Higher earnings from products and services helped solid-oxide fuel cells manufacturer Bloom Energy post a revenue of $275.2 million in the first quarter of 2023, a year-over-year (YoY) spike of 37%.

Revenue from products and services alone increased by 40% YoY to $234.4 million.

The company was able to narrow its loss to $71.6 million during the January-March quarter from a loss of $78.4 million last year.

Operating losses reduced to $63.7 million from $65.7 million in Q1 2022.

Founder, Chairman, and CEO of Bloom Energy KR Sridhar said, “Bloom Energy is off to a very strong start in 2023. Our company is operating well and delivering on our goals. We are making great strides in developing products that serve the needs of our customers today, help them to position well for the future, and, importantly, create revenue growth for us.”

The company’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) decreased to $16 million from $25 million in the same quarter a year ago.

Bloom’s stock-based compensation expenses increased to $29.6 million from $26.3 million last year.

Early in the quarter, Bloom Energy collaborated with Telam Partners, an advisory firm specializing in energy financing and market entry, to expand its footprint into Spain and Portugal. Telam and Bloom will market Bloom’s solid oxide electrolyzer, which has been tested to be efficient at the U.S. Department of Energy’s Idaho National Labs.

The company registered a net loss of $78.36 million for Q1 2022, increasing 214% YoY compared to $24.89 million. Bloom attributed the increase in the net loss to added investments in expanding manufacturing capacities to meet the rising demands and the global supply chain issues.