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Bloom Energy Reports Fourth Quarter and Full Year 2023 Financial Results with Record Full Year Revenues

15 February 2024

SAN JOSE, Calif. / Feb 15, 2024 / Business Wire / Bloom Energy Corporation (NYSE: BE) reported today its financial results for the fourth quarter and the full year ended December 31, 2023. The company had record revenue of $1.3 billion for the full year driven by continued growth in product and service revenue.

Fourth Quarter Highlights

  • Revenue of $356.9 million in the fourth quarter of 2023, a decrease of 22.8% compared to $462.6 million in the fourth quarter of 2022. Product and service revenue of $314.4 million in the fourth quarter of 2023, a decrease of 21.4% compared to $400.2 million in the fourth quarter of 2022.
  • Gross margin of 25.9% in the fourth quarter of 2023, an increase of 10.5 percentage points compared to 15.4% in the fourth quarter of 2022.
  • Non-GAAP gross margin of 27.4% in the fourth quarter of 2023, a decrease of 3.0 percentage points compared to 30.4% in the fourth quarter of 2022.
  • Operating profit of $12.9 million in the fourth quarter of 2023, an improvement of $53.5 million compared to operating loss of $40.6 million in the fourth quarter of 2022.
  • Non-GAAP operating profit of $27.4 million in the fourth quarter of 2023, a decrease of $31.6 million compared to a non-GAAP operating profit of $59.0 million in the fourth quarter of 2022.

Total Year Highlights

  • Revenue of $1,333.5 million in 2023, an increase of 11.2% compared to $1,199.1 million in 2022. Product and service revenue of $1,158.3 million in 2023, an increase of 12.3% compared to $1,031.6 million in 2022.
  • Gross margin of 14.8% in 2023, an increase of 2.4 percentage points compared to 12.4% in 2022.
  • Non-GAAP gross margin of 25.8% in 2023, an increase of 2.8 percentage points compared to 23.0% in 2022.
  • Operating loss of $208.9 million in 2023, an improvement of $52.1 million compared to operating loss of $261.0 million in 2022.
  • Non-GAAP operating profit of $19.2 million in 2023, an improvement of $52.7 million compared to a non-GAAP operating loss of $33.5 million in 2022.

“At Bloom Energy, our relentless focus on operational excellence and innovation helped us achieve a year of record revenue in 2023,” said KR Sridhar, Founder, Chairman and CEO of Bloom Energy. “In order to meet the growing demand for fast, efficient, clean energy across industries from data centers to industrial applications, we have continued to develop and commercialize innovative new offerings, including our Combined Heat and Power system announced in 2023, and our Be Flexible™ load following product offering announced this week. We look forward to building on this momentum in 2024 and beyond.”

Greg Cameron, President and CFO of Bloom Energy, added, “This year we reached critical milestones by delivering record revenues and positive Non-GAAP Operating Income. We continue to execute across the company, and I remain excited about Bloom’s future. The last four years have been an amazing professional journey and I’m proud of what we’ve been able to accomplish.”

Chief Financial Officer Transition

Bloom today announced that President and CFO Greg Cameron has notified the company of his intention to depart from his role. The company has retained Caldwell Partners to identify candidates to fill the Chief Financial Officer role. Mr. Cameron’s departure is not the result of any disagreement with the company on any matter relating to the company’s operations, policies, or practices.

Summary of Key Financial Metrics

Summary of GAAP Profit and Loss Statements

($000), except EPS data

Q4'23

Q3'23

Q4'22

FY 23

FY 22

Revenue

 

356,917

 

 

400,268

 

 

462,577

 

 

1,333,470

 

 

1,199,125

 

Cost of Revenue

 

264,526

 

 

405,482

 

 

391,199

 

 

1,135,676

 

 

1,050,837

 

Gross Profit (Loss)

 

92,391

 

 

(5,214

)

 

71,377

 

 

197,794

 

 

148,288

 

Gross Margin

 

25.9

%

 

(1.3

) %

 

15.4

%

 

14.8

%

 

12.4

%

Operating Expenses

 

79,452

 

 

98,494

 

 

111,945

 

 

406,701

 

 

409,280

 

Operating (Loss) Profit

 

12,939

 

 

(103,708

)

 

(40,568

)

 

(208,907

)

 

(260,992

)

Operating Margin

 

3.6

%

 

(25.9

) %

 

(8.8

) %

 

(15.7

) %

 

(21.8

) %

Non-operating Expenses

 

8,428

 

 

65,291

 

 

6,604

 

 

93,209

 

 

40,416

 

Net (Loss) Profit to Common Stockholders

 

4,511

 

 

(168,999

)

 

(47,172

)

 

(302,116

)

 

(301,408

)

GAAP EPS, Basic

$

0.02

 

$

(0.80

)

$

(0.23

)

$

(1.42

)

$

(1.62

)

GAAP EPS, Diluted

$

0.02

 

$

(0.80

)

$

(0.23

)

$

(1.42

)

$

(1.62

)

Summary of Non-GAAP Financial Information1

($000), except EPS data

Q4'23

Q3'23

Q4'22

FY 23

FY 22

Revenue

 

356,917

 

 

400,268

 

 

462,577

 

 

1,333,470

 

 

1,199,125

 

Cost of Revenue

 

259,138

 

 

273,888

 

 

321,823

 

 

989,464

 

 

923,052

 

Gross Profit

 

97,779

 

 

126,380

 

 

140,754

 

 

344,006

 

 

276,073

 

Gross Margin

 

27.4

%

 

31.6

%

 

30.4

%

 

25.8

%

 

23.0

%

Operating Expenses

 

70,368

 

 

