Bloom Energy Corporation (BE)

Brookfield and Bloom Energy Expand AI Infrastructure Partnership to $25 Billion; Fivefold Increase to Build and Finance Rapid Power for AI InfrastructureJune 30, 2026 4:05 PM
Business Wire Supports fast power needed for AI infrastructure’s rapid growth with Bloom’s clean, community-friendly power Further strengthens Brookfield’s position as a leading global AI infrastructure investor, capable of delivering fully integrated AI factory solutions Expanded collaboration reflects strong business momentum and growing customer demand for Bloom’s islanded power solutions Bloom Energy (NYSE: BE), a global leader in power solutions, and Brookfield today announced the expansion of their strategic partnership as Brookfield increases its framework to finance power projects for AI infrastructure – from previously announced $5 billion to $25 billion – a fivefold expansion since October 2025. The increased funding will help grow the fuel cell partnership globally. The expanded partnership reflects strong and sustained demand from hyperscalers and AI infrastructure developers for fast, reliable, and community-friendly power. It brings together Brookfield’s global leadership in AI infrastructure development, access to capital, and operating scale with Bloom’s rapidly deployable onsite power platform. Together, the companies continue to advance a new model for AI factories that integrates power, compute, data center infrastructure, and capital from the outset. “When we formed this partnership, we said it was the first phase of a much larger vision,” said Aman Joshi, Chief Commercial Officer of Bloom Energy. “Today’s commitment reflects the momentum we are seeing in the market, as evidenced by recently announced large-scale deals. Bloom is uniquely positioned to address the urgent need for clean, reliable power to support the rapid growth of AI. We are pleased with our partnership with Brookfield and look forward to deepening our collaboration on large projects.” “Scaling our commitment with Bloom Energy reflects both the strength of this partnership and the conviction behind our broader AI infrastructure strategy, including integrated compute,” said Sikander Rashid, Head of AI Infrastructure at Brookfield. “Scaling this partnership further strengthens Brookfield’s position as one of the leading global AI infrastructure investors, capable of delivering end-to-end solutions, from electrons to tokens, for some of the world’s most sophisticated customers.” The expanded partnership is part of Brookfield’s dedicated AI Infrastructure Fund, which launched in November 2025 with a target to deploy $100 billion. Brookfield’s strategy is focused on investing in large AI factories, power solutions, compute infrastructure, and strategic capital partnerships. Brookfield is one of the world’s leading AI infrastructure investors, with over $100 billion already invested in digital infrastructure and clean power assets. About Bloom Energy Bloom Energy empowers enterprises to meet soaring energy demands and responsibly take charge of their power needs. The company’ s fuel cell systems provide ultra-reliable, clean, and highly scalable onsite electricity for Fortune 500 customers around the world, including data centers, semiconductor manufacturing, large utilities, and other commercial and industrial sectors as well as mission-critical organizations in local communities, such as hospitals, college campuses and retailers. 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. About Brookfield Brookfield is a leading global investment firm with more than $1 trillion in assets under management headquartered in New York that owns and operates real assets and essential service businesses that form the backbone of the global economy. We invest on behalf of institutions and individuals around the world across infrastructure, renewable power and transition, private equity, real estate, and credit—sectors critical to supporting economic growth and productivity. With a heritage spanning more than a century and operations in over 30 countries, we deploy long-term, patient capital to build the foundational assets and businesses that power a more connected, resilient, and sustainable future—seeking to build long-term wealth for our clients while delivering strong risk-adjusted returns for our shareholders. For more information, please visit our website at www.brookfield.com. Forward-Looking Statements (Bloom Energy) This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, plans and expectations regarding the expanded partnership with Brookfield including the ability to support fast power for AI infrastructure growth, demand for Bloom’s islanded power solutions, the speed of deployment of Bloom’s onsite power platform, the ability to advance a new model for AI factories, Bloom’s ability to address needs for clean and reliable power to support AI growth, the reliability, scalability and cost efficiency of fuel cells, and the demand of AI data centers and resulting power needs. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including, but not limited to, risks and uncertainties detailed in Bloom’s SEC filings. More information on potential risks and uncertainties that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 9, 2026, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on April 29, 2026, as well as subsequent reports filed with or furnished to the SEC. Bloom assumes no obligation to, and does not intend to, update any such forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260630023022/en/ For Bloom Energy
Media – Katja Gagen (press@bloomenergy.com)
Investors – Michael Tierney (investor@bloomenergy.com) For Brookfield
John Hamlin (John.Hamlin@Brookfield.com) Original: Brookfield and Bloom Energy Expand AI Infrastructure Partnership to $25 Billion; Fivefold Increase to Build and Finance Rapid Power for AI Infrastructure

Looking for a pull back here to get some shares.

