Industrials · NYSE: BE
Bloom Energy: how the business works
Bloom Energy builds fuel-cell systems that make electricity on site for data centers, factories and utilities, with revenue of $2,024.0 million and a net loss of $88.4 million in FY2025.
By Hardik Bhandare · Checked against filings:
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Bloom Energy Corporation · San Jose, California · Founded 2001
Last updated
- Revenue, FY2025
- $2,024.0M
- Net loss, FY2025
- −$88.4M
- Revenue, Q3 FY2026
- $1,235.8M
- Sites with its systems, FY2025 10-K
- About 1,100
- Full-time employees, Dec 31, 2025
- 2,214
The short version
Bloom Energy in 5 points
1 · What it sells
Bloom Energy builds Energy Servers, fuel-cell systems that make electricity on site from natural gas, biogas or hydrogen, and had $2,024.0 million of revenue in FY2025, 75.7% of it from product sales.
2 · Who pays it
Bloom Energy does not disclose revenue by type of payer, but in FY2025 three unnamed customers paid 43%, 13% and 12% of revenue and all others paid 32%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Bloom Energy kept nothing, a net loss of $4.29, while operating income was $3.60 per $100 of revenue, because $99.1 million of debt charges, $53.9 million of interest and a $40.4 million venture loss came below that line, and in the first nine months of FY2026 it kept $16.95 per $100 of revenue against operating income of $15.72, which includes a $37.2 million tariff recovery, with $63.6 million of interest income and $21.1 million of other income on top.
4 · Where the operating profit comes from
Bloom Energy reports one segment, and in FY2025 product sales made $538.4 million of its $587.4 million gross profit, electricity $27.9 million and service $22.9 million, while installation lost $1.9 million, leaving $72.8 million of operating income after $514.6 million of operating expenses.
5 · The one thing to watch
In Q3 FY2026, revenue was $1,235.8 million and operating cash flow was −$27.1 million, while contract assets, revenue recorded but not yet billed, rose from $428.3 million to $858.6 million.
Sources: From Bloom Energy's FY2025 10-K, Q3 FY2026 10-Q and Q3 FY2026 earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Bloom Energy's money go?
Bloom Energy · FY2025
Receipt for every $100
| Cost of revenue | $69.7 |
|---|---|
| Selling, marketing and admin | $15.9 |
| Research and development | $9.0 |
| Debt conversion, repayment and derivative charges | $4.8 |
| Interest on debt | $2.6 |
| Part-owned ventures, outside owners, tax | $2.2 |
| Net loss (costs above money in) | −$4.3 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Of every $100 that came in during FY2025 (revenue $2,024.0 million + interest and other income $36.2 million = $2,060.2 million). Cityfort calculation from FY2025 10-K. Operating income was $3.60 per $100 of revenue. In the first nine months of FY2026, net income was $16.95 per $100 of revenue and operating income $15.72 (Cityfort calculation from Q3 FY2026 10-Q). Net income was higher because of $63.6 million of interest income and $21.1 million of other income. Operating income includes a $37.2 million tariff recovery. In the first nine months of FY2026 Bloom Energy kept $16.95 per $100 of revenue; operating income includes a $37.2 million tariff recovery, with $63.6 million of interest income and $21.1 million of other income on top.
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02The business in one line
What does Bloom Energy do?
Financiers, utilities and companies pay Bloom Energy for fuel-cell systems and their upkeep; most of the money goes on building them, and what's left has covered running costs since FY2024.
- Product sales were 75.7% of FY2025 revenue. Most end users pay for the power, so a financier or partner usually buys the system.
- Cost of revenue took $69.73 of every $100 that came in during FY2025. Bloom Energy had a net loss of $88.4 million in FY2025 and net income of $517.2 million in the first nine months of FY2026.
03Who pays it
Who pays Bloom Energy?
Largest customer (a related party, not named)
43%
of revenue
A customer here means the contract partner, which may be a project-finance affiliate, not the end user.
Second-largest customer (not named)
13%
of revenue
One of three customers the FY2025 10-K lists as a share of revenue.
Third-largest customer (not named)
12%
of revenue
One of three customers the FY2025 10-K lists as a share of revenue.
All other customers
32%
of revenue
The remaining 32%, by subtraction: financiers, partners, distributors and end users the filing does not list by share.
- Largest customer (a related party, not named)43%
- Second-largest customer (not named)13%
- Third-largest customer (not named)12%
- All other customers32%
Customer concentration
The company does not disclose revenue by type of payer. In Q3 FY2026, two customers paid 43% and 26% of revenue, together 69%, and the second is a related party. In Q2 FY2026 one customer paid 73%. Related-party revenue was $892.0 million in FY2025, 44.1% of the total.
