BE - Earnings call transcript Q1 2024 | Bloom Energy Corporation

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Operator

Thank you for standing by. My name is Krista and I will be your conference operator today. At this time, I would like to welcome everyone to Bloom Energy First Quarter 2024 Earnings Conference Call. [Operator Instructions] I will now turn the conference over to Ed Vallejo, Head of Investor Relations. Ed, you may begin your conference.

Edward Vallejo

afternoon good and you everybody. Thank earnings joining Thank information our and quarter furnished have Bloom the that XXXX first website. posted to it supplemental will for earnings you our on conference financial X-K quarter we we for call XXXX call, call.To Energy's conference reference investor with this with us relations supplement Form release press along first SEC this throughout

we in XXXX.These conference make call, based our answers products, performance. financial both upon estimates that about to results, our forward-looking expectations, may financial and statements predictions for company's markets, full statements the our represent events questions, this statements position, During and future prepared your These in regarding liquidity, strategy, include new are assumptions. business remarks and and future outlook expectations our year

measures filed and outlook events, financial measures a Chief revise the we However, are our with today in and Officer; Officer; uncertainties quarter earnings included Greg in Financial our as XXXX statements The then and assume and website.Joining quarter on investor and your remarks, financial our not as or accepted GAAP President they accounting earnings prepared and now discussed and of unknown measures. for generally year, to to and no turn our are performance press XX-Q. in U.S. financial non-GAAP the Sridhar, to, will with we and between forms to press subject substitute made to release are call call We our outgoing Cameron, XX-K forward-looking Greg K.R. the the to non-GAAP over documents not Executive call operating non-GAAP addition first an the will and with prepared GAAP A take our in accordance release, accordance our refer K.R. in statements detail review risks business deal and is call.During first incoming Financial time overview financial superior known begin on Officer. with principles Chief after for and financial most XXXX this highlights K.R. Chairman will to recently questions.I today's the will and with Dan obligation in these in and and relations on filed and any Chief SEC, including future numerous quarter me Founder, of have available of review Berenbaum, are our GAAP. the measures will reconciliation Dan prepared our

K. Sridhar

joining market the for expected. diverse end thanks increasing had a and are everyone, Hello, markets. good are us interest, seeing we and as strong commercial robust activity to and today. results momentum We I across QX year, start

X activity augurs and commercial operational strong our for the Importantly, performance quarters. next well

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talked in has of pure power we operation without longer commence ability me often be closed sales contracted and is where centers attractive opportunities greenfield existing data needs well-accepted anyone data need permitting what expansion center to existing cycles, data for markets growth cost centers far much [ Bloom's markets. the an in as give a on of permission In that inadequacies finance Indiana, and track deal include Illinois much about and by proposition that orders. a commercial a centers XXX aggravated value also steadily built even existing for becoming with worrying that a ] centers deployed a and supporting able for for anticipated supporting but As and Be the their quickly our keep of can earnings are Ohio, Such X Contrast facility. and minor interconnection challenges interconnection.Let about it's leading grid of center this regions opportunities permitting more of rising were data and expansion data you center long quarter, combined and Flexible and our power about grid islanded compelling primarily power tenant place greenfield grid last U.S., the AI.From over pre-ChatGPT. to perspective, the or this power. all a data because to falling power deal prices alone in or of all call in queues generally in needs, basis SAM an is needs power faster potential. are talked arising grid future hurdles. power beyond megawatts is infrastructure has with data requirements, where the highly the solutions level of heat example being In sizes, get is securement, data facilities more AI-related of higher applications.The to solution flow bigger demand pipeline from of choice relatively healthy I fuel success I growing, Bloom's and are regard, for and revenue greenfield CHP an is in of new contract and natural centers available offers electric record our customer, contracted gas Bloom categories: deployed delays

