Bloom Energy Reports Fourth Quarter and Full Year 2025 Financial Results with Record Full Year Revenues
•Record full year gross margin and 2.5x YoY product backlog growth
•2nd consecutive year of positive cash flow from operations
•All product shipments now 800 V dc ready
SAN JOSE, Calif., February 5, 2026—Bloom Energy Corporation (NYSE: BE) reported today its financial results for the fourth quarter and the full year ended December 31, 2025. The company had record revenue of $2.02 billion for the full year driven by significant growth from the AI data center industry and continued strong demand from the C&I business.
Full Year Highlights
•Revenue of $2.02 billion in 2025, an increase of 37.3% compared to $1.47 billion in 2024. Product and service revenue of $1.76 billion in 2025, an increase of 35.5% compared to $1.30 billion in 2024.
•Gross margin of 29.0% in 2025, an increase of 1.6 percentage points compared to 27.5% in 2024; Non-GAAP gross margin of 30.3% in 2025, an increase of 1.6 percentage points compared to 28.7% in 2024.
•Operating income of $72.8 million in 2025, an increase of $49.9 million compared to $22.9 million in 2024; Non-GAAP operating income of $221.0 million in 2025, an increase of $113.4 million compared to $107.6 million in 2024.
•Generated $113.9 million of cash flow from operating activities. 2nd consecutive year of positive free cash flow.
•Total current backlog of ~$20 billion; current product backlog of ~$6 billion, up ~2.5x YoY1,2,3.
Fourth Quarter Highlights
•Revenue of $777.7 million in the fourth quarter of 2025, an increase of 35.9% compared to $572.4 million in the fourth quarter of 2024. Product and service revenue of $700.2 million in the fourth quarter of 2025, an increase of 33.2% compared to $525.5 million in the fourth quarter of 2024.
•Gross margin of 30.8% in the fourth quarter of 2025, a decrease of 7.5 percentage points year-over-year; Non-GAAP gross margin of 31.9% in the fourth quarter of 2025, a decrease of 7.4 percentage points year-over-year.
1 Product backlog is the revenue attributable to existing contractual commitments for the purchase of Energy Servers by a financier or an end customer in the future. Product backlog includes both expected Bloom Product Revenue and reflects anticipated ITC and other tax incentives as applicable.
2 This number does not include certain potential future product order commitments through 2028 that are eligible for the IRC Section 48 tax credit pursuant to safe harbor mechanisms that were previously employed by Bloom's customers and financiers.
3 Service backlog consists of revenue attributable to contracted Operation and Maintenance services (“O&M services”) associated with both past and committed future sales of Energy Server product. It includes future O&M service revenue for installed Energy Servers as well as Energy Servers to be delivered and installed in the future. The terms of the contracted O&M services range from 5 to 20 years, subject to termination for convenience on an annual basis by the customer.
1
•Service gross margin of 16.9% in the fourth quarter of 2025, an increase of 18.6% compared to (1.7)% in the fourth quarter of 2024; service non-GAAP gross margin of 19.5% in the fourth quarter of 2025, an increase of 19.0% compared to 0.5% in the fourth quarter of 2024.
•Operating income of $87.5 million in the fourth quarter of 2025, a decrease of $17.2 million year-over-year; Non-GAAP operating income of $133.0 million in the fourth quarter of 2025, a decrease of $0.5 million year-over-year.
•Generated $418.1 million of cash flow from operating activities.
KR Sridhar, Founder, Chairman, and CEO of Bloom Energy said, “Bring-your-own-power has shifted from a slogan to a business necessity for AI hyperscalers and manufacturing facilities. This shift is secular and growing. We have built a solid state digital power platform for the digital age that is superior to any legacy solution.”
Maciej Kurzymski, Chief Accounting Officer and Principal Financial Officer of Bloom Energy, added, “Fourth quarter reflects the progress we are making on the fundamentals—reducing product cost, driving operating leverage, and executing with discipline and consistency. We are confident in our trajectory and the strategic investments that position Bloom for accelerating growth.”
