(State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||
(Registrant’s telephone number, including area code) | |||||||||||
Not Applicable | |||||||||||
(Former name or former address, if changed since last report) |
Title of each class(1) | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
(1) | The registrant’s Class B Common Stock is not registered but is convertible into shares of Class A Common Stock at the election of the holder. |
Exhibit No. | Description | |||||||
Press release dated February 10. 2021 | ||||||||
104 | Cover page interactive data file (embedded within the inline XBRL document) |
BLOOM ENERGY CORPORATION | ||||||||||||||||||||||||||||||||||||||||||||
Date: | February 10, 2021 | By: | /s/ Gregory Cameron | |||||||||||||||||||||||||||||||||||||||||
Gregory Cameron | ||||||||||||||||||||||||||||||||||||||||||||
EVP, Chief Financial Officer | ||||||||||||||||||||||||||||||||||||||||||||
($000) | Q420 | Q320 | Q419 | FY20 | FY19 | ||||||||||||
Revenue | 249,387 | 200,305 | 213,543 | 794,247 | 785,177 | ||||||||||||
Cost of Revenue | 185,761 | 144,318 | 188,595 | 628,454 | 687,590 | ||||||||||||
Gross Profit | 63,626 | 55,987 | 24,948 | 165,793 | 97,587 | ||||||||||||
Gross Margin | 25.5% | 28.0% | 11.7% | 20.9% | 12.4% | ||||||||||||
Operating Expenses | 68,144 | 56,359 | 72,820 | 246,578 | 330,391 | ||||||||||||
Operating Loss | (4,518) | (372) | (47,872) | (80,785) | (232,804) | ||||||||||||
Operating Margin | (1.8%) | (0.2%) | (22.4%) | (10.2%) | (29.6%) | ||||||||||||
Non-operating Expenses1 | 22,620 | 11,582 | 20,415 | 76,768 | 74,064 | ||||||||||||
Net Loss | (27,138) | (11,954) | (68,287) | (157,553) | (306,868) | ||||||||||||
GAAP EPS | ($0.16) | ($0.09) | ($0.58) | ($1.14) | ($2.67) |
($000) | Q420 | Q320 | Q419 | FY20 | FY19 | ||||||||||||
Revenue | 249,387 | 200,305 | 213,543 | 794,247 | 785,177 | ||||||||||||
Cost of Revenue2 | 182,097 | 140,750 | 180,001 | 610,979 | 642,161 | ||||||||||||
Gross Profit2 | 67,290 | 59,555 | 33,542 | 183,268 | 143,016 | ||||||||||||
Gross Margin2 | 27.0% | 29.7% | 15.7% | 23.1% | 18.2% | ||||||||||||
Operating Expenses2 | 55,300 | 44,192 | 45,356 | 190,160 | 179,529 | ||||||||||||
Operating Income (loss) 2 | 11,990 | 15,363 | (11,814) | (6,892) | (36,513) | ||||||||||||
Operating Margin2 | 4.8% | 7.7% | (5.5%) | (0.9%) | (4.7%) | ||||||||||||
Adjusted EBITDA3 | 25,521 | 27,673 | 1,188 | 45,497 | 42,915 | ||||||||||||
Adjusted EPS4 | ($0.08) | ($0.04) | ($0.29) | ($0.67) | ($1.07) |
December 31, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 246,947 | $ | 202,823 | ||||||||||||||||||||||
Restricted cash | 52,470 | 30,804 | ||||||||||||||||||||||||
Accounts receivable | 99,513 | 37,828 | ||||||||||||||||||||||||
Inventories | 142,059 | 109,606 | ||||||||||||||||||||||||
Deferred cost of revenue | 41,469 | 58,470 | ||||||||||||||||||||||||
Customer financing receivable | 5,428 | 5,108 | ||||||||||||||||||||||||
Prepaid expenses and other current assets | 30,718 | 28,068 | ||||||||||||||||||||||||
Total current assets | 618,604 | 472,707 | ||||||||||||||||||||||||
Property, plant and equipment, net | 600,628 | 607,059 | ||||||||||||||||||||||||
Operating lease right-of-use assets | 35,621 | — | ||||||||||||||||||||||||
Customer financing receivable, non-current | 45,268 | 50,747 | ||||||||||||||||||||||||
Restricted cash, non-current | 117,293 | 143,761 | ||||||||||||||||||||||||
Deferred cost of revenue, non-current | 2,462 | 6,665 | ||||||||||||||||||||||||
Other long-term assets | 34,511 | 41,652 | ||||||||||||||||||||||||