innovative AI data Santa a California, an center server Clara, capacity Intel adding facility labs cell-powered high-performance on Santa revolution has to energy surging By that the We Silicon announced data in their market.The powering to to procure the supplier the a their to to is of center get we needs. XXXX, and in and make power and in been stamp their power robust pay we for The Bloom XX/X greenfield utility for fuel centers. Bloom beyond data is thrilled dependent Other chain, rapidly to in opportunity. mission-critical merchant its California. more data and the Quanta half location growing. we the and Energy opportunities revolution AI Energy's Bloom for Quanta's is The as that Intel can time computing since them multi-megawatt in the problem In to supply last centers. we will lock players expansion industry. its Since is year. which second to fast-paced San to growing servers has are of its industries conversion their from win of month, customer leading power for Bloom of Jose. to facility needs Supermicro, center AI Solution and not hardware pipeline year, a modular eliminating provide meet larger AI opportunities power able Bloom power significantly is timely Power year. been a have AI creates islanded power growth are it Taiwan, has manner. We India. leading local the their leveraging power taking growing compute supplier could and harder these finding the Unimicron the Last solution, Clara, extend their one edge around XXXX, of data days and their a microgrid a solve microgrid, would a in utility sales Bangalore, harder Quanta solutions center.On of still their XXX California, premium new and largest Computers developer for in and clock Quanta needs. major power Bloom's rapidly a control of and announce providing existing delays installed Energy of expect fully been Valley's clean, first operations We use leading high-powered hardware to issues. meet data competitive maintain power for global which today up Bloom's and power manufacturing and AI AI-related tailwind deals, destiny Bloom prepared time some demands.Just of a are rack alleviated reliable Fremont, integration a leverage utility phase contract their AI enabled XX-megawatt of AI-related the and

growth, for are right strength after right has our then with slowdown year about our find started have new related scaling we customers We to inquiring In look and seeing being international products this temporary markets, solutions reason.As seeing we Korea, last a at been introduced. to them. the and policies partners the up again more approach

SK, the by building partner In encouraged partner, are in are the CHP our first from biogas-based quarter. we for about in Korea. we is strong Our demand SK our solutions. We saw confident with very future Italy, momentum Cefla,

including Dan career Asia.On held of Instruments, to as executive continuing develop A Street we positions more an announce new and Dan's the Chief in National operational before publicly he Financial were Everspin. Naval to other than companies, Micron as that, years Bloom's personnel very and technology pleased Officer. appointment decades. in Europe spent opportunities graduate, are Berenbaum and level side, X covering We And traded analyst Academy Wall Dan on the April, financial XX stocks. at spans

He thank also Dan of know for new that, us to next call guide person the Dan. that and him now as help his have he the excited to promised, I'd he in And of are Bloom's transition I'll the smooth right service Cameron commence journey.With this turn chapter and to enabled like both stage our has We to and a great is Greg on his team all as us soon. in over we Greg success will CFO. wish that

Greg Cameron

K.R. Thanks,

say entire K.R., I'd call be I team years. Bloom As final of for amazing part and appreciate will be how my this allowing this past Board earnings like the the over X Bloom much me the with Energy, journey to

lot do. to a there time, While remains that more we've over accomplished

the like the Energy quarter first While financial best know I be this no for remain talk opportunities days for ahead.Now of Bloom and the lie to about longer will performance. I'd excited journey, part I

revenue. said the to said timing we acceptances comparable impact we on the discussed call, flat we quarter As quarter that for be XX% the XX% first tough could our quarter down last the on a had first I XXXX. up were as to in At time, the of of revenue

the in million, volume likely first quarter revenues the as acceptances and quarter XX.X% the full $XXX The down not we outlook of quarters. mix Our could XXXX were of few versus change XXXX future our first a in product margins. first timing the happen year.The gross now acceptances that our occur are these does quarter to for impacted thought of acceptances

a have kilowatt, the volumes If margins impacting been The roughly first volumes would in first costs lower XX.X% non-GAAP $XXX costs points negatively margins absorptions, last over product by quarter XXXX, the manufacturing the to versus quarter been the prior increased first per the same points. first by of basis The the fourth prior kilowatt quarter adjusted as our quarter reduced down gross product XXX quarter which versus product similar year. was have basis quarter. quarter XXX

costs I material be acceptances to percent to targeted majority throughout down grow in density, the year, to XX-plus expect we power costs down. increase volumes continue were Korea. the As quarter, the reduced and drive would the our Also and product of to

to the prior pricing volume similar While the total as in first the had the quarters, increased percentage and Korea shipments elsewhere. to we X quarter our less of were

on first several past Through increase business becoming a area product price-sensitive, XX% quarter attractive selling Korea, price. product United negatively quarters, have decreased in said, operating margins previously we in a our period product I quarter expect first we lower margins year. expenses in be in XXXX. maintained but the throughout module year, grow basis Korea on we've work our the rest costs, average as versus as in acceptances on projects the power an approximately our last margin We that the a service trend would to service basis on price. continue we in the above the our reduce non-GAAP this as performance targeting reducing more expect expect Over the are revenues, our I our resulting And business first in mix averaging improvement continue selling we our the maintained and and payments are costs. quarter cost reduce would the average our the the throughout gross control of strong year. as million to to profitable margins in XX% States, improved our business our was the $XX diligence same same year.An international in affected replacement this