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Summary of Key Financial Metrics
Summary of GAAP Financial Information
($000), except EPS data
Q4'25
Q3'25
Q4'24
2025
2024
Revenue
$
777,683
$
519,048
$
572,393
$
2,023,994
$
1,473,856
Cost of Revenue
537,788
367,373
353,076
1,436,594
1,069,208
Gross Profit
239,895
151,675
219,317
587,400
404,648
Gross Margin
30.8
%
29.2
%
38.3
%
29.0
%
27.5
%
Operating Expenses
152,366
143,829
114,611
514,598
381,739
Operating Income
87,529
7,846
104,706
72,802
22,909
Operating Margin
11.3%
1.5%
18.3%
3.6%
1.6%
Non-operating Expenses (Income)
86,438
30,939
(89)
161,236
52,136
Net Profit (Loss) to Common Stockholders
$
1,091
$
(23,093)
$
104,795
$
(88,434)
$
(29,227)
GAAP EPS, Basic
$
.00
$
(0.10)
$
0.46
$
(0.37)
$
(0.13)
GAAP EPS, Diluted
$
.00
$
(0.10)
$
0.38
$
(0.37)
$
(0.13)
Summary of Non-GAAP Financial Information1
($000), except EPS data
Q4'25
Q3'25
Q4'24
2025
2024
Revenue
$
777,683
$
519,048
$
572,393
$
2,023,994
$
1,473,856
Cost of Revenue
529,725
361,410
347,299
1,411,557
1,051,047
Gross Profit
247,958
157,637
225,094
612,437
422,809
Gross Margin
31.9
%
30.4
%
39.3
%
30.3
%
28.7
%
Operating Expenses
115,000
111,389
91,672
391,413
315,207
Operating Income
132,958
46,249
133,422
221,024
107,602
Operating Margin
17.1%
8.9%
23.3%
10.9%
7.3%
Adjusted EBITDA
$
146,143
$
59,261
$
147,316
$
271,591
$
160,651
Non-GAAP EPS, Basic
$
0.51
$
0.15
$
0.52
$
0.82
$
0.28
Non-GAAP EPS, Diluted
$
0.45
$
0.15
$
0.43
$
0.76
$
0.28
1.A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release
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Outlook
Bloom provides outlook for the full-year 2026:
•Revenue:
$3.1B - $3.3B
•Non-GAAP Gross Margin:
~32%
•Non-GAAP Operating Income:
$425M - $475M
•Non-GAAP EPS:
$1.33 - $1.48
Conference Call Details
Bloom will host a conference call today, February 5, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call toll-free dial-in number: +1 (888) 596-4144 and toll-dial-in-number +1 (646) 968-2525. The conference ID is 5744085. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com. Following the webcast, an archived version will be available on Bloom’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 770-2030 or +1 (609) 800-9909 and entering passcode 5744085.
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures as defined in the Securities and Exchange Commission (“SEC”) rules. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Some numbers may not foot due to rounding. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As required by Regulation G, we have provided reconciliations of our non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release. Bloom urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom’s expectations regarding its 2026 outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP operating income, and non-GAAP EPS measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. The variability of these items could significantly impact our future U.S. GAAP financial results and we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors.
About Bloom Energy
Bloom Energy empowers enterprises to meet soaring energy demands and responsibly take charge of their power needs. The company’s solid oxide fuel cell systems provide ultra‑resilient, highly scalable onsite electricity for Fortune 500 customers around the world, including data centers, semiconductor manufacturing, large utilities, and other commercial and industrial sectors. Headquartered in Silicon Valley, Bloom Energy employs more than 2,000 people worldwide and manufactures its systems in the United States. For more information, visit BloomEnergy.com.
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Forward-Looking Statements
This press release may contain certain forward-looking statements relating to future events and expectations, including our expectation regarding the increased adoption of onsite power; that the Bloom Energy Server platform will become the standard for onsite power; that product developments result in future-proofing the Energy Server platform and our positioning for long-term, profitable growth and estimates and projections for our business outlook for the 2026 fiscal year, each of which is based on current expectations, estimates, and projections about our industry, management’s beliefs, and certain assumptions made by management based on information currently available to management at the time they are made. These forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going forward basis.
Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results, performance, and/or trends. In addition to general industry and global economic conditions, factors that could cause actual results, performance, and/or trends to differ materially from those discussed in the forward-looking statements made in this press release include, but are not limited to: (1) the emerging nature distributed energy generation and rapidly evolving market trends; (2) the significant upfront costs of Bloom’s Energy Servers and Bloom’s ability to secure financing for its products; (3) Bloom’s ability to drive cost reductions and to successfully mitigate against potential price increases; (4) Bloom’s ability to service its existing debt obligations; (5) Bloom’s ability to be successful in new markets; (6) the risk of manufacturing defects; (7) the accuracy of Bloom’s estimates regarding the useful life of its Energy Servers, (8) delays in the development and introduction of new products or updates to existing products; (9) supply constraints; (10) the availability of rebates, tax credits and other tax benefits; (11) the impact of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act; (12) changes in the regulatory landscape; (13) Bloom’s lengthy sales and installation cycle, construction, utility interconnection and other delays related to the installation of its Energy Servers; (14) business and economic conditions and growth trends in commercial and industrial energy markets; (15) trade policies including tariffs; (16) the overall electricity generation market; (17) our ability to increase production capacity for our products in a timely and cost-effective manner; (18) any actual or perceived slowdown in the adoption of AI resulting in a slower expansion of AI data centers; (19) Bloom’s ability to protect its intellectual property; (20) the ability of current product and service backlog to ultimately be recognizable as revenue and/or (21) the risks relating to forward-looking statements and other “Risk Factors” identified from time to time in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequently filed reports, including on Form 10-Q, which filings are available from the SEC. Bloom assumes no obligation to, and does not currently intend to, update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise.
The Investor Relations section of Bloom’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom encourages investors to visit this website from time to time, as information is updated and new information is posted.
