Bloom Energy Shares Climb After Q1 Results, Expanded Agreement With Intel

Zinger Key Points
  • Quarterly sales come in at $235.3 million which missed the analyst consensus estimate of $250.207 million by 5.96%.
  • Bloom announces a power capacity agreement with Intel that will result in Silicon Valley's largest fuel cell-powered data center.

Bloom Energy Corporation BE reported its first-quarter financial results after the bell Thursday. Here's a look at the details. 

The Details: Bloom Energy reported quarterly losses of 17 cents per share which missed the analyst consensus estimate of losses of 11 cents by 54.55%.

Quarterly sales came in at $235.3 million which missed the analyst consensus estimate of $250.207 million by 5.96% and is a 14.5% decrease from the same period last year.

Product and service revenue came in at $209.8 million in the first quarter, a decrease of 10.5% from the prior year’s quarter.

Bloom reported a gross margin of 17.5% in the first quarter, a decrease of 3.7 percentage points compared to 21.2% in the first quarter of 2023

“We are seeing strong market interest, increasing momentum, and robust commercial activity across diverse end markets,” said KR Sridhar, CEO of Bloom Energy. “In addition to data centers, we view AI hardware supply chain industries as a good growth opportunity for Bloom, both in the U.S. and in Asia. Our customer wins on islanded-power mode without need for grid interconnection demonstrates an ideal solution for customers seeking time-to-power advantages.”

Bloom also announced a power capacity agreement with Intel Corporation INTC resulting in Silicon Valley’s largest fuel cell-powered high-performance computing data center.

The agreement calls for the installation of additional megawatts (MW) of Bloom Energy’s fuel cell-based Energy Server at Intel’s existing high-performance computing data center in Santa Clara, Calif. The additional capacity expands an existing Bloom Energy fuel cell installation already deployed at the tech giant’s location.

Outlook:  Bloom Energy reaffirmed its 2024 outlook and sees revenue between $1.4 billion and $1.6 billion, versus the $1.49 billion estimate.

BE Price Action: According to Benzinga Pro, Bloom Energy shares are up 5.88% after-hours at $12.43 at the time of publication Thursday.

Related News: What’s Going On With Peloton’s Stock?

Photo: Moondance from Pixabay

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsMoversfuel cellswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!