Bloom Energy (BE) 6 May 222022 Q1 Earnings call transcript

Good afternoon. And thank you for attending today’s Bloom Energy Q1 2022 Earnings Conference Call. My name is Austin, and I’ll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for question-and-answer at the end. [Operator Instructions] I would now like to pass the conference over to our host.

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the We versus quarter replenish from quarter costs. of also increased builds. The XX% unit had needed materials to we temporarily XXXX fewer elevated product fewer and QX builds cost builds of as has the combination first in our fourth

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acceptances in year. Given the plan margin digits the the prioritizing now to environment, non-GAAP by We costs our resulting current we versus maintaining single offset for margins higher our XX% product gross targeted target. by pressure low expect reduce margin to

megawatts XXXX the roughly billion and reaffirming Bloom. margin. These and gross non-GAAP this margins XXX margin operations, results beyond. put operating should that manufacturing non-GAAP our XXXX trajectory pull capacity we $X.XX these a with to for guidance revenue acceptances should are for a billion from we margins upon backlog, and of deliver we positive expansion us remain flow cash strong acceptances, We achieve confident Based will of cash. XX% on the to With our revenue, with $X.X to first year. We grow deliver and that strong in are revenues will firm XXX coupled

first we acceptances versus expect second with would of look versus quarter toward and roughly in expect margins the XXXX. our flat builds XXXX of I the first we revenues second the to increase to quarter As quarter, improving the quarter.

years, previous is planned be second half. in As our revenue first to greater half our than

our we’ll conference about on May technologies manufacturing which provide how a on net on be goals. beginning held their excited investor update achieving a to of Decarbonize, Mission outlook the at our Under year. summary provided our at theme facility. give more facilitate California Fremont, We’re detailed will We’ll also XX, our we zero emission customers long-term update the the strategic

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an solid We We targets. to growth and very record technology upon strong believe XXXX to on platform, of is deliver inflection the have robust at company a our point roadmap. our build backlog accomplishment mature

line excited about open future. the extremely With please questions. We’re that our operator, up for

of question Wells Instructions] your Michael, you. Blum Thank first from is is Michael line Fargo. Our open. [Operator

Thanks. until EQT Thanks my think partnership a to little with taking bit Good gas. wanted about sourced ask afternoon, for I The question everyone. responsibly this do question. on you is, will somehow you having your Thanks. And to of hindered that now that fronts? new service open this do has partnership with think up now selling certain not penetration offering energy customers.

Michael. question, great a That’s

is it. the to think way so And about here

Our customers want start to do to good with.

to Boxes large reliable natural on quantities. for money, of not way, viable, planet planet, why emissions, today can be operations, save want them gas Bloom provide that it’s For take It’s to would we power that in That’s XX/X on Why may but to use why Because always lead are their without and do them, and we planet. We and they control power, this? It’s to along the the only ask save option we is it? methane if to If here economically they’re only later. not able you the doing take need natural it. isn’t technically everybody viable. The the not own secure not doing parallel. they want solution their it’s wouldn’t today. put The gas. some future happen only

go Let’s it. do

our it the are and urge, So we everybody this we lead taking very and encourage, we we we to feel proud about follow nudge else on lead.

Great. That’s appreciate color. very it. helpful I

Can going the you on there? that. ask to bit. a to kind gross just what’s overall down was dragging discuss outlook I on just of improve wanted which And question margins, Thanks. the Second obviously margin are service what’s

Greg. It’s Michael. Thanks Yes.

So kind there. things two of in

cost, First product same power is it’s modules first new. cost the as the of the the cost

So through of you’re the That’ll increase second of within some the as come year. quarter. the get seeing volumes better half in that

You’ve year. when modules. We’ve them also early our prioritized we on got some the do in power doing timing

quarter. the we So over as them of get we benefit the get – that benefit

margins a to there’s targeting We second year in So our little be we’re timing the half. a bit and still there. expect of for strong service profitable

year. we within framework our to the there So still profitable within be are

you very Thank Great. much.

care. take All right,

proceed. question next Julien, Bank of is from from may Dumoulin-Smith America. Our Julien you

well. guys afternoon, are doing all hope the I you Thanks for Good team. time.

Looking guys. forward seeing to you

Great.

you. Thank Absolutely.

need but What through of more little talk just already trajectory here, the it? margin slightly exactly maybe this XQ you’ve we is clearly weaker can detail. driving then strong about an number remarks, XQ got and the XXXX in XQ, very Because alluded maybe know Greg in little know the uplift bit in gross does is in a in kind Because you’ve I better So a bit something well? implies what step being here. can run walk is? margins what the part a And a an I you uplift half. Just Can you further, the to have for a uptake? that big of question you alluded if but back and you you XXXX rate. obviously you Greg, I say this kind elaborate that take as a for it exit and got but for to average this of

Yes.

