US hydrogen firm Bloom Energy posts $209m loss for 2023, with nearly $4bn deficit accrued to date The solid-oxide fuel-cell and electrolyser manufacturer’s chief financial officer is set to resign 16 February 2024 By Polly Martin ..... Bloom Energy added in a separate filing to the US Securities and Exchange Commission that as of the end of 2023, it had accumulated $3.9bn in losses.
The company also identified the scale of its debt as a potential risk factor to its growth.
“Given our substantial level of indebtedness, it may be difficult for us to secure additional debt financing at an attractive cost, which may in turn impact our ability to expand or maintain our operations, develop our products, and remain competitive in the market,” it admitted, adding that there was also a risk that it would not be able to generate enough cash to repay its debts. ..... Nearly all of the firm’s revenue to date has come from sales of its fuel cell power generators, which can run on biomethane, natural gas, or hydrogen, while its solid-oxide electrolyser, which operates at a high-temperature in order to produce more hydrogen per kilowatt-hour of electricity input compared to other technologies, is still “in the early stages of commercialization”.
The California-based company also noted that much of its revenue hinged on anchor customers, with two clients accounting for 37% and 26% each of the $1.3bn it reported for 2023.
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