Bloom Energy Announces Fourth Quarter 2021 and Full Year 2021 Financial Results and Updates Long-term Growth Prospects

February 12, 2022 Member Success

SAN JOSE, Calif., February 10, 2022–(BUSINESS WIRE)–Bloom Energy Corporation (NYSE: BE) today announced financial results for its fourth quarter ended December 31, 2021.

Fourth Quarter Highlights

Revenue of $342.5 million in the fourth quarter of 2021, an increase of 37.3% compared to $249.4 million in the fourth quarter of 2020.
Record acceptances of 735 systems in the fourth quarter of 2021, an increase of 63.3% compared to the fourth quarter of 2020.
Cash flows from operating activities of $47.2 million, compared to ($18.7) million in the fourth quarter of 2020.
Ending cash balance of $615.1 million in the fourth quarter of 2021, compared to $416.7 million in the fourth quarter of 2020.

Total Year Highlights

Record ending backlog of 6,549 systems in the fourth quarter of 2021, compared to 1,994 in 2020.
Revenue of $972.2 million in 2021, an increase of 22.4% compared to $794.2 million in 2020.
Record acceptances of 1,879 systems in 2021, an increase of 41.8% compared to 2020.
GAAP gross margin of 20.3% in 2021, a decline of 0.6 percentage points compared to a gross margin of 20.9% in 2020.
Non-GAAP gross margin of 21.7% in 2021, a decline of 1.3 percentage points compared to gross margin of 23.1% in 2020.
Launched commercial availability of Bloom Electrolyzer and Hydrogen Energy Server starting in 2022 to establish leadership position in unlocking a net zero emissions future.
In the fourth quarter of 2021, announced an expansion of the strategic partnership with SK ecoplant Co., Ltd. to accelerate hydrogen commercialization resulting in 450 MW of equipment backlog to be recognized over the next three years.

Commenting on the fourth quarter and full year earnings, KR Sridhar, founder, chairman, and CEO of Bloom Energy said, “This was a record quarter and year for Bloom Energy. With nearly $1 billion in revenue, we are now at an inflection point. In many ways, as the energy industry transforms, we are in a category of our own with growing revenue, margin expansion, strong backlog and the best, most innovative solutions for customers who want low-carbon and resilient power today and a zero-emissions energy tomorrow. We are poised to capitalize on demand for clean energy, decarbonization, and the growth of the hydrogen and renewable fuels economy.”