- Largest customer
- 43%
04Why it makes money
Why does Bloom Energy make money?
Bloom Energy's profit depends on system sales growing faster than its running costs.
Product gross margin was 35.2% in FY2025, against 10.0% for service and (0.9)% for installation. Research, selling and admin took $25.42 of every $100 of revenue in FY2025 and $16.98 in the first nine months of FY2026, while operating income reached $15.72.
Operating income per $100 of revenue
−$11.8$3.6
FY2021 to FY2025
- A customer or its financier orders Energy Server systems.
- Bloom builds and delivers them, and records revenue.
- Each sale earns product gross profit; installation has recently earned little or lost money.
- A long-term service contract usually follows the system.
- As revenue grows, research, selling and admin take less of each $100.
- Cash can lag revenue, because billing follows milestones and customer acceptance.
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Bloom Energy?
Product
76%Bloom Energy reports one segment, so these are its four revenue lines, with no operating profit per line. Product is Energy Server sales: FY2025 gross profit was $538.4 million, a 35.2% margin.
Revenue $1.5B
Service
11%Operations and maintenance contracts. FY2025 gross profit was $22.9 million, a 10.0% margin, against a (20.7)% margin in FY2023.
Revenue $228M
Installation
10%Putting systems in place. FY2025 gross profit was −$1.9 million, a (0.9)% margin.
Revenue $204M
Electricity
3%Contracts that sell power. FY2025 gross profit was $27.9 million, a 46.3% margin, and revenue included a one-time customer settlement. Total gross profit was $587.4 million.
Revenue $60.4M
How the mix changed
- Product
- Service
- Installation
- Electricity
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Bloom Energy done?
Revenue
$2.0BFY2025
Revenue rose every year, from $972.2 million in FY2021 to $2,024.0 million in FY2025, and was $1,235.8 million in Q3 FY2026 alone.
US$
See the numbers
Net profit
−$88.4MFY2025
Bloom Energy had a net loss every full year through FY2025, $88.4 million in the latest, then net income of $250.3 million in Q3 FY2026.
US$
See the numbers
Profit kept per $100 of revenue
−$4.4FY2025
Bloom Energy lost $4.37 per $100 of revenue in FY2025; operating income was $3.60 per $100 that year and $18.24 in Q3 FY2026.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$57.2MFY2025
Free cash flow was $57.2 million in FY2025 and −$180.6 million in Q3 FY2026, when capital spending was $153.5 million and operating cash flow −$27.1 million.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends Dec 31). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Total net loss was $87.1 million, before the share belonging to outside owners of subsidiaries (noncontrolling interests).
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Bloom Energy, and did they deliver?
KR Sridhar
Founder, Chairman and Chief Executive Officer · since 2002
A director since January 2002. His total pay was $3,502,747 in FY2025 and $44,961,745 in FY2024, which included a $42,394,800 stock award. The FY2025 CEO pay ratio was 35.6 to 1. A performance award of 271,076 shares at target followed on Jun 15, 2026.
Simon Edwards
Chief Financial Officer · since 2026
CFO since Apr 13, 2026. He joined from Groq, where he was CEO and CFO.
Aman Joshi
Chief Commercial Officer · since 2024
Leads global sales and business development, since January 2024.
Satish Chitoori
Chief Operations Officer · since 2024
Oversees supply chain, manufacturing, installations and customer support, since April 2024.
Jeffrey Immelt
Lead Independent Director · since 2020
Lead Independent Director since May 2020. Former Chairman and CEO of General Electric.
What they said, and what happened
1 delivered · 2 too early to tell
Said on Feb 27, 2025
FY2025 revenue of $1.65 billion to $1.85 billion, non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more gross margin of about 29% and non-GAAP operating income of $135 million to $165 million.
DeliveredWhat happened
FY2025 revenue was $2,024.0 million, non-GAAP gross margin 30.3% and non-GAAP operating income $221.0 million. GAAP gross margin was 29.0% and GAAP operating income $72.8 million.
Said on Feb 5, 2026
FY2026 revenue of $3.1 billion to $3.3 billion.
Too early to tellWhat happened
Raised to $3.4 billion to $3.8 billion on Apr 28, $3.9 billion to $4.2 billion on Jul 28 and $4.4 billion to $4.6 billion on Oct 22, 2026. Revenue was $3,052.3 million in the first nine months.
Said on Feb 9, 2026
Double factory capacity from 1 GW to 2 GW by the end of 2026.
Too early to tellWhat happened
The 2026 10-Qs give no capacity figure. Capital spending was $231.3 million in the first nine months of FY2026.
08What could go wrong
What could go wrong for Bloom Energy?
- Concentration
A few customers pay most of the revenue
Two customers paid 43% and 26% of Q3 FY2026 revenue, and one paid 73% in Q2 FY2026. The second in Q3 is a related party. Filings name none of them.
Watch The customer percentages in Note 1 of each 10-Q.
- Demand
AI data center demand and its financing
The 10-K says its AI customer mix is rising and sales rely on financiers. The Q3 10-Q names opposition to data centers, a New York moratorium signed in July 2026, and harder data center financing.
Watch US share of revenue, 97% in Q3 FY2026, and use of the Brookfield framework.
- Cash and liquidity
Cash can lag recorded revenue
In Q3 FY2026, revenue was $1,235.8 million and operating cash flow was −$27.1 million. Contract assets, revenue recorded but not yet billed, rose from $428.3 million to $858.6 million in the quarter.
Watch Contract assets against operating cash flow each quarter.
- Execution
History of losses
Every full year through FY2025 ended in a net loss. The accumulated deficit, total losses since inception, was $3,470.7 million on Sep 30, 2026. Q4 FY2024 net income of $104.8 million was followed by three loss quarters.
Watch Whether FY2026 ends with full-year net income; the first nine months were $517.2 million.
- Debt
Convertible notes could add shares
If set conditions are met, the 0% notes can convert at an initial price of $194.97 a share. The 10-Q's maximum is 19,554,000 shares, including extra shares in a make-whole event (certain corporate events). The Green Notes' initial conversion price is $20.84, and their maximum on the same basis is 1,447,614 shares. Nasdaq's table shows a close of $203.17 on Oct 30, 2026.
Watch Conversions reported in the debt note of each 10-Q.
- Raw-material prices
Suppliers, tariffs and purchase commitments
Some materials and parts come from sole suppliers, the 10-K says. The Q3 10-Q names freight, tariffs and commodity prices as pressures. Purchase commitments of about $5.8 billion compare with none of this kind that were material on Dec 31, 2025.
Watch Product gross margin, 37.9% in Q3 FY2026, and tariff items in cost of product.
- Technology
Warranty and product life
The 10-K lists defects and estimates of useful life as risks. Accrued warranty rose from $20.0 million on Dec 31, 2025 to $70.3 million on Sep 30, 2026, including a $42.5 million specific reserve.
Watch Accrued warranty on each balance sheet.
- Legal
Class action and short-seller report
A class action filed in July 2026 alleges misleading statements about the supply chain. The 10-Q says its allegations mirror a Hunterbrook Media report of July 2026. The company rejects the report's claims and calls the complaint without merit.
Watch Rulings in the Northern District of California case.
09Both sides
What do supporters and critics point to?
What supporters point to
- Revenue rose every year from FY2021 to FY2025, and Q3 FY2026 revenue was up 138.1% from a year earlier.
- Operating income was $22.9 million in FY2024, $72.8 million in FY2025 and $225.4 million in Q3 FY2026.
- Cash of $2,486.7 million was $10.3 million above debt on Sep 30, 2026, and most of the debt carries a 0% coupon.
- Customer deposits rose from $78.2 million on Dec 31, 2025 to $661.4 million on Sep 30, 2026.
- The company raised its FY2026 revenue range three times. It was $3.1 billion to $3.3 billion on Feb 5, 2026 and $4.4 billion to $4.6 billion on Oct 22, 2026.
What critics point to
- Every full year through FY2025 was a net loss, and the accumulated deficit was $3,470.7 million on Sep 30, 2026.
- Two customers the filing does not name paid 69% of Q3 FY2026 revenue, and one is a related party.
- Operating cash flow was −$27.1 million in Q3 FY2026, while contract assets rose by $430.3 million in the quarter.
- A class action filed in July 2026 alleges misleading statements about the supply chain; the company calls it without merit.
- The company has given no backlog figure since Feb 5, 2026, and no revenue by market.
10What to watch next
What should you watch next at Bloom Energy?
Next event
Q4 FY2026 results
Date not announced yet.
Cash against recorded revenue
Operating cash flow was −$27.1 million in Q3 FY2026 on revenue of $1,235.8 million. Contract assets were $858.6 million on Sep 30, 2026.
