Fuel cell and electrolyzer manufacturer Bloom Energy reported revenue of $572.4 million for the fourth quarter (Q4) of 2024, a 60% year-over-year (YoY) increase from $356.9 million. The revenue exceeded analysts’ expectations by $64.85 million.

The company’s earnings per share (EPS) came in at $0.43, beating analysts’ expectations by $0.12.

Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $147.32 million, a 270% YoY increase from $39.76 million.

The company’s net income surged to $104.79 million from $4.51 million in Q4 2023.

Bloom Energy’s gross margin for Q4 2024 stood at 39.3%, up from 27.4% in the same period of the previous year. The company reported an operating income of $133.4 million in the fourth quarter of 2024, representing an increase of $106 million compared to $27.4 million in Q4 2023.

Bloom Energy’s data center segment emerged as a major growth driver fueled by AI-related applications.

K.R. Sridhar, Chairman and CEO of Bloom Energy, highlighted that demand for power in AI training and inference applications continues to rise, creating a strong and diverse sales pipeline. He noted that data centers would be critical in the company’s expansion strategy.

The commercial and industrial market has gained momentum as businesses seek energy security amid growing power shortages. Given the increasing demand from AI-driven data centers, Sridhar explained that many non-AI industries fear being deprioritized for energy access. This uncertainty over future power availability and pricing has led companies across telecom, retail, manufacturing, education, and healthcare to invest in alternative power solutions from Bloom Energy.

Full-year 2024

The company achieved a revenue of $1.47 billion in 2024, reflecting a 10.5% YoY growth compared to $1.33 billion in 2023.

The company’s adjusted EBITDA was $160.65 million in 2024, a 96% YoY increase from $81.79 million.

Bloom Energy posted a net loss of $29.23 million in 2024, compared to a net loss of $ 302.12 million in 2023.

EPS for the year stood at $0.28, improving from a loss of $0.10 per share in 2023.

The gross margin for 2024 was 28.7%, up from 25.8% in 2023. The operating income reached $107.6 million in 2024, an improvement from $19.2 million in 2023, reflecting a $88.4 million YoY increase.

Sridhar also touched upon Bloom Energy’s use of the safe harbor provision, which allows customers, financiers, and partners to secure investment tax credit benefits for future purchases. Customers can receive 40% tax credits nationwide and up to 50% in designated energy communities. Sridhar emphasized that these provisions could drive $12 billion to $15 billion in gross product revenue if fully utilized.

2025 Outlook

Bloom Energy expects revenue to be $1.65 billion to $1.85 billion, with a gross margin of ~29%. The company also expects an operating income of $135 million to $165 million.

Bloom Energy anticipates maintaining positive cash flow from operations, similar to 2024, and expects capital expenditures to remain at comparable levels.

At the midpoint of its revenue and operating margin guidance, Bloom Energy expects a mid-teens percentage drop-through from revenue to operating profit, showcasing strong financial leverage in achieving a high single-digit operating margin.

Bloom Energy reported revenue of $330.4 million in the third quarter of 2024, down 17.46% YoY from $400.3 million in Q3 2023, missing analyst expectations by $52.79 million.