Bloom Energy Reports Fourth Quarter and Full Year 2025 Financial Results with Record Full Year Revenues

SAN JOSE, Calif.--( BUSINESS WIRE)--Bloom Energy Corporation (NYSE: BE) reported today its financial results for the fourth quarter and the full year ended December 31, 2025. The company had record revenue of $2.02 billion for the full year driven by significant growth from the AI data center industry and continued strong demand from the C&I business.

Full Year Highlights

Fourth Quarter Highlights

1 Product backlog is the revenue attributable to existing contractual commitments for the purchase of Energy Servers by a financier or an end customer in the future. Product backlog includes both expected Bloom Product Revenue and reflects anticipated ITC and other tax incentives as applicable.

2 This number does not include certain potential future product order commitments through 2028 that are eligible for the IRC Section 48 tax credit pursuant to safe harbor mechanisms that were previously employed by Bloom's customers and financiers.

3 Service backlog consists of revenue attributable to contracted Operation and Maintenance services (“O&M services”) associated with both past and committed future sales of Energy Server product. It includes future O&M service revenue for installed Energy Servers as well as Energy Servers to be delivered and installed in the future. The terms of the contracted O&M services range from 5 to 20 years, subject to termination for convenience on an annual basis by the customer.

KR Sridhar, Founder, Chairman, and CEO of Bloom Energy said, “Bring-your-own-power has shifted from a slogan to a business necessity for AI hyperscalers and manufacturing facilities. This shift is secular and growing. We have built a solid state digital power platform for the digital age that is superior to any legacy solution.”

Maciej Kurzymski, Chief Accounting Officer and Principal Financial Officer of Bloom Energy, added, “Fourth quarter reflects the progress we are making on the fundamentals—reducing product cost, driving operating leverage, and executing with discipline and consistency. We are confident in our trajectory and the strategic investments that position Bloom for accelerating growth.”

Summary of Key Financial Metrics

Summary of GAAP Financial Information

($000), except EPS data

Q4'25

Q3'25

Q4'24

2025

2024

Revenue

777,683

519,048

572,393

2,023,994

1,473,856

Cost of Revenue

537,788

367,373

353,076

1,436,594

1,069,208

Gross Profit

239,895

151,675

219,317

587,400

404,648

Gross Margin

30.8

29.2

38.3

29.0

27.5

Operating Expenses

152,366

143,829

114,611

514,598

381,739

Operating Income

87,529

7,846

104,706

72,802

22,909

Operating Margin

11.3

1.5

18.3

3.6

1.6

Non-operating Expenses (Income)

86,438

30,939

(89

)

161,236

52,136

Net Profit (Loss) to Common Stockholders

1,091

(23,093

)

104,795

(88,434

)

(29,227

)

GAAP EPS, Basic

.00

(0.10

)

0.46

(0.37

)

(0.13

)

GAAP EPS, Diluted

.00

(0.10

)

0.38

(0.37

)

(0.13

)

Summary of Non-GAAP Financial Information 1

($000), except EPS data

Q4'25

Q3'25

Q4'24

2025

2024

Revenue

777,683

519,048

572,393

2,023,994

1,473,856

Cost of Revenue

529,725

361,410

347,299

1,411,557

1,051,047

Gross Profit

247,958

157,637

225,094

612,437

422,809

Gross Margin

31.9

30.4

39.3

30.3

28.7

Operating Expenses

115,000

111,389

91,672

391,413

315,207

Operating Income

132,958

46,249

133,422

221,024

107,602

Operating Margin

17.1

8.9

23.3

10.9

7.3

Adjusted EBITDA

146,143

59,261

147,316

271,591

160,651

Non-GAAP EPS, Basic

0.51

0.15

0.52

0.82

0.28

Non-GAAP EPS, Diluted

0.45

0.15

0.43

0.76

0.28

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

Outlook

Bloom provides outlook for the full-year 2026:

$3.1B - $3.3B

~32%

$425M - $475M

$1.33 - $1.48

Conference Call Details

Bloom will host a conference call today, February 5, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call toll-free dial-in number: +1 (888) 596-4144 and toll-dial-in-number +1 (646) 968-2525. The conference ID is 5744085. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com. Following the webcast, an archived version will be available on Bloom’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 770-2030 or +1 (609) 800-9909 and entering passcode 5744085.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures as defined in the Securities and Exchange Commission (“SEC”) rules. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Some numbers may not foot due to rounding. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As required by Regulation G, we have provided reconciliations of our non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release. Bloom urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom’s expectations regarding its 2026 outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP operating income, and non-GAAP EPS measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. The variability of these items could significantly impact our future U.S. GAAP financial results and we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors.

About Bloom Energy

Bloom Energy empowers enterprises to meet soaring energy demands and responsibly take charge of their power needs. The company’s solid oxide fuel cell systems provide ultra‑resilient, highly scalable onsite electricity for Fortune 500 customers around the world, including data centers, semiconductor manufacturing, large utilities, and other commercial and industrial sectors. Headquartered in Silicon Valley, Bloom Energy employs more than 2,000 people worldwide and manufactures its systems in the United States. For more information, visit BloomEnergy.com.

Forward-Looking Statements

This press release may contain certain forward-looking statements relating to future events and expectations, including our expectation regarding the increased adoption of onsite power; that the Bloom Energy Server platform will become the standard for onsite power; that product developments result in future-proofing the Energy Server platform and our positioning for long-term, profitable growth and estimates and projections for our business outlook for the 2026 fiscal year, each of which is based on current expectations, estimates, and projections about our industry, management’s beliefs, and certain assumptions made by management based on information currently available to management at the time they are made. These forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going forward basis.

Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results, performance, and/or trends. In addition to general industry and global economic conditions, factors that could cause actual results, performance, and/or trends to differ materially from those discussed in the forward-looking statements made in this press release include, but are not limited to: (1) the emerging nature distributed energy generation and rapidly evolving market trends; (2) the significant upfront costs of Bloom’s Energy Servers and Bloom’s ability to secure financing for its products; (3) Bloom’s ability to drive cost reductions and to successfully mitigate against potential price increases; (4) Bloom’s ability to service its existing debt obligations; (5) Bloom’s ability to be successful in new markets; (6) the risk of manufacturing defects; (7) the accuracy of Bloom’s estimates regarding the useful life of its Energy Servers, (8) delays in the development and introduction of new products or updates to existing products; (9) supply constraints; (10) the availability of rebates, tax credits and other tax benefits; (11) the impact of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act; (12) changes in the regulatory landscape; (13) Bloom’s lengthy sales and installation cycle, construction, utility interconnection and other delays related to the installation of its Energy Servers; (14) business and economic conditions and growth trends in commercial and industrial energy markets; (15) trade policies including tariffs; (16) the overall electricity generation market; (17) our ability to increase production capacity for our products in a timely and cost-effective manner; (18) any actual or perceived slowdown in the adoption of AI resulting in a slower expansion of AI data centers; (19) Bloom’s ability to protect its intellectual property; (20) the ability of current product and service backlog to ultimately be recognizable as revenue and/or (21) the risks relating to forward-looking statements and other “Risk Factors” identified from time to time in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequently filed reports, including on Form 10-Q, which filings are available from the SEC. Bloom assumes no obligation to, and does not currently intend to, update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise.

The Investor Relations section of Bloom’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom encourages investors to visit this website from time to time, as information is updated and new information is posted.

