Form 8-K

8-K — Bloom Energy Corp

Accession: 0001628280-26-027913

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0001664703

SIC: 3620 (ELECTRICAL INDUSTRIAL APPARATUS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — be-20260428.htm (Primary)

EX-99.1 (ex991_q126financialresults.htm)

EX-99.2 (ex992_q126supplementalde.htm)

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8-K

8-K (Primary)

Filename: be-20260428.htm · Sequence: 1

be-20260428

0001664703FALSE00016647032026-02-052026-02-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________

FORM 8-K

______________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 28, 2026

___________________________________________

BLOOM ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

001-38598

(Commission File Number)

___________________________________________

Delaware 77-0565408

(State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.)

4353 North First Street, San Jose, California 95134

(Address of principal executive offices) (Zip Code)

408 543-1500

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

___________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Class A Common Stock, $0.0001 par value BE New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

On April 28, 2026, Bloom Energy Corporation (the “Company”) announced its financial results for the first quarter ended March 31, 2026, and issued a press release, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K (“Form 8-K”) and is incorporated herein by reference.

The information furnished pursuant to Item 2.02 of this Form 8-K, including the accompanying Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

A slide presentation to be used by senior management of the Company in connection with its discussions with investors and others regarding the financial results is furnished as Exhibit 99.2.

The information furnished pursuant to Item 7.01 of this Form 8-K, including the accompanying Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1

Press release of Bloom Energy Corporation, dated April 28, 2026, reporting Bloom Energy Corporation’s financial results for the first quarter of 2026

99.2

Investor Presentation

104 Cover page interactive data file (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BLOOM ENERGY CORPORATION

Date: April 28, 2026 By:

/s/ Maciej Kurzymski

Maciej Kurzymski

Chief Accounting Officer

(Acting Principal Financial Officer and also Principal Accounting Officer)

EX-99.1

Filename: ex991_q126financialresults.htm · Sequence: 2

Document

PRESS RELEASE

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

•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

SAN JOSE, Calif., April 28, 2026—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.

Investor Relations:

Michael Tierney

Bloom Energy

investor@bloomenergy.com

Media:

Katja Gagen

Bloom Energy

press@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

March 31,

December 31,

2026

2025

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.

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

—

Unrealized foreign currency exchange loss (gain)

2,827

(198)

(2,208)

Other

(281)

(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

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

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)

—

Three Months

Ended March

31, 2026

Three Months

Ended December

31, 2025

Three Months

Ended March

31, 2025

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

(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

230,357

34.3

35.3

Install

25,931

(9,149)

1,446

(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

—

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

239,288

36.6

37.5

Install

67,272

(7,214)

868

(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

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

1,294

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

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.

EX-99.2

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ex992_q126supplementalde

April 28, 2026 Q1’26 Earnings

2Bloom Energy Proprietary & Confidential Forward-looking Statements and Non-GAAP Financial Measures This presentation may contain certain forward-looking statements relating to future events and expectations, including 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 of distributed energy generation and rapidly evolving market trends; (2) the significant upfront costs of the Bloom Energy Energy Servers and Bloom Energy’s ability to secure financing for its products; (3) Bloom Energy 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. Please see GAAP to non-GAAP reconciliations at the end of this presentation. Refer to “Use of non-GAAP financial measures” in our earnings release for Q1'26 available under the Investor Relations section of our website at https://investor.bloomenergy.com. The Investor Relations section 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 presentation.

3Bloom Energy Proprietary & Confidential To Make Clean, Reliable Energy Affordable for Everyone in the World. Bloom’s Mission

4Bloom Energy Proprietary & Confidential Financial Performance Note: Dollars in millions, except per share figures and YoY information 1. Please reference appendix for GAAP to Non-GAAP reconciliations $ in millions Q1’26 Q1’25 YoY Revenue $751.1 $326.0 130.4% Non-GAAP Gross Margin1 31.5% 28.7% 2.8 pts Non-GAAP Operating Income1 $129.7 $13.2 ~↑ 10x Adjusted EBITDA1 $143.0 $25.2 ~↑ 6x Non-GAAP EPS1 $0.44 $0.03 ~↑ 15x

5Bloom Energy Proprietary & Confidential Raising 2026 Financial Guidance Metric 2026 Guidance YoY Revenue $3.4B - $3.8B ~80%1 Non-GAAP Gross Margin2 ~34% ~4 pts Non-GAAP Operating Income2 $600M - $750M ~↑ 3.1x Non-GAAP EPS2 $1.85 - $2.25 ~↑ 2.7x 1. YoY change based on midpoint of range 2. With respect to Bloom’s expectations regarding its 2026 Guidance, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP operating expenses, 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.

6Bloom Energy Proprietary & Confidential 2026 Guidance: Revenue Growth ~80% 1, Gross Margin % +~4 pts Growing Revenue and Expanding Margins Revenue ($ in billions) 2021 22 23 24 25 2026E Non-GAAP Gross Margin2 242021 2026E22 23 25 $1.0 $1.2 $1.3 $1.5 $2.0 $3.4 - $3.8 22% 23% 26% 29% 30% 34% 1. YoY change based on midpoint of range 2. Please reference appendix for GAAP to Non-GAAP reconciliations for 2025 and prior. With respect to Bloom’s expectations regarding its 2026 Guidance, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP operating expenses, 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.