Investor Relations:
Michael Tierney
Bloom Energy
investor@bloomenergy.com
Media:
Katja Gagen
Bloom Energy
press@bloomenergy.com
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Consolidated Balance Sheets
(in thousands, except share data)
December 31,
2025
2024
Assets
Current assets:
Cash and cash equivalents1
$
2,454,108
$
802,851
Restricted cash
1,973
110,622
Accounts receivable, less allowance for credit losses of $460 and $119 as of December 31, 2025, and 2024, respectively1, 2
371,796
335,841
Contract assets3
178,928
145,162
Inventories1
643,306
544,656
Deferred cost of revenue
30,651
58,792
Prepaid expenses and other current assets1, 4
49,805
46,203
Total current assets
3,730,567
2,044,127
Property, plant and equipment, net1
398,507
403,475
Investments in unconsolidated affiliates15
10,037
—
Operating lease right-of-use assets1, 5
108,541
122,489
Restricted cash
25,499
37,498
Contract assets6
62,258
—
Deferred cost of revenue
4,099
3,629
Other long-term assets1, 7
57,203
46,136
Total assets
$
4,396,711
$
2,657,354
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable1
$
203,129
$
92,704
Accrued warranty8
20,013
16,559
Accrued expenses and other current liabilities1, 9
222,254
138,450
Deferred revenue and customer deposits10
100,975
243,314
Operating lease liabilities1, 11
22,000
19,642
Financing obligations
51,308
11,704
Recourse debt
—
114,385
Non-recourse debt1
4,153
—
Total current liabilities
623,832
636,758
Deferred revenue and customer deposits12
42,840
43,105
Operating lease liabilities1, 13
106,935
124,523
Financing obligations
192,460
244,132
Recourse debt
2,613,726
1,010,350
Non-recourse debt1, 14
—
4,057
6
December 31,
2025
2024
Deferred profit in transactions with unconsolidated affiliates16
13,928
—
Other long-term liabilities
10,027
9,213
Total liabilities
$
3,603,748
$
2,072,138
Commitments and contingencies
Stockholders’ equity:
Common stock: 0.0001 par value; Class A shares—600,000,000 shares authorized, and 280,045,459 shares and 229,142,474 shares issued and outstanding, and Class B shares—470,092,742 shares authorized, and no shares issued and outstanding at December 31, 2025, and 2024, respectively.
28
23
Additional paid-in capital
4,755,965
4,462,659
Accumulated other comprehensive loss
(369)
(2,593)
Accumulated deficit
(3,986,983)
(3,897,618)
Total stockholders’ equity attributable to common stockholders
768,641
562,471
Noncontrolling interest
24,322
22,745
Total stockholders’ equity
$
792,963
$
585,216
Total liabilities and stockholders’ equity
$
4,396,711
$
2,657,354
1 We have variable interest entity related to a joint venture in the Republic of Korea, which represents a portion of the consolidated balances recorded within these financial statement line items.
2 Including amounts from related parties of $151.9 million and $93.5 million as of December 31, 2025, and 2024, respectively.
3 Including amounts from related parties of $3.0 million and $0.8 million as of December 31, 2025, and 2024, respectively.
4 Including amount from related parties of $1.2 million and $1.2 million as of December 31, 2025, and 2024, respectively.
5 Including amount from related parties of $1.4 million as of December 31, 2024. There was no related party balance as of December 31, 2025.
6 Including amount from related parties of $48.8 million as of December 31, 2025. There was no related party balance as of December 31, 2024.
7 Including amounts from related parties of $6.0 million and $8.8 million as of December 31, 2025, and 2024, respectively.
8 Including amounts from related parties of $0.8 million and $1.2 million as of December 31, 2025, and 2024, respectively.
9 Including amounts from related parties of $0.04 million and $4.0 million as of December 31, 2025, and 2024, respectively.
10 Including amounts from related parties of $6.9 million and $8.9 million as of December 31, 2025, and 2024, respectively.
11 Including amounts from related parties of $0.4 million as of December 31, 2024. There was no related party balance as of December 31, 2025.
12 Including amounts from related parties of $3.3 million as of December 31, 2024. There was no related party balance as of December 31, 2025.
13 Including amounts from related parties of $1.0 million as of December 31, 2024. There was no related party balance as of December 31, 2025.
14 Including amounts from related parties of $4.1 million as of December 31, 2024. There was no related party balance as of December 31, 2025.
15 Represent related party investments in the joint ventures between Brookfield Asset Management and the Company.
16 Represent the excess of unrealized profit from sales to the joint ventures between Brookfield Asset Management and the Company over the carrying value of the related equity‑method investments.
