![](https://investorshub.advfn.com/uicon/201043.png?cb=1632151475)
Thursday, May 11, 2023 1:22:21 PM
Source: Business Wire
Bloom Energy Corporation (NYSE: BE) reported today its total revenue for the first quarter ended March 31, 2023 grew 37% compared with the first quarter of 2022. The record revenue for the quarter was driven by continued growth in Product and Service revenue and supported an improvement in operating margin of over five percentage points.
First Quarter Highlights
Revenue of $275.2 million in the first quarter of 2023, an increase of 36.9% compared to $201.0 million in the first quarter of 2022. Product and Service revenue of $234.4 million in the first quarter of 2023, an increase of 38.9% compared to $168.8 million in the first quarter of 2022.
Gross margin of 19.7% in the first quarter of 2023, an increase of 5.8 percentage points compared to 13.9% in the first quarter of 2022.
Non-GAAP gross margin of 21.2% in the first quarter of 2023, an increase of 5.4 percentage points compared to 15.8% in the first quarter of 2022.
Operating loss of ($63.7) million in the first quarter of 2023, an improvement of $2.0 million compared to ($65.7) million in the first quarter of 2022.
Non-GAAP operating loss of ($34.1) million in the first quarter of 2023, an improvement of $5.3 million compared to ($39.4) million in the first quarter of 2022.
Commenting on first quarter results, KR Sridhar founder, Chairman and CEO of Bloom Energy said, “Bloom Energy is off to a very strong start in 2023. Our company is operating well and delivering on our goals. We are making great strides in developing products that serve the needs of our customers today, will help them to position well for the future and, importantly, create revenue growth for us.”
Greg Cameron, President and CFO of Bloom Energy, added, “We had record first quarter revenue driven by strong domestic acceptances. Our margins improved as we maintained price while reducing our product costs. We are reaffirming our 2023 framework for revenue and profitability.”
Summary of Key Financial Metrics
Recent BE News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/18/2024 08:45:03 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 06/18/2024 08:40:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/18/2024 08:35:03 PM
- Form 3/A - Initial statement of beneficial ownership of securities: [Amend] • Edgar (US Regulatory) • 06/18/2024 08:30:08 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/17/2024 08:38:51 PM
- Gary Pinkus, Chairman of McKinsey & Company in North America, Joins Bloom Energy’s Board of Directors • Business Wire • 06/12/2024 08:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/12/2024 08:10:13 PM
- Bloom Energy and Sembcorp Announce Collaboration to Bring Low-Carbon Solutions to Singapore • Business Wire • 06/06/2024 09:30:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/29/2024 09:15:39 PM
- Bloom Energy Corporation Prices Upsized $350.0 Million Green Convertible Senior Notes Offering • Business Wire • 05/24/2024 05:11:00 AM
- Bloom Energy Corporation Announces Proposed Green Convertible Senior Notes Offering • Business Wire • 05/22/2024 09:37:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/22/2024 08:32:27 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/22/2024 08:27:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/15/2024 12:03:41 AM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 05/14/2024 11:05:12 PM
- C3 AI and Bloom Energy Team Up to Revolutionize Fuel Cell Performance, Service, and Engineering Analytics • Business Wire • 05/14/2024 01:00:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/13/2024 08:22:20 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/10/2024 08:03:11 PM
- JFrog and Akamai Drop Over 10% Despite Strong Profits; Sweetgreen, Array, SoundHound Surge, and More in Earnings • IH Market News • 05/10/2024 11:58:39 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 09:00:05 PM
- Bloom Energy Announces Largest Silicon Valley Data Center Power Capacity Agreement • Business Wire • 05/09/2024 08:10:00 PM
- Bloom Energy Reports First Quarter 2024 Financial Results • Business Wire • 05/09/2024 08:05:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 08:03:57 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/09/2024 12:17:12 AM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 05/08/2024 11:48:29 PM
Cannabix Technologies and Omega Laboratories Inc. Provide Positive Developments on Marijuana Breathalyzer Testing • BLO • Jul 11, 2024 8:21 AM
ECGI Holdings Enhances Board with Artificial Intelligence (AI) Expert Ahead of Allon Apparel Launch • ECGI • Jul 10, 2024 8:30 AM
Avant Technologies to Meet Unmet Needs in AI Industry While Addressing Sustainability Concerns • AVAI • Jul 10, 2024 8:00 AM
Panther Minerals Inc. Launches Investor Connect AI Chatbot for Enhanced Investor Engagement and Lead Generation • PURR • Jul 9, 2024 9:00 AM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM