Revenue at Bloom Energy Falls in Q1

Revenue at Bloom Energy Falls in Q1

What’s happening at the billion-dollar fuel cell startup?

Eric Wesoff: May 20, 2013

Dan Primack of Fortune again has the scoop on revenue at fuel cell "startup" Bloom Energy. And it doesn't look great.
Bloom had $42 million of pro forma revenue and negative $61 million of pro forma operating income in the first quarter of this year, according to documents obtained by Fortune. That's down significantly from the $101 million reported in pro forma Q3 2012 revenue. And yet Bloom suggests it will turn a profit in the second half of 2013, according to its CFO, as quoted by Primack.
Scott Sandell, a partner at NEA and a Bloom board member, was quoted by Reuters as saying that Bloom will likely attempt an IPO late this year or early next.
Earlier this month, Bloom raised $130 million in venture capital, bringing its VC total to $1.1 billion over a decade from investors including KPCB, NEA, DAG Ventures, GSV Capital, Apex Venture Partners, Mobius Venture Capital, Madrone Capital, SunBridge Partners, Advanced Equities, and Goldman Sachs. Jeff St. John of GTM has reported on Bloom's valuation and its stock sales in the secondary market.