call guidance. you expect our already for in our cash improve glad I I to million capital improving the with believe building future, team, $XXX XXXX.We evolving continue of our meaningful I'm first meet operating first to welcome, to continue great are an the the profitability. to margins, past half $X energy before reduced This to versus and the cash.Now and had his to over versus by over allowed With million experience partnership, Dan, With who with year-end. first levels lower over and non-GAAP the I'm year. I joined in time to Bloom you. share and few going do the revenue that, an Even I us weeks We're Bloom add few thoughts market. energy. Dan to total exciting focused usage demands and he's we that, in Dan, on will to end loss discuss But by He's working in to quarter roughly a last over he's flat invest time. very quarter quarter a turn his the transition. grow holding connections to with we While us on allowed operating very also significantly costs our

Daniel Berenbaum

making drive company. resilient our earlier Thanks, your people in Greg, and as been impressed with here, well. Bloom, the comments and succeed the I've warm to be appreciate and the I've thank K.R., I'm I've welcome the for reliable you, from mission available the everyone. so clean, technology, excited what far energy I and received of seen at to across for

past I in getting to thank to speed story want time obvious to over couple X our I'm his also and I of up and the appreciate important with he our more earnings, what for to a on of plan mentioned, enhance leaving to we been and and communications relationships the has spend you. in have mature of together working part deeply closely attention I I an place.As committed continuing team competent outlook. of into entire the Greg the our to in move I and As financial him the weeks, and all entire business. the been. I'm last digging Greg to things: forward time performance It's with meeting me our financial me and for team the want community. touch on business. AWS operating Bloom briefly looking to that relationship the

XXXX As partner. purchase XXXX of many and XX Bloom of power in servers our in to XXXX, for you megawatts entered that into to deploy know, AWS capacity. sold a the energy agreement We project with EPC

deployment share to reasons, That to we that are deliver the decided guidance this supply, other the With forward remain AWS servers backlog, our under Bloom other locations on proceed AWS pipeline and on pleased margin. of will margins transactions.As timing in them of quarter. the not be and value Consistent at that end billion our and we to commencing commercial agreement. the partnership current potential is completions. with terms non-GAAP and and project deploy look outlook, we revenue specific up we our has original said, state revenue with within profitability. well payments with the We XXXX dependent are billion XX% to relates the we AWS, to reaffirming the serving we locations. AWS future working approximately PPA, $X.X revenue, to AWS primarily Bloom $X.X and for can approvals Where range For it of annual confident our gross annual are in product

we on through have prior improve of greater to will progresses, is greater be half second revenue At on lower well Consistent first be revenue. remainder year opportunities. than million quarter half the improving could million.With the to revenue to for Gross as year these the As move the we year, each gross expected performance. years, margin clarity of and profile margin achieve $XX the positioned service and should product line non-GAAP operator, that, operating questions. $XXX this for please costs profit we open with

Operator

Thank you.

We the Stanley. from Percoco question-and-answer will Andrew of now the [Operator Morgan with Your comes first question Instructions] begin session. line

Andrew Percoco

And meeting to Dan, with to center data out the questions. here. I forward maybe you coming some over looking start weeks guess

these some hundred tailored product these upwards is the used going seems a coupled a will K.R., maybe to megawatts in Intel give of year. be of product? get insight sizable sense of I'm any like opportunities for the of the solution increase So more greenfield units a you half going you maybe ship the greenfield it expect is you megawatt as like Or those Can it's Can other existing at your be could to fully from or just Intel? be how sounds terms us second total be additional your just size trying first sites. give timing then each. just to And into that on just and of where you're mentioned opportunity the hyperscaler it megawatt solutions on well? it announcement, second Is with ranges sites? highlighting some several when to capacity. to us the some larger of in of It to it's microgrid it you

K. Sridhar

center meeting loads maintain servers to you. and we reveal to there Andrew, Dan and Having are from think we look, is you so. And us on figure looking I otherwise, many that, And when or putting you, there it's on big hear maintain there. either can nice permission That's there servers their how to said deny go capacities and I they their they're numbers I do that that and only confidentiality. ask it. their material confirm actual forward have why we don't to data think But the out enough we how like opportunities, that. building is very customers' all out know

and as opportunities available of data centers, megawatts. in a contracted permissions that's They're this data And extremely conditions the of And all all and in possible. total get reports all permits We fast power approaching as availability will and deployed of how that. And XXX gas you the data as deployed opportunities. ecosystem you centers center are to So grow. and for critical most on terms right, know significant for proceeding portion terms applaud as your well. thing our we're highlighting these is fast