So, Julien great it’s a question.

the in our of of of So think run XX% do Generally year. what things about is half to first second the acceptance we a couple year, XX-XX, half the in meaning about. the we

the We capacity half are in bringing year. second on manufacturing of the

out, just the versus going the So you it in XX%. XX% be rate we’re half if run first probably to

operating half than in have the leverage year I a So in first lot second the more of the half. I do

The other see in are only but into future. online you coming thing our we investing our demand tell significantly to in and quickly We have get capacity meet year, the operating we that Fremont. the I’ll this plant not to is,

second are our investing get that’s in investment that driving they starting up coming see costs. half costs year. of on whether go you’re near-term abate will better the as be the and in We some things we to of And and dollars, product near-term through the in those the

half year. it’s better issue gets So denominator in the the new half that in a second a the both numerator first of and

our point still for as year. of through we the exit XX% at end this think the get we’re get and targeting to I year, the

into go XXXX sense will the beyond – where the a momentum. end XXXX that of believe we’ll towards think be And with you exits gives that and we we So year. of XXXX,

Excellent. it. Got

you in it you kind to is more cetera, numerator you going, ramp there cost can in et think if get first alluded to weighted half, of of about more side things. that Just the of kind the how define much that

in at right? of digits range. I our mid single digits, single margins mean, they to this quarter be, low in dollar it’s where see take it, a expect you kind look you the on and can If versus

not we X dollars. had only or would to given total So the revenue $XXX it so see of quarter equate lot revenue, what number. X It’s points in there, million can first you a

right. All

See right. didn’t it just to there. it. all I of it soon. All you Okay. guys. there. I’ll Thank want Appreciate assume leave Excellent.

Julien. Yes. you Thanks soon. See

Leo from proceed. is question next you Our from may Leo, Mariani KeyBanc.

think sense that of there’s acceptance just successful to most Just sales, Wanted a you that sales be Korea. efficient on that’s have you about demonstration And get some in in a can obviously wanted your maybe get little or given talk to of in going here you to not XXXX. electrolyzer the there product better market market. had South whether broad you the one sense

great a question, That’s Leo.

is look hunt. scale. we way about think So scale look for us, hydrogen, Without only hydrogen at hydrogen the when we doesn’t

Okay.

look So we in we at the have. what on focused projects are

that We Link, they per is what announced produce That’s have day partnered that they’re feet have SoCalGas with hydrogen to Angelus is the any hydrogen, right? the of larger than and announced. standard cubic pipeline. X,XXX into We It inject see project looking for.

are combine taking going in. That’s those happen than needs being capacity areas if want gigawatts available So are and market. just to this need with do we doing being the excess nuclear and partnered the believe when the to look we power, want renewable look of care It’s of the like do. right? them, hydrogen We side, able two we what impact penetration, scale, curtailed are we to for the can today the now everything after have with grow again, to all gigawatts Idaho prove them. with has renewable huge faster there. of and to need scale. the to we We focused heat do hydrogen to get any Why? and they at Because what at and at you We’re focused industry the you working on on we Laboratory Look out make partnerships ability where nuclear we National on demonstrating it in on.

most efficient As electrolyzer you on know, should planet. and as know the have you we the

that with as announce is together that the tradition, about after going put You when close we will them. we scale our sales are we orders

that the could mandates progress side, taking Can Ukraine guess, Ukraine European talk the there. you how aggressive just has to maybe And some in they’ve maybe and and Okay. as in XXXX? just obviously some maybe, say you lot And in a got any say tragedy, about result sales hydrogen markets significant energy about I specific evolved? over the certainly Europe moves Europe a talk orders do including you pipeline of situation is more the XXXX on see lean

Number the security take energy well are there’s invasion destiny of Yes. energy different to we into Great their one, things us. cyber happening, that. right question own two play going a went distributed a as the wanting insecurity that having their this plays in right? the entire the control cost If again, again. minds grid, on and Look tail in help, of hands, corporates it attack there system very is has of for to

You gas to investments based for momentum tell in that they And team would Union, our saying like into funnel. European clean plays that look that be inquiries the right and natural very can sweet European spot. I have customer right be that about timeframe strong expect you’re with very can engaged. us feels definitely you talking now our investments We at

you, Okay. guys. Thank

is question Rusch next from is from The Colin your Colin, open. line Oppenheimer.

about a made natural that of moving in efforts bit gas? in Yes. lot procuring little you renewable that Guys, market. the talk far terms can a certainly so of you’ve pieces There’s

you opportunities some lock have the that in customers. about of for supply to curious your Just

that entire is ways. us plays again two a tell we area us. industry Colin, for in What can that’s different big for you

start going of are RNG it of natural go? The and our them more if the are terms net today, goals people today, many be so customers and at are will for their meet more sufficient opposed a to gas us which they us, RNG where as even more looking place for is to as In to credits, them way next first that can not asking and they to they step, believe get carbon targets. source, for more zero fuel

plays for it score Bloom Bloom much And that of the instead and a of lowers, value lot they greater us System the utility. powering utility is they electricity, of carbon in RNG when than intensity footprint, those place second is their of the producers use a if just use The electricity. carbon plants significantly RNG use the higher

So we RNG see customer and of we the used producers will that be RNG produced the they feel the by our customers.

