Bloom Energy (BE) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $335.8 million, up 11.5% year-over-year, with record non-GAAP profitability and improved margins.

• Operating loss and net loss narrowed significantly year-over-year, with positive adjusted EBITDA of $10.2 million.

• Strong commercial momentum driven by data center demand, new agreements with CoreWeave, Quanta, and AWS, and technology advancements in hydrogen efficiency.

• Balance sheet strengthened by issuance of $402.5 million in 3% Green Convertible Senior Notes and repurchase of $142 million of 2025 convertible debt.

• Company reaffirmed full-year 2024 guidance for revenue, margins, and profitability.

Financial highlights

• Q2 2024 revenue: $335.8M (+11.5% YoY); product revenue: $226.3M (+5.4% YoY); service revenue: $52.5M (+24.2% YoY); installation revenue: $42.7M (+75.7% YoY); electricity revenue: $14.2M (-28.2% YoY).

• Non-GAAP gross margin improved to 21.8% (up 1.4 pts YoY); GAAP gross margin at 20.4%.

• Non-GAAP operating loss narrowed to $3.2M from $25.9M in Q2 2023; GAAP operating loss was $23.1M.

• Adjusted EBITDA positive at $10.2M, up from $(8.4)M in Q2 2023.

• Cash and cash equivalents at quarter end: $581.7M; total cash including financing: $637.8M.

Outlook and guidance

• 2024 revenue guidance reaffirmed at $1.4–$1.6 billion, with non-GAAP gross margin targeted at 28%.

• Non-GAAP operating income projected at $75–$100 million for 2024.

• Revenue and margin performance expected to be weighted toward Q4, dependent on project timing.

• Service business expected to be profitable for the first time in 2024.

• Management expects cash and cash equivalents plus operating cash flow to be sufficient for at least the next 12 months.