So somewhere our largest facilitating. Intel.And on in XX to in this for you Valley as was center north single a know, are that's prior we what is megawatts a site of the data Silicon

to it. is data used question answer center.So how deploy. greenfield, the plan on largest that is be the So people the of all Valley now terms in above your getting This to of to silicon

Some a for plan deploy you. to Flexible out of of them the we purely kind put Bloom on that model Be

stand-alone technology initial hundreds you engines Some microgrid reliability, getting and And would fall in where of because bring not batteries for resiliency, it's microgrid. of architecture megawatts, connected options can grid a sorts the that's our But hard. all for use very microgrid, we of unique to using in seriously of and a combustion backup. and be solution, interconnection they we them. are all many suspect, qualifying tolerant queue as that if are in grid your availability done the willing that because is a And there high and getting them cases, will as to stand-alone suspects grid on from that of to a us

where questions. game to for be terms moving a cases, you with most people size. and premium I we who things So of funnel in that is to a changer in that this can pipeline within for stand, deal Look, covered value velocity that about we a and are willing of a it.I time expect for your our when think what increasing with power pay talk consistent

For billion. a example, value if of you're center $X is Bloom over north doing XX-year data XXX-megawatt well the contracted a period,

that that And needs slowest through and to place, need they a do hyperscaler, to So anything gets contract signed they to have this it to parallel. should go it. do finally by they and to on Once step rate-limiting that process it's we of deals And agreements. within to finance it. hyperscaler after If in reason they process avoid with able step, a governance be end and fall whom all go like the companies. they some year. have going they are in greenfield its to these tenant going for aligned but And the and the still in step. it's longer, has that, the all particular secure be This place, own the announce diligence purpose the is a negotiate is building be they when can taking we all is all believe both

Operator

comes question UBS. with line from of next Manav Gupta Your the

Manav Gupta

First, years. help on all over Dan. Welcome, service thank the Greg, question first you, for My side. is the the

had they you that expressed will Greg, margins flip think, and have lot of service flipped. a confidence I

particular time the it's Or I more that what AWS it quick glad change what remain these you follow-up XX% margins by my quarters? to And as a few understand details out has be the the of does that are should this how more modeling modeling you supposed for delay question. next a situation a very perspective terms model worked in that us we From service year?And a ensure some way purposes? and statement anything we with territory? the this towards get model can hear trying order implemented delayed of an of then to then just which like at we was with to financial this, in AWS. question, that I'm margin can give could understand, So help positive the is

Greg Cameron

first the standpoint, business year, XXXX. that we'd replacement laid to quarter, of time of it then for crossover Dan of and when the From service this been how the achieve We have has Manav, in Listen, COO it the service it to each the talked or about behind knowable, and each the being fruits half to being going modules Greg. right? see were better. payments. gross the an can that revenues a replacement side. revenue installation our door early And And when getting getting we'd watermark. power the exactly by take last to drivers end grow, talked and we be be we bit begin performed the on quarters about few paying a a saw we AWS quarter, modules. pass we is situation be overall a growing. tells it's And high and we in Listen, making that and out point were year, us for quarter the our the going we where payments, at out I'll road you time. to map all performance that get second power

on of team We and efforts obligation has we've both to the as to exactly the also as output they've that to team, team each and what shipments, perform replacement performance done and module thought really happened modules. on team payments, would accomplished reduce our we as module cost power shipments, power knew to our through drive and the and tremendous sourcing down the that we an service a the individual power a power is of increase would our that quarter engineering those put we it, basis. mix that on they've continue basis happen.Lastly, well as And replacement which increase

of has coming cost both down, on So the average levers. pulling been those

has is is again. business performing of been which has and committed expectation to XXXX, point out expect that that the something gross years we we several the by margin ago laid and business XX% and achieved remain the through to would a achievement we breakeven improve that rest the our to So here, continue XXXX,

would job for done, it the difficult team, well So and I situation it. said say they they exactly and accomplished performed and would a and as they've they took performed addressed

it on AWS So I'll the pass question. with to that, Dan over

Daniel Berenbaum

to on we're deals customers. Manav, specific So guidance give not individual model how to or going individual

the think about approximately understand focus bit give how you obviously on that $X.X thing billion QX. for to full gross model we important thought $X.X reiterating we're the XX% where is margin guidance our and a non-GAAP little came I for to billion year, in of to or to

out. a If modeling. you that way to year of But look focused you providing we're split going the basis. on somewhere revenue to how deals, good an might the specific not at and been XX-XX, quarterly year, overall, how and about a be of be to might shape X think We're idea I to so guide last guidance clear, sort to specific we're second just them, that not thoughts half just just on half between and think years, X/X, the X/X, has first that between give some just for

Operator

next with Your of the Dendrinos question line RBC Christopher comes Capital from Markets.

