Bloom Energy (BE) FY2024 results: revenue $1.5 billion, up 10.5% on the year

Bloom Energy Corp. (BE) reported revenue of $1.5 billion for fiscal 2024, the year ended 31 December 2024, up 10.5% on the year before. Net income was -$27 million, and diluted earnings per share $-0.13. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.

Revenue

$1.5 billion

+10.5% on the year

FY2017FY2024

Operating margin

1.6%

-15.7% a year earlier

FY2017FY2024

Net income

-$27 million

FY2017FY2024

Diluted EPS

-$0.13

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,474	1,333	1,199	+10.5%
Cost of revenue	1,069	1,136	1,051	-5.9%
Gross profit	405	198	148	+104.6%
Gross margin	27.5%	14.8%	12.4%
Research and development	149	156	151	-4.6%
Operating income	22.9	-209	-261
Operating margin	1.6%	-15.7%	-21.8%
Interest expense	62.6	108	53.5	-42.2%
Pre-tax income	-26.4	-306	-314
Income tax	0.8	1.9	1.1	-55.3%
Net income	-27.2	-302	-302
Net margin	-1.8%	-22.7%	-25.2%
Diluted EPS	-$0.13	-$1.42	-$1.62

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	92.0	-373	-192
Capital expenditure	58.9	83.7	117	-29.7%
Free cash flow	33.1	-456	-309
Free cash flow margin	2.2%	-34.2%	-25.7%
Cash from investing	-58.8	-83.7	-117
Cash from financing	175	683	211	-74.4%
Depreciation	53.0	62.6	61.6	-15.3%
Dividends paid	1.5	0.0	0.0
Diluted shares, weighted	227m	213m	186m	+6.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	562	502	341	+12.0%
Non-controlling interest	22.7	18.6	38.0	+22.3%
Redeemable equity	n/a	n/a	0.0
Short-term borrowings	114	n/a	n/a
Debt	1,129	847	412	+33.3%
Operating lease liabilities	125	142	132	-12.3%
Finance lease liabilities	2.5	1.8	2.0	+33.4%
Other liabilities	702	903	1,022	-22.2%
Total liabilities and equity	2,657	2,414	1,947	+10.1%
Investments	n/a	n/a	0.0
Cash and equivalents	803	665	348	+20.8%
Receivables	336	341	251	-1.4%
Inventory	545	503	268	+8.4%
Other assets	974	906	1,079	+7.5%
Total assets	2,657	2,414	1,947	+10.1%

10-K for the year ended 31 December 2024, filed 27 February 2025: the filing.