74,580

 

 

81,722

 

 

324,825

 

 

309,542

 

Operating Profit (Loss)

 

27,411

 

 

51,800

 

 

59,032

 

 

19,181

 

 

(33,469

)

Operating Margin

 

7.7

%

 

12.9

%

 

12.8

%

 

1.4

%

 

(2.8

) %

Adjusted EBITDA

 

39,760

 

 

66,415

 

 

74,458

 

 

81,791

 

 

30,139

 

Non-GAAP EPS, Basic

$

0.09

 

$

0.20

 

$

0.27

 

$

(0.10

)

$

(0.41

)

Non-GAAP EPS, Diluted

$

0.07

 

$

0.15

 

$

0.22

 

$

(0.10

)

$

(0.41

)

  1. A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release

Outlook

Bloom provides outlook for the full-year 2024:

• Revenue:

  $1.4 - $1.6B

• Non-GAAP Gross Margin:

  ~28%

• Non-GAAP Operating Income:

  

$75-$100M

Conference Call Details

Bloom will host a conference call today, February 15, 2024, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call toll-free dial-in number: +1 (888) 330-2443 and toll-dial-in-number +1 (240) 789-2728. The conference ID is 4781037. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com/. Following the webcast, an archived version will be available on Bloom’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 770-2030 or +1 (647) 362 9199 and entering passcode 4781037.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exchange Commission (SEC). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Bloom urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom’s expectations regarding its 2024 Outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating income measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Material changes to reconciling items could have a significant effect on future GAAP results and, as such, we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors.

About Bloom Energy

Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.

Forward-Looking Statements

This press release 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 future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding: innovation and solutions; customer reaction to Bloom’s products; Bloom’s liquidity position; market demand for energy solutions; and Bloom’s 2024 outlook for revenue and profitability. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to: Bloom’s limited operating history; the emerging nature of the distributed generation market and rapidly evolving market trends; the significant losses Bloom has incurred in the past; the significant upfront costs of Bloom’s Energy Servers and Bloom’s ability to secure financing for its products; Bloom’s ability to drive cost reductions and to successfully mitigate against potential price increases; Bloom’s ability to service its existing debt obligations; Bloom’s ability to be successful in new markets; the ability of the Bloom Energy Server to operate on the fuel source a customer will want; the success of the strategic partnership with SK ecoplant in the United States and international markets; timing and development of an ecosystem for the hydrogen market, including in the South Korean market; continued incentives in the South Korean market; adapting to the new government bidding process in the South Korean market; the timing and pace of adoption of hydrogen for stationary power; the risk of manufacturing defects; the accuracy of Bloom’s estimates regarding the useful life of its Energy Servers; delays in the development and introduction of new products or updates to existing products; Bloom’s ability to secure partners in order to commercialize its electrolyzer and carbon capture products; supply constraints; the availability of rebates, tax credits and other tax benefits; changes in the regulatory landscape; Bloom’s reliance upon a limited number of customers; Bloom’s lengthy sales and installation cycle, construction, utility interconnection and other delays and cost overruns related to the installation of its Energy Servers, including inventories with distributors; business and economic conditions and growth trends in commercial and industrial energy markets; global macroeconomic conditions, including rising interest rates, recession fears and inflationary pressures, or geopolitical events or conflicts; overall electricity generation market; management transitions; Bloom’s ability to protect its intellectual property; and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential factors that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the SEC on February 21, 2023 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023, as filed with the SEC on May 9, 2023, August 3, 2023, and November 8, 2023, respectively, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Bloom’s website at www.bloomenergy.com and the SEC’s website at www.sec.gov. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

The Investor Relations section of Bloom’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom encourages investors to visit this website from time to time, as information is updated and new information is posted.

Consolidated Balance Sheets

(in thousands, except share data)

   

 

 

December 31,

 

 

 

2023

 

 

 

2022

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents1

 

$

664,593

 

 

$

348,498

 

Restricted cash1

 

 

46,821

 

 

 

51,515

 

Accounts receivable less allowance for credit losses of $119 as of December 31, 2023 and $119 as of December 31, 20221, 2

 

 

340,740

 

 

 

250,995

 

Contract assets3

 

 

41,366

 

 

 

46,727

 

Inventories1

 

 

502,515

 

 

 

268,394

 

Deferred cost of revenue4

 

 

45,984

 

 

 

46,191

 

Prepaid expenses and other current assets1, 5

 

 

51,148

 

 

 

43,643

 

Total current assets

 

 

1,693,167

 

 

 

1,055,963

 

Property, plant and equipment, net1

 

 

493,352

 

 

 

600,414

 

Operating lease right-of-use assets1, 6

 

 

139,732

 

 

 

126,955

 

Restricted cash1

 

 

33,764

 

 

 

118,353

 

Deferred cost of revenue

 

 

3,454

 

 

 

4,737

 

Other long-term assets1, 7

 

 

50,208

 

 

 

40,205

 

Total assets

 

$

2,413,677

 

 

$

1,946,627

 

Liabilities and stockholders’ equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable1, 8

 

$

132,078

 

 

$

161,770

 

Accrued warranty

 

 

19,326

 

 

 

17,332

 

Accrued expenses and other current liabilities1, 9

 

 

130,879

 

 

 

144,183

 

Deferred revenue and customer deposits1, 10

 

 

128,922

 

 

 

159,048

 

Operating lease liabilities1, 11

 

 

20,245

 

 

 

16,227

 

Financing obligations

 

 

38,972

 

 

 

17,363

 

Recourse debt

 

 

 

 

 

12,716

 

Non-recourse debt1

 

 

 

 

 

13,307

 