AI Data Center Growth Hinges on Solving Both Power Constraints and Community Concerns, Bloom Energy Report FindsJune 15, 2026 9:00 AM
Business Wire Developers expect continued data center expansion through 2030 as AI adoption accelerates. Access to power remains the biggest challenge to growth, with 61% of developers planning to bring their own power if the grid cannot meet their needs Community scrutiny has become a growing barrier, driven by concerns over electricity prices, water consumption and grid reliability Bloom Energy (NYSE: BE), a global leader in power solutions, today released a mid-year update to its annual Data Center Power Report, which surveys decision-makers across the data center ecosystem. The report found that, while data center developers anticipate a prolonged period of expansion, power availability remains the defining constraint. At the same time, a broader set of barriers—including rising construction costs and growing community scrutiny—is threatening to slow the pace of new data center development. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260615003193/en/ Key findings from the report include: Developers are planning significant capacity additions through the end of the decade as AI adoption accelerates. Inference now accounts for more than 50% of AI compute, reflecting the transition from model building to real-world applications, with inference driving sustained demand for new data center capacity. Access to power remains the dominant issue for data center development, with 61% of developers planning to bring their own power if the grid is unavailable. New barriers are affecting the buildout of large-scale projects, impacting the pace of execution: Community scrutiny has intensified over the past six months, with developers citing higher electricity prices, increased water consumption, and strain on grid reliability as the concerns most likely to influence projects. As of May 2026, at least 18 state bills and 86 local moratoriums have been proposed across the U.S. Carbon capture is moving from concept to deployment: Nearly one-third of onsite-powered sites are expected to incorporate carbon capture by 2030, reflecting growing pressure to address emissions concerns while expanding power capacity. A readiness gap risks slowing AI innovation: Chip developers expect high-density architectures and rack-level DC designs to be adopted in 2028, a full year ahead of data center developers’ plans, highlighting a growing readiness challenge as AI hardware requirements evolve. “Access to power remains the biggest constraint to data center growth, but it is not the only issue. Community concerns are increasingly shaping which projects move forward,” said Natalie Sunderland, Chief Marketing Officer at Bloom Energy. “Our findings suggest that solutions that reduce strain on local infrastructure while helping developers bring new capacity online faster—such as clean onsite power—will play an important role. We believe the winners in the next phase of AI buildout will be those that can grow in a way that works for both operators and the communities that host them.” The 2026 Bloom Energy Data Center Power Report Mid-Year Pulse is based on surveys commissioned via a double-blind process between Bloom Energy and respondents. Surveys were conducted in April 2026 among 156 decision-makers across the data center ecosystem, reflecting perspectives from hyperscalers, colocation providers, neoclouds, data center developers, chip developers, with 79% of respondents US-based. The survey was supplemented with interviews with industry leaders and public announcements. Download a copy of the report here. About Bloom Energy Bloom Energy empowers enterprises to meet soaring energy demands and responsibly take charge of their power needs. The company’s fuel cell systems provide ultra-resilient, clean, and highly scalable onsite electricity for Fortune 500 customers around the world, including data centers, semiconductor manufacturing, large utilities, and other commercial and industrial sectors as well as mission-critical organizations in local communities, such as hospitals, college campuses and retailers. 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. Forward Looking Statements This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans, or intentions. These forward-looking statements include, but are not limited to, the intentions of developers with respect to their plans to power data centers, the expected growth of data center electricity demand, the pace of data center capacity additions, the composition of AI demand between data center training and inference workloads, key buying and decision factors for data center site selection, barriers to data center development and issues driving community scrutiny of new data centers, strategies utilized by data center developers to engage with communities, share of data centers expected to incorporate carbon capture, utilization, and storage, and expected adoption timeline of next-generation architectures. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including, but not limited to, risks and uncertainties detailed in Bloom’s SEC filings. More information on potential risks and uncertainties that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 9, 2026, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on April 29, 2026, as well as subsequent reports filed with or furnished to the SEC. Bloom assumes no obligation to, and does not intend to, update any such forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260615003193/en/ Media
Bloom Energy – Katja Gagen (press@bloomenergy.com)
Investors
Bloom Energy – Michael Tierney (investor@bloomenergy.com) Original: AI Data Center Growth Hinges on Solving Both Power Constraints and Community Concerns, Bloom Energy Report Finds

Gap from the earnings release has now been closed. Lets get back to growing the valuation. More and more DC's and the message about natural gas Fuel cells addressing so many community issues should increase the pipeline - shoot even FCEL is expecting to get business.
Bloom just needs to execute, increase manufacturing capacity and make us all happy.

Yes it is going to the moon great year BE

Good News! But strangely no details on what this means financially$$ for BE.. or how this "partnership" is actually structured.

Any thoughts from the BE holders here?

Marker:
BE (After-hours)
$280.51 19.17 (7.34%)
Volume: 10,414,772

*Not a buy or sell recommendation

Another AI Factory partnership
https://investorshub.advfn.com/stock-market/NASDAQ/nebius-group-nv-NBIS/stock-news/98578471/nebius-and-bloom-energy-partner-to-power-ai-infras

Don't take this as a recommendation to buy or sell BE.

Personally, and its entirely just my opinion, but I don't think you can apply (nor expect to see) the standard "rules of the road" metrics that you speak of with BE. Its well worth some time to look into who KR Sridhar [the founder & CEO] is and what he was involved with prior to Bloom Energy. He didn't start out with the goal to revolutionize a massive but woefully outdated inadequate 100 + year old Power grid. Timing is everything and as luck would have it he was at the right place.. doing the right thing.. at the right time. Add to that the fact that the US had a major change as to who is occupying the WH. After 12 years of anti-business & anti-fossil fuel, anti-entrepreneurship combined with uber environmental "leadership" DT flipped the script.. and not a moment too soon. I don't like bringing politics up on Ihub and this is all I will say - the charts on BE over the last 10 years are a direct reflection of who was in the WH. Had another anti-business anti- fossil fuel POTUS been elected BE wouldn't be anywhere near where it is today. I was here and I remember when BE was under $4 @ share.