Total assets | $ | 1,454,387 | $ | 1,322,591 | ||||||||||||||||||||||
Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest | ||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||
Accounts payable | $ | 58,334 | $ | 55,579 | ||||||||||||||||||||||
Accrued warranty | 10,263 | 10,333 | ||||||||||||||||||||||||
Accrued expenses and other current liabilities | 112,004 | 70,284 | ||||||||||||||||||||||||
Deferred revenue and customer deposits | 114,286 | 89,192 | ||||||||||||||||||||||||
Operating lease liabilities | 7,899 | — | ||||||||||||||||||||||||
Financing obligations | 12,745 | 10,993 | ||||||||||||||||||||||||
Current portion of recourse debt | — | 304,627 | ||||||||||||||||||||||||
Current portion of non-recourse debt | 120,846 | 8,273 | ||||||||||||||||||||||||
Current portion of recourse debt from related parties | — | 20,801 | ||||||||||||||||||||||||
Current portion of non-recourse debt from related parties | — | 3,882 | ||||||||||||||||||||||||
Total current liabilities | 436,377 | 573,964 | ||||||||||||||||||||||||
Derivative liabilities | 4,989 | 17,551 | ||||||||||||||||||||||||
Deferred revenue and customer deposits, net of current portion | 87,463 | 125,529 | ||||||||||||||||||||||||
Operating lease liabilities, net of current portion | 41,849 | — | ||||||||||||||||||||||||
Financing obligations, non-current | 459,981 | 446,165 | ||||||||||||||||||||||||
Long-term portion of recourse debt | 168,008 | 75,962 | ||||||||||||||||||||||||
Long-term portion of non-recourse debt | 102,045 | 192,180 | ||||||||||||||||||||||||
Long-term portion of non-recourse debt from related parties | — | 31,087 | ||||||||||||||||||||||||
Other long-term liabilities | 12,279 | 28,013 | ||||||||||||||||||||||||
Total liabilities | 1,312,991 | 1,490,451 |
Redeemable noncontrolling interest | 377 | 443 | ||||||||||||||||||||||||
Stockholders’ deficit: | ||||||||||||||||||||||||||
Common stock | 17 | 12 | ||||||||||||||||||||||||
Additional paid-in capital | 3,182,753 | 2,686,759 | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | (9) | 19 | ||||||||||||||||||||||||
Accumulated deficit | (3,103,937) | (2,946,384) | ||||||||||||||||||||||||
Total stockholders’ equity (deficit) | 78,824 | (259,594) | ||||||||||||||||||||||||
Noncontrolling interest | 62,195 | 91,291 | ||||||||||||||||||||||||
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest | $ | 1,454,387 | $ | 1,322,591 |
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||
Product | $ 171,801 | $ 158,427 | $ | 518,633 | $ | 557,336 | ||||||||||||||||||||||||||||||||
Installation | 28,827 | 14,429 | 101,887 | 60,826 | ||||||||||||||||||||||||||||||||||
Service | 32,137 | 25,628 | 109,633 | 95,786 | ||||||||||||||||||||||||||||||||||
Electricity | 16,622 | 15,059 | 64,094 | 71,229 | ||||||||||||||||||||||||||||||||||
Total revenue | 249,387 | 213,543 | 794,247 | 785,177 | ||||||||||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||||||||||||||
Product | 105,071 | 141,782 | 332,724 | 435,479 | ||||||||||||||||||||||||||||||||||
Installation | 29,604 | 16,901 | 116,542 | 76,487 | ||||||||||||||||||||||||||||||||||
Service | 39,493 | 17,127 | 132,329 | 100,238 | ||||||||||||||||||||||||||||||||||
Electricity | 11,593 | 12,785 | 46,859 | 75,386 | ||||||||||||||||||||||||||||||||||
Total cost of revenue | 185,761 | 188,595 | 628,454 | 687,590 | ||||||||||||||||||||||||||||||||||
Gross profit | 63,626 | 24,948 | 165,793 | 97,587 | ||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||
