Bloom Energy revenue beats expectations, product sales hit record

Fuel cell system supplier Bloom Energy reported third-quarter revenue of $1.24 billion, up 138.1% year-over-year, versus analysts' expectations of $1.08 billion. Third-quarter adjusted EBITDA was $299.5 million, versus analysts' expectations of $241.2 million. Third-quarter adjusted earnings per share were $0.94, versus analysts' expectations of $0.68. CFO Simon Edwards said the company's strong third-quarter results reflect strong execution across the business. Full-year revenue is expected to be $4.4 billion-$4.6 billion, implying the midpoint will grow 122% from the prior year, versus analysts' expectations of $4.11 billion; the company had originally forecast $3.9 billion-$4.2 billion. The full-year adjusted gross margin outlook is maintained at approximately 34%, unchanged, versus analysts' expectations of 33.8%. BE shares fell more than 2.4% in after-hours U.S. trading.