So to answer your question, as far as BE goes, I think you can set the charts and graphs aside for now. BE is "worth" whatever the market is willing to pay. Knowing the geopolitics and this convergence of high demand in AI Data Centers, their foreseeable future is "bright" but anybodies guess. Again this is not a recommendation.

Take care.
56Chevy

Marker:
BE
$268.35 -17.12 (-6.00%)
Volume: 7,342, 455

* I see today's action as nothing more than profit taking and to be expected.

Bloom has been a great investment for me.
Any thoughts on the current pull back and the gaps that exists?.

How long before we get the next large contract that KR spoke about during the Conf Call?
3 large companies !!!!!

Phenomenal move post Q1 earnings report

Marker:
BE
$287.97 61.60 (27.21%)
Volume: 19,832,124

*Not a buy or sell recommendation
** New All-Time High!

Bloom Energy Reports Record First Quarter 2026 Results and Raises Full Year 2026 GuidanceApril 28, 2026 4:05 PM
Business Wire

Delivered 130% year-over-year revenue growth, driven by 208% product revenue growth



Raised full year 2026 revenue growth guidance midpoint to ~80% year-over-year, up from prior guidance of ~60%



Continued operating leverage, increasing gross margin and operating income guidance



Bloom Energy Corporation (NYSE: BE) (“Bloom,” “Bloom Energy,” “We,” or the “Company”) reported today its financial results for the first quarter ended March 31, 2026.


First Quarter Highlights



Revenue of $751.1 million in the first quarter of 2026, an increase of 130.4% compared to $326.0 million in the first quarter of 2025. Product revenue of $653.3 million in the first quarter of 2026, an increase of 208.4% compared to $211.9 million in the first quarter of 2025.



Gross margin of 30.0% in the first quarter of 2026, an increase of 2.8 percentage points year-over-year. Non-GAAP gross margin of 31.5% in the first quarter of 2026, an increase of 2.8 percentage points year-over-year.



Service gross margin of 13.3% in the first quarter of 2026, an increase of 12.0 percentage points compared to 1.3% in the first quarter of 2025. Service non-GAAP gross margin of 18.0% in the first quarter of 2026, an increase of 13.2 percentage points compared to 4.8% in the first quarter of 2025.



Operating income of $72.2 million in the first quarter of 2026, an increase of $91.3 million year-over-year. Non-GAAP operating income of $129.7 million in the first quarter of 2026, an increase of $116.5 million year-over-year.



Generated $73.6 million cash flow from operating activities in the first quarter of 2026, an increase of $184.3 million year-over-year.



KR Sridhar, Founder, Chairman and Chief Executive Officer of Bloom Energy, said, “We at Bloom are ushering in the era of digital power for the digital age. Bloom is rapidly becoming the standard and “go-to choice” for on-site power.”


Simon Edwards, Chief Financial Officer of Bloom Energy, added, “Bloom is a generational company with differentiated technology, a compelling strategy, and a mission-driven team focused on disciplined execution. I’m excited help scale the business and support Bloom's next phase of growth.”


Summary of Key Financial Metrics


Summary of GAAP Financial Information




($000), except EPS data






Q1'26






Q4'25






Q1'25








Revenue






$






751,054






 






$






777,683






 






$






326,021






 








Cost of Revenue






 






525,510






 






 






537,788






 






 






237,314






 








Gross Profit






 






225,544






 






 






239,895






 






 






88,707






 








Gross Margin






 






30.0






%






 






30.8






%






 






27.2






%








Operating Expenses






 






153,354






 






 






152,366






 






 






107,777






 








Operating Income (Loss)






 






72,190






 






 






87,529






 






 






(19,070






)








Operating Margin






 






9.6






%






 






11.3






%






 






(5.8






)%








Non-operating (Income) Expenses






 






1,537






 






 






86,438






 






 






4,744






 








Net Profit (Loss) to Common Stockholders






$






70,653






 






$






1,091






 






$






(23,814






)








GAAP EPS, Basic






$






0.25






 






$






—






 






$






(0.10






)








GAAP EPS, Diluted






$






0.23






 






$






—






 






$






(0.10






)







Summary of Non-GAAP Financial Information1




($000), except EPS data






Q1'26






Q4'25






Q1'25








Revenue






$






751,054






 






$






777,683






 






$






326,021






 








Cost of Revenue






 






514,750






 






 






529,725






 






 






232,530






 








Gross Profit






 






236,305






 






 






247,958






 






 






93,492






 








Gross Margin






 






31.5






%






 






31.9






%






 






28.7






%








Operating Expenses






 






106,595






 






 






115,000






 






 






80,316






 








Operating Income






 






129,710






 






 






132,958






 






 






13,175






 








Operating Margin






 






17.3






%






 






17.1






%






 






4.0






%








Adjusted EBITDA






$






142,989






 






$






146,143






 






$






25,161






 








Non-GAAP EPS, Basic






$






0.49






 






$






0.51






 






$






0.03






 








Non-GAAP EPS, Diluted






$






0.44






 






$






0.45






 






$






0.03











1.