7
Consolidated Statements of Operations
(in thousands, except per share data)
Q4'25
Q3'25
Q4'24
2025
2024
Revenue:
Product
$
638,487
$
384,314
$
471,711
$
1,531,281
$
1,085,153
Installation
67,272
65,773
36,089
204,068
122,318
Service
61,691
58,607
53,790
228,295
213,542
Electricity
10,233
10,354
10,803
60,350
52,843
Total revenue1
777,683
519,048
572,393
2,023,994
1,473,856
Cost of revenue:
Product
404,728
249,794
253,634
992,841
685,847
Installation
74,486
59,921
34,107
205,946
129,446
Service
51,289
51,834
54,691
205,389
214,961
Electricity
7,285
5,824
10,644
32,418
38,954
Total cost of revenue2
537,788
367,373
353,076
1,436,594
1,069,208
Gross profit
239,895
151,675
219,317
587,400
404,648
Operating expenses:
Research and development
55,889
48,724
39,465
185,993
148,629
Sales and marketing
41,902
41,995
21,838
130,228
68,005
General and administrative3
54,575
53,110
53,308
198,377
165,105
Total operating expenses
152,366
143,829
114,611
514,598
381,739
Income from operations
87,529
7,846
104,706
72,802
22,909
Interest income
13,602
5,292
4,925
34,070
25,342
Interest expense4
(10,647)
(14,390)
(15,951)
(53,888)
(62,636)
Equity in loss of unconsolidated affiliates5
(20,822)
(19,599)
—
(40,421)
—
Other income (expense), net
(909)
(1,362)
12,237
2,151
15,904
Loss on extinguishment of debt
—
—
—
(32,340)
(27,182)
Debt conversion inducement expense
(66,241)
—
—
(66,241)
—
Loss on revaluation of embedded derivatives
(135)
(411)
(378)
(537)
(694)
(Loss) profit before income taxes
2,377
(22,624)
105,539
(84,404)
(26,357)
Income tax provision
952
336
382
2,736
846
Net (loss) profit
1,425
(22,960)
105,157
(87,140)
(27,203)
Less: Net income attributable to noncontrolling interest
334
133
362
1,294
2,024
Net (loss) income attributable to common stockholders
$
1,091
$
(23,093)
$
104,795
$
(88,434)
$
(29,227)
Net (loss) earnings per share available to common stockholders, basic
$
.00
$
(0.10)
$
0.46
$
(0.37)
$
(0.13)
Net (loss) earnings per share available to common stockholders, diluted
$
.00
$
(0.10)
$
0.38
$
(0.37)
$
(0.13)
Weighted average shares used to compute net (loss) earnings per share available to common stockholders, basic
263,616
234,931
228,728
240,402
227,365
Weighted average shares used to compute net (loss) earnings per share available to common stockholders, diluted
263,616
234,931
294,429
240,402
227,365
1 Including related party revenue of $574.2 million, $288.0 million and $3.0 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and $892.0 million and $338.6 million for the years ended December 31, 2025, and 2024, respectively.
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2 Including related party cost of revenue of $0.1 million for the three months ended December 31, 2024, and of $0.2 million for the year ended December 31, 2024. There was no related party cost of revenue for the three months ended September 30, 2025, December 31, 2025, and for the year ended December 31, 2025.
3 Including related party general and administrative expenses of $0.1 million, and $0.2 million for the three months ended September 30, 2025, and December 31, 2024, respectively, and $0.4 million and $0.7 million for the years ended December 31, 2025, and 2024, respectively. There was no related party general and administrative expenses for the three months ended December 31, 2025.
4 Including related party interest expenses of $0.1 million for the three months ended December 31, 2024, and of $0.1 million and $0.2 million for the years ended December 31, 2025, and 2024, respectively. The related party interest expense for the three months ended September 30, 2025, was inconsequential. There was no related party interest expense for the three months ended December 31, 2025.
5 Represent related party equity in loss of the joint ventures between Brookfield Asset Management and the Company.
9
Consolidated Statement of Cash Flows
(in thousands)
Q4'25
Q3'25
Q4'24
2025
2024
Cash flows from operating activities:
Net profit (loss)
$
1,426
$
(22,960)
$
105,157
$
(87,140)
$
(27,203)
Adjustments to reconcile net (loss) profit to net cash provided by (used in) operating activities:
Depreciation and amortization
13,184
12,800
13,893
50,566
53,048
Non-cash lease expense
8,011
8,057
8,792
32,520
35,898
Equity in loss of unconsolidated affiliates, net of distributions
20,822
19,599
—
40,421
—
Loss on disposal of property, plant and equipment
355
1
193
436
161
Revaluation of derivative contracts
135
411
378
537
694
Impairment of assets
12,669
—
—
12,669
—
Stock-based compensation expense
42,813
37,255
27,408
139,406
82,424
Amortization of debt issuance costs
2,711
1,814
1,861
8,248
6,797
Loss on extinguishment of debt
—
—
—
32,340
27,182
Debt conversion inducement expense
66,241
—
—
66,241
—
Net gain on failed sale-and-leaseback transactions
—
—
(12,387)
(827)
(17,390)
Share-based consideration payable to customer’s customer12
15,947
—
—
15,947
—
Allowance for credit losses
—
340
—
340
—
Inventory reserve and other assets impairment
31
21,846
—
21,877
—
Unrealized foreign currency exchange loss (gain)
(198)
2,703
3,698
(2,290)
3,756
Other
(26)
(5)
54
(57)
69
Changes in operating assets and liabilities:
Accounts receivable1
40,156
54,223
257,469
(35,525)
7,133
Contract assets2
17,698
(129,086)
(24,088)
(96,024)
(103,796)
Inventories
59,950
(36,562)
38,717
