SAN JOSE, Calif. - Bloom Energy Inc. (NYSE:BE), known for its clean energy solutions, announced the appointment of Daniel Berenbaum as its new Chief Financial Officer, effective April 29, 2024. The incoming CFO will take over from Greg Cameron, who will assist in the transition until mid-May 2024.
Berenbaum, a Naval Academy graduate, brings over thirty years of experience in financial and operational roles. His recent tenure includes serving as Executive Vice President and CFO at National Instruments (NASDAQ: NASDAQ:NATI). His career also features executive finance positions at Micron Technology (NASDAQ: NASDAQ:MU), Everspin Technologies (NASDAQ: MRAM), and GlobalFoundries (NASDAQ:GFS), along with a decade as a technology stock analyst on Wall Street.
KR Sridhar, Founder, Chairman, and CEO of Bloom Energy, praised Berenbaum's proven track record in scaling and strategy, financial discipline, and team leadership, highlighting his fit for the company's mission-driven culture.
Berenbaum expressed enthusiasm for joining Bloom Energy, citing its position as a market leader in onsite clean energy and its potential for sustainable growth.
Bloom Energy's product, the Bloom Energy Server, is designed to deliver reliable, clean, and cost-effective electric power. The company's clientele includes Fortune 100 companies and leaders across various industries.
The information for this article is based on a press release statement from Bloom Energy.
InvestingPro Insights
As Bloom Energy Inc. (NYSE:BE) welcomes Daniel Berenbaum as its new Chief Financial Officer, investors and analysts are closely monitoring the company's financial health and stock performance. InvestingPro data provides a snapshot of Bloom Energy's current market standing, which may offer valuable context for understanding the company's future under Berenbaum's financial stewardship.
InvestingPro data indicates that Bloom Energy has a market capitalization of 2.23 billion USD, reflecting the market's current valuation of the company. Despite a challenging financial performance in the past, with a negative P/E ratio of -7.00, the company's revenue has grown by 11.2% over the last twelve months as of Q1 2023. This suggests that while profitability has been elusive, Bloom Energy is expanding its top-line results.
Moreover, the company's stock price has experienced significant volatility, with a strong return of 26.03% over the last month, yet a decline of 37.39% over the past year. The price volatility is echoed in one of the InvestingPro Tips, which highlights that Bloom Energy's stock price movements are quite volatile, potentially indicating a higher risk for investors.
Another InvestingPro Tip to consider is that the company is expected to grow its net income this year, which could be a sign of a turnaround in its financial performance. This aligns with Berenbaum's track record of financial discipline and could be a crucial factor in steering the company towards profitability.
For those interested in a deeper analysis, InvestingPro offers additional insights and tips. There are currently 10 more InvestingPro Tips available, which can provide investors with a more comprehensive understanding of Bloom Energy's financial condition and market potential. To access these tips, visit: https://www.investing.com/pro/BE.
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