Fuel cell manufacturer Bloom Energy, in the fourth quarter (Q4) of 2023, recorded a revenue of $357 million, marking a 22.8% year-over-year (YoY) decline from $462.6 million, impacted mainly due to a drop in product sales during the quarter.

The product and service revenue for the same period in 2023 totaled $314.4 million, reflecting a decrease of 21.4% YoY in comparison to the $400.2 million.

The company recorded a net profit of ₹4.12 million (~$49,645), improving from the net loss of ₹ 50.78 million (~$611,916).

Reduced costs and a decrease in performance payments mainly drove the improvement in profits.

The adjusted EBITDA for the quarter stood at $39.76 million, a 46.6% YoY decrease against the $74.46 million.

The company stated that in 2023, it had to pause its deployments to adjust to the new policy and procurement rules enforced by the Korean government in the middle of the year.

The interruption resulted in a decrease in sales to Korea in the second half of 2023 and a slow start in the first half of 2024. However, operations are now back on track, and a strong business performance is anticipated for the second half of 2024 and the future.

In Q4, Bloom Energy secured a 500 MW volume agreement with SK Ecoplant, reaffirming 250 MW from the 2021 agreement and committing to an additional 250 MW. This agreement extends through 2027, ensuring nearly $1.5 billion in product revenue over the next four years and $3 billion in service revenue over the next two decades.

Full Year 2023

In 2023, the total revenue reached $1.33 billion, marking an 11.2% YoY increase from the $1.2 billion reported in 2022.

The product and service revenue for 2023 amounted to $1.16 billion, reflecting a 12.3% YoY increase compared to the $1.03 billion recorded in 2022.

The non-GAAP net loss was recorded at $302.12 million during 2023 from $301.71 million loss for the same period in 2022, recording a minor increase of less than 1%

The adjusted EBITDA for the year stood at $81.79 million, an increase of 171% from $30.14 million in 2023.

The company’s service performance in Q4 demonstrated improvement compared to previous quarters. This was driven by revenue growth, a decrease in performance payments, and reduced costs associated with replacement power modules.

“At Bloom Energy, our relentless focus on operational excellence and innovation helped us achieve a year of record revenue in 2023,” said KR Sridhar, Founder, Chairman, and CEO of Bloom Energy. “In order to meet the growing demand for fast, efficient, clean energy across industries from data centers to industrial applications, we have continued to develop and commercialize innovative new offerings. We look forward to building on this momentum in 2024 and beyond.”

Bloom Energy announced that its total revenue at the end of Q3 2023 climbed to $400.3 million, registering a 39% increase from the same period in 2022. This was attributed to a YoY increase of 40.7% in Products and Services, which stood at $352.5 million, against $250.6 million.