So team both sector. our seeing sides. it you funnel again, robust in in plays interest And very biogas a will they’re tell and this

to systems, larger terms All some work you cost the to installations that And of right. you’re on dynamics pricing in how around of square guys funnel of in a and have those larger of the think deployments moving you’re higher of in some about of of guess relative or towards much. then so sales the towards higher price talking the about plan of things migrating some that? these of customers, and I’m costs Thanks to some terms cost, kind the done for to commentary about higher dynamics terms talking lot I the relative trying than

This is Greg.

it billion about having think here, to is way backlog we’re a the right. by blessed So $X

of operating and prioritize were we it be we with to saw clear at at So both income line margin where at we were at the some looked cost going the where the targets on higher we line, as and to that our we and the wanted margin things. looked was year gross

going to I do a than think before. would’ve we more we’re few repowerings probably done

middle a going have to relationship headwind those take of prioritize more those in larger two. the bit with the maybe we as the the bit We’re quarter them all, And at near-term the going to commercial were going secure part the strategic little for impact we this cost off And we strategic, not to a in I gets need build little It’s few the deals on delay relationship of capacity. to a that out year. pulling side, on to where mix. that doing little we or to the me in were here I cover going the the year. we’re are bit customer,

here. by blessed having we’re optionality So

I think long-term it’s a a more move. short-term than move

Okay. Thanks guys. much, so

Our is from from next your Wolfe Kania Alex, Alex open. Research. question is line

does mean kind much. your what in of that very sooner that price the could maybe of you economics that there? gas Two environment Thanks Great. customer questions, just customers like just little solution current your talk any about a about of, first natural trying like and something the or is, discussions then discussions, in – than kind towards And one for bit kind of of affecting kind kind also accelerate is to sense of hydrogen really later? rather terms

Yes. Hey Alex, it’s Greg.

here, gas grid So use it electricity doesn’t side, on so the obviously the generating natural We in but right. the in producing electricity.

the a and the expectation cost offset things two of sustainability, inherent so each natural where is the benefits you resiliency those on So them be versus the basis our and best when we the got would hedge, talk to get a still it. almost alternative that and on right, customer, other you’ve us predictability

of hasn’t changed it the a So discussions. really lot

time thing here discussion power more I’d I save or and becoming to The would little it’s meaning less your but this company think I more and said customers, bit can relevant can penny do me for in the less to script, on in in the a they you is our point a product is save hey, discussions a the for So we I two the quickly? revenue, it’s get by bill. can more product you dollars more creating about than money around, a other save lot electric because around, lot how operationalize

have but a different that in than still saying I’m it’s some So had you it before. ways dynamic relationship a we’ve is just not – definitely there, commercial

that maybe side, would And in this question, hydrogen of are what you of then right now any that’s sort be really I more kind then in just kind customer other customers it if is kind helpful. of any and there nuclear, perspective? the And or a interest Great. related mentioned there’s theoretical? most industrial still on hydrogen of terms of like a scale kind interested of related of then And kind from of to guess, but electrolyzers, interesting kind

but conversations Yes, strong belief our think extremely such but interest the take such and at becomes carbon so ammonia based the probably these they’re having as adoption be I industries – market is Those same the of of extremely, production first time, it – the technologies. And what the will most is. refining a are that knowing steel, them our little acceptance, interesting. going bit you’re chemical see the very we hard of a that talking to places to as of bit us, on where market to it little going the is That’s to strong is pricing probably decarbonize interest.

Thanks in very weeks. and you a much couple Great. see

Great.

Looking Alex. forward to it,

next is from line Suisse. Maheep is Credit Our from Maheep, Mandloi open. question your

thanks Hey, for good taking questions.

