Bloom Energy, a U.S.-based solid oxide fuel cells manufacturer, recorded a net loss of $57.07 million in the third quarter (Q3) of 2022, a 52% quarter-over-quarter (QoQ) decline. On a year-over-year (YoY) basis, the net loss increased by 9%.

The net loss for the first nine months (9M) of 2022 was $264.3 million, an 82% YoY increase.

The high net loss was due to charges incurred to replace second-generation energy servers for repowering a project. Stock-based compensation expense was also high in the quarter.

The company recorded a total revenue of $292.27 million in the third quarter (Q3) of 2022, a 41% YoY growth. Revenue grew by 20% QoQ.

The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) during the quarter recorded a loss of $13.07 million, an increase of 34% YoY. The adjusted EBITDA increased by 57% QoQ.

Commenting on third-quarter results, KR Sridhar, founder, chairman, and CEO of Bloom Energy said, “Bloom Energy is continuing to execute at a high level. Our commercial and industrial consumers want pragmatic solutions that can power their growth today and meet their zero-carbon needs in the future. In Bloom, our customers have a peerless platform that is purposeful and practical, offering energy security, economic security, and environmental security.”

The company uses acceptances as a key operating metric to measure the volume of its completed energy server installation activity. Acceptance typically occurs upon transfer of control to customers, when it is physically ready for startup and commissioning, or when the system is delivered and turned on and producing power.

The company recorded 581 acceptances, a 64.6% increase from 353 reported during the same period last year.

In September, telecom company Bharti Airtel’s subsidiary Nxtra Data partnered with Bloom Energy to deploy a low-environmental impact fuel cell installation at its data center in Karnataka.

Mercom reported that Bloom Energy, Atelier Global, GAIL Limited, and Indian Oil Corporation announced a first-of-its-kind commercial real estate development in Bengaluru using clean power generated on-site from natural gas.