The company's FY2026 revenue range
It said on Oct 22, 2026 that it expects $4.4 billion to $4.6 billion. Revenue for the first nine months was $3,052.3 million.
Factory capacity
The company said on Feb 9, 2026 that it plans 2 GW by the end of 2026, from 1 GW. Look for an update in the next 10-K.
11Key facts
Key facts about Bloom Energy
- What does Bloom Energy do, and how big is it?
- Bloom Energy designs, builds and operates the Energy Server, a fuel-cell system that makes electricity on site from natural gas, biogas or hydrogen without burning it. Bloom Energy had FY2025 revenue of $2,024.0 million, systems at about 1,100 sites in 9 countries and 2,214 full-time employees on Dec 31, 2025.
- How does Bloom Energy make money, and what is its business model?
- Bloom Energy's business model is selling Energy Server systems, installing them and maintaining them under long-term contracts. In FY2025, Bloom Energy earned $1,531.3 million from product sales, $228.3 million from service, $204.1 million from installation and $60.4 million from electricity, out of $2,024.0 million of revenue.
- Is Bloom Energy profitable?
- Bloom Energy had a net loss of $88.4 million in FY2025 and operating income of $72.8 million. Items in between included $66.2 million of debt conversion expense and a $40.4 million loss from part-owned ventures. Bloom Energy had net income of $250.3 million and operating income of $225.4 million in Q3 FY2026.
- What is Bloom Energy's revenue by segment?
- Bloom Energy reports one segment and four revenue lines. In FY2025, product was 75.7% of Bloom Energy's revenue, service 11.3%, installation 10.1% and electricity 3.0%. Bloom Energy does not split revenue among data centers, commercial and industrial customers and utilities.
- Who are Bloom Energy's customers?
- Bloom Energy sells to financiers, strategic partners, distributors and end users. In FY2025, three customers Bloom Energy does not name paid 43%, 13% and 12% of revenue, and the 43% customer is a related party. Most end users pay for the power while a financier or partner owns the system.
- Who owns Bloom Energy?
- Bloom Energy has one share class with one vote per share and 295,656,689 shares on Oct 19, 2026. Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more filings show BlackRock at 7.5% and Vanguard Capital Management at 7.39% on Sep 30, 2026. Officers and directors as a group held 3.0% on Feb 27, 2026.
- How much does Bloom Energy earn from selling Energy Servers?
- Bloom Energy's product revenue, nearly all from power generation systems, was $1,531.3 million in FY2025, 75.7% of revenue, with a gross margin of 35.2%. Bloom Energy's product revenue was $1,073.6 million in Q3 FY2026, with a gross margin of 37.9%.
- How much does Bloom Energy earn from installation?
- Bloom Energy's installation revenue was $204.1 million in FY2025, 10.1% of revenue, with a gross margin of (0.9)%. Bloom Energy's installation revenue was $84.9 million in Q3 FY2026.
- How much does Bloom Energy earn from service contracts?
- Bloom Energy's service revenue, from operating and maintaining systems, was $228.3 million in FY2025, 11.3% of revenue, with a gross margin of 10.0%. Bloom Energy's service revenue was $67.6 million in Q3 FY2026.
- How much does Bloom Energy earn from selling electricity?
- Bloom Energy's electricity revenue was $60.4 million in FY2025, 3.0% of revenue, with a gross margin of 46.3%. Bloom Energy's electricity revenue was $9.8 million in Q3 FY2026.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Bloom Energy sell?
Energy Server systems (product)
Solid-oxide fuel cells make power through a chemical process, with no burning and no moving parts. Product revenue was $1,531.3 million in FY2025.
Installation
Putting systems in place at customer sites. Revenue was $204.1 million in FY2025. The company says it is moving large sites to a consult-only model with certified third-party installers.
Service
Operations and maintenance contracts that run 5 to 20 years and can be ended for convenience each year. Revenue was $228.3 million in FY2025.
Electricity
Revenue from contracts that sell power, including contracts that contain leases. It was $60.4 million in FY2025.
Bloom Electrolyzer
A system that produces hydrogen, built on the same platform. Nearly all product revenue so far has come from power generation, the 10-K says.
Think of it like this
A fuel cell works a bit like a battery that keeps going while fuel flows in: it makes electricity through a chemical reaction, not a flame.
What it does
- Does: Makes its systems in the US, at plants in Fremont, California and Newark, Delaware.
- Does: Sells to financiers, strategic partners, distributors and end users.
- Does: Serves three markets: data centers, commercial and industrial sites, and utilities.
- Does: Runs most deployed systems on natural gas.