Total current liabilities

 

 

470,422

 

 

 

541,946

 

Deferred revenue and customer deposits1, 12

 

 

19,140

 

 

 

56,392

 

Operating lease liabilities1, 13

 

 

141,939

 

 

 

132,363

 

Financing obligations

 

 

405,824

 

 

 

442,063

 

Recourse debt

 

 

842,006

 

 

 

273,076

 

Non-recourse debt1, 14

 

 

4,627

 

 

 

112,480

 

Other long-term liabilities

 

 

9,049

 

 

 

9,491

 

Total liabilities

 

$

1,893,007

 

 

$

1,567,811

 

Commitments and contingencies

 

 

 

 

Stockholders’ equity:

 

 

 

 

Common stock: $0.0001 par value; Class A shares 600,000,000 shares authorized, and 224,717,533 shares and 189,864,722 shares issued and outstanding and Class B shares 600,000,000 shares authorized, and no shares and 15,799,968 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively.

 

 

21

 

 

 

20

 

Additional paid-in capital

 

 

4,370,343

 

 

 

3,906,491

 

Accumulated other comprehensive loss

 

 

(1,687

)

 

 

(1,251

)

Accumulated deficit

 

 

(3,866,599

)

 

 

(3,564,483

)

Total equity attributable to common stockholders

 

 

502,078

 

 

 

340,777

 

Noncontrolling interest

 

 

18,592

 

 

 

38,039

 

Total stockholders’ equity

 

$

520,670

 

 

$

378,816

 

Total liabilities and stockholders’ equity

 

$

2,413,677

 

 

$

1,946,627

 

1

 

We have variable interest entities related to the PPA V and a joint venture in the Republic of Korea, which represent a portion of the consolidated balances recorded within these financial statement line items.

  

In August 2023, we sold the PPA V as a result of the PPA V Repowering of the Energy Servers as such the consolidated balances recorded within these financial statement line items as of December 31, 2023 exclude the PPA V balances.

2

 

Including amounts from related parties of $262.0 million and $4.3 million as of December 31, 2023 and December 31, 2022, respectively.

3

 

Including amounts from related parties of $6.9 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.

4

 

Including amounts from related parties of $0.9 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.

5

 

Including amounts from related parties of $2.3 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.

6

 

Including amounts from related parties of $2.0 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.

7

 

Including amounts from related parties of $9.1 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.

8

 

Including amounts from related parties of $0.1 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.

9

 

Including amounts from related parties of $3.4 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.

10

 

Including amounts from related parties of $1.7 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.

11

 

Including amounts from related parties of $0.4 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.

12

 

Including amounts from related parties of $6.7 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.

13

 

Including amounts from related parties of $1.6 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.

14

 

Including amounts from related parties of $4.6 million as of December 31, 2023. There were no respective related party amounts as of December 31, 2022.

Consolidated Statements of Operations

(in thousands, except per share data)

           

 

 

Q4'23

 

Q3'23

 

Q4'22

 

FY 23

 

FY 22

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

Product

 

$

261,819

 

 

$

304,976

 

 

$

360,249

 

 

$

975,245

 

 

$

880,664

 

Installation

 

 

26,033

 

 

 

21,916

 

 

 

43,156

 

 

 

92,796

 

 

 

92,120

 

Service

 

 

52,569

 

 

 

47,535

 

 

 

39,942

 

 

 

183,065

 

 

 

150,954

 

Electricity

 

 

16,496

 

 

 

25,841

 

 

 

19,230

 

 

 

82,364

 

 

 

75,387

 

Total revenue1

 

 

356,917

 

 

 

400,268

 

 

 

462,577

 

 

 

1,333,470

 

 

 

1,199,125

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

Product

 

 

172,514

 

 

 

182,832

 

 

 

222,841

 

 

 

630,105

 

 

 

616,178

 

Installation

 

 

27,854

 

 

 

25,902

 

 

 

46,275

 

 

 

105,735

 

 

 

104,111

 

Service

 

 

55,050

 

 

 

57,370

 

 

 

43,845

 

 

 

220,927

 

 

 

168,491

 

Electricity

 

 

9,108

 

 

 

139,378

 

 

 

78,238

 

 

 

178,909

 

 

 

162,057

 

Total cost of revenue2

 

 

264,526

 

 

 

405,482

 

 

 

391,199

 

 

 

1,135,676

 

 

 

1,050,837

 

Gross profit (loss)

 

 

92,391

 

 

 

(5,214

)

 

 

71,377

 

 

 

197,794

 

 

 

148,288

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

33,556

 

 

 

35,126

 

 

 

38,320

 

 

 

155,865

 

 

 

150,606

 

Sales and marketing

 

 

16,026

 

 

 

20,002

 

 

 

25,850

 

 

 

89,961

 

 

 

90,934

 

General and administrative3

 

 

29,871

 

 

 

43,366

 

 

 

47,775

 

 

 

160,875

 

 

 

167,740

 

Total operating expenses

 

 

79,452

 

 

 

98,494

 

 

 

111,945

 

 

 

406,701

 

 

 

409,280

 

(Loss) profit from operations

 

 

12,939

 

 

 

(103,708

)

 

 

(40,568

)

 

 

(208,907

)

 

 

(260,992

)

Interest income

 

 

6,114

 

 

 

7,419

 

 

 

2,523

 

 

 

19,885

 

 

 

3,887

 

Interest expense4

 

 

(14,563

)

 

 

(68,037

)

 

 

(12,493

)

 

 

(108,299

)

 

 

(53,493

)

Other (expense) income, net

 

 

867

 

 

 

(1,577

)

 

 

4,743

 

 