Christopher Dendrinos

want And things are both customer maybe for disruption. this start your this navigating to little for in the just Quanta how with guess, Intel? out to for out guess, center I then I I on call I and public I announcement. here. the hand guys Intel expansion, on permitting bit to guess, hopefully, guess might Congratulations you focus and permits light of a data Are cause, that here, keep it the

K. Sridhar

connected issues us interconnection There don't deploying and But for permits their Quanta it's their systems no the islanded we not applications which at see for speed do. for because they we because that Quanta system with are what get again, permissions is issues showing absolutely it's into problem specifics and the we them. year, grid. of and this a no can solve Look, a completely to customer

choosing eliminate heard better by And to islanded. Similarly, that Clara, able a solution they it delays in cause keeping about can like you've Santa so before. potentially of were speak any it us it

an a installed, these local with issue be don't will to that are that very we cooperative us. see And works we have systems and able with We get government confident we

Christopher Dendrinos

and here. Got guess just it. opportunity on the wanted to shifting here, Understood. And maybe hydrogen touch gears I then I

you the wanted any color forward terms guess, So might it comment the is you with track should World project. provide haven't for? your on But could like the it's to XXXX. I be early project looks And have of not too you things moving incremental in that past, recognize What kind Energy on expectations this, there? that FID kind given just on we I of that in for lookout of just much

K. Sridhar

about has Nothing changed with we how projects. talk

we we have let we don't know. But until comment processes. So you on will customers' our a if potential contract, then,

Operator

Your comes Sherif with the next line of from Elmaghrabi BTIG. question

Sherif Elmaghrabi

a Sticking I because second, thought did a then islanded that does that longer islanding for an how with you're this you're revenue? correctly I And after you'll time, generally, saying long more thinking start solutions that took receiving deploying Bloom year? hear order Quanta recognize

K. Sridhar

confident for this X bell power ago. you few Well, have the the will like go, a Time announced but ring but ago, can our a them date, look on the for blurring like to available before in Square week, days all me we a quote it's we me, multi-megawatt weeks XXXX. And we all goal, it that again, so at don't customer date, the announced the are just entire you

Sherif Elmaghrabi

you That's guys know. then quarter can simply, quarter? good relative And where the backlog this very last second, to to is quantify

Daniel Berenbaum

comfortable backlog provide that's the guidance as a pipeline I've in, has opportunity newcomer Look, provided. we'll we backlog say had just take not we will feel once why again, I'll previously as to guidance we going reiterating that year relative very the we're the no, on provide the dug the confident only to a on in company, practice. have. the with the commercial that been provide Obviously, guidance to So or our we backlog, as

to not CFO than we're new any provide other say K.R. me with commercial pipeline going that as discussed. So comfortable as specifics the pretty in, to the feel coming

Operator

Your line BMO Thakkar the next from Ameet question Capital comes Markets. with of

Ameet Thakkar

in that the It payments. SK to distributor you distributor that around PPA making XX-Q. facility I wanted the back Is Oregon some and additional just come ecoplant? Or disclosure to AWS Amazon? to, the had guess, is I your refers in

K. Sridhar

per is Amazon for agreement starting PPA monthly start agreement. PPA as to with Amazon. case, Bloom April, And this So the will our in making payments the it the is

I So think seeking. that's the clarification you're

Ameet Thakkar

correct? sense does one And has I redeployed. on distributor guess, reduce that since like And Amazon, is the revenue we that, energy us orders this of the from just can until that of kind orders or cancel that give the the, In guys was what a to was are service booked you ability how future XX-Q, wondering I it if last could flow impact year? you cash expect not Okay. year, existing just sort That follow-up. mentioned

Greg Cameron

I'll since Greg. take it's that around. I was Yes,

ecoplant quarter So we on SK partner, listen, fourth are made XX on has payments the our the to was XXXX, made unit PPA year Last as it. be the K.R. very that of Amazon clear, to EPC going to that in it was that. megawatts the going contractual sold be

for some the likely to and help we with with we didn't units SK had Our to our forward. there. expectation expectation the SK Amazon disclose K wanted but sites, new know our our want that folks in is the they sure is units deploy Q partner, sense find going contractually as that if, them not And around and places unit for previously that as would their we would some partnership, they can have. if sites wanted in had will with deployed, our would their it fully out deploy new our get Amazon to inventory expectation find that Amazon we of decided we make preference. is finds Amazon that and placed that we But What make reason, to work units that, disagreements most additional was be our

