Hydrogen specialist Bloom Energy delivers record revenues in second quarter, but still registers $62m net loss

Bloom Energy earned record quarterly revenues in the second quarter of this year, but still registered a $62m net loss over the period, according to its latest financial results.

 

The California-based solid-oxide electrolyser and fuel-cell manufacturer took in $335.8m of revenue, an 11.5% increase on the $301.1m earned in Q2 2023, and far above analysts' expectations of around $306m.

 

But the total cost of the Q2 2024 revenue — ie, the amount of money it spent on sales, lawyers, etc, to earn its revenue — was $267.2m, 9% higher than in Q2 2023.

 

Combined with other operating expenses of $91m and debt repayments of $42.5m, the company registered a net loss of $61.8m in Q2 2024 — a slight widening from the $57.5m loss in Q1 2024, but less than the $66.1m net loss recorded in Q2 2023.

 

“It is now widely understood that demand for electricity is expected to far exceed available supply through the grid,” said KR Sridhar, CEO of Bloom Energy, which makes much of its income from selling fuel cells for power back-up, particularly to data centres.

 

“It is presenting Bloom with a huge opportunity. We are seeing high levels of commercial interest in our products and solutions. We continue to execute well, advance our technology and build out our team for future growth.”