Fuel Cell Manufacturer Bloom Energy Records Net Loss of $118 Million in Q2 2022

The company recorded total revenue of $243.24 million in the same period


Bloom Energy, a U.S.-based solid oxide fuel cells manufacturer, recorded total revenue of $243.24 million in the second quarter (Q2) 2022, a 6.4% year-over-year (YoY) growth compared to $228.47 million in Q2 2021.

On a quarter-over-quarter (QoQ) basis, the revenue increased by 20% compared to $201.04 million.

The company registered a net loss of $118.8 million, increasing 120% from $53.86 million during the same period last year. The net loss increased 51% QoQ compared to $78.36 million in Q1 2022.

The company attributed the increase in the net loss to added investments in expanding domestic and international manufacturing capacities to ensure a controlled environment to meet the rising demands.

Bloom energy financialsSource: Bloom Energy

The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) during the quarter recorded a loss of $8.31 million, a decrease of $2.63 million compared to $10.95 million in loss in Q2 2021.

The adjusted EBITDA decreased by $16.65 million QoQ compared to the $24.97 million reported in the previous quarter.

Commenting on second-quarter results, KR Sridhar, founder, chairman, and CEO of Bloom Energy, said, “Bloom Energy is continuing to innovate, execute and deliver value in a multitude of energy transformation market segments. In this everchanging energy marketplace and policy environment, the flexibility of our platform is a unique advantage and strength that sets Bloom Energy apart in the energy industry.”

The company uses acceptances as a key operating metric to measure the volume of its completed energy server installation activity. Acceptance typically occurs upon transfer of control to customers, when it is physically ready for startup and commissioning, or when the system is delivered and turned on and producing power.

The company recorded 471 acceptances, an 8.8% increase from 433 reported during the same period last year.

Mercom had earlier reported that Bloom Energy, Atelier Global, GAIL Limited, and Indian Oil Corporation announced a first-of-its-kind commercial real estate development in Bangalore powered by clean power generated on-site using natural gas.