What it does not do
- Does not: Does not split revenue among data centers, commercial and industrial customers and utilities.
- Does not: Does not name its largest customers in filings after FY2021.
- Does not: Does not usually sell to the end user: most prefer to pay for the power, so a financier or partner buys the system.
- Does not: Does not pay dividends: it has never declared or paid a cash dividend.
13How the money flows
13How the money flows · FY2025
How does money flow through Bloom Energy?
Money in
- Product: Energy Server systems$1.5B
- Service contracts$228M
- Installation$204M
- Electricity$60.4M
- Interest and other income$36.2M
The company
Bloom Energy
$2.1B came in
Money out
- Cost of revenue: building, installing, servicing$1.4B
- Selling, marketing and admin$329M
- Research and development$186M
- Debt conversion, repayment and derivative charges$99.1M
- Interest on debt$53.9M
- Part-owned ventures, outside owners, tax$44.5M
- Net loss for common stockholders−$88.4M
- In FY2025 customers paid $1,531.3 million for systems, $228.3 million for service, $204.1 million for installation and $60.4 million for electricity.
- Cost of revenue took $1,436.6 million, leaving gross profit of $587.4 million.
- Research, selling and admin took $514.6 million, leaving operating income of $72.8 million.
- Debt charges of $99.1 million, interest of $53.9 million and $44.5 million of venture losses, outside owners' share and tax came next. Interest and other income added $36.2 million.
- The year ended with a net loss of $88.4 million, or $4.29 of every $100 that came in.
14What it needs to run
14What it needs to run
What does Bloom Energy need to run?
Factories
Fremont, California (326,000 square feet, leased) and Newark, Delaware (454,000 leased and 178,000 owned). The company said on Feb 9, 2026 that it plans to double capacity from 1 GW to 2 GW by the end of 2026.
Suppliers
Some materials and parts come from sole suppliers, the 10-K says. Purchase commitments reached about $5.8 billion on Sep 30, 2026, due mostly from 2027 to 2029.
Financing partners
Most end users pay for power, so someone must fund the system. Brookfield agreed a framework of up to $5.0 billion over five years in August 2025.
People
2,214 full-time employees on Dec 31, 2025: 1,752 in the US, 395 in India and 67 elsewhere.
Patents
380 active US utility patents and 252 active international patents at the FY2025 10-K. US expiry runs from 2026 to 2044.
Natural gas
Most deployed systems use natural gas. Some local rules limit access to gas pipelines, mainly in California and the Northeast, the 10-K says.
15Where it sells
15Where it sells · FY2025
Where does Bloom Energy sell?
- United States81%
- Outside the US (by subtraction)19%
16Where growth could come from
16Where growth could come from
Where could Bloom Energy's growth come from?
The company said in its Q3 FY2026 earnings release (Oct 22, 2026) that it expects FY2026 revenue of $4.4 billion to $4.6 billion. It gave these non-GAAP measures of its own: gross margin of about 34%, operating income of $960 million to $1,030 million and EPS of $3.10 to $3.40. It says it cannot reconcile them to GAAP without unreasonable effort. Its revenue range was $3.1 billion to $3.3 billion on Feb 5, 2026.
Data center demand
WorkingQ3 FY2026 revenue $1,235.8 million, up 138.1%
The 10-K says its AI customer mix is rising, but the company gives no revenue split by market. The US was 97% of Q3 FY2026 revenue, against 81% in FY2025.
Status: Working, on track against what the company said.
Doubling factory capacity
Early1 GW to 2 GW planned by end of 2026
Stated in the 10-K on Feb 9, 2026; the 2026 10-Qs give no update. Capital spending rose to $231.3 million in the first nine months of FY2026, mostly for a leased Fremont facility.
Status: Early, too early to judge.
Brookfield financing
NewUp to $5.0 billion over five years
Agreed in August 2025 for future projects that meet its criteria. Bloom holds 6.2% of the AI Fund joint ventures and 15.0% of ORC HoldCo. Maximum loss exposure across all the Fund joint ventures was $63.4 million on Sep 30, 2026.
Status: New, recently announced.
Oracle on-site power
NewWarrant for 3,531,073 shares
Agreed Oct 28, 2025 with a partnership for on-site power at AI data centers. The warrant's cost reduces revenue as systems deliver: $17.3 million so far.
Status: New, recently announced.
AEP supply agreement
EarlyUp to 1 GW, initial order 100 MW
Announced in November 2024. American Electric Power (AEP) may buy up to 1 GW, and the 10-K says later phases are expected.
Status: Early, too early to judge.
