After U.S. markets closed Thursday, fuel cell technology company Bloom Energy Corp. (BE:NYSE), which is engaged in building a solid oxide platform for distributed generation of electricity and hydrogen, announced financial results for its fourth quarter and full year of 2021 ended December 31, 2021.
Bloom Energy reported that revenue in Q4/21 increased by 37.3% to $342.5 million, compared to $249.4 million Q4/20. The company added that in Q4/21 it registered a record number of 735 systems acceptances, which it said represented a 63% gain versus the levels achieved in Q4/20.
The firm noted that its backlog continued to grow to all-time high levels and that at the end of Q4/21, it had a backlog for 6,549 systems, which was significantly higher the 1,994 systems backlogged at the end of Q4/20.
Bloom Energy indicated that revenue in FY/21 increased by 22.4% to $972.2 million, compared to $794.2 million in FY/20. The company added that system acceptances in FY/21 rose by 41.8% to a record high number of 1,879 systems.
The company listed that in Q4/21 it recorded a net loss of $33.3 million, or a net loss of $0.19 per share, versus a net loss of $27.1 million, or a net loss of $0.16 per share in Q4/20. For FY21, the firm posted a net loss of $164.4 million, or a net loss of $0.95 per share.
The company noted that starting this year it initiated the commercial launch of its Bloom Electrolyzer and Hydrogen Energy Server which it believes will enhance its leadership position in working towards a net zero emissions future.
The firm mentioned that as it announced previously, it expanded its strategic partnership with SK ecoplant Co., Ltd. of South Korea to accelerate hydrogen adoption and commercialization. The company stated that the agreement is expected to add 450 MW of equipment to its backlog which it estimates will be realized over the next three years.
Bloom Energy's Founder, Chairman and CEO KR Sridhar commented, "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."
The company's EVP and CFO Greg Cameron remarked, "This year was about execution, and we are in an excellent position both operationally and financially. We had another record year for revenue and acceptances. Our backlog is up nearly 100% year-on-year, our pipeline is stronger than it has ever been, and our balance sheet is sound. We have the products, team, strategy, and track-record to execute on our growth plans."
The company also provided some forward guidance and stated that it has increased its long-term 10-year growth outlook by five percentage points to 30-35% annually.
Bloom Energy stated that for FY/22 it now expects total revue of between $1.1 billion and $1.15 billion. The company advised that it expects about a 27% increase in product and service revenue in FY/22.
The firm listed that as of December 31, 2021, its overall cash position increased to $615.1 million, which was up from $416.7 at the end of December 2020.
Bloom Energy is a clean energy firm based in San Jose, Calif. The company claimed that "it empowers businesses and communities to responsibly take charge of their energy." The firm's solid oxide and hydrogen platform offers distribution of clean, cost-effective, and highly reliable always-on electric power.
Bloom Energy started the day with a market cap of around $2.7 billion with approximately 175.5 million shares outstanding and a short interest of about 9.7%. BE shares opened almost 6% higher at $16.40 (+$0.91, +5.87%) over Thursday's $15.49 closing price. The stock traded Friday between $16.3775 and $18.207 per share and closed at $16.88 (+$1.38, +8.90%).
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