Consolidated Balance Sheets

(in thousands, except share data)

December 31,

2025

2024

Assets

Current assets:

Cash and cash equivalents 1

2,454,108

802,851

Restricted cash

1,973

110,622

Accounts receivable, less allowance for credit losses of $460 and $119 as of December 31, 2025, and 2024, respectively 1, 2

371,796

335,841

Contract assets 3

178,928

145,162

Inventories 1

643,306

544,656

Deferred cost of revenue

30,651

58,792

Prepaid expenses and other current assets 1, 4

49,805

46,203

Total current assets

3,730,567

2,044,127

Property, plant and equipment, net 1

398,507

403,475

Investments in unconsolidated affiliates 15

10,037

—

Operating lease right-of-use assets 1, 5

108,541

122,489

Restricted cash

25,499

37,498

Contract assets 6

62,258

—

Deferred cost of revenue

4,099

3,629

Other long-term assets 1, 7

57,203

46,136

Total assets

4,396,711

2,657,354

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable 1

203,129

92,704

Accrued warranty 8

20,013

16,559

Accrued expenses and other current liabilities 1, 9

222,254

138,450

Deferred revenue and customer deposits 10

100,975

243,314

Operating lease liabilities 1, 11

22,000

19,642

Financing obligations

51,308

11,704

Recourse debt

—

114,385

Non-recourse debt 1

4,153

—

Total current liabilities

623,832

636,758

Deferred revenue and customer deposits 12

42,840

43,105

Operating lease liabilities 1, 13

106,935

124,523

Financing obligations

192,460

244,132

Recourse debt

2,613,726

1,010,350

Non-recourse debt 1, 14

—

4,057

Deferred profit in transactions with unconsolidated affiliates 16

13,928

—

Other long-term liabilities

10,027

9,213

Total liabilities

3,603,748

2,072,138

Commitments and contingencies

Stockholders’ equity:

Common stock: 0.0001 par value; Class A shares—600,000,000 shares authorized, and 280,045,459 shares and 229,142,474 shares issued and outstanding, and Class B shares—470,092,742 shares authorized, and no shares issued and outstanding at December 31, 2025, and 2024, respectively.

Additional paid-in capital

4,755,965

4,462,659

Accumulated other comprehensive loss

(369

)

(2,593

)

Accumulated deficit

(3,986,983

)

(3,897,618

)

Total stockholders’ equity attributable to common stockholders

768,641

562,471

Noncontrolling interest

24,322

22,745

Total stockholders’ equity

792,963

585,216

Total liabilities and stockholders’ equity

4,396,711

2,657,354

We have variable interest entity related to a joint venture in the Republic of Korea, which represents a portion of the consolidated balances recorded within these financial statement line items.

Including amounts from related parties of $151.9 million and $93.5 million as of December 31, 2025, and 2024, respectively.

Including amounts from related parties of $3.0 million and $0.8 million as of December 31, 2025, and 2024, respectively.

Including amount from related parties of $1.2 million and $1.2 million as of December 31, 2025, and 2024, respectively.

Including amount from related parties of $1.4 million as of December 31, 2024. There was no related party balance as of December 31, 2025.

Including amount from related parties of $48.8 million as of December 31, 2025. There was no related party balance as of December 31, 2024.

Including amounts from related parties of $6.0 million and $8.8 million as of December 31, 2025, and 2024, respectively.

Including amounts from related parties of $0.8 million and $1.2 million as of December 31, 2025, and 2024, respectively.

Including amounts from related parties of $0.04 million and $4.0 million as of December 31, 2025, and 2024, respectively.

Including amounts from related parties of $6.9 million and $8.9 million as of December 31, 2025, and 2024, respectively.

Including amounts from related parties of $0.4 million as of December 31, 2024. There was no related party balance as of December 31, 2025.

Including amounts from related parties of $3.3 million as of December 31, 2024. There was no related party balance as of December 31, 2025.

Including amounts from related parties of $1.0 million as of December 31, 2024. There was no related party balance as of December 31, 2025.

Including amounts from related parties of $4.1 million as of December 31, 2024. There was no related party balance as of December 31, 2025.

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

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.