 

(2,793

)

 

 

4,998

 

Loss on extinguishment of debt

 

 

 

 

 

(1,415

)

 

 

(4,723

)

 

 

(4,288

)

 

 

(8,955

)

(Loss) gain on revaluation of embedded derivatives

 

 

(428

)

 

 

(114

)

 

 

(56

)

 

 

(1,641

)

 

 

566

 

(Loss) profit before income taxes

 

 

4,930

 

 

 

(167,432

)

 

 

(50,574

)

 

 

(306,043

)

 

 

(313,989

)

Income tax provision

 

 

811

 

 

 

646

 

 

 

209

 

 

 

1,894

 

 

 

1,097

 

Net (loss) profit

 

 

4,117

 

 

 

(168,078

)

 

 

(50,783

)

 

 

(307,937

)

 

 

(315,086

)

Less: Net (loss) gain attributable to noncontrolling interest

 

 

(394

)

 

 

921

 

 

 

(3,611

)

 

 

(5,821

)

 

 

(13,378

)

Net (loss) gain attributable to common stockholders

 

 

4,511

 

 

 

(168,999

)

 

 

(47,172

)

 

 

(302,116

)

 

 

(301,708

)

Less: Net loss attributable to redeemable noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(300

)

Net (loss) gain before portion attributable to redeemable noncontrolling interest and noncontrolling interest

 

$

4,511

 

 

$

(168,999

)

 

$

(47,172

)

 

$

(302,116

)

 

$

(301,408

)

Net (loss) gain per share available to common stockholders, basic

 

$

0.02

 

 

$

(0.80

)

 

$

(0.23

)

 

$

(1.42

)

 

$

(1.62

)

Net (loss) gain per share available to common stockholders, diluted

 

$

0.02

 

 

$

(0.80

)

 

$

(0.23

)

 

$

(1.42

)

 

$

(1.62

)

Weighted average shares used to compute net loss per share available to common stockholders, basic

 

 

224,204

 

 

 

210,930

 

 

 

201,173

 

 

 

212,681

 

 

 

185,907

 

Weighted average shares used to compute net loss per share available to common stockholders, diluted

 

 

274,366

 

 

 

210,930

 

 

 

201,173

 

 

 

212,681

 

 

 

185,907

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Including related party revenue of $126.2 million, $125.7 million and $6.1 million for the three months ended December 31, 2023, September 30, 2023, and December 31, 2022, respectively, and $487.2 million and $36.3 million for the years ended December 31, 2023 and 2022, respectively.

2

 

Including related party cost of revenue of $0.1 million for the year ended December 31, 2023. There was no related party cost of revenue for the three months ended December 31, 2023, September 30, 2023, and December 31, 2022, and for the year ended December 31, 2022.

3

 

Including related party general and administrative expenses of $0.2 million and $0.2 million for the three months ended December 31, 2023, and September 30, 2023, respectively, and $0.8 million for the year ended December 31, 2023. There were no related party general and administrative expenses for the three months ended December 31, 2022, and for the year ended December 31, 2022.

4

 

Including related party interest expense of $0.1 million for the year ended December 31, 2023. There was no related party interest expense for the three months ended December 31, 2023, September 30, 2023, and December 31, 2022, and for the year ended December 31, 2022.

Consolidated Statement of Cash Flows

(in thousands)

           

 

 

Q4'23

 

Q3'23

 

Q4'22

 

FY 23

 

FY 22

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

Net (loss) gain

 

$

4,117

 

 

$

(168,078

)

 

$

(50,783

)

 

$

(307,937

)

 

$

(315,086

)

Adjustments to reconcile net (loss) gain to net cash used in operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

12,349

 

 

 

14,615

 

 

 

15,426

 

 

 

62,609

 

 

 

61,608

 

Non-cash lease expense

 

 

9,079

 

 

 

8,356

 

 

 

2,002

 

 

 

33,619

 

 

 

20,155

 

Loss (gain) on disposal of property, plant and equipment

 

 

234

 

 

 

(19

)

 

 

523

 

 

 

411

 

 

 

 

Revaluation of derivative contracts

 

 

428

 

 

 

114

 

 

 

56

 

 

 

1,641

 

 

 

(9,583

)

Impairment of assets related to PPAs

 

 

 

 

 

130,088

 

 

 

68,714

 

 

 

130,088

 

 

 

113,514

 

Derecognition of loan commitment asset related to SK ecoplant Second Tranche Closing

 

 

 

 

 

52,792

 

 

 

 

 

 

52,792

 

 

 

 

Stock-based compensation expense

 

 

7,320

 

 

 

21,315

 

 

 

30,799

 

 

 

84,480

 

 

 

112,259

 

Amortization of warrants and debt issuance costs

 

 

1,472

 

 

 

1,514

 

 

 

677

 

 

 

4,772

 

 

 

3,032

 

Loss on extinguishment of debt

 

 

 

 

 

1,415

 

 

 

4,723

 

 

 

4,288

 

 

 

8,955

 

Unrealized foreign currency exchange loss (gain)

 

 

(2,411

)

 

 

1,517

 

 

 

(6,353

)

 

 

618

 

 

 

(3,267

)

Other

 

 

404

 

 

 

23

 

 

 

45

 

 

 

450

 

 

 

3,532

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

Accounts receivable1

 

 

(6,037

)

 

 

16,100

 

 

 

(178,622

)

 

 

(89,888

)

 

 

(162,864

)

Contract assets2

 

 

102,509

 

 

 

(108,692

)

 

 

(20,958

)

 

 

5,361

 

 

 

(21,525

)

Inventories

 

 

(25,374

)

 

 

