Bloom Energy, a U.S.-based solid oxide fuel cells manufacturer, has reported a revenue of $342.5 million in the fourth quarter (Q4) of 2021, a 37.3% year-over-year (YoY) growth compared to $249.4 million in the same period last year.
However, the company’s net loss increased 22% to ₹33.32 million in Q4 2021 from ₹27.13 million in Q4 2020. Its net loss declined 36.37% quarter-over-quarter (QoQ) from $52.37 million in Q3 2021.
It registered record acceptances of 735 battery storage systems in Q4 2021, a 63.3% growth compared to the same period last year.
In Q4 2021, the company had an ending cash balance of $615.1 million, compared to $416.7 million in the same quarter last year. Its cash flow from operating activities stood at $47.2 million in Q4 2021 from a loss of $18.7 million in Q4 2020.
For the whole of 2021, the company’s revenue stood at $972.2 million, a 22.4% growth compared to $794.2 million in the previous year.
However, its net loss increased 4.38% to $164.44 million in 2021 from $157.53 million in 2020.
It also registered a record acceptance of 1,879 storage systems in 2021, a 41% growth compared to the last year. Its order book has a backlog of 6,549 storage systems, compared to 1,994 in 2020.
The company’s GAAP gross margin declined 0.6% to 20.3% in 2021 from 20.9% last year. Its non-GAAP registered a decline to 21.7% in 2021 from 23.1% in 2020.
In Q4, the company expanded its strategic partnership with SK ecoplant to boost hydrogen commercialization resulting in 450 Mw of equipment backlog to be recognized over the next three years. It also launched commercial availability of Bloom Electrolyzer and hydrogen energy server.
Commenting on the fourth quarter and full-year earnings, KR Sridhar, founder, chairman, and CEO of Bloom Energy, said, “This was a record quarter and year for Bloom Energy. With nearly $1 billion in revenue, we are now at an inflection point. In many ways, as the energy industry transforms, we are in a category of our own with growing revenue, margin expansion, strong backlog, and the best, most innovative solutions for customers who want low-carbon and resilient power today and a zero-emissions energy tomorrow. We are poised to capitalize on the demand for clean energy, decarbonization, and the growth of the hydrogen and renewable fuels economy.”
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.