Fuel cell and electrolyzer manufacturer Bloom Energy reported a revenue of $326 million in Q1 2025, a 38.6% year-over-year (YoY) increase from $235.3 million. The company recorded a net loss of $23.8 million during the quarter, an improvement over the net loss of $57.5 million reported for Q1 2024.

The product and service revenue for Q1 2025 was $265.4 million, up 26.5% from the same quarter of the previous year. The company also reported a gross margin of 27.2%, an improvement compared to margins of 16.2% in Q1 2024. This performance was driven by an 11.2 percentage point rise in non-generally accepted accounting principles (GAAP) gross margin, which grew to 28.7% from 17.5% in the first quarter of the previous year.

KR Sridhar, CEO, Bloom Energy, expressed confidence in the company’s continued growth, noting, “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. Looking ahead, the world needs power, and we expect demand to grow, driven by AI, data center needs, and industrial electrification. Bloom is well-positioned to serve these markets.”

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) was $25.2 million, a 38.4% YoY increase from $18.2 million. However, both revenue and EBITDA declined compared to a revenue of $572.4 million and an EBITDA of $147.3 million in Q4 2024.

Operating loss for Q1 2025 was $19.1 million, an improvement from the $49 million loss in Q1 2024, and a significant decrease compared to the $104.7 million loss in Q4 2024.

Shridhar added, “The global need for power and traditional energy sources cannot keep up. This makes on-site power generation not just valuable, but essential. We are seeing this trend strongly in our major customer segments.”

He noted that the rapid growth of AI data centers is unlikely to slow down and that even if investments in AI taper slightly, the existing power supply gap is so wide that Bloom’s long-term growth remains unaffected.

The company said that demand remains steady in the commercial and industrial sectors due to the critical need for uninterrupted power. The company’s Korea business remains strong, and its presence in other global markets is steadily expanding. Sridhar explained that Bloom’s high-density fuel cell systems are well-suited for industrialized countries and that their international growth strategy is careful and effective.

Regarding the impact of U.S. tariffs, Sridhar stated that Bloom’s strong supply chain and ongoing efforts to reduce product costs would help absorb much of the impact. Since the company does not rely on components from China and most parts are custom-made, the effect of current tariffs on gross margins is expected to be minimal.

2025 Outlook

Bloom Energy’s outlook for 2025 remains positive, with the company increasing its full-year revenue forecast from $1.65 billion to $1.85 billion. The company also expects a non-GAAP gross margin of approximately 29% and non-GAAP operating income between $135 million and $165 million.

Bloom Energy reported revenue of $572.4 million for the fourth quarter of 2024, a 60% year-over-year increase from $356.9 million. The revenue exceeded analysts’ expectations by $64.85 million.