Service margins
WorkingGross margin 10.0% in FY2025, (20.7)% in FY2023
Service gross profit was $12.0 million in Q3 FY2026, an 18% margin, on revenue of $67.6 million.
Status: Working, on track against what the company said.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
17The company's own measures (non-GAAP)
17The company's own measures · FY2025
What do Bloom Energy's own measures show?
Official (GAAP): Operating income, FY2025
$72.8M
Company's own measure: Non-GAAP operating income, FY2025
$221M
Leaves out stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more, restructuring, impairment and other items, as the company defines it.
Official (GAAP): Operating income, Q3 FY2026
$225M
Company's own measure: Non-GAAP operating income, Q3 FY2026
$286M
The Q3 FY2026 adjustments were $60.1 million of stock-based compensation and $0.1 million of other items.
Official (GAAP): Gross margin, FY2025
29.0%
Company's own measure: Non-GAAP gross margin, FY2025
30.3%
Leaves out stock-based compensation and similar items in cost of revenue. It was 34.5% in Q3 FY2026, against a GAAP 33.8%.
Official (GAAP): Net loss to common stockholders, FY2025
−$88.4M
Company's own measure: Adjusted EBITDA, FY2025
$272M
Adds back depreciation, interest, tax, stock-based compensation, debt extinguishment and conversion inducement, and other items. It was $299.5 million in Q3 FY2026, against net income of $250.3 million.
Official (GAAP): Diluted EPS, FY2025
−$0.37
Company's own measure: Non-GAAP diluted EPS, FY2025
$0.76
The company's adjusted figure. It was $0.94 in Q3 FY2026, against GAAP diluted EPS of $0.78.
Official (GAAP): Unsatisfied performance obligations, mainly product and installation, Dec 31, 2025
$394M
Company's own measure: Product backlog, stated Feb 5, 2026
$6.0B
About $6.0 billion, against about $2.5 billion a year earlier; the company's own measure. It reflects expected tax credits and leaves out possible safe-harbored orders through 2028. The GAAP figure was $661.2 million on Sep 30, 2026. The two are not comparable or added, and the 2026 releases and 10-Qs give no newer backlog.
Official (GAAP): Unsatisfied performance obligations, mainly deferred service, Dec 31, 2025
$25M
Company's own measure: Service backlog, stated Feb 5, 2026
$14.0B
About $14.0 billion, against about $9.6 billion a year earlier; the company's own measure. Service contracts run 5 to 20 years and can be ended for convenience each year. The GAAP figure was $56.2 million on Sep 30, 2026, and leaves out contracts of a year or less and right-to-invoice contracts.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Q3 FY2026 supplemental slides (Form 8-K, Exhibit 99.2); Form 10-K for fiscal year 2025 (year ended Dec 31, 2025); Q3 FY2026 earnings release (Form 8-K, Exhibit 99.1) and 3 more
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
18Financial strength and debt
18Financial strength · Sep 30, 2026
How much debt does Bloom Energy have?
- Total debt$2.5B
- Cash and investments$2.5B
- Net cash (cash minus debt)$10.3M
- Net worth (shareholders' money)$1.9B
- Debt to equity
- 1.28×
- $ of debt for every $1 of shareholders' money
- Most of the debt is $2,500.0 million of 0% convertible notes due November 2030. They pay no regular interest. Their initial conversion price is $194.97; the 10-Q's maximum is 19,554,000 shares, including extra shares in a make-whole event (certain corporate events). Net cash is a Cityfort calculation from Q3 FY2026 10-Q.
- Debt here is carrying value; principal was $2,525.7 million. Financing obligations of $185.0 million and operating leases of $120.5 million are separate and not included.
- Restricted cash of $21.4 million is left out of the cash figure.
- A $600 million revolving credit line was undrawn. Its $90.0 million letter-of-credit part was fully used, leaving $510.0 million available.
- Customer deposits were $661.4 million on Sep 30, 2026, up from $78.2 million on Dec 31, 2025. They came with newly signed customer agreements and milestone payments, the 10-Q says.
- Purchase commitments were about $5.8 billion: $0.1 billion for the rest of 2026, $2.6 billion in 2027, $1.3 billion in 2028 and $1.8 billion in 2029.
19Who owns it
19Who owns it · ownership as of Feb 27, 2026
Who owns Bloom Energy?
- Officers and directors (as a group), shares
- 3.0%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q for Q3 FY2026 (quarter ended Sep 30, 2026); Form 10-Q/A for Q2 FY2026 (quarter ended Jun 30, 2026); Form 10-K for fiscal year 2023 (year ended Dec 31, 2023) and 6 more
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
20What it does with profit
20What it does with profit
What does Bloom Energy do with its profit?