Daniel Berenbaum

why just are the question. asking again, understand folks And add, I'll

have hear that balance flows, One comfortable the and make come P&L, at looked I've want as receivables. ability with with to we're and from that of of sure me people our things comfortable I the I've receivables collect projected to projected cash is the those our very at the sheet. that we our looked state very as in I've We're

quite specific hear as balance we So sheet, our would not with just quite do comfortable as going position. look are that think probably we to But specific at much I look specifics customers with get from at what you that our partners. we're we me with not into the too partners receivables, frankly. That's want our

Operator

Susquehanna. comes question next Your of from the Perincheril Biju from line

Biju Perincheril

about reports data Well, intel will about that's Can then the in or you first industry and your been publications of be confirm all, talking fuel a oxide California either like sizable some project projects, one there's center cells. today? solid projects of Quanta doesn't that using you're that's sound it

K. Sridhar

is, oxide other solid how so don't But megawatts of deliver fuel I cells my knowledge, what cells know I are specifically know can't on sorry, I don't solid I center. there suppliers any it. oxide data Biju. can to this to worth comment many that am fuel for

that know we ones don't but but I not of are the know, are be there We anybody. could only aware of, somebody I

like if may to be somebody about the cannot specifics, but without saying it. talking So is speak us, I they

Biju Perincheril

the follow-up it. Got seems to accelerating. demand manufacturing capacity. on is your be And Obviously, my here

to Do you track past? are how about fast in front? that the the So the you've positioned you build-out on need of capacity talked sort

K. Sridhar

go. to comfortable extremely Delaware to can investments are they our with what Fremont we with we have all systems upgrades, our our up as catch facilitized. be with it demands center. for greenfield other the megawatts, We place capacity the cycle data come XXX in the being be keep the takes talked megawatts in past we further with as very speed think a factory I forward modest to able it meet and And even time we will to the and than factory up about for XXX have faster And surge

today, the and And are our will have needs And this demand time about. to about the the that the capacity for know by capacity within we everything don't sure we we make comes, whatever constraint all are XXXX, same we talked year. the a make the cash we new Dan can balance us meeting a demands to feel for we as meet be capacity well like situated able to perspective. arise that from So year statement

Daniel Berenbaum

well, a billion is in I timing. revenue $X.X in are And there and is I $X.X 'XX for prepared mention think, the I points guidance important takes the couple to billion think that about of remarks, puts there K.R., really did

pipeline. We commercial have the

the we that need. capacity manufacturing have We

we where right that problem. at have of We time. like grow we we so we really that supply the is course, We end capacity to to have make to things we're we going be we my be company, going grow a it our as focus profitably, of chain range again, and here cash need that really on the using grow beyond demand, one priorities is timing need that to to we as the which, the then, in the we need up that invest be move need And meet coming of within preparedness growing to investing within that's range. sure acceptances. there's for the the time our and right not manufacturing And as and profitably. that clearly, company wisely to capacity company, 'XX, a at And

Operator

comes next of Martin line Johnson Rice. the question Your from Malloy with

Martin Malloy

in your luck of endeavors. future best Greg,

conjunction in give the an carbon wanted terms to capture update service? fuel of I Could maybe that us with progress you ask in on about development just of the question, First the technology.

K. Sridhar

Yes.

our and several if qualification. is So pipeline, we are are at with this internationally, domestically where we that both look and working at technology partners stage look, on you

take have for #X to a in meet into to utilities is mouse pipeline standards techniques the better to we that and believe the process have we who this large who trap field well our We great developed a partners it and okay? [ already that that have are in been U.S. now and are with. we have in working tried that classic it playing talking other to gas put go required ], can to the specifications #X, their

getting longer figuring who on dominance happen. to of domain to else has This the on to number baseline would where comfortable that states people and your coming that is issues extremely the sales wells cycle. we approved everything a way classic like also would most has pipelines our characterize needs to With But that board are out saying technology the I technology. we are to getting

want issues a have good shown needing power dioxide it because question, Marty, that next steps. it's something carbon is I take of XXXX natural to but stream of one about And Now There without are huge, anybody can. gas available we to sequester, which if dual as thanks decarbonize, have way possible no is and will It technologies carbon huge the more take and that we is of means This emphasize asking world sequestration. for time, as by you. to to we as comes about you has create and decarbonize cannot best solution. This a the opportunity. to concentrated a the this

