.1) 1.
Slide 14: 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 Q3’23 Q3’22 YTD’23 YTD’22 Numerator: GAAP net loss to common stockholders ($169.0) ($57.1) ($306.6) ($254.2) Non-GAAP net income (loss) to common stockholders $41.8 ($36.4) ($40.1) ($129.4) Denomina
Slide 15: GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin
GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin $ in Q3’23 Q3’22 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 16: GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin
GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin $ in YTD’23 YTD’22 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) Produ
Slide 17: What Powers You
What Bloomenergy | Powers You