Consolidated Statements of Operations

(in thousands, except per share data)

Q4'25

Q3'25

Q4'24

2025

2024

Revenue:

Product

638,487

384,314

471,711

1,531,281

1,085,153

Installation

67,272

65,773

36,089

204,068

122,318

Service

61,691

58,607

53,790

228,295

213,542

Electricity

10,233

10,354

10,803

60,350

52,843

Total revenue 1

777,683

519,048

572,393

2,023,994

1,473,856

Cost of revenue:

Product

404,728

249,794

253,634

992,841

685,847

Installation

74,486

59,921

34,107

205,946

129,446

Service

51,289

51,834

54,691

205,389

214,961

Electricity

7,285

5,824

10,644

32,418

38,954

Total cost of revenue 2

537,788

367,373

353,076

1,436,594

1,069,208

Gross profit

239,895

151,675

219,317

587,400

404,648

Operating expenses:

Research and development

55,889

48,724

39,465

185,993

148,629

Sales and marketing

41,902

41,995

21,838

130,228

68,005

General and administrative 3

54,575

53,110

53,308

198,377

165,105

Total operating expenses

152,366

143,829

114,611

514,598

381,739

Income from operations

87,529

7,846

104,706

72,802

22,909

Interest income

13,602

5,292

4,925

34,070

25,342

Interest expense 4

(10,647

)

(14,390

)

(15,951

)

(53,888

)

(62,636

)

Equity in loss of unconsolidated affiliates 5

(20,822

)

(19,599

)

—

(40,421

)

—

Other income (expense), net

(909

)

(1,362

)

12,237

2,151

15,904

Loss on extinguishment of debt

—

(32,340

)

(27,182

)

Debt conversion inducement expense

(66,241

)

—

(66,241

)

—

Loss on revaluation of embedded derivatives

(135

)

(411

)

(378

)

(537

)

(694

)

(Loss) profit before income taxes

2,377

(22,624

)

105,539

(84,404

)

(26,357

)

Income tax provision

952

336

382

2,736

846

Net (loss) profit

1,425

(22,960

)

105,157

(87,140

)

(27,203

)

Less: Net income attributable to noncontrolling interest

334

133

362

1,294

2,024

Net (loss) income attributable to common stockholders

1,091

(23,093

)

104,795

(88,434

)

(29,227

)

Net (loss) earnings per share available to common stockholders, basic

.00

(0.10

)

0.46

(0.37

)

(0.13

)

Net (loss) earnings per share available to common stockholders, diluted

.00

(0.10

)

0.38

(0.37

)

(0.13

)

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

263,616

234,931

228,728

240,402

227,365

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

263,616

234,931

294,429

240,402

227,365

1 Including related party revenue of $574.2 million, $288.0 million and $3.0 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and $892.0 million and $338.6 million for the years ended December 31, 2025, and 2024, respectively.

2 Including related party cost of revenue of $0.1 million for the three months ended December 31, 2024, and of $0.2 million for the year ended December 31, 2024. There was no related party cost of revenue for the three months ended September 30, 2025, December 31, 2025, and for the year ended December 31, 2025.

3 Including related party general and administrative expenses of $0.1 million, and $0.2 million for the three months ended September 30, 2025, and December 31, 2024, respectively, and $0.4 million and $0.7 million for the years ended December 31, 2025, and 2024, respectively. There was no related party general and administrative expenses for the three months ended December 31, 2025.

4 Including related party interest expenses of $0.1 million for the three months ended December 31, 2024, and of $0.1 million and $0.2 million for the years ended December 31, 2025, and 2024, respectively. The related party interest expense for the three months ended September 30, 2025, was inconsequential. There was no related party interest expense for the three months ended December 31, 2025.

