Bloom Energy Reports Record Revenue in Third Quarter 2023 Financial Results
SAN JOSE, Calif., November 8, 2023 - Bloom Energy Corporation (NYSE: BE) reported today its total revenue for the third quarter ended September 30, 2023, grew 37% compared with the third quarter of 2022. The record revenue for the quarter was driven by continued growth in Product and Service revenue.
Third Quarter Highlights
- Revenue of $400.3 million in the third quarter of 2023, an increase of 36.9% compared to $292.3 million in the third quarter of 2022. Product and Service revenue of $352.5 million in the third quarter of 2023, an increase of 40.7% compared to $250.6 million in the third quarter of 2022.
- Gross margin of (1.3%) in the third quarter of 2023, a decrease of 18.7 percentage points compared to 17.4% in the third quarter of 2022.
- Non-GAAP gross margin of 31.6% in the third quarter of 2023, an increase of 12.4 percentage points compared to 19.1% in the third quarter of 2022.
- Operating loss of $103.7 million in the third quarter of 2023, a decrease of $51.1 million compared to $52.6 million in the third quarter of 2022.
- Non-GAAP operating profit of $51.8 million in the third quarter of 2023, an improvement of $80.3 million compared to a non-GAAP operating loss of $28.5 million in the third quarter of 2022.
“Bloom Energy is executing at a high level on innovation and growth,” said KR Sridhar, Chairman and CEO of Bloom Energy. “AI adoption across all sectors of our society will become a forcing function for data centers to adopt Bloom energy servers as a quickly deployable primary power solution. The ability to quickly deploy our energy servers together with our CHP solution for data center cooling and carbon capture for sustainability creates a real competitive advantage over virtually all alternatives in the marketplace. We are excited with our results and future prospects.”
Greg Cameron, President and CFO of Bloom Energy, added, “We had a very strong third quarter and are executing across our company. We achieved record third quarter revenues with expanding margins. We have made significant progress on reducing our costs as we continue to invest and innovate for our future. We are well positioned to meet our 2023 goals.”
For more details, visit Investor.bloomenergy.com.