[Table_Title] Research Report 28 Feb 2025 布鲁姆能源 (BE US) 2025 财年指引向好；强化成本管理；可能签订更多公用事业模式 协议 Scott Darling Catherine Li scott.darling@htisec.com catherine.dy.li@htisec.com [Table_yemei1] Flash Analysis [Table_summary] 事件 我们预计 Bloom Energy 的 4Q24 业绩市场反应非常积极，报告收入和 EBITDA 远高于预期，这得益于利润率和收入的 提高，尤其是产品部门的收入，调整后的净收入为 1.05 亿美元，也高于预期。该公司预计 2025 财年 收入预期略高 于普遍预期，并强调了 2025 财年的强劲势头，可能与公用事业公司达成更多协议，并继续以两位数的速度降低成 本。 点评 2025 财年收入预期高于预期，但指引区间较大：公司提供的 2025 财年收入预期为 16-18.5 亿美元，同比增长 9-26% （而预期为 16.7 亿美元），非 GAAP 毛利率为 c29%（而预期为 c29 ...

Bloom Energy Corporation (NYSE:BE) Q4 2024 Earnings Conference Call February 27, 2025 5:00 PM ET Company Participants Michael Tierney - VP, IR KR Sridhar - Founder, Chairman and CEO Dan Berenbaum - CFO Conference Call Participants Andrew Percoco - Morgan Stanley Chris Dendrinos - RBC Colin Rusch - Oppenheimer Dimple Gosai - Bank of America Manav Gupta - UBS Michael Blum - Wells Fargo Sherif Elmaghrabi - BTIG Chris Senyek - Wolfe Research Kashy Harrison - Piper Sandler Noel Parks - Tuohy Brothers Ameet Thakk ...

Bloom Energy (BE) came out with quarterly earnings of $0.43 per share, beating the Zacks Consensus Estimate of $0.32 per share. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 34.38%. A quarter ago, it was expected that this developer of fuel cell systems would post earnings of $0.09 per share when it actually produced a loss of $0.01, delivering a surprise of -111.11%.Over the last four quar ...

Q4 & FY2024 Earnings February 27, 2025 Forward-looking statements and non-GAAP financial measures This presentation 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," "estima ...