(119,212)
(44,527)
Deferred cost of revenue3
(7,237)
4,310
(18,275)
27,172
(13,070)
Prepaid expenses and other assets4
(5,062)
(4,673)
1,460
(3,601)
3,790
Other long-term assets5
(12,820)
902
3,381
(11,092)
4,072
Operating lease right-of-use assets and operating lease liabilities6
(8,212)
(8,481)
(9,327)
(33,447)
(36,675)
Financing lease liabilities
1,410
206
1,151
2,598
1,644
Accounts payable7
34,736
23,385
(35,262)
110,911
(36,629)
Accrued warranty8
5,331
2,689
1,550
3,454
(2,767)
Accrued expenses and other current liabilities9
52,614
50,309
8,050
80,337
8,662
Deferred revenue and customer deposits10
55,495
(19,293)
111,078
(142,605)
139,868
Deferred profit with equity method investees and other long-term liabilities
(107)
(121)
(723)
(251)
(1,143)
Net cash provided by (used in) operating activities
418,073
19,669
484,228
113,949
91,998
Cash flows from investing activities:
Purchase of property, plant and equipment
(22,954)
(12,301)
(11,106)
(56,759)
(58,852)
Proceeds from sale of property, plant and equipment
55
—
34
131
70
Investments in unconsolidated affiliates11
(11,921)
(24,570)
—
(36,491)
—
Net cash used in investing activities
(34,820)
(36,871)
(11,072)
(93,119)
(58,782)
Cash flows from financing activities:
Proceeds from issuance of debt
2,500,000
—
—
2,500,000
402,500
Payment of debt issuance costs
(59,364)
—
—
(62,712)
(12,761)
10
Q4'25
Q3'25
Q4'24
2025
2024
Repayment of debt
(975,945)
—
—
(975,945)
(140,990)
Proceeds from financing obligations
—
—
—
—
1,798
Repayment of financing obligations
(2,863)
(2,939)
(70,431)
(11,267)
(90,197)
Proceeds from issuance of common stock
9,088
42,354
1,251
59,123
12,367
Dividend paid
—
—
—
(947)
(1,468)
Contributions from noncontrolling interest
—
—
—
—
3,958
Other
—
—
—
150
—
Net cash provided by (used in) financing activities
1,470,916
39,415
(69,180)
1,508,402
175,207
Effect of exchange rate changes on cash, cash equivalent, and restricted cash
396
(1,245)
(2,156)
1,377
(2,630)
Net increase in cash, cash equivalents, and restricted cash
1,854,565
20,968
401,820
1,530,609
205,793
Cash, cash equivalents, and restricted cash:
Beginning of period
627,015
606,047
549,151
950,971
745,178
End of period
$
2,481,580
$
627,015
$
950,971
$
2,481,580
$
950,971
1 Including changes in related party balances of $3.4 million, $52.4 million, and $81.0 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and changes in related party balances of $58.4 million and $168.5 million for the years ended December 31, 2025, and 2024, respectively.
2 Including changes in related party balances of $36.4 million and $88.2 million for the three months ended December 31, 2025, September 30, 2025, respectively, and changes in related party balances of $51.0 million and $6.1 million for the years ended December 31, 2025, and 2024, respectively. There were no associated changes in related party balances for the three months ended December 31, 2024.
3 Including changes in related party balances of $0.9 million for the year ended December 31, 2024. There were no associated changes in related party balances for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, and for the year ended December 31, 2025.
4 Including changes in related party balances of $1.2 million, $1.0 million, and $0.2 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and changes in related party balances $1.0 million for the year ended December 31, 2024. There were no associated changes in related party balances for the year ended December 31, 2025.
5 Including changes in related party balances of $6.0 million, $8.7 million, and $0.3 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and changes in related party balances of $2.8 million and $0.3 million for the years ended December 31, 2025, and 2024, respectively.
6 Including changes in related party balances of $0.1 million for the three months ended December 31, 2025, and related party balances of $0.1 million and $0.01 million for the years ended December 31, 2025, and 2024, respectively. There were no associated changes in related party balances for the three months ended September 30, 2025, and December 31, 2024.
7 Including changes in related party balances of $0.04 million for the three months ended September 30, 2025, and changes in related party balances of $0.1 million for the year ended December 31, 2024. There were no associated changes in related party balances for the three months ended December 31, 2025, and December 31, 2024, and for the year ended December 31, 2025.
8 Including changes in related party balances of $0.8 million, $1.3 million, and $1.4 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and changes in related party balances of $0.4 million and $0.1 million for the years ended December 31, 2025, and 2024, respectively.
9 Including changes in related party balances of $3.5 million, $4.0 million, and $3.6 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and changes in related party balances of $4.0 million and $0.6 million for the years ended December 31, 2025, and 2024, respectively.
10 Including changes in related party balances of $6.9 million, $8.1 million, and $1.1 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and changes in related party balances of $5.3 million and $3.8 million for the years ended December 31, 2025, and 2024, respectively.