A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release







Guidance


Bloom Energy increases financial guidance for the full-year 2026:





• Revenue:






$3.4B - $3.8B









• Non-GAAP Gross Margin:






~34%









• Non-GAAP Operating Income:






$600M - $750M









• Non-GAAP EPS:






$1.85 - $2.25







Investor Conference Call/ Webcast Details


Bloom Energy will host a conference call today, April 28, 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 9681836. 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 Energy’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 9681836.


Additional Information and Where to Find It


The Investor Relations section of Bloom Energy’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom Energy encourages investors to visit this website from time to time, as information is updated and new information is posted. The information contained on, or that may be accessed through Bloom Energy's website is not incorporated by reference into, and it not part of, this press release.


Forward-Looking Statements


This press release contains certain forward-looking statements relating to future events and expectations, including our expectations that Bloom Energy will become the standard and “go-to-choice” for on-site power and will continue to scale and grow 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 Energy’s Energy Servers and Bloom Energy’s ability to secure financing for its products; (3) Bloom Energy’s ability to drive cost reductions and to successfully mitigate against potential price increases; (4) Bloom Energy’s ability to service its existing debt obligations; (5) Bloom Energy’s ability to be successful in new markets; (6) the risk of manufacturing defects; (7) the accuracy of Bloom Energy’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 Energy’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 Energy’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 Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequently filed reports, including on Form 10-Q, which filings are available from the SEC. Bloom Energy 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.


Use of Non-GAAP Financial Measures


This press release includes certain non-GAAP financial measures as defined in the 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 Energy 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 Energy’s expectations regarding its 2026 outlook, Bloom Energy 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 as well as mission-critical organizations in local communities, such as hospitals, college campuses and retailers. 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.



 



Condensed Consolidated Balance Sheets








(in thousands, except share data)











 



 






 






March 31,






 






December 31,








 






 






 






2026






 






 






 






2025






 








Assets






 






 






 






 








Current assets:






 






 






 






 








Cash and cash equivalents1






 






$






2,491,433






 






 






$






2,454,108






 








Restricted cash






 






 






1,251






 






 






 






1,973






 








Accounts receivable, less allowance for credit losses of $460 as of March 31, 2026 and December 31, 2025, respectively1, 2






 






 






359,406






 






 






 






371,796






 








Contract assets3






 






 






242,595






 






 






 






178,928






 








Inventories1






 






 






732,528






 






 






 






643,306






 








Deferred cost of revenue






 






 






23,363






 






 






 






30,651






 








Prepaid expenses and other current assets1, 4






 






 






103,960






 






 






 






49,805






 








Total current assets






 






 






3,954,536






 






 






 






3,730,567






 








Property, plant and equipment, net1






 






 






401,088






 






 






 






398,507






 








Investments in unconsolidated affiliates10






 






 






23,261






 






 






 






10,037






 








Operating lease right-of-use assets1






 






 






109,395






 






 






 






108,541






 








Restricted cash






 






 






25,600






 






 






 






25,499






 








Contract assets5






 






 






63,281






 






 






 






62,258






 








Deferred cost of revenue






 






 






4,269






 






 






 






4,099






 








Other long-term assets1, 6






 






 






83,299






 






 






 






57,203






 








Total assets






 






$






4,664,729






 






 






$






4,396,711






 








Liabilities and stockholders’ equity






 






 






 






 








Current liabilities:






 






 






 






 








Accounts payable1






 






$






241,649






 






 






$






203,129






 








Accrued warranty7






 






 






38,365






 






 






 






20,013






 








Accrued expenses and other current liabilities1, 8






 






 






223,653






 






 






 






222,254






 








Deferred revenue and customer deposits9






 






 






194,094






 






 






 






100,975






 








Operating lease liabilities1






 






 






21,933






 






 






 






22,000






 








Financing obligations






 






 






63,151






 






 






 






51,308






 








Non-recourse debt1






 






 






3,959






 






 






 






4,153






 








Total current liabilities






 






 






786,804






 






 






 






623,832






 








Deferred revenue and customer deposits






 






 






39,260






 






 






 






42,840






 








Operating lease liabilities1






 






 






107,216






 






 






 






106,935






 








Financing obligations






 






 






152,834






 






 






 






192,460






 








Recourse debt






 






 






2,598,676






 






 






 






2,613,726






 








Deferred profit in transactions with unconsolidated affiliates11






 






 






22,774






 






 






 






13,928






 








Other long-term liabilities






 






 






9,157






 






 






 






10,027






 








Total liabilities






 






$






3,716,721






 






 






$






3,603,748






 








Commitments and contingencies






 






 






 






 








Stockholders’ equity:






 






 






 






 








Common stock: 0.0001 par value; Class A shares—600,000,000 shares authorized, and 284,207,963 shares and 280,045,459 shares issued and outstanding, and Class B shares—470,092,742 shares authorized, and no shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively.






