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● Bloomenergy® Bloom Energy Announces First Quarter 2021 Financial Results Q1 GAAP Operating Margin of ( 7.4 % ) ; Non - GAAP Operating Margin of 1.4 % Q1 GAAP EPS of $ ( 0.15 ) ; Adjusted EPS of $ ( 0.07 ) SAN JOSE , Calif . , May 5 , 2021 Bloom Energy Corporation ( NYSE : BE ) today announced financial results for its first quarter ended March 31 , 2021 . ● Q1 Revenue of $ 194.0 million ; an increase of 23.8 % year - over - year Q1 GAAP Gross Margin of 28.2 % ; Non - GAAP Gross Margin of 29.7 % First Quarter Financial Highlights Revenue of $ 194.0 million in the first quarter of 2021 , an increase of 23.8 % compared to revenue of $ 156.7 million in the first quarter of 2020. Product revenue of $ 137.9 million in the first quarter of 2021 , an increase of 38.5 % from the first quarter of 2020 , primarily driven by a 40.2 % increase in acceptances . ● Profitable service business in Q1 , GAAP and Non - GAAP 359 acceptances , or 35.9 megawatts ( MW ) in the first quarter of 2021 , a 40.2 % increase year over - year . Acceptance typically occurs upon transfer of control to our customers , which is either at the time when systems are shipped and delivered to our customers , or when the system is turned on and producing full power . Gross margin of 28.2 % in the first quarter of 2021 , an increase of 15.5 percentage points compared to gross margin of 12.7 % in the first quarter of 2020 , primarily driven by an improvement in product gross margin from 27.2 % to 36.7 % over the same period , a decline in installation revenue and associated margin dilution , and achievement of positive service gross margin . Non - GAAP gross margin was 29.7 % in the first quarter of 2021 , an increase of 13.5 percentage points compared to non - GAAP gross margin of 16.2 % in the first quarter of 2020 , primarily driven by an improvement in product and service gross margin . Operating margin of ( 7.4 % ) in the first quarter of 2021 , an improvement of 22.2 percentage points compared to operating margin of ( 29.6 % ) in the first quarter of 2020 , driven by the improvements in gross margin . Non - GAAP operating margin was 1.4 % in the first quarter of 2021 , an improvement of 16.3 percentage points compared to non - GAAP operating margin of ( 14.9 % ) in the first quarter of 2020 , driven by the improvements in gross margin . GAAP EPS of $ ( 0.15 ) and Adjusted EPS of $ ( 0.07 ) in the first quarter of 2021 , compared to GAAP EPS of $ ( 0.61 ) and Adjusted EPS of $ ( 0.34 ) in the first quarter of 2020 , driven by improvements in gross margin and reduction in interest expenses due to refinancing of our notes at a lower interest rate in 2020 . 1