Just literally, you on could natural or deal against going gas, the in with how it’s like but like Thanks. prices about prices, gas how look terms your customers prices in like gas natural that? understand utilities $X gas just a like generally especially to of the also I uncertainty hedge does the they previous with probably question talk gas hedge either do around at –

Greg. It’s Maheep. Yes,

I don’t that with some has little on ones, the a within they take will lock don’t take. that at hedge customer look gas can thereof. a they at risk to more purchasers use the risk they a them, take all there some customers, have markets especially through that of to would it either volatility. on different or as on get because each But they will in some really customer. risk. And combination what want price much all. is view say bit we are So that don’t risk We make price sure benefits or to spot want Other large our pre-purchase

So it’s procure around that that. they how really customer want how decides to

approvals something And that pattern like or the it around, you. getting Got design market like can U.S. – you’re news tower saw then some around check market. just for you thing current the some new the that

that you think how do product? recover. like, it’s So suddenly about And

us. The market power is to extremely tower interesting

large is happens real is to putting electrification last needed, as we bringing going interesting difficult. to to it’s of this the be that of concentrated is as go resiliency grid is when extremely of like cities And mile transformation, upgrade expensive, be vehicles, digital automotive more Okay. to going reason very estate energy that us where difficult, is

just similar in we like see done Island. Long cities it’ll we and that land it, want where we in we major So tower Seoul a have Bloom to, some done of have an heat we of the be think a location premium, is we and to in tower provide water is Bloom thereby additional an additional customers, even space and of further and benefit in tower the that that concentrate saving benefit giving decarbonization. to hot now can addition and And

to it concept, that are we about premium. applicable space bullish more fairly is a but So is where places

the more day. to forward analyst Look you. Got on Thanks. hearing

Look Great. We’ll see forward you. to you. seeing

Our of line question is next Graham Price open. James. is from Raymond your Graham,

good Hi question. taking for Thanks the afternoon.

see, there much is tailwinds just and Just quickly of of up or wanted pretty following is starting the opportunity for to that kind Europe, to that seen that? comments the appreciate all really accelerate any timetable there production, we’ve that on given the kind in hydrogen green

Yes, listen, what’s to into is and that that the sure. today. build there folks a that are technology attractive. market at happening interest seeing of build you’re incentives we out interest to their to projects with in tailwinds here But lot are lot our it. take help And These And continued on Europe time definitely in to in movement that going out conversations and when what’s There’s order based I with are them is deliver. for There’s the bringing think, use space. make market a we more space. some happening the given in look Ukraine interesting,

Understood. the seen. the for there And about of to wanted one U.S., bill has aside what funds then my it. what second BOE Got the infrastructure thinking kind hubs across set you’ve see to hydrogen been create from progress for would just

are those Our competitive integrators it for them and teams integrators ultimately clearly, country. there is in have engaged competitive most the in are matter hubs, pick technology. no to to be where And the

surprised be to coming that they’re us the shouldn’t you for all So electrolyzer.

we all ones And teams win. engaged to be that are any we’ll and many of support and so with these of the happy

Thank Good you to much. very Got hear. it.

of Jeff Company. Jeff, is from is your Cowen and next line Our question Osborne open.

the question the the housekeeping validation the afternoon. quick like Two will electrolyzer. on report third-party quick in when of ones Good around National a Lab ones, Idaho

comfortable we when we units systems to And and the auditing, Again our will them test the we don’t them rush And the It’s will those and like independence. lab give are validating they it. will work. they’re ready, We with with to conduct and like them. they say, know feeling do it.

sometime well. but you is expecting everything in that, near the should future, – going be So

the and are Great areas situation court touch should production? other chain to that down. and you membranes, to How anything about think K.R., China on can plates, then for hear. else the need in China shut risk supply of any we Shanghai the at stacks, event you And just

get another I those X, your entire are Tier by whether a one use live don’t Unlike, time we as don’t membranes. suppliers, China to Yes. China. technologies the is no, X, or way the look, on the Tier Tier But you where planet, rule X dependent care

So China world, fast. of improve situations is of Chinese sake economy well global the doing well the all hope very people, those for the as we and for important the as

that you to Our the managed have good wood. They need on teams is extremely everything. And knock through are know resilient. news

customer speaks that shipment We expectation and have teams. met every on our to and single volumes schedule,

relative And the this your many repowered XXX acceptances hear. repowering how to touch Great will times megawatts you housekeeping on Absolutely. a Can one, to a year? XXX just Greg, quick you mentioned capacity. be to just couple

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all sense. you. I had. Makes Thank That’s

soon, All right. See Jeff. you

Noel, is Parks Our open. next line question Tuohy is Noel of from your Brothers.

afternoon. good Hi,

Noel. Hey,

Hey, Noel.

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you. Thank

session. question-and-answer our concludes That

management will for back team the hand I remarks. to So final conference the any

K.R. Bloom. this want Thank you, to I for questions Again, operator. all your in and you thank everyone, is interest

now fundamental Let leave a you Energy Bloom with three these thoughts as this about transformation. our in leader position me energy and

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look time combined very all look makes me our Investor you the in forward can lot you I seeing of detail. many today. So for tell, and enthusiastic. you in you coming – you your weeks optimistic, during seeing to with greater excited, forward clearly a showing these very and to Thank and discussing Day

That concludes you the participation. your call. for conference Thank

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