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

Consolidated Statement of Cash Flows

(in thousands)

Q4'25

Q3'25

Q4'24

2025

2024

Cash flows from operating activities:

Net profit (loss)

1,426

(22,960

)

105,157

(87,140

)

(27,203

)

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

Depreciation and amortization

13,184

12,800

13,893

50,566

53,048

Non-cash lease expense

8,011

8,057

8,792

32,520

35,898

Equity in loss of unconsolidated affiliates, net of distributions

20,822

19,599

—

40,421

—

Loss on disposal of property, plant and equipment

355

193

436

161

Revaluation of derivative contracts

135

411

378

537

694

Impairment of assets

12,669

—

12,669

—

Stock-based compensation expense

42,813

37,255

27,408

139,406

82,424

Amortization of debt issuance costs

2,711

1,814

1,861

8,248

6,797

Loss on extinguishment of debt

—

32,340

27,182

Debt conversion inducement expense

66,241

—

66,241

—

Net gain on failed sale-and-leaseback transactions

—

(12,387

)

(827

)

(17,390

)

Share-based consideration payable to customer’s customer 12

15,947

—

15,947

—

Allowance for credit losses

—

340

—

340

—

Inventory reserve and other assets impairment

21,846

—

21,877

—

Unrealized foreign currency exchange loss (gain)

(198

)

2,703

3,698

(2,290

)

3,756

Other

)

Changes in operating assets and liabilities:

Accounts receivable 1

40,156

54,223

257,469

(35,525

)

7,133

Contract assets 2

17,698

(129,086

)

(24,088

)

(96,024

)

(103,796

)

Inventories

59,950

(36,562

)

38,717

(119,212

)

(44,527

)

Deferred cost of revenue 3

(7,237

)

4,310

(18,275

)

27,172

(13,070

)

Prepaid expenses and other assets 4

(5,062

)

(4,673

)

1,460

(3,601

)

3,790

Other long-term assets 5

(12,820

)

902

3,381

(11,092

)

4,072

Operating lease right-of-use assets and operating lease liabilities 6

(8,212

)

(8,481

)

(9,327

)

(33,447

)

(36,675

)

Financing lease liabilities

1,410

206

1,151

2,598

1,644

Accounts payable 7

34,736

23,385

(35,262

)

110,911

(36,629

)

Accrued warranty 8

5,331

2,689

1,550

3,454

(2,767

)

Accrued expenses and other current liabilities 9

52,614

50,309

8,050

80,337

8,662

Deferred revenue and customer deposits 10

55,495

(19,293

)

111,078

(142,605

)

139,868

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

(107

)

(121

)

(723

)

(251

)

(1,143

)

Net cash provided by (used in) operating activities

418,073

19,669

484,228

113,949

91,998

Cash flows from investing activities:

Purchase of property, plant and equipment

(22,954

)

(12,301

)

(11,106

)

(56,759

)

(58,852

)

Proceeds from sale of property, plant and equipment

—

131

Investments in unconsolidated affiliates 11

(11,921

)

(24,570

)

—

(36,491

)

—

Net cash used in investing activities

(34,820

)

(36,871

)

(11,072

)

(93,119

)

(58,782

)

Cash flows from financing activities:

Proceeds from issuance of debt

2,500,000

—

2,500,000

402,500

Payment of debt issuance costs

(59,364

)

—

(62,712

)

(12,761

)

Repayment of debt

(975,945

)

—

(975,945

)

(140,990

)

Proceeds from financing obligations

—

1,798

Repayment of financing obligations

(2,863

)

(2,939

)

(70,431

)

(11,267

)

(90,197

)

Proceeds from issuance of common stock

9,088

42,354

1,251

59,123

12,367

Dividend paid

—

(947

)

(1,468

)

Contributions from noncontrolling interest

—

3,958

Other

—

150

—

Net cash provided by (used in) financing activities

1,470,916

39,415

(69,180

)

1,508,402

175,207

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

396

(1,245

)

(2,156

)

1,377

(2,630

)

Net increase in cash, cash equivalents, and restricted cash

1,854,565

20,968

401,820

1,530,609

205,793

Cash, cash equivalents, and restricted cash:

Beginning of period

627,015

606,047

549,151

950,971

745,178

End of period

2,481,580

627,015

950,971

2,481,580

950,971

1 Including changes in related party balances of $3.4 million, $52.4 million, and $81.0 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and changes in related party balances of $58.4 million and $168.5 million for the years ended December 31, 2025, and 2024, respectively.