 






 






28






 






 






 






28






 








Additional paid-in capital






 






 






4,835,729






 






 






 






4,755,965






 








Accumulated other comprehensive income (loss)






 






 






2,967






 






 






 






(369






)








Accumulated deficit






 






 






(3,917,255






)






 






 






(3,986,983






)








Total stockholders’ equity attributable to common stockholders






 






 






921,469






 






 






 






768,641






 








Noncontrolling interest






 






 






26,539






 






 






 






24,322






 








Total stockholders’ equity






 






$






948,008






 






 






$






792,963






 








Total liabilities and stockholders’ equity






 






$






4,664,729






 






 






$






4,396,711






 









1






We have a 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 $0.6 million and $151.9 million as of March 31, 2026 and December 31, 2025, respectively.








3






Including amounts from related parties of $74.1 million and $3.0 million as of March 31, 2026 and December 31, 2025, respectively.








4






Including amounts from related parties of $1.5 million and $1.2 million as of March 31, 2026 and December 31, 2025, respectively.








5






Including amounts from related parties of $48.0 million and $48.8 million as of March 31, 2026 and December 31, 2025, respectively.








6






Including amounts from related parties of $6.7 million and $6.0 million as of March 31, 2026 and December 31, 2025, respectively.








7






Including amounts from related parties of $4.1 million and $0.8 million as of March 31, 2026 and December 31, 2025, respectively.








8






Including amounts from related parties of $1.7 million as of March 31, 2026. Related party balance as of December 31, 2025, was inconsequential.








9






Including amounts from related parties of $8.1 million and $6.9 million as of March 31, 2026 and December 31, 2025, respectively.








10






Represent related party investments in the joint ventures between Brookfield Asset Management and the Company.








11






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.








 



Condensed Consolidated Statements of Operations








(in thousands, except per share data)












 



 






Three Months




Ended

March




31, 2026






 






Three Months




Ended

December




31, 2025






 






Three Months




Ended

March




31, 2025








 






 






 






 






 






 








Revenue:






 






 






 






 






 








Product






$






653,348






 






 






$






638,487






 






 






$






211,869






 








Installation






 






25,931






 






 






 






67,272






 






 






 






33,651






 








Service






 






61,879






 






 






 






61,691






 






 






 






53,548






 








Electricity






 






9,896






 






 






 






10,233






 






 






 






26,953






 








Total revenue1






 






751,054






 






 






 






777,683






 






 






 






326,021






 








Cost of revenue:






 






 






 






 






 








Product






 






429,232






 






 






 






404,728






 






 






 






139,573






 








Installation






 






35,080






 






 






 






74,486






 






 






 






33,315






 








Service






 






53,664






 






 






 






51,289






 






 






 






52,858






 








Electricity






 






7,534






 






 






 






7,285






 






 






 






11,568






 








Total cost of revenue






 






525,510






 






 






 






537,788






 






 






 






237,314






 








Gross profit






 






225,544






 






 






 






239,895






 






 






 






88,707






 








Operating expenses:






 






 






 






 






 








Research and development






 






56,849






 






 






 






55,889






 






 






 






40,612






 








Sales and marketing






 






38,439






 






 






 






41,902






 






 






 






22,265






 








General and administrative2






 






58,066






 






 






 






54,575






 






 






 






44,900






 








Total operating expenses






 






153,354






 






 






 






152,366






 






 






 






107,777






 








Income (loss) from operations






 






72,190






 






 






 






87,529






 






 






 






(19,070






)








Interest income






 






20,601






 






 






 






13,602






 






 






 






8,553






 








Interest expense3






 






(8,604






)






 






 






(10,647






)






 






 






(14,411






)








Equity in loss of unconsolidated affiliates4






 






(17,002






)






 






 






(20,822






)






 






 






—






 








Other income (expense), net






 






6,197






 






 






 






(909






)






 






 






2,048






 








Debt conversion inducement expense






 






—






 






 






 






(66,241






)






 






 






—






 








Gain (loss) on revaluation of embedded derivatives






 






754






 






 






 






(135






)






 






 






(103






)








Profit (loss) before income taxes






 






74,136






 






 






 






2,377






 






 






 






(22,983






)








Income tax provision






 






445






 






 






 






952






 






 






 






431






 








Net profit (loss)






 






73,691






 






 






 






1,425






 






 






 






(23,414






)








Less: Net income attributable to noncontrolling interest






 






3,038






 






 






 






334






 






 






 






400






 








Net income (loss) attributable to common stockholders






$






70,653






 






 






$






1,091






 






 






$






(23,814






)








Net earnings (loss) per share available to common stockholders:






 






 






 






 






 








Basic






$






0.25






 






 






$






.00






 






 






$






(.10






)








Diluted






$






0.23






 






 






$






.00






 






 






$






(.10






)








Weighted average shares used to compute net earnings (loss) per share available to common stockholders:






 






 






 






 






 








Basic






 






281,719






 






 






 






263,616






 






 






 






230,210






 








Diluted






 






319,708






 






 






 






263,616






 






 






 






230,210






 









1






Including related party revenue of $373.3 million, $574.2 million and $2.8 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.