Operator

the from with Parks comes Noel line Tuohy question Brothers. next Your of

Noel Parks

as little and so you run BDS just like is upgrade And on it's couple. through Just had going I kind longstanding of cycles what I'm Intel of at about and one. as what even the model customer? bit been sort a the with just as they you an wondered as a curious far of established originally as I such specifically if feel of relationship the a was generally such relationship. evolution could comfortable, talk wondering the

K. Sridhar

if day, from that. would there's you. dollar expand always orders. customers, you're Look, the well, solve have. like strategy a million X/X have about Sure. the of historically, to of from you we if be And very a validation they multi-hundred but comes question. indication. repeat At orders it's is That's a always land grow Noel. example come pain. problems. solving no we their you And even would very our of the that prided to and Intel to them back taking of care better business there good customers, customer's And us, that good And at us more end I better of no And new look

they Area in in to Folsom Our wanted and the in there in where this out, first and us both try Bay installations California, Intel, XXXX. their facilities for for was

new the building. And a And India. where evaluating we was Bangalore, I my saying, then building it's remember second-generation pain and to today I'll technology. conference it in is, my vividly, room, that our really pain, time, solve in it still CEO are if my you want at tell sitting you So

they we if and we We centers. with to had installed at in have if X power time. in want the load kind to along data kilometers of They go India want building. that times proud I I'm drop And to said, building had finished it. never day, a run for are units, the power run you, and field power bring to We run I way And old them India pipelines replacement X for with to Gas the had have XXXX loses that losing relationship have anything power. lose for long power say them no And X Bangalore, we the upgraded I of the cannot the labs about We a of times before the working gas day. gas Authority to worry them. don't happy with system for that, for been we that's try. never I we

a applaud have taken center being Clara. them have a and and that we that are us of we and to long expansion with for So their step, data a in proven extremely early trusting established Santa with for, them to again, us and and huge them, we leader them relationship for trusting grateful thanks

Operator

from of with Raymond the line comes question next James. Pavel Your Molchanov

Pavel Molchanov

hear me they do hydrogen feedstock sustainability you with speak data you one. targets, to with RNG start generation a entering conceptual want and conversation? When that reconcile often base centers load Let and and How

K. Sridhar

Look, a planet be and the all to data We term. would aspirational is and that's they carbon that. X love know us on question. with future in the able a everybody have power this very foreseeable short the fuel, Pavel, the center good and for to

definitely, in become that whether RNG, green available. hydrogen, that is all renewable ammonia, green it above of should We believe future, also biogas, the molecule, the

carbon generation effect.So dioxide fossil. the versus grandchildren for is forget, They So real use power they can they wherever see go producing the is care atmosphere. RECs amount That atmosphere. power our available our they can great anything they large-scale because small with possibly blends of gas planet. the footprint dirty do the carbon option Yes, is one actually displacing in additional to X Mother carbon systems our it. capture from green same use farms. cares what not and does in Then But and solar become whereas to and molecules molecules build these as highly and about power they green without power-intensive least It air get don't it, solution, have can terms our available the the pure with that of that are use, they option here, XXX% pollution. natural it's buy can same with existing a about green with the Nature credits from fuel, renewables children they no stranding not and the best

carbon natural convinced they So all is gas as we capture a it. time out figure available, option. and With country, they that those, do to until to great if and are a we this future-proofing able can have sequestration use are and them, pipelines be such and

Operator

Oppenheimer. comes with line question Rusch Colin next of from Your the

Andre Stillman Adams

Adams Colin. for Andre is This on

desire As wind you're solutions can quoting additional for X whether to gas again on-site? storage or trying integrate to customers' and chemical versus opportunities, solar, those natural just emissions you're speak microgrid you

K. Sridhar

above. of believe So yes, all the answer is, we the in

our in store need of to both know And it, that are as on a grow, as We are big one as electrolyzer the wind. both have fans hydrogen solar, well hydrogen hydrogen is And to big fans and of we you sides cells. play they hydrogen, of fuel using they're going we a option. as fuel

in reducing in all other industry any wind in terms is have edge and people footprint. obviously, encourage that carbon of the to and industry, their we solar will, of because industry, the leading So much industry the especially as their information customers our above. of mix, do data And center

thing the with up microgrids. integrate And So are of the load we those Bloom is we about associated and firming air without dirty that diesel with great beautifully any pollution all base that.