2 Including changes in related party balances of $36.4 million and $88.2 million for the three months ended December 31, 2025, September 30, 2025, respectively, and changes in related party balances of $51.0 million and $6.1 million for the years ended December 31, 2025, and 2024, respectively. There were no associated changes in related party balances for the three months ended December 31, 2024.

3 Including changes in related party balances of $0.9 million for the year ended December 31, 2024. There were no associated changes in related party balances for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, and for the year ended December 31, 2025.

4 Including changes in related party balances of $1.2 million, $1.0 million, and $0.2 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and changes in related party balances $1.0 million for the year ended December 31, 2024. There were no associated changes in related party balances for the year ended December 31, 2025.

5 Including changes in related party balances of $6.0 million, $8.7 million, and $0.3 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and changes in related party balances of $2.8 million and $0.3 million for the years ended December 31, 2025, and 2024, respectively.

6 Including changes in related party balances of $0.1 million for the three months ended December 31, 2025, and related party balances of $0.1 million and $0.01 million for the years ended December 31, 2025, and 2024, respectively. There were no associated changes in related party balances for the three months ended September 30, 2025, and December 31, 2024.

7 Including changes in related party balances of $0.04 million for the three months ended September 30, 2025, and changes in related party balances of $0.1 million for the year ended December 31, 2024. There were no associated changes in related party balances for the three months ended December 31, 2025, and December 31, 2024, and for the year ended December 31, 2025.

8 Including changes in related party balances of $0.8 million, $1.3 million, and $1.4 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and changes in related party balances of $0.4 million and $0.1 million for the years ended December 31, 2025, and 2024, respectively.

9 Including changes in related party balances of $3.5 million, $4.0 million, and $3.6 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and changes in related party balances of $4.0 million and $0.6 million for the years ended December 31, 2025, and 2024, respectively.

10 Including changes in related party balances of $6.9 million, $8.1 million, and $1.1 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively, and changes in related party balances of $5.3 million and $3.8 million for the years ended December 31, 2025, and 2024, respectively.

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

12 Represent related party non-cash consideration payable to customer’s customer.

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

(in thousands, except percentages)

Q4'25

Q3'25

Q4'24

2025

2024

GAAP revenue

777,683

519,048

572,393

2,023,994

1,473,856

GAAP cost of revenue

537,788

367,373

353,076

1,436,594

1,069,208

GAAP gross profit

239,895

151,675

219,317

587,400

404,648

Non-GAAP adjustments:

Stock-based compensation expense

7,841

5,719

4,877

24,103

16,579

Restructuring

250

(403

)

Other

128

213

846

684

1,985

Non-GAAP gross profit

247,958

157,637

225,094

612,437

422,809

GAAP gross margin %

30.8

29.2

38.3

29.0

27.5

Non-GAAP adjustments

1.0

1.1

1.0

1.2

Non-GAAP gross margin %

31.9

30.4

39.3

30.3

28.7

Q4'25

Q3'25

Q4'24

2025

2024

GAAP operating income

87,529

7,846

104,706

72,802

22,909

Non-GAAP adjustments:

Stock-based compensation expense

44,484

38,153

27,655

145,015

82,995

Restructuring

781

—

179

2,374

(434

)

Other

165

250

882

832

2,132

Non-GAAP operating income

132,958

46,249

133,422

221,024

107,602

GAAP operating margin %

11.3

1.5

18.3

3.6

1.6

Non-GAAP adjustments

5.8

7.4

5.0

7.3

5.7

Non-GAAP operating margin %

17.1

8.9

23.3

10.9

7.3

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

(unaudited)

(in thousands, except share data)

Q4'25

Q3'25

Q4'24

2025

2024

Net Profit (loss) to Common Stockholders

1,091

(23,093

)

104,795

(88,434

)

(29,227

)

Non-GAAP adjustments:

Add back: Net income attributable to noncontrolling interest

334

133

362

1,294

2,024

Stock-based compensation expense

44,484

38,153

27,655

145,015

82,995

Debt conversion inducement expense

66,241

—

66,241

—

Equity in loss of unconsolidated affiliates

20,822

19,599

—

40,421

—

Loss on extinguishment of debt

—

32,340

27,182

Restructuring

781

—

179

2,374

(434

)

Loss on derivative liabilities

135

411

378

537

694

Effect of Assets Buyout and Repowering

—

(15,971

)

(2,574

)

(20,975

)

Other

165

462

1,088

832

2,340

Adjusted Net Profit

134,052

35,665

118,486

198,047

64,599

Adjusted net earnings per share (EPS), Basic

0.51

0.15

0.52

0.82

0.28

Adjusted net earnings per share (EPS), Diluted

0.45

0.15

0.43

0.76

0.28

Weighted average shares outstanding attributable to common stockholders, Basic

263,616

234,931

228,728

240,402

227,365

Weighted-average shares outstanding attributable to common stockholders, Diluted

315,088

312,479

294,429

309,775

227,365

Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA

(unaudited)

(in thousands)

Q4'25

Q3'25

Q4'24

2025

2024

Net Profit (loss) to Common Stockholders

1,091

(23,093

)

104,795

(88,434

)

(29,227

)

Add back: Net income attributable to noncontrolling interest

334

133

362

1,294

2,024

Stock-based compensation expense

44,484

38,153

27,655

145,015

82,995

Debt conversion inducement expense

66,241

—

66,241

—

Equity in loss of unconsolidated affiliates

20,822

19,599

—

40,421

—

Loss on extinguishment of debt

—

32,340

27,182

Restructuring

781

—

179

2,374

(434

)

Loss on derivative liabilities

135

411

378

537

694

Effect of Assets Buyout and Repowering

—

(15,971

)

(2,574

)

(20,975

)

Other

165

462

1,088

832

2,340

Adjusted Net Profit

134,052

35,665

118,486

198,047

64,599

Depreciation & amortization

13,184

12,800

13,893

50,566

53,048

Income tax provision

952

336

382

2,736

846

Interest expense, Other expense (income), net

(2,045

)

10,460

14,555

20,241

42,158

Adjusted EBITDA

146,143

59,261

147,316

271,591

160,651

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

(unaudited)

(in thousands, except percentages)

Q425

Revenue

GAAP gross

profit (loss)

Stock-based

compensation

expense

Other Non-

GAAP adj.

Non-GAAP

gross profit

(loss)

GAAP Gross

Margin

Non-GAAP

gross margin

Product

638,487

233,759

5,458

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

Q4'24

Revenue

GAAP gross

profit (loss)

Stock-based

compensation

expense

Other Non-

GAAP adj.

Non-GAAP

gross profit

GAAP Gross

Margin

Non-GAAP

gross margin

Product

471,711

218,077

3,281

221,364

46.2

46.9

Install

36,089

1,982

621

—

2,603

5.5

7.2

Service

53,790

(901

)

975

203

277

(1.7

0.5

Electricity

10,803

159

—

691

850

1.5

7.9

Total

572,393

219,317

4,877

900

225,094

38.3

39.3

2025

Revenue

GAAP gross

profit (loss)

Stock-based

compensation

expense

Other Non-

GAAP adj.

Non-GAAP

gross profit

GAAP Gross

Margin

Non-GAAP

gross margin

Product

1,531,281

538,440

14,466

331

553,237

35.2

36.1

Install

204,068

(1,878

)

3,408

1,555

(0.9

0.8

Service

228,295

22,906

6,229

578

29,713

10.0

13.0

Electricity

60,350

27,932

—

27,932

46.3

Total

2,023,994

587,400

24,103

934

612,437

29.0

30.3

2024

Revenue

GAAP gross

profit (loss)

Stock-based

compensation

expense

Other Non-

GAAP adj.