(8,969

)

 

 

(14,081

)

 

 

(231,689

)

 

 

(124,878

)

Deferred cost of revenue3

 

 

17,569

 

 

 

(8,370

)

 

 

(15,426

)

 

 

1,655

 

 

 

(24,282

)

Customer financing receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,510

 

Prepaid expenses and other assets4

 

 

15,095

 

 

 

(22,807

)

 

 

(1,824

)

 

 

(5,754

)

 

 

(17,590

)

Other long-term assets5

 

 

(17,000

)

 

 

10,219

 

 

 

(1,887

)

 

 

(3,366

)

 

 

(2,617

)

Operating lease right-of-use assets and operating lease liabilities

 

 

(8,922

)

 

 

(8,432

)

 

 

854

 

 

 

(32,801

)

 

 

3,016

 

Financing lease liabilities

 

 

104

 

 

 

171

 

 

 

397

 

 

 

1,011

 

 

 

896

 

Accounts payable6

 

 

(23,385

)

 

 

(41,589

)

 

 

47,856

 

 

 

(29,080

)

 

 

86,498

 

Accrued warranty

 

 

2,789

 

 

 

1,631

 

 

 

3,989

 

 

 

1,994

 

 

 

5,586

 

Accrued expenses and other liabilities7

 

 

17,152

 

 

 

4,782

 

 

 

42,741

 

 

 

(13,785

)

 

 

43,243

 

Deferred revenue and customer deposits8

 

 

14,406

 

 

 

(30,275

)

 

 

47,872

 

 

 

(42,635

)

 

 

35,156

 

Other long-term liabilities

 

 

(65

)

 

 

(590

)

 

 

(11

)

 

 

(1,385

)

 

 

(9,991

)

Net cash (used in) provided by operating activities

 

 

121,833

 

 

 

(133,169

)

 

 

(23,271

)

 

 

(372,531

)

 

 

(191,723

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(16,254

)

 

 

(21,335

)

 

 

(35,916

)

 

 

(83,739

)

 

 

(116,823

)

Proceeds from sale of property, plant and equipment

 

 

11

 

 

 

(22

)

 

 

 

 

 

14

 

 

 

 

Net cash used in investing activities

 

 

(16,243

)

 

 

(21,357

)

 

 

(35,916

)

 

 

(83,725

)

 

 

(116,823

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of debt9

 

 

3,144

 

 

 

 

 

 

 

 

 

637,127

 

 

 

 

Payment of debt issuance costs

 

 

(197

)

 

 

(3,711

)

 

 

 

 

 

(19,736

)

 

 

 

Repayment of debt

 

 

 

 

 

(118,538

)

 

 

(73,112

)

 

 

(191,390

)

 

 

(120,586

)

Make-whole payment related to PPA IIIa and PPA IV debt

 

 

 

 

 

 

 

 

(4,140

)

 

 

 

 

 

(6,553

)

Purchase of capped call options related to convertible notes

 

 

 

 

 

 

 

 

 

 

 

(54,522

)

 

 

 

Proceeds from financing obligations

 

 

2,291

 

 

 

 

 

 

3,261

 

 

 

4,993

 

 

 

3,261

 

Repayment of financing obligations

 

 

(4,970

)

 

 

(4,747

)

 

 

(6,722

)

 

 

(18,445

)

 

 

(35,543

)

Distributions and payments to noncontrolling interest

 

 

 

 

 

(2,265

)

 

 

(882

)

 

 

(2,265

)

 

 

(6,854

)

Proceeds from issuance of common stock

 

 

942

 

 

 

6,745

 

 

 

129

 

 

 

16,945

 

 

 

15,279

 

Proceeds from public share offering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

385,396

 

Payment of public share offering costs

 

 

 

 

 

 

 

 

(368

)

 

 

(35

)

 

 

(13,775

)

Buyout of noncontrolling interest

 

 

 

 

 

(6,864

)

 

 

(12,000

)

 

 

(6,864

)

 

 

(12,000

)

Proceeds from issuance of redeemable convertible preferred stock

 

 

 

 

 

 

 

 

 

 

 

310,957

 

 

 

 

Payment of issuance costs related to redeemable convertible preferred stock

 

 

(22

)

 

 

 

 

 

 

 

 

(395

)

 

 

 

Contributions from noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

6,979

 

 

 

2,815

 

Other

 

 

 

 

 

(285

)

 

 

(13

)

 

 

 

 

 

(76

)

Net cash provided by (used in) financing activities

 

 

1,188

 

 

 

(129,665

)

 

 

(93,847

)

 

 

683,349

 

 

 

211,364

 

Effect of exchange rate changes on cash, cash equivalent and restricted cash

 

 

704

 

 

 

(657

)

 

 

2,078

 

 

 

(281

)

 

 

434

 

Net increase (decrease) increase in cash, cash equivalents and restricted cash

 

 

107,482

 

 

 

(284,848

)

 

 

(150,956

)

 

 

226,812

 

 

 

(96,748

)

Cash, cash equivalents and restricted cash:

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

637,696

 

 

 

922,544

 

 

 

669,322

 

 

 

518,366

 

 

 

615,114

 

End of period

 

$

745,178

 

 

$

637,696

 

 

$

518,366

 

 

$

745,178

 

 

$

518,366

 

1

 

Including changes in related party balances of $14.2 million, $241.9 million and $8.1 million for the three months ended December 31, 2023, September 30, 2023, and December 31, 2022, respectively, and related party balances of $257.8 million and $0.1 million for the years ended December 31, 2023 and 2022, respectively.

