Bloom Energy hits $519M revenue as executives cash out near peak
Bloom Energy, a leading fuel cell technology company, has reported record revenue of $519 million in the third quarter, marking a significant 57.1% year-over-year increase. The company has also announced ambitious plans to double its production capacity by the end of 2026.
The company's stock has seen remarkable growth this year, rallying by over 500%. However, it has recently experienced extreme volatility, with a sharp correction following this surge. Despite this, several top executives have been selling large volumes of shares near the stock's 52-week high.
In November 2021, Chief Legal Officer Shawn Marie Soderberg sold shares worth over $5.1 million, while Director Mary K. Bush sold shares worth $5.14 million. Other executives, including Chief Accounting Officer Maciej Kurzymski and Director Jim H. Snabe, also sold significant stakes, worth $1.88 million and $2.86 million respectively.
To support its expansion plans, Bloom Energy has expanded a convertible bond issuance to $2.2 billion, up from the originally planned $1.75 billion. The company is also negotiating a $600 million revolving credit facility.
Bloom Energy's record revenue and expansion plans indicate a strong outlook for the company. Despite recent stock volatility and executive sell-offs, the company continues to secure significant financing to support its growth.
