to Similar earnings and release, as K. the additional about financial financial long-term This was in to R. information execution. our supplemental to web an quarters, near prior will Thanks, our leader our of our position performance our in excellent industry. corporate a cement indeed year And kind are achieve energy included position in we've posted page. growth that package in in we and the
we excited we've package, financial year growth usual our slides another had to addition our I'm a in share on projections. updated quarter, revenue for this For and acceptances. included few record to
accelerating. is momentum Our
nearly is and ago is year-over-year, now few our growth backlog XXX% a quarters up We pipeline than ever in just it's acceptances long-term we are quarter a have years in Our had single rates more been. accelerating. stronger our four than
that me accomplishments key let context, the for with as XXXX. Now our fourth highlight in quarter
States. both in increase the total nearly South acceptances year brought deliveries acceptances, XXX prior-year. an strong fourth United quarter, record revenue to driven the and of XX% In Our which recorded XXXX by Korea we units, in were our the versus
the XX% total versus fourth end ownership other the gross partners of approximately range the to These guidance chains, and was $XXX at and finding CFOA of the and high teams revenue EPC continue simplify call logistics. effort global ways our similar the production predictability systems made earlier, that availability and total the Overall Like by It our outstanding from to income on benefited our we supply deliver of acceptances previous million the margins. earnings supply our thereby our our components consistent and XXXX we up roughly continue we've transferring more promise our improving discussed, to quarter chain up business capacity. chain to pressures. margin, timing versus million third and supply quarter, K.R. operating our than was non-GAAP are with the As possible installation some pressure exceed by quarter as new see their non-GAAP with we price over and XX% financing companies navigate provided for the of $XXX XXXX. improving on year accomplishments of model with fourth and in
a stabilizing we've not improvement, teams issues do this are feel to environment. and operating we significant in have adapted our well seen yet these While
bookings performance. to on and Moving our backlog
well performance next our United three service we over created product years. we contracts that into Korea, a Our strong XX accept Based the years. backlog will next billion Bloom positions the South our that on $X.X with fulfilled over States the will combined of approximately and have year future. When in the be
two nearly where we billion, We finished have year. times $X.X a total last backlog of
We also as put, never have our history. to been the strongest Bloom goals. this well have commercial positioned visibility, testament provides believe momentum a to meet the continue our confidence we build to entire organization. We Simply pipeline in a it's the And company. growth we
expected, million as cash of first million, for Our unrestricted reached equity we $XXX million with SK And closed in Ecoplant investment the balances $XXX in cash. $XXX the December. tranche
to As growth expect XX% our with forward, to to increase XX% XXXX. look for we we expected continue acceptance is
the will I limited to facility. we of flat new the first XXXX. be roughly XXXX, half as our revenue We inventories expect would capacity be and first our tour In replenish in in our year, to of Fremont half
year. around added, should XX% second half to growth is and increase service total acceptances capacity As for the product revenue
continue We providers. strategic by shift performing EPC leveraging away our from installations third-party
a been flat be roughly prior-years. our years about over lower which the past will revenue As two the than installation has result, XX%
roughly this cases marketing, versus total to efficiencies, and ownership operating reduces Development million prior-year, us by at $XX resources most shift allows this Research in to sales Innovation. and While focus product and us delivery, transfer on allowing manufacturing, revenue
challenge chain remain versus supply product While targeting XXXX, we're prior-year. much of costs through are reduce the for by XX% to we planning our environment to
in of increases leverage X% for material for XXXX. the to further logistic a expect second automate volume X% We the processes supply and our labor with normalize reduce see half beginning costs to costs our productivity chain to path
profit. reduction the believe we we cost environment, to return While cost the our there to to need targets. XX% of these of and $XX achieving is targets down to and down risk plans annum operating cost on achieve executable points this each quarter creating our update equates million we'll current opportunity, in Besides to in XX% this XX% five margins challenge gross that to non-GAAP progress. We're roughly ourselves per
plus non-GAAP points margin impact operating around two to from five margins our we operating Our our product non-GAAP leverage. executing installations improve as costs and reducing margins gross to expect on and points additional XX% down, we to expand achieve
performance last technology based on to roadmap. current discussed our and from earnings plan goals growth our we As call, expectations we our revisit
since to provide in about Before public reviewing we Bloom context, worth XXXX. what was the I thought speak future some achieved going has it
full-year Our of revenue the annual seen XX% growth since the total prior a IPO for our last compounded growth has to business. rate
and installations more less period, revenue service grew and future XX% of our the highlighting will forward, meaningful be going we Over we the our growth. measure product as same do revenue as service product
capacity constantly in and period require and our non-GAAP our same columns growth targets, XX the costs, and XX%. our points meet We additional Over in by our Newark, to Delaware. needs. revenue to To we've expanded our staff our gross approximately stacks reducing manufacturing margins we servers service assemble support manufacture California