2

 

Including changes in related party balances of $3.5 million and $3.4 million for the three months ended December 31, 2023, and September 30, 2023, respectively, and related party balance of $6.9 million for the year ended December 31, 2023. There were no associated related party balances as of June 30, 2022, September 30, 2022 and December 31, 2022.

3

 

Including changes in related party balances of $22.5 million and $23.4 million for the three months ended December 31, 2023, and September 30, 2023, respectively, and related party balance of $0.9 million for the year ended December 31, 2023. There were no associated related party balances as of June 30, 2022, September 30, 2022 and December 31, 2022.

4

 

Including changes in related party balances of $7.6 million and $9.9 million for the three months ended December 31, 2023, and September 30, 2023, respectively, and related party balance of $2.3 million for the year ended December 31, 2023. There were no associated related party balances as of June 30, 2022, September 30, 2022 and December 31, 2022.

5

 

Including changes in related party balances of $7.1 million and $2.0 million for the three months ended December 31, 2023, and September 30, 2023, respectively, and related party balance of $9.1 million for the year ended December 31, 2023. There were no associated related party balances as of June 30, 2022, September 30, 2022 and December 31, 2022.

6

 

Including changes in related party balance of $0.1 million for the three months ended December 31, 2023 and the year ended December 31, 2023. There were no related party balances as of September 30, 2023, June 30, 2022, September 30, 2022 and December 31, 2022.

7

 

Including changes in related party balances of $2.3 million and $5.7 million for the three months ended December 31, 2023, and September 30, 2023, respectively, and related party balance of $3.4 million for the year ended December 31, 2023. There were no associated related party balances as of June 30, 2022, September 30, 2022 and December 31, 2022.

8

 

Including changes in related party balances of $2.7 million and $11.1 million for the three months ended December 31, 2023 and September 30, 2023, respectively, and related party balance of $8.4 million for the year ended December 31, 2023. There were no associated related party balances as of June 30, 2022, September 30, 2022 and December 31, 2022.

9

 

Including changes in related party balance of $4.6 million for the three months ended December 31, 2023 and the year ended December 31, 2023. There were no related party balances as of September 30, 2023, June 30, 2022, September 30, 2022 and December 31, 2022.

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

(in thousands, except percentages)

      

 

Q4'23

Q3'23

Q4'22

FY 23

FY 22

GAAP revenue

356,917

 

400,268

 

462,577

 

1,333,470

 

1,199,125

 

GAAP cost of sales

264,526

 

405,482

 

391,199

 

1,135,676

 

1,050,837

 

GAAP gross profit (loss)

92,391

 

(5,214

)

71,377

 

197,794

 

148,288

 

Non-GAAP adjustments:

 

 

 

 

 

Stock-based compensation expense

2,693

 

5,581

 

5,346

 

17,504

 

18,955

 

Impairment charge (PPA V, PPA IV, PPA IIIa)

 

123,700

 

64,030

 

123,700

 

108,830

 

Restructuring charges

2,695

 

725

 

 

3,420

 

 

PPA V Sales property tax

 

1,588

 

 

1,588

 

 

Non-GAAP gross profit

97,779

 

126,380

 

140,754

 

344,006

 

276,073

 

GAAP gross margin %

25.9

%

(1.3

) %

15.4

%

14.8

%

12.4

%

Non-GAAP adjustments

1.5

%

32.9

%

15.0

%

11.0

%

10.7

%

Non-GAAP gross margin %

27.4

%

31.6

%

30.4

%

25.8

%

23.0

%

 

Q4'23

Q3'23

Q4'22

FY 23

FY 22

GAAP (loss) profit from operations

12,939

 

(103,708

)

(40,568

)

(208,907

)

(260,992

)

Non-GAAP adjustments:

 

 

 

 

 

Stock-based compensation expense

7,500

 

21,564

 

31,027

 

87,095

 

113,965

 

Impairment charge (PPA V, PPA IV, PPA IIIa)

 

130,088

 

68,535

 

130,088

 

113,335

 

PPA V Sales property tax

 

1,588

 

 

1,588

 

 

Restructuring charges

6,940

 

2,226

 

 

9,166

 

 

Amortization of acquired intangible assets

34

 

42

 

37

 

151

 

223

 

Non-GAAP profit (loss) from operations

27,411

 

51,800

 

59,032

 

19,181

 

(33,469

)

GAAP operating margin %

3.6

%

(25.9

) %

(8.8

) %

(15.7

) %

(21.8

) %

Non-GAAP adjustments

4.1

%

38.9

%

21.5

%

17.1

%

19.0

%

Non-GAAP operating margin %

7.7

%

12.9

%

12.8

%

1.4

%

(2.8

) %

Reconciliation of GAAP Net Profit (loss) to non-GAAP Net Profit (Loss) and Computation of non-GAAP Net Profit (Loss) per Share (EPS)

(unaudited)

(in thousands, except share data)

      

 

Q4'23

Q3'23

Q4'22

FY 23

FY 22

Net (loss) profit to Common Stockholders

 

4,511

 

 

(168,999

)

 

(47,172

)

 

(302,116

)

 

(301,408

)

Non-GAAP adjustments:

 

 

 

 

 

Add back: (Loss) gain for non-controlling interests

 

(394

)

 

921

 

 

(3,611

)

 

(5,821

)

 

(13,678

)

Loss (gain) on derivative liabilities

 

428

 

 

114

 

 

56

 

 

1,641

 

 

(566

)

Impairment charge (PPA V, PPA IV, PPA IIIa)

 

 

 

130,088

 

 

68,535

 

 

130,088

 

 

113,335

 

Loss on China JV investment

 

 

 

 

 

 

 

 

 

1,446

 

Loss on extinguishment of debt

 

