Summary by Moomoo AI
Bloom Energy reported Q3 2024 revenue of $330.4 million, down 17.5% YoY. Gross margin improved to 23.8% from -1.3% in Q3 2023, while non-GAAP gross margin decreased to 25.2% from 31.6%. The company posted an operating loss of $9.7 million, a significant improvement from a $103.7 million loss last year.Bloom Energy announced a partnership with SK Eternix for an 80 MW fuel cell power project, expected to be the world's largest single-site fuel cell installation. The company also received follow-on orders from Quanta for what is anticipated to be the world's largest fuel cell islanded microgrid site.Despite quarterly variability, Bloom Energy reaffirmed its 2024 financial guidance, projecting revenue of $1.4-$1.6 billion, non-GAAP gross margin of ~28%, and non-GAAP operating income of $75-$100 million. The company remains confident in its execution based on identified projects and contracting activities.