11 Represent related party investments in the joint ventures between Brookfield Asset Management and the Company.
12 Represent related party non-cash consideration payable to customer’s customer.
11
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
(in thousands, except percentages)
Q4'25
Q3'25
Q4'24
2025
2024
GAAP revenue
$
777,683
$
519,048
$
572,393
$
2,023,994
$
1,473,856
GAAP cost of revenue
537,788
367,373
353,076
1,436,594
1,069,208
GAAP gross profit
239,895
151,675
219,317
587,400
404,648
Non-GAAP adjustments:
Stock-based compensation expense
7,841
5,719
4,877
24,103
16,579
Restructuring
95
31
54
250
(403)
Other
128
213
846
684
1,985
Non-GAAP gross profit
$
247,958
$
157,637
$
225,094
$
612,437
$
422,809
GAAP gross margin %
30.8
%
29.2
%
38.3
%
29.0
%
27.5
%
Non-GAAP adjustments
1.0
%
1.1
%
1.0
%
1.2
%
1.2
%
Non-GAAP gross margin %
31.9
%
30.4
%
39.3
%
30.3
%
28.7
%
Q4'25
Q3'25
Q4'24
2025
2024
GAAP operating income
$
87,529
$
7,846
$
104,706
$
72,802
$
22,909
Non-GAAP adjustments:
Stock-based compensation expense
44,484
38,153
27,655
145,015
82,995
Restructuring
781
—
179
2,374
(434)
Other
165
250
882
832
2,132
Non-GAAP operating income
$
132,958
$
46,249
$
133,422
$
221,024
$
107,602
GAAP operating margin %
11.3
%
1.5
%
18.3
%
3.6
%
1.6
%
Non-GAAP adjustments
5.8
%
7.4
%
5.0
%
7.3
%
5.7
%
Non-GAAP operating margin %
17.1
%
8.9
%
23.3
%
10.9
%
7.3
%
12
Reconciliation of GAAP Net (Loss) Income to non-GAAP Net Profit and Computation of non-GAAP Net Earnings per Share (EPS)
(unaudited)
(in thousands, except share data)
Q4'25
Q3'25
Q4'24
2025
2024
Net Profit (loss) to Common Stockholders
$
1,091
$
(23,093)
$
104,795
$
(88,434)
$
(29,227)
Non-GAAP adjustments:
Add back: Net income attributable to noncontrolling interest
334
133
362
1,294
2,024
Stock-based compensation expense
44,484
38,153
27,655
145,015
82,995
Debt conversion inducement expense
66,241
—
—
66,241
—
Equity in loss of unconsolidated affiliates
20,822
19,599
—
40,421
—
Loss on extinguishment of debt
—
—
—
32,340
27,182
Restructuring
781
—
179
2,374
(434)
Loss on derivative liabilities
135
411
378
537
694
Effect of Assets Buyout and Repowering
—
—
(15,971)
(2,574)
(20,975)
Other
165
462
1,088
832
2,340
Adjusted Net Profit
$
134,052
$
35,665
$
118,486
$
198,047
$
64,599
Adjusted net earnings per share (EPS), Basic
$
0.51
$
0.15
$
0.52
$
0.82
$
0.28
Adjusted net earnings per share (EPS), Diluted
$
0.45
$
0.15
$
0.43
$
0.76
$
0.28
Weighted average shares outstanding attributable to common stockholders, Basic
263,616
234,931
228,728
240,402
227,365
Weighted-average shares outstanding attributable to common stockholders, Diluted
315,088
312,479
294,429
309,775
227,365
13
Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA
(unaudited)
(in thousands)
Q4'25
Q3'25
Q4'24
2025
2024
Net Profit (loss) to Common Stockholders
$
1,091
$
(23,093)
$
104,795
$
(88,434)
$
(29,227)
Add back: Net income attributable to noncontrolling interest
334
133
362
1,294
2,024
Stock-based compensation expense
44,484
38,153
27,655
145,015
82,995
Debt conversion inducement expense
66,241
—
—
66,241
—
Equity in loss of unconsolidated affiliates
20,822
19,599
—
40,421
—
Loss on extinguishment of debt
—
—
—
32,340
27,182
Restructuring
781
—
179
2,374
(434)
Loss on derivative liabilities
135
411
378
537
694
Effect of Assets Buyout and Repowering
—
—
(15,971)
(2,574)
(20,975)
Other
165
462
1,088
832
2,340
Adjusted Net Profit
134,052
35,665
118,486
198,047
64,599
Depreciation & amortization
13,184
12,800
13,893
50,566
53,048
Income tax provision
952
336
382
2,736
846
Interest expense, Other expense (income), net
(2,045)
10,460
14,555
20,241
42,158
Adjusted EBITDA
$
146,143
$
59,261
$
147,316
$
271,591
$
160,651
Reconciliation of GAAP to non-GAAP Gross Profit (Loss) and Margin
(unaudited)
(in thousands, except percentages)
Q425
Revenue
GAAP gross profit (loss)
Stock-based compensation expense
Other Non-GAAP adj.
Non-GAAP gross profit (loss)
GAAP Gross Margin
Non-GAAP gross margin %
Product
$
638,487
$
233,759
$
5,458
$
72
$
239,288
36.6
%
37.5
%
Install
67,272
(7,214)
868
24
(6,322)
(10.7)
%
(9.4)
%
Service
61,691
10,402
1,515
127
12,044
16.9
%
19.5
%
Electricity
10,233
2,948
—
—
2,948
28.8
%
28.8
%
Total
$
777,683
$
239,895
$
7,841
$
223
$
247,958
30.8
%
31.9
%
14
Q4'24
Revenue
GAAP gross profit (loss)
Stock-based compensation expense
Other Non-GAAP adj.
