Bloom Energy Corporation reported revenue of $330.4 million for the third quarter ended September 30, 2024. This figure represented a decrease compared to $400.3 million in the same period of the prior year.
The company posted a GAAP net loss to common stockholders of $14.7 million, or $(0.06) per share, for the quarter. Non-GAAP gross margin was 25.2%, and non-GAAP operating profit was $8.1 million.
Despite the revenue dip, Bloom reaffirmed its full-year 2024 guidance, projecting revenue between $1.4 billion and $1.6 billion, a non-GAAP gross margin of approximately 28%, and non-GAAP operating income of $75 million to $100 million. Management attributed quarterly variability to its project-based business model.
Concurrently, Bloom announced an 80 MW power project with SK Eternix, which will be the world's largest fuel cell power system and is expected to be operational in 2025. This project demonstrates Bloom's capability to power large AI data centers.
Additionally, Bloom secured a 20 MW utility deal with FPM Development for two strategic locations in Los Angeles, with hardware delivery expected by the end of 2024. This partnership aims to rapidly fortify grid resilience in California.
The company also expanded its existing partnership with Quanta Computer, increasing the power capacity of Quanta’s Bloom solid oxide fuel cell installation by more than 150 percent. This expansion will create Bloom’s largest islanded, load-following industrial installation, addressing critical power needs for the AI industry and circumventing utility interconnection delays.
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