2






Including related party general and administrative expenses of $0.2 million for the three months ended March 31, 2025. There was no related party general and administrative expenses for the three months ended March 31, 2026, and December 31, 2025.








3






Including related party interest expenses of $0.1 million for the three months ended March 31, 2025. There was no related party interest expense for the three months ended March 31, 2026, and December 31, 2025.








4






Represent related party equity in loss of the joint ventures between Brookfield Asset Management and the Company.








 



Condensed Consolidated Statement of Cash Flows




(in thousands)












 



 






Three Months




Ended March




31, 2026






 






Three Months




Ended December




31, 2025






 






Three Months




Ended March




31, 2025








Cash flows from operating activities:






 






 






 






 






 








Net profit (loss)






$






73,691






 






 






$






1,426






 






 






$






(23,414






)








Adjustments to reconcile net (loss) profit to net cash provided by (used in) operating activities:






 






 






 






 






 








Depreciation and amortization






 






13,279






 






 






 






13,184






 






 






 






11,986






 








Non-cash lease expense






 






8,002






 






 






 






8,011






 






 






 






8,068






 








Equity in loss of unconsolidated affiliates, net of distributions






 






17,002






 






 






 






20,822






 






 






 






—






 








Distributions received from unconsolidated affiliates10






 






138






 






 






 






—






 






 






 






—






 








Loss on disposal of property, plant and equipment






 






115






 






 






 






355






 






 






 






102






 








Revaluation of derivative contracts






 






(754






)






 






 






135






 






 






 






103






 








Impairment of assets






 






—






 






 






 






12,669






 






 






 






—






 








Stock-based compensation expense






 






48,215






 






 






 






42,813






 






 






 






30,054






 








Amortization of debt issuance costs






 






3,426






 






 






 






2,711






 






 






 






1,859






 








Debt conversion inducement expense






 






—






 






 






 






66,241






 






 






 






—






 








Net gain on failed sale-and-leaseback transactions






 






(9,405






)






 






 






—






 






 






 






(767






)








Share-based consideration payable to customer’s customer11






 






(3,090






)






 






 






15,947






 






 






 






—






 








Inventory reserve and other assets impairment






 






—






 






 






 






31






 






 






 






—






 








Unrealized foreign currency exchange loss (gain)






 






2,827






 






 






 






(198






)






 






 






(2,208






)








Other






 






(281






)






 






 






(26






)






 






 






(26






)








Changes in operating assets and liabilities:






 






 






 






 






 








Accounts receivable1






 






11,782






 






 






 






40,156






 






 






 






2,257






 








Contract assets2






 






(64,690






)






 






 






17,698






 






 






 






1,543






 








Inventories






 






(88,584






)






 






 






59,950






 






 






 






(65,575






)








Deferred cost of revenue






 






7,122






 






 






 






(7,237






)






 






 






(4,501






)








Prepaid expenses and other current assets3






 






(54,155






)






 






 






(5,062






)






 






 






(5,102






)








Other long-term assets4






 






(25,993






)






 






 






(12,820






)






 






 






2,256






 








Operating lease right-of-use assets and operating lease liabilities5






 






(8,526






)






 






 






(8,212






)






 






 






(8,335






)








Financing lease liabilities






 






89






 






 






 






1,410






 






 






 






451






 








Accounts payable






 






36,962






 






 






 






34,736






 






 






 






52,564






 








Accrued warranty6






 






18,352






 






 






 






5,331






 






 






 






(6,276






)








Accrued expenses and other current liabilities7






 






(1,367






)






 






 






52,614






 






 






 






(34,881






)








Deferred revenue and customer deposits8






 






89,539






 






 






 






55,495






 






 






 






(70,802






)








Deferred profit with equity method investees and other long-term liabilities






 






(86






)






 






 






(107






)






 






 






(38






)








Net cash provided by (used in) operating activities






 






73,610






 






 






 






418,073






 






 






 






(110,682






)








Cash flows from investing activities:






 






 






 






 






 








Purchase of property, plant and equipment






 






(26,182






)






 






 






(22,954






)






 






 






(14,259






)








Proceeds from sale of property, plant and equipment






 






91






 






 






 






55






 






 






 






43






 








Investments in unconsolidated affiliates9






 






(19,848






)






 






 






(11,921






)






 






 






—






 








Net cash used in investing activities






 






(45,939






)






 






 






(34,820






)






 






 






(14,216






)








Cash flows from financing activities:






 






 






 






 






 








Proceeds from issuance of debt






 






—






 






 






 






2,500,000






 






 






 






—






 








Payment of debt issuance costs






 






(806






)






 






 






(59,364






)






 






 






—






 








Repayment of debt






 






—






 






 






 






(975,945






)






 






 






—






 








Repayment of financing obligations






 






(7,972






)






 






 






(2,863






)






 






 






(2,671






)








Proceeds from issuance of common stock






 






15,835






 






 






 






9,088






 






 






 






7,651






 








Other






 






—






 






 






 






—






 






 






 






150






 








Net cash provided by financing activities






 






7,057






 






 






 






1,470,916






 






 






 






5,130






 








Effect of exchange rate changes on cash, cash equivalent, and restricted cash






 






1,976






 






 






 






396






 






 






 






155






 








Net increase (decrease) in cash, cash equivalents, and restricted cash






 






36,704






 






 






 






1,854,565






 






 






 






(119,613






)








Cash, cash equivalents, and restricted cash:






 






 






 






 






 








Beginning of period






 






2,481,580






 






 






 






627,015






 






 






 






950,971






 








End of period






$






2,518,284






 






 






$






2,481,580






 






 






$






831,358






 









1






Including changes in related party balances of $151.3 million, $3.4 million and $6.8 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.