Research and development | 21,690 | 22,148 | 83,577 | 104,168 | ||||||||||||||||||||||||||||||||||
Sales and marketing | 18,840 | 17,357 | 55,916 | 73,573 | ||||||||||||||||||||||||||||||||||
General and administrative | 27,614 | 33,315 | 107,085 | 152,650 | ||||||||||||||||||||||||||||||||||
Total operating expenses | 68,144 | 72,820 | 246,578 | 330,391 | ||||||||||||||||||||||||||||||||||
Loss from operations | (4,518) | (47,872) | (80,785) | (232,804) | ||||||||||||||||||||||||||||||||||
Interest income | 70 | 862 | 1,475 | 5,661 | ||||||||||||||||||||||||||||||||||
Interest expense | (21,246) | (21,635) | (76,276) | (87,480) | ||||||||||||||||||||||||||||||||||
Interest expense to related parties | — | (1,933) | (2,513) | (6,756) | ||||||||||||||||||||||||||||||||||
Other income (expense), net | (4,176) | 138 | (8,318) | 706 | ||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | (12,878) | — | ||||||||||||||||||||||||||||||||||
Gain (loss) on revaluation of embedded derivatives | (1,737) | (540) | 464 | (2,160) | ||||||||||||||||||||||||||||||||||
Loss before income taxes | (31,607) | (70,980) | (178,831) | (322,833) | ||||||||||||||||||||||||||||||||||
Income tax provision | (16) | 31 | 256 | 633 | ||||||||||||||||||||||||||||||||||
Net loss | (31,591) | (71,011) | (179,087) | (323,466) | ||||||||||||||||||||||||||||||||||
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | (4,453) | (5,178) | (21,534) | (19,052) | ||||||||||||||||||||||||||||||||||
Net loss attributable to Class A and Class B common stockholders | (27,138) | (65,833) | (157,553) | (304,414) | ||||||||||||||||||||||||||||||||||
Less: deemed dividend to noncontrolling interest | — | (2,454) | — | (2,454) | ||||||||||||||||||||||||||||||||||
Net loss available to Class A and Class B common stockholders | $ (27,138) | $ (68,287) | $ | (157,553) | $ | (306,868) | ||||||||||||||||||||||||||||||||
Net loss per share available to Class A and Class B common stockholders, basic and diluted | $ (0.16) | $ (0.58) | $ | (1.14) | $ | (2.67) | ||||||||||||||||||||||||||||||||
Weighted average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted | 165,975 | 118,588 | 138,722 | 115,118 |
Years Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||
Net loss | $ | (179,087) | $ | (323,466) | |||||||||||||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||
Depreciation and amortization | 52,279 | 78,584 | |||||||||||||||||||||||||||
Non cash lease expense | 5,328 | — | |||||||||||||||||||||||||||
Write-off of property, plant and equipment, net | 38 | 3,117 | |||||||||||||||||||||||||||
Impairment of equity method investment | 4,236 | 11,302 | |||||||||||||||||||||||||||
Write-off of PPA II and PPA IIIb decommissioned assets | — | 70,543 | |||||||||||||||||||||||||||
Debt make-whole expense | — | 5,934 | |||||||||||||||||||||||||||
Revaluation of derivative contracts | (497) | 2,779 | |||||||||||||||||||||||||||
Stock-based compensation | 73,893 | 196,291 | |||||||||||||||||||||||||||
Loss on long-term REC purchase contract | 72 | 53 | |||||||||||||||||||||||||||
Loss on extinguishment of debt | 11,785 | — | |||||||||||||||||||||||||||
Amortization of debt issuance and premium cost, net | 6,455 | 22,130 | |||||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||
Accounts receivable | (61,685) | 51,952 | |||||||||||||||||||||||||||
Inventories | (33,004) | 18,425 | |||||||||||||||||||||||||||
Deferred cost of revenue | 19,910 | (21,992) | |||||||||||||||||||||||||||
