Fuel cell manufacturer Bloom Energy recorded a revenue of $335.76 million in the second quarter (Q2) of 2024, an 11.5% year-over-year (YoY) growth from $301.09 million due to increased interest in the company’s products and solutions.

The company’s net quarterly loss reduced 11.4% YoY to $61.18 million from $69.05 million.

The adjusted Earnings Before Interest, Taxes, Appreciation, and Amortization (EBITDA) for the quarter stood at $10.21 million, compared to an EBITDA loss of $8.42 million in the corresponding period last year.

“It is now widely understood that demand for electricity is expected to far exceed available supply through the grid. 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 our team for future growth,” said KR Sridhar, CEO of Bloom Energy.

The company reported a gross margin of 20.4% in the quarter, an increase of 1.7% YoY.

Bloom incurred an operating loss of $23.1 million in the quarter, an improvement of $31.3 million YoY.

During the earnings call, Sridhar highlighted that most of the upcoming demand for power is expected to come from data centers, as well as vehicle and building electrification. He emphasized that AI and other data centers must be closer to customers to minimize latency, making edge data centers the dominant power users.

Sridhar noted that data centers are becoming increasingly significant in Bloom Energy’s business mix. In addition to projects like the Intel data center expansion, the company is capitalizing on opportunities to support the broader ecosystem by providing power solutions to critical manufacturers involved in data center build-outs.

“A key example is Bloom’s recent deal with Quanta, a major manufacturer of data center hardware. Like its customers, Quanta faces significant time-to-power challenges, which Bloom Energy is helping to address,” he said.

Bloom Energy recorded a revenue of $235.3 million in the first quarter of 2024, a 14.5% YoY decline from $275.2 million.