 

 

1,415

 

 

4,723

 

 

4,288

 

 

8,955

 

Amortization of acquired intangible assets

 

34

 

 

42

 

 

37

 

 

151

 

 

223

 

Restructuring charges

 

6,940

 

 

2,226

 

 

 

 

9,166

 

 

 

PPA V Sales property tax

 

 

 

1,588

 

 

 

 

1,588

 

 

 

Goodwill impairment

 

 

 

 

 

 

 

 

 

2,000

 

Interest expense on SK loan commitment

 

 

 

52,792

 

 

 

 

52,792

 

 

 

Stock-based compensation expense

 

7,500

 

 

21,564

 

 

31,027

 

 

87,095

 

 

113,965

 

Other loss

 

403

 

 

 

 

 

 

403

 

 

 

Adjusted Net (Loss) Profit

 

19,421

 

 

41,751

 

 

53,596

 

 

(20,724

)

 

(75,728

)

 

 

 

 

 

 

Adjusted net (loss) profit per share (EPS), Basic

$

0.09

 

$

0.20

 

$

0.27

 

$

(0.10

)

$

(0.41

)

Adjusted net (loss) profit per share (EPS), Diluted

$

0.07

 

$

0.15

 

$

0.22

 

$

(0.10

)

$

(0.41

)

Weighted average shares outstanding attributable to common, Basic

 

224,204

 

 

210,930

 

 

201,173

 

 

212,681

 

 

185,907

 

Weighted-average shares outstanding attributable to common, Diluted

 

274,366

 

 

274,337

 

 

238,775

 

 

212,681

 

 

185,907

 

Reconciliation of GAAP Net Profit (loss) to Adjusted EBITDA

(unaudited)

(in thousands)

      

 

Q4'23

Q3'23

Q4'22

FY 23

FY 22

Net (loss) profit to Common Stockholders

4,511

 

(168,999

)

(47,172

)

(302,116

)

(301,408

)

Add back: (Loss) gain for non-controlling interests

(394

)

921

 

(3,611

)

(5,821

)

(13,678

)

Loss (gain) on derivative liabilities

428

 

114

 

56

 

1,641

 

(566

)

Impairment charge (PPA V, PPA IV, PPA IIIa)

 

130,088

 

68,535

 

130,088

 

113,335

 

Loss on China JV investment

 

 

 

 

1,446

 

Loss on extinguishment of debt

 

1,415

 

4,723

 

4,288

 

8,955

 

Amortization of acquired intangible assets

34

 

42

 

37

 

151

 

223

 

Restructuring charges

6,940

 

2,226

 

 

9,166

 

 

PPA V Sales property tax

 

1,588

 

 

1,588

 

 

Goodwill impairment

 

 

 

 

2,000

 

Interest expense on SK loan commitment

 

52,792

 

 

52,792

 

 

Stock-based compensation expense

7,500

 

21,564

 

31,027

 

87,095

 

113,965

 

Other loss

403

 

 

 

403

 

 

Adjusted Net (Loss) Profit

19,421

 

41,751

 

53,596

 

(20,724

)

(75,728

)

 

 

 

 

 

 

Depreciation & amortization

12,349

 

14,615

 

15,426

 

62,609

 

61,608

 

Income tax provision

811

 

646

 

209

 

1,894

 

1,097

 

Interest expense, Other expense, net

7,179

 

9,403

 

5,227

 

38,012

 

43,162

 

Adjusted EBITDA

39,760

 

66,415

 

74,458

 

81,791

 

30,139

 

Use of non-GAAP financial measures

To supplement Bloom Energy consolidated financial statement information presented on a GAAP basis, Bloom Energy provides financial measures including non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP operating profit (loss) (non-GAAP earnings from operations), non-GAAP operating profit (loss) margin, non-GAAP net earnings, non-GAAP basic and diluted earnings per share and Adjusted EBITDA. Bloom Energy also provides forecasts of non-GAAP gross margin and non-GAAP operating margin.

These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States.

  • The GAAP measure most directly comparable to non-GAAP gross profit (loss) is gross profit (loss).
  • The GAAP measure most directly comparable to non-GAAP gross margin is gross margin.
  • The GAAP measure most directly comparable to non-GAAP operating profit (loss) (non-GAAP earnings from operations) is operating profit (loss) (earnings from operations).
  • The GAAP measure most directly comparable to non-GAAP operating margin is operating margin.
  • The GAAP measure most directly comparable to non-GAAP net earnings is net earnings.
  • The GAAP measure most directly comparable to non-GAAP diluted earnings per share is diluted earnings per share.
  • The GAAP measure most directly comparable to Adjusted EBITDA is net earnings.

Reconciliations of each of these non-GAAP financial measures to GAAP information are included in the tables above or elsewhere in the materials accompanying this news release.

