- Record Q1 revenue with 38.6% year over year growth
- Reaffirming 2025 revenue and margin guidance
SAN JOSE, Calif., April 30, 2025 — Bloom Energy Corporation (NYSE: BE) reported today its financial results for the first quarter ended March 31, 2025. The company reported revenue of $326.0 million for the first quarter of 2025.
First Quarter Highlights
- Revenue of $326.0 million in the first quarter of 2025, an increase of 38.6% compared to $235.3 million in the first quarter of 2024. Product and service revenue of $265.4 million in the first quarter of 2025, an increase of 26.5% compared to $209.8 million in the first quarter of 2024.
- Gross margin of 27.2% in the first quarter of 2025, an increase of 11.0 percentage points compared to 16.2% in the first quarter of 2024; Non-GAAP gross margin of 28.7% in the first quarter of 2025, an increase of 11.2 percentage points compared to 17.5% in the first quarter of 2024.
- Operating loss of $19.1 million in the first quarter of 2025, an improvement of $29.9 million compared to operating loss of $49.0 million in the first quarter of 2024; Non-GAAP operating profit of $13.2 million in the first quarter of 2025, an improvement of $43.9 million compared to a non-GAAP operating loss of $30.7 million in the first quarter of 2024.
- We reiterate our 2025 revenue and margin guidance.
Bloom today also announced that CFO Dan Berenbaum will depart the Company effective May 1, 2025. Bloom has commenced a national search for a new permanent Chief Financial Officer, and in the interim, Maciej Kurzymski, Bloom’s Chief Accounting Officer since 2021, will assume the role of Acting Principal Financial Officer. Mr. Berenbaum’s departure is amicable and not the result of any disagreement with the company on any matter relating to the company’s accounting or financial policies and practices.
KR Sridhar, Founder, Chairman, and CEO of Bloom Energy said, “Building on our success in 2024, we delivered excellent results in the first quarter of 2025, thanks to the strong execution across the entire company, and the trust our customers place in us. We appreciate Dan’s contributions over the past year and wish him all the best in his next chapter. Looking ahead, the world needs power, and we expect demand to grow, driven by AI, data center needs and industrial electrification, and Bloom is well-positioned to serve these markets.”
Dan Berenbaum, Chief Financial Officer of Bloom Energy added, “We delivered record Q1 revenue and continue to execute in a strong commercial environment. I am excited about the future opportunities for Bloom, have full confidence in the finance organization and wish all employees the utmost success.”
Summary of Key Financial Metrics
Summary of GAAP Profit and Loss Statements
| ($000), except EPS data | Q1’25 | Q4’24 | Q1’24 |
| Revenue | $326,021 | $572,393 | $235,298 |
| Cost of Revenue | 237,314 | 353,076 | 197,222 |
| Gross Profit | 88,707 | 219,317 | 38,076 |
| Gross Margin | 27.2 % | 38.3 % | 16.2 % |
| Operating Expenses | 107,777 | 114,611 | 87,093 |
| Operating (Loss) Income | (19,070) | 104,706 | (49,017) |
| Operating Margin | (5.8)% | 18.3% | (20.8)% |
| Non-Operating Expenses (Income) | 4,744 | (89) | 8,507 |
| Net (Loss) Profit to Common Stockholders | $(23,814) | $104,795 | $(57,524) |
| GAAP EPS, Basic | $(0.10) | $0.46 | $(0.25) |
| GAAP EPS, Diluted | $(0.10) | $0.38 | $(0.25) |
Summary of Non-GAAP Financial Information1
| ($000), except EPS data | Q1’25 | Q4’24 | Q1’24 |
| Revenue | $326,021 | $572,393 | $235,298 |
| Cost of Revenue | 232,530 | 347,299 | 194,071 |
| Gross Profit | 93,492 | 225,094 | 41,226 |
| Gross Margin | 28.7% | 39.3% | 17.5% |
| Operating Expenses | 80,317 | 91,672 | 71,962 |
| Operating Income (Loss) | 13,175 | 133,422 | (30,736) |
| Operating Margin | 4.0% | 23.3% | (13.1)% |
| EBITDA | $25,161 | $147,316 | $(18,218) |
| Non-GAAP EPS, Basic | $0.03 | $0.52 | $(0.17) |
| Non-GAAP EPS, Diluted | $0.03 | $0.43 | $(0.17) |
- A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release
Outlook
Bloom reaffirms outlook for the full-year 2025:
- Revenue: $1.65B – $1.85B
- Non-GAAP Gross Margin:* ~29%
- Non-GAAP Operating Income:* $135M – $165M
*See “Use of Non-GAAP Financial Measures” below for an explanation of Bloom is not able to provide guidance with respect to the corresponding GAAP measures.