Energy Server Systems - Bloom Energy has deployed approximately 1.4 gigawatts of Energy Server systems across more than 1,000 locations in 9 countries[20] - The Energy Server systems can achieve up to 99.999% availability, making them suitable for critical applications like AI and data centers[25] - Bloom Energy's Energy Server system is designed to operate in islanded microgrid mode, allowing for rapid deployment within months compared to years for traditional providers[28] - The modular design of the Energy Server system allows for flexible deployment configurations, enhancing its adaptability to customer needs[34] - The Energy Server system can achieve 85% combined efficiency in 2024, with a goal of reaching 90% through continuous improvement[8] - The Energy Server system can produce carbon-neutral electricity with near-zero air pollution and water usage by converting biogas to electricity[8] - The modular design of the Energy Server system allows for scalability from kW to hundreds of MWs, providing operational advantages and high availability[8] - The Energy Server system exhibits a 99.9% availability rate, which can be increased to 99.999% with added redundancy, suitable for mission-critical applications[9] - The Energy Server system can be configured as a microgrid solution, providing flexibility and reliability without dependency on transmission lines[8] - The company aims to provide sustainability benefits today while offering multiple pathways to long-term decarbonization through its technologies[41] Market and Customer Base - The U.S. is the largest market for Bloom Energy, with significant customers in utilities, data centers, and healthcare sectors[29] - Bloom Energy has grown its footprint in South Korea to nearly 600 megawatts of deployed Energy Server equipment since 2018[30] - Revenue from three major customers accounted for approximately 23%, 16%, and 14% of total revenue for the year ended December 31, 2024[71] - A substantial portion of the company’s revenue and backlog is derived from a limited number of customers, which poses a risk to financial stability[106] - In the year ended December 31, 2024, three customers accounted for approximately 23%, 16%, and 14% of total revenue, indicating a reliance on a limited customer base[133] Research and Development - The company has invested significantly in research and development, focusing on advanced material science solutions to improve the Energy Server system[46] - As of December 31, 2024, the company holds 358 active patents and 148 pending patent applications in the U.S., with an international portfolio of 177 active patents[50] Financial Performance and Risks - The company has experienced supply chain disruptions, with lead times for some components increasing due to shortages and delays, although these constraints are expected to ease by 2025[60] - The company anticipates that 25% tariffs on U.S. imports of steel and aluminum will adversely impact raw material costs[61] - The company had a workforce of 2,127 full-time employees as of December 31, 2024, with a decrease of 11% compared to fiscal year 2023 due to restructuring actions initiated in September 2023[96] - The company does not intend to pay dividends for the foreseeable future, which may affect stockholder returns[114] - The company has incurred significant losses in the past and may not achieve profitability in future periods[110] - The company's financial condition and results of operations are likely to fluctuate significantly, which could lead to stock price declines[211] - The company expects to continue incurring net losses in future periods as it expands operations domestically and internationally[207] Regulatory Environment - The company is subject to various federal, state, and local regulations that can impact the market for its products, including electricity pricing and interconnection requirements[87][88] - Environmental compliance costs can be significant, and violations may result in substantial fines and penalties, impacting the company's financial performance[90] - The expiration of the Fuel Cell Net Energy Metering (FC NEM) tariff in California at the end of 2023 may impact future sales of Energy Server systems in that jurisdiction[129] - The company faces risks associated with regulatory changes that could impact demand for its products[110] - Changes in availability of rebates, tax credits, and financial incentives could adversely affect demand and sales financing, potentially harming business results[174] Competition and Market Challenges - The company faces competition in the distributed energy generation and hydrogen production markets, which may affect future growth and market acceptance[106] - The company faces significant competition from traditional energy suppliers and other fuel cell companies, which may limit growth opportunities[131] - The company may face challenges in attracting and retaining key employees, which could hinder its growth[114] - The company may need to develop new strategies for protecting its intellectual property as it expands into new markets[201] Supply Chain and Manufacturing - The global supply chain for raw materials, including semiconductors and specialty metals, has faced significant strain, potentially causing delays and increased costs[155] - The company has made significant investments to expand its supply chain, including entering into contractual relationships with suppliers[156] - Long-term supply agreements may result in excess inventory or higher costs, negatively impacting financial results[158] - The company relies on long-term supply agreements, which could lead to excess inventory or insufficient supply if suppliers fail to deliver[110] Sustainability and Environmental Impact - The company is committed to sustainability, focusing on resource efficiency and responsible design, while also addressing climate change impacts on energy systems[73] - The current generation of Energy Server systems produces carbon emissions, which may lead to regulatory scrutiny and impact customer procurement policies[188] Legal and Intellectual Property - The company is involved in legal proceedings that could have a material adverse effect on its business and financial condition[197] - The company may need to defend against claims of intellectual property infringement, which could incur substantial costs[204] - The company's product liability insurance may not cover all potential claims, posing a risk to business and financial stability[195]

Fourth Quarter Highlights Total Year Highlights KR Sridhar, Founder, Chairman, and CEO of Bloom Energy said, "We are the solution of choice for powering AI, whether that's large data centers that need reliable power now, or businesses that are going to use AI for productivity gains. Our proven solution is ready to be deployed at GW scale starting this year." Dan Berenbaum, CFO of Bloom Energy added, "As expected, we closed 2024 with record quarterly results. We expect our commercial momentum to continue int ...

Core Viewpoint - Bloom Energy Corporation (BE) is anticipated to show improvements in both revenue and earnings for the fourth quarter of 2024, with results expected to be reported on February 27, after market close [1] Revenue and Earnings Estimates - The Zacks Consensus Estimate for BE's fourth-quarter revenues is $551.6 million, reflecting a 43.35% increase from the previous year [2] - The Zacks Consensus Estimate for BE's fourth-quarter earnings is 32 cents per share, indicating a growth of 357.1% from the year-ago figure [2] Earnings Prediction Factors - Bloom Energy has an Earnings ESP of -11.95% and currently holds a Zacks Rank of 3 (Hold), suggesting that the model does not predict a definitive earnings beat this time [3] - Factors likely contributing to BE's Q4 earnings include expanding domestic and international commercial capabilities, with high power density fuel cell deployments meeting the growing electricity demand from data centers [5] Strategic Partnerships and Projects - A significant partnership with SK ecoplant Co., Ltd. is expected to result in the purchase of 500 MW of Bloom solid oxide fuel cells between January 1, 2024, and December 31, 2027, positively impacting fourth-quarter earnings [6] - Bloom Energy announced a partnership with FPM Development for 20 MW of SOFCs in Los Angeles, which is expected to enhance fourth-quarter earnings [7] - An 80 MW project in South Korea is set to begin commercial operations in 2025, further contributing to the company's growth [8] Market Performance - BE's shares have increased by 135.7% over the past year, outperforming the industry average increase of 55.1% [9] Investment Thesis - Bloom Energy is recognized as a leader in solid oxide fuel cell technology, demonstrating high electrical efficiency and experiencing significant commercial interest in its products [11] - The demand for clean energy is projected to rise, particularly from energy-intensive industries, positioning Bloom Energy's carbon-free hydrogen fuel cell as a crucial solution for reducing carbon emissions and alleviating grid congestion [12] - Currently, 48% of Bloom Energy's revenues are generated from international markets, indicating growing global recognition [13] Conclusion - Bloom Energy is poised to benefit from increasing demand for clean energy, with a global leadership position in stationary fuel cell and power generation, having deployed 1.3 GW worldwide [14]

