Bloom Energy (BE) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 revenue of $326.0M, up 39% year-over-year, with strong product, service, and installation growth, and improved profitability metrics.

• Gross margin rose to 27.2% (GAAP) and 28.7% (Non-GAAP), both up over 11 percentage points year-over-year.

• Net loss narrowed to $23.8M (GAAP), while Non-GAAP net profit reached $6.4M; adjusted EBITDA improved to $25.2M from $(18.2)M in Q1 2024.

• CFO Dan Berenbaum announced departure effective May 1, 2025; Chief Accounting Officer Maciej Kurzymski named Acting Principal Financial Officer.

• Cash and cash equivalents stood at $794.8M at quarter-end, with sufficient liquidity for at least 12 months.

Financial highlights

• Q1 2025 revenue: $326.0M, up from $235.3M in Q1 2024; product revenue rose 38.1% to $211.9M, installation revenue surged 194% to $33.7M.

• Non-GAAP gross margin was 28.7% (vs. 17.5% in Q1 2024); GAAP gross margin was 27.2% (vs. 16.2%).

• Non-GAAP operating income was $13.2M, a $43.9M improvement from a loss of $30.7M in Q1 2024.

• Adjusted EBITDA was $25.2M; Non-GAAP EPS was $0.03, compared to a loss of $0.17 in Q1 2024.

• Service business achieved profitability for the fifth consecutive quarter.

Outlook and guidance

• Reaffirmed 2025 guidance: revenue of $1.65B–$1.85B, non-GAAP gross margin of ~29%, and non-GAAP operating income of $135M–$165M.

• Positive cash flow from operations and CapEx expected to be consistent with 2024 levels.

• Majority of revenue expected in the second half of the year, with a 40-60 first half/second half split.

• Management expects continued strong demand from data centers and utilities, but notes lengthening sales cycles and regulatory uncertainty may impact future bookings and margins.

• Sufficient liquidity is expected to support operations and growth initiatives for at least the next 12 months.