Conference Call Details
Bloom will host a conference call today, April 30, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call toll-free dial-in number: +1 (888) 596-4144 and toll-dial-in-number +1 (646) 968-2525. The conference ID is 5744085. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com/. Following the webcast, an archived version will be available on Bloom’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 770-2030 or +1 (609) 800-9909 and entering passcode 5744085.
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exchange Commission (SEC). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Bloom urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom’s expectations regarding its 2025 outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating income measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Material changes to reconciling items could have a significant effect on future GAAP results and, as such, we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors.
About Bloom Energy
Bloom Energy empowers businesses and communities to responsibly take charge of their power needs. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon electricity today and a net-zero future. For more information, visit www.BloomEnergy.com.
Forward-Looking Statements
This press release 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 and are based on current expectations, estimates, and projections about our industry, management’s beliefs, and certain assumptions made by management based on information currently available to management at the time they are made. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding: commercial environment and Bloom’s ability to execute; market demand for energy solutions, Bloom’s opportunities and Bloom’s capacity to meet such demand; and Bloom’s 2025 outlook for revenue and profitability. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events, results, circumstances, outcomes and timing due to a variety of factors including, but not limited to: Bloom’s limited operating history; the emerging nature of the distributed generation market and rapidly evolving market trends; the significant losses Bloom has incurred in the past; the significant upfront costs of Bloom’s Energy Servers and Bloom’s ability to secure financing for its products; Bloom’s ability to drive cost reductions and to successfully mitigate against potential price increases; Bloom’s ability to service its existing debt obligations; Bloom’s ability to be successful in new markets; the ability of the Bloom Energy Server to operate on the fuel source a customer will want; the success of the strategic partnership with SK ecoplant in the United States and international markets; timing and development of an ecosystem for the hydrogen market, including in the South Korean market; continued incentives in the South Korean market; adapting to the new government bidding process in the South Korean market; the timing and pace of adoption of hydrogen for stationary power; the risk of manufacturing defects; the accuracy of Bloom’s estimates regarding the useful life of its Energy Servers; delays in the development and introduction of new products or updates to existing products; Bloom’s ability to secure partners in order to commercialize its electrolyzer and carbon capture products; supply constraints; the availability of rebates, tax credits and other tax benefits; impact of the Inflation Reduction Act of 2022, including expiration of the Investment Tax Credit with respect to fuel cells running on non-zero carbon fuels and transferability of tax credits on our business; changes in the regulatory landscape; Bloom’s reliance upon a limited number of customers; Bloom’s lengthy sales and installation cycle, construction, utility interconnection and other delays related to the installation of its Energy Servers, business and economic conditions and growth trends in commercial and industrial energy markets; global macroeconomic conditions, including rising interest rates, recession fears and inflationary pressures, or geopolitical events or conflicts; trade policies including tariffs; overall electricity generation market; management transitions; Bloom’s ability to protect its intellectual property; and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential factors that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 27, 2025, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Bloom’s website at www.bloomenergy.com and the SEC’s website at www.sec.gov. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.
The Investor Relations section of Bloom’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom encourages investors to visit this website from time to time, as information is updated and new information is posted.
Investor Relations:
Michael Tierney
Bloom Energy
investor@bloomenergy.com
Media:
Katja Gagen
press@bloomenergy.com