Bloom Energy Corporation Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Bloom Energy Corporation Reports Q2 2024 Financial Results
Bloom Energy Corporation (NYSE: BE) reported its second-quarter financial results for the period ending on June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus |
|---|---|---|---|---|
| Total Revenue | $335.8M | $301.2M | +11.5% | $307.48M |
| GAAP Gross Margin | 20.4% | 18.7% | +1.7 pp | N/A |
| Non-GAAP Gross Margin | 21.8% | 20.4% | +1.4 pp | N/A |
| Operating Loss | -$23.1M | -$54.4M | Improvement | N/A |
| Non-GAAP Operating Loss | -$3.2M | -$25.9M | Improvement | N/A |
Interpretation: Bloom Energy significantly improved its financial performance year-over-year. The company surpassed Wall Street revenue expectations by achieving $335.8 million compared to the consensus estimate of $307.48 million. Additionally, both GAAP and Non-GAAP gross margins improved, and the operating loss substantially narrowed.
Comments from Company Officers
KR Sridhar, CEO, emphasized the increasing demand for electricity outpacing grid capacity as an opportunity for Bloom. Sridhar asserted that the company is experiencing high commercial interest and is continuously advancing its technology and team for future growth.
Dan Berenbaum, CFO, highlighted that the company achieved record revenue and non-GAAP profitability. He expressed confidence in Bloom’s commercial pipeline and reaffirmed the full-year 2024 financial guidance.
Forward Guidance
Bloom Energy reaffirmed its previous financial guidance for the full year 2024.
Stock Price Movement
After the earnings release, Bloom Energy's stock price rose by approximately 6.46%.
Summary: Bloom Energy Corporation beat revenue expectations for Q2 2024 with a total of $335.8 million, up 11.5% year-over-year. GAAP and Non-GAAP gross margins also improved while operating losses markedly decreased. The company’s executives reinforced their confidence in sustained growth and reaffirmed the 2024 outlook. Consequently, the stock price experienced a significant uptick post-release.