Customer financing receivable and other | 5,159 | 5,520 | |||||||||||||||||||||||||||
Prepaid expenses and other current assets | (3,124) | 8,643 | |||||||||||||||||||||||||||
Operating lease right-of-use assets | (2,752) | — | |||||||||||||||||||||||||||
Other long-term assets | 2,904 | 3,618 | |||||||||||||||||||||||||||
Accounts payable | (620) | (11,310) | |||||||||||||||||||||||||||
Accrued warranty | (241) | (6,603) | |||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 17,753 | 6,728 | |||||||||||||||||||||||||||
Deferred revenue and customer deposits | (12,972) | 37,146 | |||||||||||||||||||||||||||
Other long-term liabilities | (4,523) | 4,376 | |||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | (98,693) | 163,770 | |||||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||
Purchase of property, plant and equipment | (37,913) | (51,053) | |||||||||||||||||||||||||||
Proceeds from maturity of marketable securities | — | 104,500 | |||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (37,913) | 53,447 |
Years Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||
Proceeds from issuance of debt | 300,000 | — | |||||||||||||||||||||||||||
Proceeds from issuance of debt to related parties | 30,000 | — | |||||||||||||||||||||||||||
Repayment of debt | (176,522) | (119,277) | |||||||||||||||||||||||||||
Repayment of debt to related parties | (2,105) | (2,200) | |||||||||||||||||||||||||||
Debt make-whole payment | — | (5,934) | |||||||||||||||||||||||||||
Debt issuance costs | (13,247) | — | |||||||||||||||||||||||||||
Proceeds from financing obligations | 26,279 | 72,334 | |||||||||||||||||||||||||||
Repayment of financing obligations | (10,859) | (8,954) | |||||||||||||||||||||||||||
Contributions from noncontrolling interest | 6,513 | — | |||||||||||||||||||||||||||
Payments to noncontrolling and redeemable noncontrolling interests | — | (56,459) | |||||||||||||||||||||||||||
Distributions to noncontrolling and redeemable noncontrolling interests | (7,622) | (12,537) | |||||||||||||||||||||||||||
Proceeds from issuance of common stock | 23,491 | 12,713 | |||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 175,928 | (120,314) | |||||||||||||||||||||||||||
Net increase in cash, cash equivalents, and restricted cash | 39,322 | 96,903 | |||||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash: | |||||||||||||||||||||||||||||
Beginning of period | 377,388 | 280,485 | |||||||||||||||||||||||||||
End of period | $ | 416,710 | $ | 377,388 |
Q420 | Q320 | Q419 | FY20 | FY19 | |||||||||||||
Revenue | 249,387 | 200,305 | 213,543 | 794,247 | 785,177 | ||||||||||||
Gross Profit | 63,626 | 55,987 | 24,948 | 165,793 | 97,587 | ||||||||||||
Gross Margin % | 25.5% | 28.0% | 11.7% | 20.9% | 12.4% | ||||||||||||
Stock-based compensation (Cost of Revenue) | 3,664 | 3,568 | 8,594 | 17,475 | 45,429 | ||||||||||||
Gross Profit excluding SBC | 67,290 | 59,555 | 33,542 | 183,268 | 143,016 | ||||||||||||
Gross Margin excluding SBC % | 27.0% | 29.7% | 15.7% | 23.1% | 18.2% |
Q420 | Q320 | Q419 | FY20 | FY19 | |||||||||||||
Cost of Revenue | 185,761 | 144,318 | 188,595 | 628,454 | 687,590 | ||||||||||||
Stock-Based Compensation - Cost of Revenue | 3,664 | 3,568 | 8,594 | 17,475 | 45,429 | ||||||||||||
Cost of Revenue – Excluding SBC | 182,097 | 140,750 | 180,001 | 610,979 | 642,161 |
Q420 | Q320 | Q419 | FY20 | FY19 | |||||||||||||
Operating Expenses | 68,144 | 56,359 | 72,820 | 246,578 | 330,391 | ||||||||||||
Stock-Based Compensation - Operating Expenses | 12,844 | 12,167 | 27,464 | 56,418 | 150,862 | ||||||||||||
