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SAN JOSE, Calif., May 9, 2023 -- Bloom Energy Corporation (NYSE: BE) reported today its total revenue for the first quarter ended March 31, 2023 grew 37% compared with the first quarter of 2022. The record revenue for the quarter was driven by continued growth in Product and Service revenue and supported an improvement in operating margin of over five percentage points.
First Quarter Highlights
? Revenue of $275.2 million in the first quarter of 2023, an increase of 36.9% compared to $201.0 million in the first quarter of 2022. Product and Service revenue of $234.4 million in the first quarter of 2023, an increase of 38.9% compared to $168.8 million in the first quarter of 2022.
? Gross margin of 19.7% in the first quarter of 2023, an increase of 5.8 percentage points compared to 13.9% in the first quarter of 2022.
? Non-GAAP gross margin of 21.2% in the first quarter of 2023, an increase of 5.4 percentage points compared to 15.8% in the first quarter of 2022.
? Operating loss of ($63.7) million in the first quarter of 2023, an improvement of $2.0 million compared to ($65.7) million in the first quarter of 2022.
? Non-GAAP operating loss of ($34.1) million in the first quarter of 2023, an improvement of $5.3 million compared to ($39.4) million in the first quarter of 2022.
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