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].

Core Viewpoint - Bloom Energy (BE) is experiencing positive stock performance and is expected to report significant earnings growth in its upcoming earnings disclosure on February 27, 2025 [2][5]. Group 1: Stock Performance - Bloom Energy closed at $26.50, reflecting a 1.84% increase from the previous trading session, outperforming the S&P 500's gain of 0.24% [1]. - Over the last month, Bloom Energy's shares increased by 1.05%, while the Oils-Energy sector saw a loss of 3.18% [1]. Group 2: Earnings Expectations - The company is projected to report an EPS of $0.32, representing a 357.14% increase from the same quarter last year [2]. - Revenue is expected to reach $511.65 million, indicating a 43.35% increase compared to the prior year [2]. Group 3: Analyst Estimates - Recent modifications to analyst estimates for Bloom Energy suggest a positive outlook for the company's business and profitability [3]. - The Zacks Consensus EPS estimate has increased by 36.36% over the last 30 days [5]. Group 4: Valuation Metrics - Bloom Energy has a Forward P/E ratio of 67.76, significantly higher than the industry average of 20.29, indicating a premium valuation [6]. - The company's PEG ratio stands at 2.71, compared to the industry average of 2.41 [7]. Group 5: Industry Ranking - The Alternative Energy - Other industry, which includes Bloom Energy, has a Zacks Industry Rank of 89, placing it in the top 36% of over 250 industries [7][8].

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]

Core Viewpoint - The recent release of a low-cost AI model by Chinese start-up DeepSeek has raised concerns among investors, leading to a significant drop in Bloom Energy's stock price, which fell over 20% in a week [1][4]. Group 1: Stock Performance - Bloom Energy's stock experienced a decline of over 20% through Friday afternoon, with a notable drop of more than 25% in a single day amid a broader tech sector downturn [1][3][4]. - Analysts have mixed views on Bloom Energy, with some raising price targets while others, like Bank of America, lowered their target from $20 to $18 [2][3]. Group 2: Market Impact - The introduction of DeepSeek's AI model is perceived as a potential threat to the U.S. data center industry, which is a critical market for Bloom Energy's solid oxide fuel cell systems [4][5]. - Bloom Energy's growth is expected to be driven by demand from data centers, particularly due to the AI and cloud computing boom, with major clients including Intel and Google [5][6]. Group 3: Future Outlook - Bloom Energy projects revenue between $1.4 billion to $1.6 billion for 2024, an increase from a record $1.3 billion in 2023, indicating potential for growth despite current market concerns [7]. - The company's management is expected to address the impact of DeepSeek on the AI data center industry during the upcoming Q4 earnings call [6][7].

Market Reaction - Bloom Energy (BE) stock plunged as much as 28 6% through noon ET Monday [1] - The stock's crash today means the analyst's price target now represents a 50% potential upside from its current price [2] Analyst Opinion - Piper Sandler analyst Kashy Harrison upgraded Bloom Energy stock's price target to $33 per share from $30 per share [3] - Harrison believes Bloom Energy is well positioned to outperform in 2025 driven by data center power demand [4] - Harrison also believes Wall Street's conservative outlook on Bloom Energy means management could revise its guidance over time [5] Industry Context - Bloom Energy predicts 55 gigawatts (GW) of AI data center capacity could come online in the U S over the next five years [4] - The company uses solid oxide fuel cells to build a modular power-generation platform for constant on-site power [4] - Seaport Global Securities analyst Tom Curran downgraded Plug Power (PLUG) stock to a sell with a price target of $1 per share citing macro factors including Trump's freeze on green hydrogen industry funds [6] Market Impact - Major U S stock market indexes plunged today after Chinese AI start-up DeepSeek's advanced yet cheaper AI model rattled U S tech giants investing billions in AI data centers [7] - Bloom Energy stock was impacted as AI data centers in the U S are a key growth market for the company [7]

Core Insights - The rapid advancement of artificial intelligence (AI) is driving a significant increase in energy demand from data centers, with Goldman Sachs projecting a 15% annual growth rate in power demand through 2030, potentially accounting for 8% of total U.S. power consumption [3] - Bloom Energy is positioned to capitalize on this demand with its fuel cell technology, which is ready for deployment and can be implemented within 50 days, providing a reliable energy source for data centers [6][11] - The company has secured major agreements, including a power purchase agreement with American Electric Power for up to 1 gigawatt of solid-state fuel cells, leading to increased EBITDA estimates from analysts [9][12] Company Developments - Bloom Energy has experienced a stock surge of 149% since November, although it has recently seen a 17% decline from its 52-week high [2] - The company reported losses of nearly $130 million against revenues of $1.25 billion over the past year, indicating a need for further client acquisition to achieve positive cash flow [7] - Partnerships with major clients like Intel and CoreWeave highlight Bloom's ability to meet the energy needs of high-performance data centers [8] Market Position - Bloom Energy's technology offers a competitive advantage over traditional energy solutions, as it can be deployed quickly compared to nuclear power plants, which require years for construction [11] - The partnership with American Electric Power positions Bloom favorably, as the utility forecasts a 20% annual growth in its commercial load over the next three years [12] - Analysts predict earnings growth for Bloom, estimating $0.06 per share in 2024 and $0.43 per share in 2025, reflecting confidence in the company's future performance [12]