Non-GAAP

gross profit (loss)

GAAP Gross

Margin

Non-GAAP

gross margin

Product

1,085,153

399,306

10,492

(720

)

409,078

$36.8%

37.7

Install

122,318

(7,128

)

2,421

—

(4,707

)

(5.8

(3.8

Service

213,542

(1,419

)

3,666

1,593

3,840

(0.7

1.8

Electricity

52,843

13,889

—

709

14,598

26.3

27.6

Total

1,473,856

404,648

16,579

1,582

422,809

27.5

28.7

Use of non-GAAP financial measures

To supplement Bloom Energy condensed consolidated financial statement information presented on a GAAP basis, Bloom Energy provides financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (non-GAAP net earnings), non-GAAP basic and diluted earnings (loss) per share and Adjusted EBITDA. Bloom Energy also provides forecasts of non-GAAP gross margin and non-GAAP operating margin.

These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States.

Reconciliations of each of these non-GAAP financial measures to GAAP information are included in the tables above or elsewhere in the materials accompanying this news release.

Use and economic substance of non-GAAP financial measures used by Bloom Energy

Non-GAAP gross profit and non-GAAP gross margin, including non-GAAP service gross margin, are defined to exclude charges relating to stock-based compensation expense, restructuring charges, and other charges. Non-GAAP net profit (non-GAAP net earnings) and non-GAAP diluted earnings (loss) per share consist of net loss or diluted net loss per share excluding charges relating to net income attributable to noncontrolling interest, loss (gain) on derivative liabilities, loss on extinguishment of debt, charges relating to stock-based compensation expense, investments in loss of unconsolidated affiliates, effects of assets buyout and repowering, restructuring (expense reversals) charges, and other charges. Adjusted EBITDA is defined as net loss before interest income (expense), income tax provision, depreciation and amortization expense, net income attributable to noncontrolling interest, loss on extinguishment of debt, investments in loss of unconsolidated affiliates, charges relating to stock-based compensation expense, restructuring (expense reversals) charges, and other charges. Bloom Energy management uses these non-GAAP financial measures for purposes of evaluating Bloom Energy’s historical and prospective financial performance, as well as Bloom Energy’s performance relative to its competitors. Bloom Energy believes that excluding the items mentioned above from these non-GAAP financial measures allows Bloom Energy management to better understand Bloom Energy’s consolidated financial performance as management does not believe that the excluded items are reflective of ongoing operating results. More specifically, Bloom Energy management excludes each of those items mentioned above for the following reasons:

For more information about these non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP to Non-GAAP Financial Measures,” “Reconciliation of GAAP Net Loss to non-GAAP Net Profit and Computation of non-GAAP Net Earnings per Share (EPS),” “Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA,” and “Reconciliation of GAAP to non-GAAP Gross Profit (Loss) and Margin” set forth in this release, which should be read together with the preceding financial statements prepared in accordance with GAAP.

Material limitations associated with use of non-GAAP financial measures

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:

Compensation for limitations associated with use of non-GAAP financial measures

Bloom Energy compensates for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only as a supplement. Bloom Energy also provides a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP measure within this news release and in other written materials that include these non-GAAP financial measures, and Bloom Energy encourages investors to review those reconciliations carefully.

Usefulness of non-GAAP financial measures to investors

Bloom Energy believes that providing financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP service gross margin, non-GAAP operating income (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (non-GAAP net earnings), non-GAAP diluted earnings (loss) per share in addition to the related GAAP measures provides investors with greater transparency to the information used by Bloom Energy management in its financial and operational decision making and allows investors to see Bloom Energy’s results “through the eyes” of management. Bloom Energy further believes that providing this information better enables Bloom Energy investors to understand Bloom Energy’s operating performance and to evaluate the efficacy of the methodology and information used by Bloom Energy management to evaluate and measure such performance. Disclosure of these non-GAAP financial measures also facilitates comparisons of Bloom Energy’s operating performance with the performance of other companies in Bloom Energy’s industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.