The Zhitong Finance App learned that although Bloom Energy (BE.US)'s adjusted losses in the first quarter of 2024 exceeded analysts' expectations, the company's stock price rose nearly 8% in early trading. This increase was mainly due to the company maintaining its full-year performance outlook and announcing a power capacity agreement with Intel (INTC.US), which is expected to allow Silicon Valley to have the largest fuel cell-powered computing data center.
According to financial reports, Bloom Energy's loss in the first quarter decreased to $57.5 million, or $0.25 per share, which is an improvement compared with a loss of 71.6 million US dollars and a loss of 0.35 US dollars per share in the same period last year. However, after adjusting for one-time items, the company lost $0.17 per share, which exceeded analysts' expectations of $0.12 per share. The company's revenue for the first quarter fell 15% year over year to US$235.3 million, of which product and service revenue fell 11% to US$209.8 million, slightly lower than market expectations of US$249 million.
Despite this, Bloom Energy has reiterated its full-year revenue guidance for 2024, which is expected to be between US$1.4 billion and US$1.6 billion, in line with the market's general expectation of US$1.49 billion. Additionally, the company expects non-GAAP revenue to be between $75 million and $100 million.
Additionally, Bloom Energy's CEO KR Sridhar expressed optimism about the market, pointing out that the company has seen strong market interest, growing momentum, and strong commercial activity in different end markets. Sridhar placed special emphasis on the growth potential of the data center and AI hardware supply chain industry.
Notably, the agreement with Intel will provide additional capacity for Bloom Energy's fuel cell-based servers at the existing Intel computing data center in Santa Clara, California. This marks a further expansion of the Bloom fuel cell unit that has been deployed at Intel's base since 2014.
Truist analyst Jordan Levy mentioned in Thursday's report that Bloom Energy's long-term focus on the data center market may attract investors' attention. He looked forward to the company providing more information on the details of the deal, including specific numbers and timelines, as this information relates to the expansion of existing systems.