Bloom Energy(BE)2025-04-30 20:14Revenue Performance - Record Q1 revenue of $326.0 million, representing a 38.6% increase from $235.3 million in Q1 2024[6] - Product and service revenue reached $265.4 million, up 26.5% compared to $209.8 million in Q1 2024[6] - Total revenue for Q1 2025 was $326.0 million, a decrease of 43% compared to $572.4 million in Q4 2024 and an increase of 38.6% from $235.3 million in Q1 2024[27] - GAAP revenue for Q1 2025 was $326.0 million, a 38.4% increase from $235.3 million in Q1 2024[34] Profitability Metrics - Gross margin improved to 27.2%, an increase of 11.0 percentage points from 16.2% in Q1 2024[6] - Non-GAAP gross margin was 28.7%, up 11.2 percentage points from 17.5% in Q1 2024[6] - Gross profit for Q1 2025 was $88.7 million, resulting in a gross margin of approximately 27.2%, compared to $219.3 million and 38.3% in Q4 2024[27] - Non-GAAP gross profit for Q1 2025 was $93.5 million, with a non-GAAP gross margin of 28.7%[34] - Adjusted net profit for Q1 2025 was $6.4 million, with adjusted earnings per share (EPS) of $0.03[37] - Adjusted EBITDA for Q1 2025 was $25.2 million, significantly lower than $147.3 million in Q4 2024[39] Operating Loss and Expenses - Operating loss narrowed to $19.1 million, an improvement of $29.9 million from a loss of $49.0 million in Q1 2024[6] - Non-GAAP operating profit of $13.2 million, an improvement of $43.9 million from a non-GAAP operating loss of $30.7 million in Q1 2024[6] - Operating expenses for Q1 2025 totaled $107.8 million, a slight decrease from $114.6 million in Q4 2024[27] - The company reported a GAAP operating loss of $19.1 million in Q1 2025, compared to an operating income of $104.7 million in Q4 2024[34] Cash Flow and Liquidity - Cash used in operating activities for Q1 2025 was $110.7 million, compared to cash provided of $484.2 million in Q4 2024[30] - Cash, cash equivalents, and restricted cash at the end of Q1 2025 were $831.4 million, down from $950.9 million at the end of Q4 2024[32] - The company experienced a net decrease in cash of $119.6 million in Q1 2025, compared to an increase of $401.8 million in Q4 2024[32] Guidance and Future Outlook - The company reaffirms its 2025 revenue guidance of $1.65 billion to $1.85 billion[15] - Non-GAAP gross margin guidance for 2025 is approximately 29%[15] - Non-GAAP operating income guidance for 2025 is projected between $135 million and $165 million[15] - The company anticipates growing demand driven by AI, data center needs, and industrial electrification[5] Stockholder Equity and Liabilities - Total stockholders' equity increased to $601.5 million as of March 31, 2025, up from $585.2 million at the end of 2024[23] - The company had total liabilities of $2.6 billion as of March 31, 2025, down from $2.7 billion at the end of 2024[23] Research and Development - Research and development expenses for Q1 2025 were $40.6 million, up from $39.5 million in Q4 2024[27] Non-GAAP Financial Measures - Bloom Energy provides non-GAAP financial measures to enhance transparency for investors, allowing them to view results from management's perspective[51] - Non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), and non-GAAP diluted earnings per share, which can significantly impact GAAP earnings measures[49] - The company emphasizes that other firms may calculate non-GAAP measures differently, which limits comparability[49] - Income attributable to noncontrolling interest and gains or losses on derivative liabilities are excluded from non-GAAP net earnings, affecting the overall financial picture[49] - The use of non-GAAP measures is intended to help investors better understand Bloom Energy's operating performance and decision-making processes[51] - Non-GAAP financial measures facilitate comparisons with other companies in the industry that also use similar non-GAAP calculations[51]