SAN JOSE, Calif.--(BUSINESS WIRE)-- Bloom Energy Corporation (NYSE: BE) reported today its financial results for the fourth quarter and the full year ended December 31, 2023. The company had record revenue of $1.3 billion for the full year driven by continued growth in product and service revenue.
Fourth Quarter Highlights
Revenue of $356.9 million in the fourth quarter of 2023, a decrease of 22.8% compared to $462.6 million in the fourth quarter of 2022. Product and service revenue of $314.4 million in the fourth quarter of 2023, a decrease of 21.4% compared to $400.2 million in the fourth quarter of 2022.
Gross margin of 25.9% in the fourth quarter of 2023, an increase of 10.5 percentage points compared to 15.4% in the fourth quarter of 2022.
Non-GAAP gross margin of 27.4% in the fourth quarter of 2023, a decrease of 3.0 percentage points compared to 30.4% in the fourth quarter of 2022.
Operating profit of $12.9 million in the fourth quarter of 2023, an improvement of $53.5 million compared to operating loss of $40.6 million in the fourth quarter of 2022.
Non-GAAP operating profit of $27.4 million in the fourth quarter of 2023, a decrease of $31.6 million compared to a non-GAAP operating profit of $59.0 million in the fourth quarter of 2022.
Total Year Highlights
Revenue of $1,333.5 million in 2023, an increase of 11.2% compared to $1,199.1 million in 2022. Product and service revenue of $1,158.3 million in 2023, an increase of 12.3% compared to $1,031.6 million in 2022.
Gross margin of 14.8% in 2023, an increase of 2.4 percentage points compared to 12.4% in 2022.
Non-GAAP gross margin of 25.8% in 2023, an increase of 2.8 percentage points compared to 23.0% in 2022.
Operating loss of $208.9 million in 2023, an improvement of $52.1 million compared to operating loss of $261.0 million in 2022.
Non-GAAP operating profit of $19.2 million in 2023, an improvement of $52.7 million compared to a non-GAAP operating loss of $33.5 million in 2022.
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