7Bloom Energy Proprietary & Confidential $(38) $(33) $19 $108 $221 $600 - $750 Demonstrating Operating Leverage Non-GAAP Operating Expenses as % of Revenue1 2021 22 23 24 25 2026E Non-GAAP Operating Income1 242021 2026E22 23 25 26% 26% 24% 21% 19% 15% 1. Please reference appendix for GAAP to Non-GAAP reconciliations for 2025 and prior. With respect to Bloom’s expectations regarding its 2026 Guidance, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP Operating Expenses, 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. Non-GAAP Operating Expenses as % of revenue figure reflects midpoint of the guidance range

8Bloom Energy Proprietary & Confidential Driving Profitability and Generating Cash 242021 2026E22 23 242021 2026E22 2325 25 $14 $30 $82 $161 $272 $650 - $800 $(61) $(192) $(372) $92 $114 > $200 Adjusted EBITDA1 Cash Flow from Operating Activities 1. Please reference appendix for GAAP to Non-GAAP reconciliations for 2025 and prior. With respect to Bloom’s expectations regarding its 2026 Guidance, Bloom Energy is not able to provide a quantitative reconciliation of Adjusted EBITDA 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.

Q1 2026 Appendix

10Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Gross Profit and Margin $ in millions Q1’26 Q1’25 GAAP revenue $751.1 $326.0 GAAP cost of sales 525.5 237.3 GAAP gross profit $225.5 $88.7 Non-GAAP adjustments: Stock-based compensation expense 10.4 4.8 Restructuring 0.2 (0.2) Other 0.2 0.2 Non-GAAP gross profit $236.3 $93.5 GAAP gross margin 30.0% 27.2% Non-GAAP adjustments 1.5% 1.5% Non-GAAP gross margin 31.5% 28.7%

11Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Gross Profit and Margin $ in millions 2025 2024 2023 2022 2021 GAAP revenue $2,024.0 $1,473.9 $1,333.5 $1,199.1 $972.2 GAAP cost of sales 1,436.6 1,069.2 1,135.7 1,050.8 774.6 GAAP gross profit $587.4 $404.6 $197.8 $148.3 $197.6 Non-GAAP adjustments: Stock-based compensation expense 24.1 16.6 17.5 19.0 13.8 Restructuring 0.2 (0.4) 3.4 - - Impairment of assets - - 123.7 108.8 - Other 0.7 2.0 1.6 - - Non-GAAP gross profit $612.4 $422.8 $344.0 $276.1 $211.4 GAAP gross margin 29.0% 27.5% 14.8% 12.4% 20.3% Non-GAAP adjustments 1.2% 1.2% 11.0% 10.7% 1.4% Non-GAAP gross margin 30.3% 28.7% 25.8% 23.0% 21.7%

12Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Operating Income (Loss) and Margin $ in millions Q1’26 Q1’25 GAAP operating income (loss) $72.2 ($19.1) Non-GAAP adjustments: Stock-based compensation expense 57.0 32.2 Restructuring 0.3 (0.2) Other 0.2 0.2 Non-GAAP operating income $129.7 $13.2 GAAP operating margin 9.6% (5.8)% Non-GAAP adjustments 7.7% 9.9% Non-GAAP operating margin 17.3% 4.0%

13Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Operating Income (Loss) and Margin $ in millions 2025 2024 2023 2022 2021 GAAP operating income (loss) $72.8 $22.9 ($208.9) ($261.0) ($114.5) Non-GAAP adjustments: Stock-based compensation expense 145.0 83.0 87.1 114.0 76.1 Restructuring 2.4 (0.4) 9.2 - - Impairment of assets - - 130.1 113.3 - Other 0.8 2.1 1.7 0.2 0.0 Non-GAAP operating income (loss) $221.0 $107.6 $19.2 ($33.5) ($38.4) GAAP operating margin 3.6% 1.6% (15.7%) (21.8%) (11.8%) Non-GAAP adjustments 7.3% 5.7% 17.1% 19.0% 7.8% Non-GAAP operating margin 10.9% 7.3% 1.4% (2.8%) (3.9%)

14Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Non-GAAP Operating Expenses as % of Revenue $ in millions 2025 2024 2023 2022 2021 GAAP operating expenses $514.6 $381.7 $406.7 $409.3 $312.1 Non-GAAP adjustments: Stock-based compensation expense 120.9 66.4 69.6 95.0 62.3 Restructuring 2.1 (0.0) 5.7 - - Other 0.1 0.1 6.6 4.8 - Non-GAAP operating expenses $391.4 $315.2 $324.8 $309.5 $249.8 GAAP Revenue $2,024.0 $1,473.9 $1,333.5 $1,199.1 $972.2 Non-GAAP operating expenses as % of Revenue 19.3% 21.4% 24.4% 25.8% 25.7%

15Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Net Income (Loss) and EPS $ in millions, except per share Q1’26 Dilutive earnings per share Q1’25 Dilutive earnings per share GAAP net income (loss) to common stockholders $70.7 $0.23 ($23.8) ($0.10) Non-GAAP adjustments: Add back: Income for non-controlling interests 3.0 0.01 0.4 0.00 (Gain) loss on derivatives liabilities (0.8) (0.00) 0.1 0.00 Restructuring 0.3 0.00 (0.2) (0.00) Equity in loss of unconsolidated affiliates 17.0 0.05 - - Stock-based compensation expense 57.0 0.18 32.2 0.14 Effects of assets buyout and repowering (9.4) (0.03) (2.5) (0.01) Other 0.2 0.00 0.2 0.00 Non-GAAP net income to common stockholders $138.1 $0.44 $6.4 $0.03

16Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Adjusted EBITDA $ in millions Q1’26 Q1’25 GAAP net income (loss) to common stockholders $70.7 ($23.8) Non-GAAP adjustments: Add back: Income for non-controlling interests 3.0 0.4 Stock-based compensation expense 57.0 32.2 Restructuring 0.3 (0.2) (Gain) loss on derivative liabilities (0.8) 0.1 Effect of assets buyout and repowering (9.4) (2.5) Equity in loss of unconsolidated affiliates 17.0 - Depreciation & amortization 13.3 12.0 Income tax provision 0.4 0.4 Interest expense / other misc. (8.8) 6.3 Other 0.2 0.2 Adjusted EBITDA $143.0 $25.2

17Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Adjusted EBITDA $ in millions 2025 2024 2023 2022 2021 GAAP net loss to common stockholders ($88.4) ($29.2) ($302.1) ($301.4) ($164.4) Non-GAAP adjustments: Add back: Income (loss) for non-controlling interests 1.3 2.0 (5.8) (13.7) (28.9) Equity in loss of unconsolidated affiliates 40.4 - - - - Stock-based compensation expense 145.0 83.0 87.1 114.0 76.1 Restructuring 2.4 (0.4) 9.2 - - Loss (gain) on derivative liabilities 0.5 0.7 1.6 (0.6) 15.0 Effects of assets buyout and repowering (2.6) (21.0) 0.4 - - Loss on debt extinguishment and conversion inducement expenses 98.6 27.2 4.3 9.0 - Depreciation & amortization 50.6 53.0 62.6 61.6 53.5 Impairment charge (PPA V, PPA IIIa, PPA IV and Goodwill) - - 130.1 115.3 (1.1) Income tax provision 2.7 0.8 1.9 1.1 1.0 Interest expense / other misc. 20.2 42.2 90.8 43.2 55.6 Other 0.8 2.3 1.7 1.6 7.3 Adjusted EBITDA $271.6 $160.7 $81.8 $30.1 $14.0

18Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Diluted Earnings (Loss) Per Share $ and count in millions, except per share Q1’26 Q1’25 Numerator for basic earnings per share: GAAP Net income (loss) attributable to common stockholders $70.7 ($23.8) Non-GAAP Net income attributable to common stockholders $138.1 $6.4 Numerator for diluted earnings per share: GAAP Net income (loss), adjusted numerator $74.9 ($15.3) Non-GAAP Net income, adjusted numerator $142.3 $14.9 Denominator for GAAP and non-GAAP basic earnings per share: Weighted average common shares outstanding 281.7 230.2 Denominator for GAAP and non-GAAP diluted earnings per share: Weighted average common shares outstanding 319.7 230.2 GAAP net loss per share Basic $0.25 ($0.10) Diluted $0.23 ($0.10) Non-GAAP net earnings (loss) per share Basic $0.49 $0.03 Diluted $0.44 $0.03

19Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Gross Profit (Loss) and Margin 1. Please reference section “GAAP to Non-GAAP reconciliation: Gross profit and margin” of the appendix for detailed GAAP to Non-GAAP reconciliations Q1’26 Q1’25 $ in Millions Revenue GAAP gross profit (loss) SBC1 Other Non- GAAP Adj 1 Non-GAAP gross profit (loss) GAAP gross margin Non-GAAP gross margin Revenue GAAP gross profit SBC1 Other Non- GAAP Adj 1 Non-GAAP gross profit GAAP gross margin Non-GAAP gross margin Product $653.3 $224.1 $6.2 $0.1 $230.4 34.3% 35.3% $211.9 $72.3 $1.9 $0.0 $74.2 34.1% 35.0% Install 25.9 (9.1) 1.4 0.1 (7.6) (35.3%) (29.4%) 33.7 0.3 1.0 0.0 1.3 1.0% 3.8% Service 61.9 8.2 2.8 0.2 11.2 13.3% 18.0% 53.5 0.7 1.9 0.0 2.6 1.3% 4.8% Electricity 9.9 2.4 0.0 0.0 2.4 23.9% 24.5% 27.0 15.4 0.0 0.0 15.4 57.1% 57.1% Total $751.1 $225.5 $10.4 $0.4 $236.3 30.0% 31.5% $326.0 $88.7 $4.8 $0.0 $93.5 27.2% 28.7%

Thank You

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