Core Viewpoint - Bloom Energy (BE) is anticipated to report a year-over-year increase in earnings and revenues for the quarter ended December 2024, with earnings expected to be $0.32 per share and revenues projected at $511.65 million, reflecting a significant increase from the previous year [1][3]. Earnings Expectations - The consensus EPS estimate indicates a year-over-year change of +357.1% for Bloom Energy, while revenues are expected to rise by 43.4% [3]. - The upcoming earnings report is scheduled for February 27, and the stock may experience volatility based on whether the actual results meet or exceed these expectations [2]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a stable outlook from covering analysts [4]. - Bloom Energy's Most Accurate Estimate is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -11.95%, suggesting a bearish sentiment among analysts [10][11]. Earnings Surprise History - In the last reported quarter, Bloom Energy was expected to post earnings of $0.09 per share but instead reported a loss of $0.01, resulting in a surprise of -111.11% [12]. - The company has not surpassed consensus EPS estimates in any of the last four quarters, indicating a trend of underperformance [13]. Comparison with Industry Peers - Excelerate Energy (EE), another player in the alternative energy sector, is expected to report earnings of $0.33 per share, reflecting a year-over-year change of +135.7%, despite a revenue decline of 15.5% [17]. - Excelerate Energy has an Earnings ESP of 2.77% and a Zacks Rank of 3, suggesting a higher likelihood of beating the consensus EPS estimate [18].

Bloom Energy (BE) closed the most recent trading day at $26.50, moving +1.84% from the previous trading session. This change outpaced the S&P 500's 0.24% gain on the day. Elsewhere, the Dow saw an upswing of 0.16%, while the tech-heavy Nasdaq appreciated by 0.08%.The developer of fuel cell systems's shares have seen an increase of 1.05% over the last month, surpassing the Oils-Energy sector's loss of 3.18% and falling behind the S&P 500's gain of 2.37%.Analysts and investors alike will be keeping a close ey ...

Group 1 - Bloom Energy's stock closed at $23.58, with a daily increase of 0.26%, outperforming the S&P 500's loss of 0.51% [1] - Over the past month, Bloom Energy shares gained 0.64%, while the Oils-Energy sector increased by 6.87% and the S&P 500 rose by 2.87% [1] Group 2 - The upcoming earnings release on February 27, 2025, is anticipated to show an EPS of $0.32, reflecting a growth of 357.14% year-over-year [2] - Revenue is projected to reach $511.68 million, indicating a 43.36% increase from the previous year [2] Group 3 - Recent analyst estimate revisions for Bloom Energy suggest positive sentiment regarding the company's business operations and profit generation capabilities [3] - The Zacks Rank system, which evaluates estimate changes, indicates Bloom Energy currently holds a rank of 3 (Hold) [5] Group 4 - Bloom Energy's Forward P/E ratio is 67.2, significantly higher than the industry average of 20.3, indicating a premium valuation [6] - The company's PEG ratio stands at 2.69, compared to the industry average of 2.04, suggesting higher expected earnings growth relative to its peers [6] Group 5 - The Alternative Energy - Other industry, which includes Bloom Energy, ranks in the top 19% of over 250 industries according to the Zacks Industry Rank [7] - Research indicates that top-rated industries outperform lower-rated ones by a factor of 2 to 1 [7]