Money raised · Nov 4, 2025
0% convertible senior notes due November 2030, sold in a private placement. Initial conversion price $194.97 a share.
$2.5B
21Governance signals
21Governance signals
What do Bloom Energy's governance filings show?
- Auditor
- Deloitte & Touche LLP, since 2020
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Related-party revenue was $892.0 million in FY2025, 44.1% of revenue, and $321.6 million in Q3 FY2026, 26.0%. The related party was SK ecoplant until Jul 10, 2025 and Brookfield's Fund joint ventures after that, so yearly figures are not the same counterparties. Related-party receivables were $195.5 million on Sep 30, 2026.
- Credit rating
- No public credit rating found
Flags to know about
disclosure
What the company does not report
No customer names after FY2021, no revenue by market, no megawatts accepted since the FY2023 10-K (268 MW), and no backlog figure since Feb 5, 2026. The FY2025 10-K gives no credit rating.
other · Oct 15, 2026
Securities class action
A class action filed in July 2026 in federal court in Northern California alleges misleading statements about the supply chain since Feb 27, 2025. The court appointed a lead plaintiff on Oct 15, 2026. The company says the complaint is without merit.
other · Jul 8, 2026
Hunterbrook Media report
Hunterbrook Media published a report on Jul 8, 2026. The company's 8-K says the outlet has disclosed it may hold positions that would profit from a stock decline. The company "categorically rejects" its claims on results and accounting and rejects its scandium oxide conclusions.
other · Feb 12, 2026
Arbitration with Plansee and GTP
An arbitration filed in February 2022 at the World Intellectual Property Organization produced a partial award on Feb 12, 2026. The parties dispute what remains.
other · May 1, 2026
Warrant given to Oracle
Oracle got a warrant for 3,531,073 shares at $113.28, the Oct 28, 2025 close. It made a cashless exercise on May 1, 2026 for 1,905,433 shares plus 248,798 inducement shares worth $72.3 million. The $306.5 million asset left on the balance sheet reduces revenue as systems deliver.
other · Oct 31, 2026
Share sales reported on Forms 4
Forms 4 filed May 1 to Oct 31, 2026 show sales by these officers and directors: Chambers (85,000 shares), Soderberg (49,232), Joshi (33,429), Immelt (30,000), Bush (25,000), Kurzymski (10,783) and Chitoori (9,871). Some forms mention Rule 10b5-1 plansAn insider's trading plan, set up in advance, that buys or sells shares on a schedule. Learn more. KR Sridhar's forms show no sale code.
other · Apr 8, 2026
Insiders' shares as collateral or hedged
The proxy says none of the officers' and directors' shares are used as collateral for personal loans, and company policy bars that and hedging.
22What the market paid
22What the market paid · price as of Oct 30, 2026
What did the market pay for Bloom Energy on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Closing price of $203.17 on Oct 30, 2026, from Nasdaq's historical price table for BE. Bloom Energy's shares are listed on the NYSE, not Nasdaq; Nasdaq only publishes the table. Market value = $203.17 × 295,656,689 shares on the Q3 FY2026 10-Q cover (Oct 19, 2026), about $60,069 million (Cityfort calculation from the Oct 30, 2026 closing price and the Q3 FY2026 10-Q cover). P/E = price ÷ earnings per share: 124.6 on $1.63, the sum of diluted EPS for the four quarters to Sep 30, 2026 ($0.00, $0.23, $0.62, $0.78). P/B = market value ÷ common stockholders' equity of $1,932.9 million on Sep 30, 2026: 31.1.
- Share price
- $203.17
- Market value (market cap)
- $60.1B
- P/E
- 124.6×
- P/B
- 31.1×
Source: BE historical quotes, Oct 26 to Oct 30, 2026 (closing price table); Form 10-Q for Q3 FY2026 (quarter ended Sep 30, 2026); Q4 and FY2025 earnings release (Form 8-K, Exhibit 99.1) and 2 more
23How it got here
23How it got here
How did Bloom Energy get here?
2001
Milestone
Inception
The FY2025 10-K dates the company's inception to 2001. It says it has generally had operating losses since.
2018
Milestone
IPO and South Korea
The IPO came in July 2018. Commercial operations in South Korea began the same year, with SK ecoplant as partner.
2023
Crisis
Asset impairments
Cost of revenue included asset impairments of $108.8 million in FY2022 and $123.7 million in FY2023. Electricity's gross margin was (117.2)% in FY2023.
