Bloom Energy reports stock compensation expense dented 3rd quarter results

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Bloom Energy reported that a third-quarter loss was affected by stock-based compensation expenses related to its public offering. 

The California-based fuel cell company, which has a production plant in Newark, reported revenue for the quarter was  $190.2 million, up 103 percent from a year ago.

The company reported the more favorable results driven by more favorable margins. The company has been working to lower production costs and providing more favorable leasing terms. 

Excluding stock-based compensation, gross profit was $39.5 million, which represented gross margin of 20.8 percent. 

The net loss for the third quarter was $78.6 million. 

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Quarterly comparisons for Bloom Energy

  Q3’17 Q2’18 Q3’18
Acceptances (100 kW) 141 181 206
Revenue ($M)  $93.8 $168.9 $190.2
GAAP Gross Margin (%) (16.1%) 19.4% 12.3%
Gross Margin Excluding SBC (%) (14.1%) 20.6% 20.8%
GAAP Net Loss ($M) ($71.8) ($45.7) ($78.6)
Adjusted EBITDA ($M) ($28.4) $12.5 $15.1
GAAP Net Loss per Share ($) ($6.97) ($4.34) ($0.97)
Adjusted Net Loss per Share ($) ($0.78) ($0.27) ($0.13)

Bloom’s stock price has settled in at around $23 a share, after rising to $35 a share after the stock offering.

(GAAP refers to generally accepted accounting principles. EBITA is earnings before interest, taxes, depreciation, and amortization.)

 

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