Bloom Energy Corporation ( BE ) reported its first-quarter financial results after the bell Thursday. Here's a look at the details. 

The Details: Bloom Energy ( BE ) reported quarterly losses of 17 cents per share which missed the analyst consensus estimate of losses of 11 cents by 54.55%.

Quarterly sales came in at $235.3 million which missed the analyst consensus estimate of $250.207 million by 5.96% and is a 14.5% decrease from the same period last year.

Product and service revenue came in at $209.8 million in the first quarter, a decrease of 10.5% from the prior year’s quarter.

Bloom reported a gross margin of 17.5% in the first quarter, a decrease of 3.7 percentage points compared to 21.2% in the first quarter of 2023

“We are seeing strong market interest, increasing momentum, and robust commercial activity across diverse end markets,” said KR Sridhar, CEO of Bloom Energy ( BE ). “In addition to data centers, we view AI hardware supply chain industries as a good growth opportunity for Bloom, both in the U.S. and in Asia. Our customer wins on islanded-power mode without need for grid interconnection demonstrates an ideal solution for customers seeking time-to-power advantages.”

Bloom also announced a power capacity agreement with Intel Corporation ( INTC ) resulting in Silicon Valley’s largest fuel cell-powered high-performance computing data center.

The agreement calls for the installation of additional megawatts (MW) of Bloom Energy’s fuel cell-based Energy Server at Intel’s existing high-performance computing data center in Santa Clara, Calif. The additional capacity expands an existing Bloom Energy ( BE ) fuel cell installation already deployed at the tech giant’s location.

Outlook:  Bloom Energy ( BE ) reaffirmed its 2024 outlook and sees revenue between $1.4 billion and $1.6 billion, versus the $1.49 billion estimate.

BE Price Action: According to Benzinga Pro, Bloom Energy ( BE ) shares are up 5.88% after-hours at $12.43 at the time of publication Thursday.

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