of foot and operations to commenced limited Last in over course a platforms. gigawatt that square have this $XXX month, roughly megawatts invest to assembly and in in gigawatts Bloom X.X XXXX. support Fremont, expect year provide annual annual last XXX new capacity. we manufacturing of of we're But the two XXX,XXX We up facility facility fully X.X California, when leased can will stack both tooling utilized. of to capacity. million facility We capacity This
we be limited added increase megawatts expect stack XXXX, half year-end. capacity XXX will by first capacity there in a in the While of to of nearly have
maximize gigawatt opportunities be and one assets, to constrained of as locations is investments electrolyzer to the a capacity at begun can capacity usually current on level than this the fuel that stack a we've of we cell experience One power ensure growth. Like the by one payback It's of provide less that are the growth, the of incredibly future expansion in an by value year-end is we fuel support best expect two evaluate that year planning our electrolyzer, XXXX. the investments. but or additional describe remember have We these already while practices used disciplined to capacity, our that and investment new To utilized. capacity important more future, fully point many cell. companies basis, than supported rating cell fuel the not we're common attractive when in times on
This a common and benefit megawatts completely on that be a an for significant our XXX over allocated to basis, such, capacity are described is that As XXXX capacity doubled roughly will year-end targeting were electrolyzer of meaning we the assets gigawatts electrolyzers. the platform is X.X In as long-term we not can risk reduced our preview Conference, individual evolve demand as Investor invest an to I in XXXX capacity if with markets do advance revenue to a to underutilized of want update meet guidance. expected. of our May of
projections in $XX built and our XX both these from our the Bloom threshold industry range product expect billion models. billion We upon in us a Having billion the and sight $XX into the giving research, range of billion tailwinds, segment revenues to to accelerate now $X the own based reached in five years growth long-term $X we medium years of and of future billion. our line they're and to specific $X in see many XXXX, in industry We performance. better
flow. margins our customer business we The assumptions, our the as always-on expand this markets mature. increase We grow the to power Server slide as deck, the needs confident in rate resilient remains to Energy let strong at Referring to may ability forecasts me While sell. geographies demand we start XX% our our growth forecasted were business. cash with with these in fuel to in improving the evolve and confident and remain XX% which generation or continue cell for rate power
quantify market XX% assumed we're the revenue XXXX. as to share XX% graph, we needs they IEA the providing the future projecting The technologies. is unique a option represents the renewable build the electrolyzer market the we've is to that view. decarbonizing commercially reductions, revenue sharply. upon and of meet and by for and a become efficiency data on electrolyzer global Bloom the roughly Based In electrolyzer flexibility grow market, available. our cost analyzed fuels better benefits while will over electrolyzer most fuel adapt the customer's our today, to efficient of opportunity, hydrogen Our market see the To a to
cannot we energy are renewables on world during While excited opportunity, the we hydrogen know transition. about solely intermittent our the electrolyzer and depend
we cost value that Energy natural that utility as exhausted on believe decarbonizing fuel efficient next coming traditional as proposed to few our offset of we will later With unique of with Our acceleration we've utilization the combust see opportunities opportunity and incentives opportunities not Server do in pitfalls projects, We existing decade. to or To many larger carbon in would leverage in scale capture the capture the we online we to believe would power sequestration starting our over with business, concentration in the capture, incredibly and build we projects and of the the a carbon avoid COX, the forecasts, gas scale is partner of based anticipated grow market under electricity. decade. Due in we've others both projects. to traditional well this carbon the of COX, there's technology, with of cell we've the our an since that should XXXX, technologies. an assumed the scale facilitate high industry in adoption assumed utility this either projects our captured many this new of believe
from we to marine we should back this into revenue see begin the meaningful our decade, As move application. half of
that XXXX, include In fueled it LNG believe over proven I'd annually cell targeted the roughly yet fueled note business the focusing LNG tanker, next by summary, of builds $X industry our billion could this retrofit fuel platform, an year by years. by across We growth and $X forecast rely does on meet assumption XX% growth a to chips that reach the that XXXX. on to year not existing including increasing for compounded broad projections Bloom our ships. these option this per as XXXX XX XX%, based cargo, on ships ferries. deliver same continue execution. partners, scales, We XXXX technical our interests and incredibly are to new the opportunities new growth receive could rate billion to milestones, We cruise we had attract strong
strong. Our operating and financial was performance
momentum and we maintain As incredible we have to actions move into are taking this XXXX, growth.
are we performance, while positioned We believe and our growth. robust demonstrated providing extremely opportunities as have future. about we're both We uniquely excited diversified for
unique us allows are Server single We a supply our inflection The platform as chain, and at manufacturing from is company an pursue to opportunities point. now multiple capability.
team, let's the that record the open our for operator, we plans. strategy line product, demonstrate and With have We to questions. that, execute on track can growth up