Non-GAAP gross profit
GAAP Gross Margin
Non-GAAP gross margin %
Product
$
471,711
$
218,077
$
3,281
$
6
$
221,364
46.2
%
46.9
%
Install
36,089
1,982
621
—
2,603
5.5
%
7.2
%
Service
53,790
(901)
975
203
277
(1.7)
%
0.5
%
Electricity
10,803
159
—
691
850
1.5
%
7.9
%
Total
$
572,393
$
219,317
$
4,877
$
900
$
225,094
38.3
%
39.3
%
2025
Revenue
GAAP gross profit (loss)
Stock-based compensation expense
Other Non-GAAP adj.
Non-GAAP gross profit
GAAP Gross Margin
Non-GAAP gross margin %
Product
$
1,531,281
$
538,440
$
14,466
$
331
$
553,237
35.2
%
36.1
%
Install
204,068
(1,878)
3,408
25
1,555
(0.9)
%
0.8
%
Service
228,295
22,906
6,229
578
29,713
10.0
%
13.0
%
Electricity
60,350
27,932
—
—
27,932
46.3
%
46.3
%
Total
$
2,023,994
$
587,400
$
24,103
$
934
$
612,437
29.0
%
30.3
%
2024
Revenue
GAAP gross profit (loss)
Stock-based compensation expense
Other Non-GAAP adj.
Non-GAAP gross profit (loss)
GAAP Gross Margin
Non-GAAP gross margin %
Product
$
1,085,153
$
399,306
$
10,492
$
(720)
$
409,078
36.8
%
37.7
%
Install
122,318
(7,128)
2,421
—
(4,707)
(5.8)
%
(3.8)
%
Service
213,542
(1,419)
3,666
1,593
3,840
(0.7)
%
1.8
%
Electricity
52,843
13,889
—
709
14,598
26.3
%
27.6
%
Total
$
1,473,856
$
404,648
$
16,579
$
1,582
$
422,809
27.5
%
28.7
%
Use of non-GAAP financial measures
To supplement Bloom Energy condensed consolidated financial statement information presented on a GAAP basis, Bloom Energy provides financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (non-GAAP net earnings), non-GAAP basic and diluted earnings (loss) per share and Adjusted EBITDA. Bloom Energy also provides forecasts of non-GAAP gross margin and non-GAAP operating margin.
These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States.
•The GAAP measure most directly comparable to non-GAAP gross profit is gross profit.
•The GAAP measure most directly comparable to non-GAAP gross margin is gross margin.
•The GAAP measure most directly comparable to non-GAAP service gross margin is service gross margin.
15
•The GAAP measure most directly comparable to non-GAAP operating income (non-GAAP earnings from operations) is operating income (loss) (earnings (loss) from operations).
•The GAAP measure most directly comparable to non-GAAP operating margin is operating margin.
•The GAAP measure most directly comparable to non-GAAP net profit (non-GAAP net earnings) is net profit (loss) (net earnings (loss)).
•The GAAP measure most directly comparable to non-GAAP diluted earnings (loss) per share is diluted earnings (loss) per share.
•The GAAP measure most directly comparable to Adjusted EBITDA is net loss.
Reconciliations of each of these non-GAAP financial measures to GAAP information are included in the tables above or elsewhere in the materials accompanying this news release.
Use and economic substance of non-GAAP financial measures used by Bloom Energy
Non-GAAP gross profit and non-GAAP gross margin, including non-GAAP service gross margin, are defined to exclude charges relating to stock-based compensation expense, restructuring charges, and other charges. Non-GAAP net profit (non-GAAP net earnings) and non-GAAP diluted earnings (loss) per share consist of net loss or diluted net loss per share excluding charges relating to net income attributable to noncontrolling interest, loss (gain) on derivative liabilities, loss on extinguishment of debt, charges relating to stock-based compensation expense, investments in loss of unconsolidated affiliates, effects of assets buyout and repowering, restructuring (expense reversals) charges, and other charges. Adjusted EBITDA is defined as net loss before interest income (expense), income tax provision, depreciation and amortization expense, net income attributable to noncontrolling interest, loss on extinguishment of debt, investments in loss of unconsolidated affiliates, charges relating to stock-based compensation expense, restructuring (expense reversals) charges, and other charges. Bloom Energy management uses these non-GAAP financial measures for purposes of evaluating Bloom Energy’s historical and prospective financial performance, as well as Bloom Energy’s performance relative to its competitors. Bloom Energy believes that excluding the items mentioned above from these non-GAAP financial measures allows Bloom Energy management to better understand Bloom Energy’s consolidated financial performance as management does not believe that the excluded items are reflective of ongoing operating results. More specifically, Bloom Energy management excludes each of those items mentioned above for the following reasons:
•Net income attributable to noncontrolling interest represents allocation to the noncontrolling interests under the hypothetical liquidation at book value (HLBV) method and is associated with the joint venture in the Republic of Korea.
•Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date. Although stock-based compensation is a key incentive offered to our employees, Bloom Energy excludes these charges for the purpose of calculating these non-GAAP measures, primarily because they are non-cash expenses and such an exclusion facilitates a more meaningful evaluation of Bloom Energy current operating performance and comparisons to Bloom Energy operating performance in other periods.