Operator

from comes the Baird. line question with Your next Kallo Ben of

Ben Kallo

kudos times facility and It out you that. out that but was jumping all there this of early but guidance starting. on I since for asking there you how look. this just couple not been got was about Dan, that 'XX for of put your you, But know does just guys think a lot there there the before. year, of as guidance here, I'm by questions you've a welcome. seems you out you of for good 'XX, to

Daniel Berenbaum

Yes, what I full our difficult having Ben. comment I that comfortable really we path commercial will look pipeline It's won't a on like talk on revenue what that. to focus the pretty things optionality I've of the reiterate, the is beyond you just talked about we've me ready were to looks going past, and our to as this will bit perspective things for quickly about. profitability tell that that. like I'm a year increase to got pretty for not I jumped Obviously, on August the cash some due say investors the sheet, in my into on the I sure that I receivables, first in looking profitably. making 'XX. scale we're that will convert that balance the from flow, heard have know that's we of concerns the at and

more my those amount to I where significant that's and me So been things. for get pipeline confident commercial gives that. immediately focus a of has in the And as say, comfortable confidence

to further me to on have give to anything You're to comment than XX able maybe be that. days going another

Operator

comes line with Securities. question from of Jordan next the Your Truist Levy

Unknown Analyst

and Congratulations, for Greg, [ the here. ] Dan, Henry on Jordan team. for joining Alex

Just a quick one.

of some from the remainder the year? kind of to on quarters walk should we As income looking as you operating what you progress? quarter this to hitting can for rest that detail the look provide the all of guidance year, at the the be And

Daniel Berenbaum

I half first terms that comment about I would just revenue improve quarter in made, through say every only real would the year. your a the we So I move margin second as profile to talked to little half. maybe general think gross how bit about, we've expect And sequentially

Operator

next Tusong with question Your from of [ ] Research. Wolfe comes Chris line the

Unknown Analyst

just clarify the being product this sales sales international to ASPs remarks weighed expect those from we on reflect the I under And the should Are preferred rest on wanted to ecoplant? distributor that the SK down the to prepared sales. ASP? agreements of

Greg Cameron

consistent our The that we're prior very Greg. It's the Korea in ASPs this partners getting quarter quarter. from with were

ASPs XXXX those other during at the shipments think just about there. mix for because as forward, they a about down and they've them works quarter, weren't but the think yes, go not you against bit where look it quarter materially you little timing our of mix were us versus and as on been, we for So

to expect that's course moving consistent of ASPs So the thought the increase year. we I about the we continue the way brand year other would of for have the as and with volume for to in, together work sources

Operator

now question-and-answer closing our will concludes session. turn That the I over conference to back K.R. remarks. for

K. Sridhar

Thanks, you. Thank support Bloom your for your and everyone, on of call for participation the Energy.

X things are there I to think just I close, I emphasize. As want

that we customers, as the have orders, of the of purely The first in rhythm you those even can guidance, the reaffirming how based I and second turn heavy it's prosecute. I numbers, the we issue, on have you that be and Quanta hard their the all the from a market that have also out. point, a to we have that decide market right pipeline. when what we year very badly enables going of range half on protect half care have we on them their that agreement, the loaded know the of orders things buy, the to just a reminding going no to can time going switch said products a we at not the that's we we dynamics a first is want strong needs on not and commercial year are to and agreement, pointed Intel as to existing of This call, those They year, We'll hand And continuing laid that's say, think the solution the we product now. again you to is what's confirm the fall our be reiterate, product is the see that clearly will very here want are and as to it It have are They more about at And working again, is sites, timing we're the are the somebody have miracle last solutions take and And for business X we business or showing to we our this People out there second what business The the that to we that Dan and want there solution progresses. is for within we offering we orders we year where to solution. that we we can customers make. and right the is one carbon right overnight. fall. to know favor. for guidance we how it's grow. pull.On the out, is a in low-carbon where

out, space, in And but chain. opportunity, either so from different moving dynamic as our has good center industry industry has supply team the of that that the the level. operating saw behind AI what opened all center scales. I and not space, and now and feel utilities power as meter doing at are the up the we the opportunity the hopefully, we seeing on we right low-carbon perspective. are quarter-over-quarter customer, utility what high entire time the or us or businesses, let meter, only we People ecosystem are at execute, help center data everybody.Clearly, have I'll very figuring can provide you speed what that you team do. space an the judge local solution helps not to AI data a And market solution data and our us want you're the and X And agnostic very and the utility front with we to one say be we for with economy functioning a to say? And the the with the in entire are so the we of

quality are as into base. our deeply I good our our team confident Thank future. adding feel a committed about as are excited the very to I'm people employee well and our I'm in We and where about you. future, mission, leadership company. we as about They're

Operator

your participation, you may Thank concludes This call. you conference today's and for now disconnect.

Bloom Energy (BE) 9 May 242024 Q1 Earnings call transcript