Bloom Energy Announces Fourth Quarter 2021 & Full Year 2021 Financial Results

Source: www.gulfoilandgas.com 2/10/2022, Location: North America

Bloom Energy Corporation announced financial results for its fourth quarter ended December 31, 2021.

Fourth Quarter Highlights
- Revenue of $342.5 million in the fourth quarter of 2021, an increase of 37.3% compared to $249.4 million in the fourth quarter of 2020.
- Record acceptances of 735 systems in the fourth quarter of 2021, an increase of 63.3% compared to the fourth quarter of 2020.
- Cash flows from operating activities of $47.2 million, compared to ($18.7) million in the fourth quarter of 2020.
- Ending cash balance of $615.1 million in the fourth quarter of 2021, compared to $416.7 million in the fourth quarter of 2020.

Total Year Highlights
- Record ending backlog of 6,549 systems in the fourth quarter of 2021, compared to 1,994 in 2020.
- Revenue of $972.2 million in 2021, an increase of 22.4% compared to $794.2 million in 2020.
- Record acceptances of 1,879 systems in 2021, an increase of 41.8% compared to 2020.
- GAAP gross margin of 20.3% in 2021, a decline of 0.6 percentage points compared to a gross margin of 20.9% in 2020.
- Non-GAAP gross margin of 21.7% in 2021, a decline of 1.3 percentage points compared to gross margin of 23.1% in 2020.
- Launched commercial availability of Bloom Electrolyzer and Hydrogen Energy Server starting in 2022 to establish leadership position in unlocking a net zero emissions future.
- In the fourth quarter of 2021, announced an expansion of the strategic partnership with SK ecoplant Co., Ltd. to accelerate hydrogen commercialization resulting in 450 MW of equipment backlog to be recognized over the next three years.

Commenting on the fourth quarter and full year earnings, KR Sridhar, founder, chairman, and CEO of Bloom Energy said, “This was a record quarter and year for Bloom Energy. With nearly $1 billion in revenue, we are now at an inflection point. In many ways, as the energy industry transforms, we are in a category of our own with growing revenue, margin expansion, strong backlog and the best, most innovative solutions for customers who want low-carbon and resilient power today and a zero-emissions energy tomorrow. We are poised to capitalize on demand for clean energy, decarbonization, and the growth of the hydrogen and renewable fuels economy.”

Greg Cameron, executive vice president and CFO of Bloom Energy added, “This year was about execution, and we are in an excellent position both operationally and financially. We had another record year for revenue and acceptances. Our backlog is up nearly 100% year-on-year, our pipeline is stronger than it has ever been, and our balance sheet is sound. We have the products, team, strategy, and track-record to execute on our growth plans.”

Outlook
- Bloom increases long-term revenue growth outlook five points to 30-35% over next 10 years.
- Bloom provides the following outlook for the full-year 2022:
- Revenue: $1.1 - $1.15 billion
- Product & Service Revenue: ~27%
- Non-GAAP Gross Margin*: ~24%
- Non-GAAP Operating Margin*: ~1%
- Cash Flow from Operations: Positive

Acceptances
We use acceptances as a key operating metric to measure the volume of our completed Energy Server installation activity from period to period. Acceptance typically occurs upon transfer of control to our customers, which, depending on the contract terms, is when the system is: shipped and delivered to our customers; when the system is shipped and delivered and is physically ready for startup and commissioning; or when the system is shipped and delivered and is turned on and producing power.

Balance Sheet Highlights
Bloom Energy’s cash position, including restricted cash, as of December 31, 2021 was $615.1 million, compared to $416.7 million as of December 31, 2020. Unrestricted cash as of December 31, 2021 was $396.0 million, compared to $246.9 million as of December 31, 2020. Bloom ended the fourth quarter of 2021 with $539.7 million of total debt, an increase of $23.7 million from the third quarter of 2021. Recourse debt as of December 31, 2021 was $300.0 million, unchanged from September 30, 2021.


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