•Debt conversion inducement expense—represents the incremental cost incurred to encourage noteholders to participate in the debt exchange, which is a non-recurring, non-operating item.
•Equity-method investment adjustment—primarily include the proportionate share of gains and/or losses from investments accounted for by the equity method of accounting. Equity-method investment adjustments are excluded from non-GAAP financial measures because these generally
16
are non-cash, represent non-operating activity during the period of adjustment, relate to activity in entities outside of the operational control of the Company, and excluding such expense/gain provides meaningful supplemental information regarding core operations.
•Loss on debt extinguishment for the year ended December 31, 2025, was $32.3 million, which was recognized as a result of the debt exchange between the 2.5% Green Convertible Senior Notes due August 2025 and the 3% Green Convertible Senior Notes due June 2029, that settled on May 13, 2025. Loss on debt extinguishment for the year ended December 31, 2024, related to the partial repurchase of the 2.5% Green Convertible Senior Notes due August 2025 and consisted of 22.6% premium upon partial repurchase of $26.0 million and $1.2 million of debt issuance cost write-off.
•Restructuring charges and reversals are represented by severance expense and other costs.
•Loss on derivatives liabilities represents non-cash adjustments to the fair value of the embedded derivatives.
•Effects of Assets Buyout and Repowering in financial year 2024 consists of two components:
(i) Net gain (loss) on failed sale-and-leaseback transactions as a result of termination of multiple Managed Services sites, consisting of loss on impairment of related fixed assets offset against gain on extinguishment of debt as a result of derecognition of respective financing obligations adjusted by cash paid for assets buyback; and
(ii) Selling profit on sales-type lease of $3.6 million as a result of derecognition of the old Energy Server systems, incurred as a result of the difference between the partial amount of $5.1 million customer deposit previously paid by the financier and the carrying amount of the old Energy Server systems determined at the time of the buyout of $1.5 million.
Effects of Assets Buyout and Repowering in financial year 2025 was immaterial.
•Other represents: (1) site termination costs of $0.7 million, $0.1 million, $0.2 million, $1.3 million, and $0.2 million for the year ended December 31, 2025, three months ended December 31, 2025, three months ended September 30, 2025, year ended December 31, 2024, and three months ended December 31, 2024, respectively, (2) sales property tax of $0.7 million and $0.7 million for the year ended December 31, 2024, and three months ended December 31, 2024, respectively, (3) loss on termination of lease agreement of $0.2 million and $0.2 million for the year ended December 31, 2024, and three months ended December 31, 2024, respectively, and (4) immaterial amounts of amortization of acquired intangible assets.
•Adjusted EBITDA is defined as Adjusted Net Profit (Loss) before depreciation and amortization expense, income tax provision, interest income (expense), other income, net. We use Adjusted EBITDA to measure the operating performance of our business, excluding specifically identified items that we do not believe directly reflect our core operations and may not be indicative of our recurring operations.
For more information about these non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP to Non-GAAP Financial Measures,” “Reconciliation of GAAP Net Loss to non-GAAP Net Profit and Computation of non-GAAP Net Earnings per Share (EPS),” “Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA,” and “Reconciliation of GAAP to non-GAAP Gross Profit (Loss) and Margin” set forth in this release, which should be read together with the preceding financial statements prepared in accordance with GAAP.
Material limitations associated with use of non-GAAP financial measures
17
These non-GAAP financial measures have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of Bloom Energy results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:
•Items such as stock-based compensation expense that is excluded from non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (non-GAAP net earnings), and non-GAAP diluted earnings (loss) per share can have a material impact on the equivalent GAAP earnings measure.
•Income attributable to noncontrolling interest and loss (gain) on derivatives liabilities, though not directly affecting Bloom Energy’s cash position, represent the (gain) loss in value of certain assets and liabilities. The expense associated with this (gain) loss in value is excluded from non-GAAP net earnings (loss), and non-GAAP diluted earnings (loss) per share and can have a material impact on the equivalent GAAP earnings measure.
•Other companies may calculate non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating profit (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP service gross margin, non-GAAP net profit (non-GAAP net earnings), non-GAAP diluted earnings (loss) per share and Adjusted EBITDA differently than Bloom Energy does, limiting the usefulness of those measures for comparative purposes.
Compensation for limitations associated with use of non-GAAP financial measures
Bloom Energy compensates for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only as a supplement. Bloom Energy also provides a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP measure within this news release and in other written materials that include these non-GAAP financial measures, and Bloom Energy encourages investors to review those reconciliations carefully.
Usefulness of non-GAAP financial measures to investors
Bloom Energy believes that providing financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP service gross margin, non-GAAP operating income (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (non-GAAP net earnings), non-GAAP diluted earnings (loss) per share in addition to the related GAAP measures provides investors with greater transparency to the information used by Bloom Energy management in its financial and operational decision making and allows investors to see Bloom Energy’s results “through the eyes” of management. Bloom Energy further believes that providing this information better enables Bloom Energy investors to understand Bloom Energy’s operating performance and to evaluate the efficacy of the methodology and information used by Bloom Energy management to evaluate and measure such performance. Disclosure of these non-GAAP financial measures also facilitates comparisons of Bloom Energy’s operating performance with the performance of other companies in Bloom Energy’s industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.