Operating Expenses – Excluding SBC | 55,300 | 44,192 | 45,356 | 190,160 | 179,529 |
Q420 | Q320 | Q419 | FY20 | FY19 | ||||||||||||||||
Operating Loss | (4,518) | (372) | (47,872) | (80,785) | (232,804) | |||||||||||||||
Stock-based compensation | 16,508 | 15,735 | 36,058 | 73,893 | 196,291 | |||||||||||||||
Operating Income (loss) excluding SBC | 11,990 | 15,363 | (11,814) | (6,892) | (36,513) |
Q420 | Q320 | Q419 | FY20 | FY19 | |||||||||||||
Net loss to Common Stockholders | (27,138) | (11,954) | (68,287) | (157,553) | (306,868) | ||||||||||||
Deemed dividend to noncontrolling interest | - | - | 2,454 | - | 2,454 | ||||||||||||
Loss (gain) on extinguishment of debt | - | (1,220) | - | 12,878 | - | ||||||||||||
Loss for non-controlling interests1 | (4,453) | (5,922) | (5,178) | (21,534) | (19,052) | ||||||||||||
Loss (gain) on derivatives liabilities2 | 1,737 | (1,505) | 540 | (464) | 2,160 | ||||||||||||
Loss (gain) on the Fair Value Adjustments for certain PPA derivatives3 | 140 | (726) | (634) | 110 | 844 | ||||||||||||
Stock-based compensation | 16,508 | 15,735 | 36,058 | 73,893 | 196,291 | ||||||||||||
Adjusted Net Loss | (13,206) | (5,592) | (35,047) | (92,670) | (124,171) | ||||||||||||
Net loss to Common Stockholders per share | $ (0.16) | $ (0.09) | $ (0.58) | $ (1.14) | $ (2.67) | ||||||||||||
Adjusted net loss per share (EPS) | $ (0.08) | $ (0.04) | $ (0.29) | $ (0.67) | $ (1.07) | ||||||||||||
GAAP weighted average shares outstanding attributable to common, Basic and Diluted (thousands) | 165,975 | 138,964 | 118,588 | 138,722 | 115,118 | ||||||||||||
Adjusted weighted average shares outstanding attributable to common, Basic and Diluted (thousands)4 | 165,975 | 138,964 | 119,532 | 138,722 | 116,061 |
Q420 | Q320 | Q419 | FY20 | FY19 | |||||||||||||
Net loss to Common Stockholders | (27,138) | (11,954) | (68,287) | (157,553) | (306,868) | ||||||||||||
Deemed dividend to noncontrolling interest | - | - | 2,454 | - | 2,454 | ||||||||||||
Loss (gain) on extinguishment of debt | - | (1,220) | - | 12,878 | - | ||||||||||||
Loss for non-controlling interests1 | (4,453) | (5,922) | (5,178) | (21,534) | (19,052) | ||||||||||||
Loss (gain) on derivatives liabilities2 | 1,737 | (1,505) | 540 | (464) | 2,160 | ||||||||||||
Loss (gain) on the Fair Value Adjustments for certain PPA derivatives3 | 140 | (726) | (634) | 110 | 844 | ||||||||||||
Stock-based compensation | 16,508 | 15,735 | 36,058 | 73,893 | 196,291 | ||||||||||||
Depreciation & Amortization | 13,391 | 13,036 | 13,636 | 52,279 | 78,584 | ||||||||||||
Provision (benefit) for Income Tax | (16) | 7 | 31 | 256 | 633 | ||||||||||||
Interest Expense (Income), Other Expense (Income), net | 25,352 | 20,222 | 22,568 | 85,632 | 87,869 | ||||||||||||
Adjusted EBITDA | 25,521 | 27,673 | 1,188 | 45,497 | 42,915 |
IA@,_P #F%5T
MZ3U/IK) ))^E-R,<
Cover |
Feb. 10, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 10, 2021 |
Entity Registrant Name | BLOOM ENERGY CORPORATION |
Entity File Number | 001-38598 |
Entity Tax Identification Number | 77-0565408 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Postal Zip Code | 95134 |
Entity Address, State or Province | CA |
Entity Address, City or Town | San Jose, |
Entity Address, Address Line One | 4353 North First Street, |
Local Phone Number | 543-1500 |
City Area Code | 408 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value |
Trading Symbol | BE |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001664703 |
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