Solid oxide fuel cell manufacturer Bloom Energy has reported a loss of $66.1 million in the second quarter (Q2) of 2023, a 44% improvement from $118.8 million in Q2 2022.

The company posted revenue of $301.1 million in Q2 2023, a year-over-year (YoY) increase of 23.8%, primarily driven by the product and service revenue which increased by 21.2% YoY to reach $257 million.

The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at a loss of $8.4 million, down by 0.1% YoY.

KR Sridhar, Founder, Chairman and CEO of Bloom Energy, said, “Bloom continued to make great progress in the second quarter. We grew revenues, reduced costs, and strengthened our balance sheet. We are dedicated as ever to building a great company that continues to innovate and offers real solutions. As we look forward, we are excited about the recent launch of Series 10 and our enhanced CHP Product which we believe will resonate strongly with customers.”

In the second quarter, the company executed a convertible green bond offering for net proceeds of $560 million and ended the quarter with $923 million in total cash. Cash used in operating activities in the April-May period was $46 million.

In June this year, Bloom Energy signed an agreement with Perenco to install 2.5 MW of Bloom’s solid oxide fuel cells in the United Kingdom. Scheduled for delivery in the latter part of 2023, the Bloom Energy Server platform is slated to be set up at Wytch Farm located in Dorset.

The company had entered into a contract with Elugie in the previous quarter to deliver a cumulative capacity of 9.75 MW of power using the Bloom Energy server. This power will be supplied to five distinct locations encompassing commercial, industrial, and data center sites situated in Belgium. This marks Bloom’s inaugural venture into the northern European market.

Bloom Energy posted revenue of $275.2 million in Q1 2023, a YoY spike of 37%. The company had narrowed its loss to $71.6 million during the January-March quarter from a loss of $78.4 million last year.

At the outset of the year, the company had engaged in a partnership with Telam Partners, an advisory company with expertise in energy financing and market entry. This collaboration aimed to extend Bloom Energy’s presence in Spain and Portugal.