2






Including changes in related party balances of $70.4 million, $36.4 million and $0.1 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.








3






Including changes in related party balances of $0.3 million, $1.2 million and $0.3 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.








4






Including changes in related party balances of $0.7 million, $6.0 million and $0.4 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.








5






Including changes in related party balances of $0.1 million for the three months ended December 31, 2025. There were no related party balances as of March 31, 2026, and December 31, 2025.








6






Including changes in related party balances of $3.3 million, $0.8 million for the three months ended March 31, 2026, December 31, 2025, respectively. There were no changes in related party balances for the three months ended March 31, 2025.








7






Including changes in related party balances of $1.7 million, $3.5 million and $1.7 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.








8






Including changes in related party balances of $1.2 million, $6.9 million and $3.6 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.








9






Represent related party investments in the joint ventures between Brookfield Asset Management and the Company.








10






Represent related party distributions from the joint ventures between Brookfield Asset Management and the Company.








11






Represent related party non-cash consideration payable to customer’s customer for three months ended December 31, 2025, and respective adjustment for the three months ended March 31, 2026.








 



Reconciliation of GAAP to Non-GAAP Financial Measures








(unaudited)








(in thousands, except percentages)










 



 






Q1'26






Q4'25






Q1'25








GAAP revenue






$






751,054






 






$






777,683






 






$






326,021






 








GAAP cost of revenue






 






525,510






 






 






537,788






 






 






237,314






 








GAAP gross profit






 






225,544






 






 






239,895






 






 






88,707






 








Non-GAAP adjustments:






 






 






 








Stock-based compensation expense






 






10,405






 






 






7,841






 






 






4,829






 








Restructuring






 






181






 






 






95






 






 






(212






)








Other






 






175






 






 






128






 






 






168






 








Non-GAAP gross profit






$






236,305






 






$






247,958






 






$






93,492






 








GAAP gross margin %






 






30.0






%






 






30.8






%






 






27.2






%








Non-GAAP adjustments






 






1.4






%






 






1.0






%






 






1.5






%








Non-GAAP gross margin %






 






31.5






%






 






31.9






%






 






28.7






%









 






Q1'26






Q4'25






Q1'25








GAAP operating income (loss)






$






72,190






 






$






87,529






 






$






(19,070






)








Non-GAAP adjustments:






 






 






 








Stock-based compensation expense






 






57,004






 






 






44,484






 






 






32,201






 








Restructuring






 






306






 






 






781






 






 






(162






)








Other






 






211






 






 






165






 






 






206






 








Non-GAAP operating income






$






129,710






 






$






132,958






 






$






13,175






 








GAAP operating margin %






 






9.6






%






 






11.3






%






 






(5.8






)%








Non-GAAP adjustments






 






7.7






%






 






5.8






%






 






9.9






%








Non-GAAP operating margin %






 






17.3






%






 






17.1






%






 






4.0






%








 



Reconciliation of GAAP Net Income (Loss) to non-GAAP Net Profit and Computation of non-GAAP Net Earnings per Share (EPS)




(unaudited)




(in thousands, except share data)










 



 






Q1'26






Q4'25






Q1'25








Net Income (loss) to Common Stockholders






$






70,653






 






$






1,091






$






(23,814






)








Non-GAAP adjustments:






 






 






 








Add back: Net income attributable to noncontrolling interest






 






3,038






 






 






334






 






400






 








Stock-based compensation expense






 






57,004






 






 






44,484






 






32,201






 








Equity in loss of unconsolidated affiliates






 






17,002






 






 






20,822






 






—






 








(Gain) loss on derivative liabilities






 






(754






)






 






135






 






103






 








Restructuring






 






306






 






 






781






 






(162






)








Effect of Assets Buyout and Repowering






 






(9,405






)






 






—






 






(2,514






)








Debt conversion inducement expense






 






—






 






 






66,241






 






—






 








Other






 






211






 






 






165






 






206






 








Adjusted Net Profit






$






138,055






 






$






134,052






$






6,420






 








 






 






 






 








Adjusted net earnings per share (EPS), Basic






$






0.49






 






$






0.51






$






0.03






 








Adjusted net earnings per share (EPS), Diluted






$






0.44






 






$






0.45






$






0.03






 








Weighted average shares outstanding attributable to common stockholders, Basic






 






281,719






 






 






263,616






 






230,210






 








Weighted-average shares outstanding attributable to common stockholders, Diluted






 






319,708






 






 






315,088






 






230,210






 








 



Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA








(unaudited)








(in thousands)










 



 






Q1'26






Q4'25






Q1'25








Net Income (loss) to Common Stockholders






$






70,653






 






$






1,091






 






$






(23,814






)








Add back: Net income attributable to noncontrolling interest






 






3,038






 






 






334






 






