Bloom Energy Corporation, an American company that manufactures hydrogen electrolyzers, fuel cells, Combined Heat and Power systems, reported its financial results for the fourth quarter and the full year ended December 31, 2023. The company had record revenue of $1.3 billion for the full year driven by continued growth in product and service revenue.
Total Year Highlights
- Revenue of $1,333.5 million in 2023, an increase of 11.2% compared to $1,199.1 million in 2022. Product and service revenue of $1,158.3 million in 2023, an increase of 12.3% compared to $1,031.6 million in 2022.
- Gross margin of 14.8% in 2023, an increase of 2.4 percentage points compared to 12.4% in 2022.
- Non-GAAP gross margin of 25.8% in 2023, an increase of 2.8 percentage points compared to 23.0% in 2022.
- Operating loss of $208.9 million in 2023, an improvement of $52.1 million compared to $261.0 million in 2022.
- Non-GAAP operating profit of $19.2 million in 2023, an improvement of $52.7 million compared to a non-GAAP operating loss of $33.5 million in 2022.
“At Bloom Energy, our relentless focus on operational excellence and innovation helped us achieve a year of record revenue in 2023,” said KR Sridhar, Founder, Chairman and CEO of Bloom Energy. “In order to meet the growing demand for fast, efficient, clean energy across industries from data centers to industrial applications, we have continued to develop and commercialize innovative new offerings, including our Combined Heat and Power system announced in 2023, and our Be Flexible™ load following product offering announced this week. We look forward to building on this momentum in 2024 and beyond.”
Photo of Bloom Energy
Press release https://shorturl.at/klxV4