2024
Business-model change
Operating income turns positive
Operating income was $22.9 million in FY2024, after a $208.9 million loss in FY2023. In November the company announced an AEP agreement for up to 1 GW.
2025
Business-model change
Data center partners and $2.5 billion of notes
A Brookfield financing framework came in August and Oracle's warrant agreement in October. The 0% notes followed in November. SK ecoplant stopped being a related party in July.
2026
Business-model change
Net income in each quarter so far
Net income was $517.2 million in the first nine months. The Q3 release of Oct 22 says the company was added to the S&P 500, without giving a date.
2026
Crisis
Report and class action
Hunterbrook Media published a report on Jul 8, and a class action followed that month. The company rejects the report's claims and calls the complaint without merit.
24Sources and changes
Where every number on this page comes from
Sources (33 documents)
- S1Form 10-K for fiscal year 2025 (year ended Dec 31, 2025) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 9, 2026
- S3Form 10-K for fiscal year 2023 (year ended Dec 31, 2023) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 15, 2024
- S4Form 10-K for fiscal year 2022 (year ended Dec 31, 2022) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 21, 2023
- S5Form 10-K for fiscal year 2021 (year ended Dec 31, 2021) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2022
- S6Form 10-Q for Q3 FY2026 (quarter ended Sep 30, 2026) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2026
- S7Form 10-Q/A for Q2 FY2026 (quarter ended Jun 30, 2026) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
- S8Form 10-Q for Q2 FY2026 (quarter ended Jun 30, 2026) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 28, 2026
- S9Form 10-Q for Q1 FY2026 (quarter ended Mar 31, 2026) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S10Form 10-Q for Q3 FY2025 (quarter ended Sep 30, 2025) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 28, 2025
- S11Form 10-Q for Q2 FY2025 (quarter ended Jun 30, 2025) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2025
- S12Form 10-Q for Q1 FY2025 (quarter ended Mar 31, 2025) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2025
- S13Form 10-Q for Q3 FY2024 (quarter ended Sep 30, 2024) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 7, 2024
- S14Q3 FY2026 earnings release (Form 8-K, Exhibit 99.1) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2026
- S15Q3 FY2026 supplemental slides (Form 8-K, Exhibit 99.2) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2026
- S16Q2 FY2026 earnings release (Form 8-K, Exhibit 99.1) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 28, 2026
- S17Q1 FY2026 earnings release (Form 8-K, Exhibit 99.1) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 28, 2026
- S18Q4 and FY2025 earnings release (Form 8-K, Exhibit 99.1) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2026
- S19Q4 FY2025 supplemental slides (Form 8-K, Exhibit 99.2) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2026
- S23Q4 and FY2024 earnings release (Form 8-K, Exhibit 99.1) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2025
- S252026 proxy statement (Schedule 14A, DEF 14A) · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 8, 2026
- S26Form 8-K, Item 7.01: response to the Jul 8, 2026 report · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jul 9, 2026
- S27Form 8-K, Items 1.01 and 3.02: Oracle warrant issued · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Apr 13, 2026
- S28Form 8-K, Items 1.01 and 3.02: agreement to issue the Oracle warrant · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2025
- S29Form 8-K: $2.5 billion 0% Convertible Senior Notes due 2030 · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2025
- S31Form 8-K, Item 5.02: Simon Edwards appointed CFO · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S32Form 8-K, Item 5.02: 2026 performance award to KR Sridhar · Bloom Energy Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jun 17, 2026
- S33Schedule 13G: Vanguard Capital Management (event Sep 30, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Oct 30, 2026
- S34Schedule 13G/A: BlackRock, Inc. (event Sep 30, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Oct 27, 2026
- S35Schedule 13G/A: Ameriprise Financial, Inc. (event Jun 30, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Aug 14, 2026
- S36Schedule 13G: Jane Street Group, LLC and affiliates (event Jul 29, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Aug 4, 2026
- S37Schedule 13G/A: The Vanguard Group (reports 0 shares) · SEC EDGAR · Tier 1: company or exchange filing · Mar 26, 2026
- S38BE historical quotes, Oct 26 to Oct 30, 2026 (closing price table) · Nasdaq · Tier 1: company or exchange filing · Oct 30, 2026
- S41Forms 4 filed May 1 to Oct 31, 2026 (41 filings) · SEC EDGAR · Tier 1: company or exchange filing · Nov 1, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q3 FY2026)
- v1 · Nov 1, 2026First version. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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