Fuel cell maker Bloom Energy Corp (NYSE:BE) generated record revenue in the second quarter of 2023, rising 24% year-over-year to USD 301.1 million (EUR 274.1m).
Turnover was driven by product and service revenue, which increased 21% to USD 257 million, the company, which offers a solid oxide platform for distributed generation of electricity and hydrogen, said last week.
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Gross margin improved to 18.7% from negative 0.8% in the second quarter of 2022, while operating loss almost halved to USD 54.5 million from USD 102.2 million. Non-GAAP operating loss was little changed at USD 25.9 million, compared to USD 24.6 million a year ago.
The company reduced its net loss to USD 66.1 million from USD 118.8 million in the second quarter of 2022.
Bloom confirmed its full-year outlook, including USD 1.4 billion-1.5 billion in revenue and non-GAAP gross margin of around 25%.
“We grew revenues, reduced costs, and strengthened our balance sheet. We are dedicated as ever to building a great company that continues to innovate and offers real solutions,” founder, chairman and chief executive KR Sridhar said, commenting on the results.
President and chief executive Greg Cameron highlighted a 13% year-over-year decline in product costs, leading to improved product margins, while emphasising the company’s solid liquidity position with over USD 900 million in total cash.
(USD 1 = EUR 0.910)