 






400






 








Stock-based compensation expense






 






57,004






 






 






44,484






 






 






32,201






 








Equity in loss of unconsolidated affiliates






 






17,002






 






 






20,822






 






 






—






 








(Gain) loss on derivative liabilities






 






(754






)






 






135






 






 






103






 








Restructuring






 






306






 






 






781






 






 






(162






)








Effect of Assets Buyout and Repowering






 






(9,405






)






 






—






 






 






(2,514






)








Debt conversion inducement expense






 






—






 






 






66,241






 






 






—






 








Other






 






211






 






 






165






 






 






206






 








Adjusted Net Profit






 






138,055






 






 






134,052






 






 






6,420






 








 






 






 






 








Depreciation & amortization






 






13,279






 






 






13,184






 






 






11,986






 








Income tax provision






 






445






 






 






952






 






 






431






 








Interest expense, Other (income) expense, net






 






(8,790






)






 






(2,045






)






 






6,324






 








Adjusted EBITDA






$






142,989






 






$






146,143






 






$






25,161






 








 



Reconciliation of GAAP to non-GAAP Gross Profit (Loss) and Margin








(unaudited)








(in thousands, except percentages)














 



 






 






 






 






Q1'26






 






 






 








 






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






$






653,348






$






224,116






 






$






6,159






$






82






$






230,357






 






34.3






%






35.3






%








Install






 






25,931






 






(9,149






)






 






1,446






 






69






 






(7,634






)






(35.3






)%






(29.4






)%








Service






 






61,879






 






8,215






 






 






2,800






 






145






 






11,160






 






13.3






%






18.0






%








Electricity






 






9,896






 






2,362






 






 






—






 






60






 






2,422






 






23.9






%






24.5






%








Total






$






751,054






$






225,544






 






$






10,405






$






356






$






236,305






 






30.0






%






31.5






%









 






 






 






 






Q4'25






 






 






 








 






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






%









 






 






 






 






Q1'25






 






 






 








 






Revenue






GAAP gross profit






Stock-based compensation expense






Other Non-GAAP adj.






Non-GAAP gross profit






GAAP Gross Margin






Non-GAAP gross margin %








Product






$






211,869






$






72,296






$






1,950






$






(1






)






$






74,245






34.1






%






35.0






%








Install






 






33,651






 






336






 






957






 






1






 






 






1,294






1.0






%






3.8






%








Service






 






53,548






 






690






 






1,922






 






(44






)






 






2,568






1.3






%






4.8






%








Electricity






 






26,953






 






15,385






 






—






 






—






 






 






15,385






57.1






%






57.1






%








Total






$






326,021






$






88,707






$






4,829






$






(44






)






$






93,492






27.2






%






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 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.



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 income (loss) (net earnings (loss)).



The GAAP measure most directly comparable to non-GAAP diluted earnings per share is diluted earnings (loss) per share.



The GAAP measure most directly comparable to Adjusted EBITDA is net income (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 per share consist of net income (loss) or diluted net income (loss) per share excluding charges relating to net income attributable to noncontrolling interest, (gain) loss on derivative liabilities, debt conversion inducement expense, charges relating to stock-based compensation expense, investments in loss of unconsolidated affiliates, effects of assets buyout and repowering, restructuring charges, and other charges. Adjusted EBITDA is defined as net income (loss) before interest income (expense), income tax provision, depreciation and amortization expense, net income attributable to noncontrolling interest, debt conversion inducement expense, investments in loss of unconsolidated affiliates, charges relating to stock-based compensation expense, restructuring 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 and the ventures between Brookfield Asset Management and the Company.



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—include (i) elimination of intra-entity profit on sales to joint ventures formed with Brookfield Asset Management—deferred and recognized over the assets’ depreciable lives—and (ii) the Company’s equity pickup of those joint ventures’ net results under HLBV method. Equity-method investment adjustments are excluded from non-GAAP financial measures because these generally 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.



(Gain) loss on derivatives liabilities represents non-cash adjustments to the fair value of the embedded derivatives.



Restructuring charges are represented by severance expense and other costs.



Effects of Assets Buyout and Repowering represents net gain on failed sale-and-leaseback transactions due to 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.



Other represents: (1) site termination costs of $0.1 million, $0.2 million, and $0.1 million for three months ended March 31, 2026, three months ended December 31, 2025, and three months ended March 31, 2025, respectively, (2) sales property tax of $0.1 million for March 31, 2026, and (3) immaterial amounts of amortization of acquired intangible assets.



Adjusted EBITDA is defined as Adjusted Net Profit 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 Income (Loss) to non-GAAP Net Profit and Computation of non-GAAP Net Earnings per Share (EPS),” “Reconciliation of GAAP Net Income (Loss) 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


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 per share can have a material impact on the equivalent GAAP earnings measure.



Income attributable to noncontrolling interest and (gain) loss 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, and non-GAAP diluted earnings 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 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 press 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428374369/en/
Investor Relations:

Michael Tierney

Bloom Energy

investor@bloomenergy.com


Media:

Katja Gagen

Bloom Energy

press@bloomenergy.com


Original: Bloom Energy Reports Record First Quarter 2026 Results and Raises Full Year 2026 Guidance