Use and economic substance of non-GAAP financial measures used by Bloom Energy

Non-GAAP gross profit (loss) and non-GAAP gross margin are defined to exclude charges relating to stock-based compensation expense, PPA V, PPA IV and PPA IIIa repowering related impairment charges, restructuring charges, and PPA V Sales property tax. Non-GAAP net earnings and non-GAAP diluted earnings per share consist of net earnings or diluted net earnings per share excluding charges relating to stock-based compensation expense, (loss) gain for non-controlling interest, loss (gain) on derivatives liabilities, PPA V, PPA IV and PPA IIIa repowering related impairment charges, goodwill impairment, interest expense on SK loan commitment, restructuring charges, PPA V Sales property tax, managed services impairment loss, loss on debt extinguishment, loss on China JV investment and the amortization of acquired intangible assets. Adjusted EBITDA is defined as net profit (loss) before interest expense, provision for income tax, depreciation and amortization expense, charges relating to stock-based compensation expense, (loss) gain for non-controlling interest, loss (gain) on derivatives liabilities, PPA V. PPA IV and PPA IIIa repowering related impairment charges, goodwill impairment, interest expense on SK loan commitment, restructuring charges, PPA V Sales property tax, managed services impairment loss, loss on debt extinguishment, loss on China JV investment and the amortization of acquired intangible assets. Bloom Energy management uses these non-GAAP financial measures for purposes of evaluating Bloom Energy’s historical and prospective financial performance, as well as Bloom Energy’s performance relative to its competitors. Bloom Energy believes that excluding the items mentioned above from these non-GAAP financial measures allows Bloom Energy management to better understand Bloom Energy’s consolidated financial performance as management does not believe that the excluded items are reflective of ongoing operating results. More specifically, Bloom Energy management excludes each of those items mentioned above for the following reasons:

  • Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date. Although stock-based compensation is a key incentive offered to our employees, Bloom Energy excludes these charges for the purpose of calculating these non-GAAP measures, primarily because they are non-cash expenses and such an exclusion facilitates a more meaningful evaluation of Bloom Energy current operating performance and comparisons to Bloom Energy operating performance in other periods.
  • (Loss) gain for non-controlling interest represents allocation to the non-controlling interests under the hypothetical liquidation at book value (HLBV) method and are associated with our Bloom Energy legacy PPA entities and the joint venture in the Republic of Korea.
  • Loss (gain) on derivatives liabilities represents non-cash adjustments to the fair value of the embedded derivatives.
  • PPA V repowering related impairment charge represents non-cash impairment charge on old server units decommissioned upon repowering of $123.7 million and non-cash impairment charge on non-recoverable production insurance of $6.4 million.
  • PPA IV repowering related impairment charge represents non-cash impairment charges on old server units decommissioned upon repowering of $64.0 million and non-cash impairment charge on non-recoverable production insurance of $4.5 million.
  • PPA IIIa repowering related impairment charge represents non-cash impairment charges on old server units decommissioned upon repowering of $44.8 million.
  • Goodwill impairment related to the acquisition of BE Japan in Q2 2021.
  • Interest expense on SK loan commitment recognized as a result of automatic conversion of 13.5 million shares of our Series B redeemable convertible preferred stock to shares of our Class A common stock.
  • Restructuring charges represented by severance expense of $5.3 million, facility closure costs of $2.6 million, and other restructuring expenses of $1.3 million recorded in fiscal 2023.
  • PPA V Sales property tax related to PPA V repowering of old server units.
  • Other loss incurred upon closure of one of our managed services deals in the fourth quarter of fiscal 2023.
  • Loss on debt extinguishment related to PPA V, PPA IV and PPA IIIa repowering.
  • Loss on China JV investment upon sale of our equity interest.
  • Amortization of acquired intangible assets.
  • Adjusted EBITDA is defined as Adjusted Net Income (Loss) before depreciation and amortization expense, provision for income tax, interest expense (income), other expense (income), net. We use Adjusted EBITDA to measure the operating performance of our business, excluding specifically identified items that we do not believe directly reflect our core operations and may not be indicative of our recurring operations.

For more information about these non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP to Non-GAAP Financial Measures,” “Reconciliation of GAAP Net Loss to non-GAAP Net Profit (Loss) and Computation of non-GAAP Net Profit (Loss) per Share (EPS),” and “Reconciliation of GAAP Net Loss to Adjusted EBITDA” set forth in this release, which should be read together with the preceding financial statements prepared in accordance with GAAP.

Material limitations associated with use of non-GAAP financial measures

These non-GAAP financial measures have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of Bloom Energy results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:

  • Items such as stock-based compensation expense that is excluded from non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating profit (loss) (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net earnings, and non-GAAP diluted earnings per share can have a material impact on the equivalent GAAP earnings measure.
  • Gain (loss) for non-controlling interest and loss (gain) on derivatives liabilities, though not directly affecting Bloom Energy’s cash position, represent the loss (gain) in value of certain assets and liabilities. The expense associated with this loss (gain) in value is excluded from non-GAAP net earnings, and non-GAAP diluted earnings per share and can have a material impact on the equivalent GAAP earnings measure.
  • Other companies may calculate non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating profit (non-GAAP earnings from operations), non-GAAP operating profit margin, non-GAAP net earnings, non-GAAP diluted earnings per share and Adjusted EBITDA differently than Bloom Energy does, limiting the usefulness of those measures for comparative purposes.

Compensation for limitations associated with use of non-GAAP financial measures

Bloom Energy compensates for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only as a supplement. Bloom Energy also provides a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP measure within this news release and in other written materials that include these non-GAAP financial measures, and Bloom Energy encourages investors to review those reconciliations carefully.

Usefulness of non-GAAP financial measures to investors

Bloom Energy believes that providing financial measures including non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP operating profit (loss) (non-GAAP earnings from operations), non-GAAP operating profit (loss) margin, non-GAAP net earnings, non-GAAP diluted earnings per share in addition to the related GAAP measures provides investors with greater transparency to the information used by Bloom Energy management in its financial and operational decision making and allows investors to see Bloom Energy’s results “through the eyes” of management. Bloom Energy further believes that providing this information better enables Bloom Energy investors to understand Bloom Energy’s operating performance and to evaluate the efficacy of the methodology and information used by Bloom Energy management to evaluate and measure such performance. Disclosure of these non-GAAP financial measures also facilitates comparisons of Bloom Energy’s operating performance with the performance of other companies in Bloom Energy’s industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.

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