A Fuel-Cell Maker Misreported Nearly Four Years of Revenue
- Bloom Energy says error affects less than 10% of revenue
- Shares plunged as much as 24% before start of regular trading
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Bloom Energy Corp. will restate nearly four years of earnings after reporting an accounting error that boosted revenues for one of the fuel-cell company’s services. The shares plunged.
Correcting the error, which the company said was not the result of misconduct, will lower Bloom’s total revenue for the period less than 10%, according to a statement Wednesday. It will also increase the company’s net loss by $55 million to $75 million for the same period, which stretches from the first quarter of 2016 through the third quarter of 2019.