SAN JOSE, Calif. - Bloom Energy Corporation (NYSE: NYSE:BE) disclosed its financial results for the first quarter of 2024, revealing a revenue of $235.3 million.
This figure represents a 14.5% decline from the $275.2 million reported in the same quarter of the previous year. The company's revenue however beat analyst expectations, which predicted revenue of $251.39 million. BE shares were trading up 6.6% in after-hours trading.
The first quarter saw Bloom Energy's gross margin decrease to 16.2%, down from 19.7% YoY. Adjusted gross margin also saw a reduction, settling at 17.5% compared to 21.2% in the first quarter of 2023. Operating loss showed some improvement, with a reported loss of $49.0 million, which is a $14.7 million enhancement over the $63.7 million loss in the prior year's quarter. The adjusted operating loss was $30.7 million, a slight improvement over the $34.1 million loss in the first quarter of 2023.
KR Sridhar, Founder, Chairman, and CEO of Bloom Energy, highlighted the company's strong market interest and momentum, particularly in data centers and the AI hardware supply chain industries. He emphasized the company's success in islanded-power mode, which allows customers to operate without grid interconnection, offering a time-to-power advantage.
Looking ahead, Bloom Energy reaffirmed its full-year 2024 guidance, forecasting revenue between $1.4 billion and $1.6 billion, which aligns with the analyst consensus of $1.49 billion. The company anticipates an adjusted gross margin of approximately 28% and an adjusted operating income ranging from $75 million to $100 million for the fiscal year.
Despite the revenue decline, the company remains optimistic about its commercial pipeline and ongoing product cost reduction strategies. Dan Berenbaum, the incoming CFO, expressed his enthusiasm for the company's clean energy solutions and the opportunities ahead.
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