Bloom Energy, a U.S.-based solid oxide fuel cells manufacturer, recorded total revenue of $201.04 million in the first quarter (Q1) 2022, a 3.6% year-over-year (YoY) growth compared to $194.01 million in Q1 2021.
However, the revenue decreased by 41% quarter-over-quarter (QoQ) compared to $342.47 million in Q4 2021.
The company registered a net loss of $78.36 million, increasing 214% YoY compared to $24.89 million during the same period last year. The net loss increased 135% QoQ compared to $33.32 million in Q4 2021.
The company attributed the increase in the net loss to added investments in expanding manufacturing capacities to meet the rising demands and the global supply chain issues.
The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) during the quarter recorded a loss of $24.97 million, a significant decrease of $41 million compared to $16.06 million in profits in Q1 2021.
The adjusted EBITDA decreased by $43.66 million QoQ compared to 18.69 million in profits reported in the previous quarter.
The company uses acceptances as a key operating metric to measure the volume of its completed energy server installation activity from period to period. Acceptance typically occurs upon transfer of control to customers and when it is physically ready for startup and commissioning or when the system is delivered and turned on and producing power.
The company recorded 375 acceptances, a 4.6% increase from 359 reported during the same period last year.
The company recently announced a 1.5 MW project in collaboration with the Public Works Commission of Fayetteville, North Carolina, to generate renewable electricity from a mix of a landfill, wastewater, and swine gases as input fuel.
In the statement issued by the company, they also claimed to have completed their first international deployment of the Bloom electrolyzer in Gumi, South Korea, in January, which has been producing onsite hydrogen.
The company plans to invest $150 million to increase its fuel cell-stack manufacturing capacity from 280 MW to 580 MW by the end of 2022 and over 1 GW by 2023.
Bloom Energy had reported revenue of $342.5 million in the fourth quarter (Q4) of 2021.