AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 18/10/2026
Moat—
Insufficient evidence for every rubric criterion; no category score is inferred.
structural advantage · — · Commercial deployment and manufacturing improvements establish capability, but comparative superiority and barriers to replication remain unestablished.
durability · — · Intellectual-property limitations and annual maintenance termination rights prevent establishing durable protection from technology or contract duration.
customer dependency · — · Maintenance demand and purchase commitments demonstrate relationships, but the passages do not establish irreplaceability or switching friction.
erosion resilience · — · Manufacturing gains coexist with warranty increases and fleet degradation; resilience against competing technologies cannot be established.
Pricing power38
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 1/4 · 2023 product growth was offset by lower average selling prices. The Oracle warrant represents substantial customer consideration that reduces delivered-system revenue. These observed concessions support weak pricing power, although no comparable recent unit-price series is supplied.
retention · 2/4 · Growing maintenance revenue, non-cancellable financing terms and enforceable purchase commitments support ongoing demand. This is indirect retention evidence: fleet expansion can explain maintenance growth, and annual service termination rights weaken lock-in. No renewal rate is inferred.
margin resilience · 2/4 · Reported gross margins improved across 2023–2025, and 2026 manufacturing improvements provide operational support. Tariff recovery also benefited results, while warranty costs, fleet degradation and limited cost pass-through constrain resilience. Margin improvement does not independently demonstrate pricing power.
contractual freedom · 1/4 · Contractual arrangements and fixed-price projects limit immediate recovery of commodity increases. Selective pass-through mechanisms provide partial flexibility, while customer annual service termination rights constrain bargaining power.
Predictability62
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 10.84
- Positive FCF years (%)
- 40.00
- FCF margin volatility (pp)
- 15.55
Financial strength39
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 0.00
- netDebtEbitGrade
- 53.86
- interestCoverageGrade
- 3.19
- currentRatioGrade
- 100.00
- Debt / FCF (x)
- 45.85
- Net debt / operating income (x)
- 2.31
- Interest coverage (x)
- 1.35
- Current ratio (x)
- 5.98
Capital allocation19
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- -8.84
- 3-year average dilution (%)
- 9.01
- 3-year average SBC / revenue (%)
- 6.45
- cashConversionGrade
- 0.00
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · First-half 2026 operating cash flow of $300.0 million exceeded $100.5 million used in investing activities. However, rising customer deposits supported cash generation, working-capital assets expanded, shares outstanding increased and substantial debt remained. Spending and financing outcomes are mixed rather than evidence of exceptional discipline.
incentive alignment · 2/4 · The June 2026 CEO award was granted, with performance conditions, 3.5-year cliff vesting and a holding restriction generally extending through 2031. These are concrete alignment provisions, balanced against the $42.4 million incremental cost of earlier replacement awards. Future vesting and current management ownership are not established.
execution · 3/4 · Revenue increased from $1.33 billion in 2023 to $2.02 billion in 2025, operating results improved, and first-half 2026 delivered $254.4 million of operating income and positive operating cash flow. Manufacturing improvements and maintenance growth reinforce demonstrated execution. Warranty increases and fleet degradation qualify this assessment; reliable delivery is partly assessed indirectly from recognized deployments and operating results.
governance · 2/4 · Disclosed 90% board independence and exclusion of executives from their own compensation decisions support oversight. A classified board, supermajority requirements, plurality elections and restrictions on shareholder meetings and written consent weaken accountability. The balance supports mixed governance.
Evidence
It took Dr. Sridhar and his founding team nine years to get its solid oxide fuel cell to commercial production and fifteen years later, as of December 31, 2025, the Company has deployed more than 1.8GW with more than $6 billion in product backlog, securing orders with large hyperscalers and industrial companies, whose businesses require unparalleled resilient, reliable power performance.
Proxy statement / deployment history and product backlog · Filed 08/04/2026
The increase was primarily attributable to (i) increased product demand driven by a significant deployment for a large AI infrastructure customer and multiple projects executed through our joint venture with Brookfield; (ii) the recognition of a $37.4 million recovery of previously paid import tariffs; and (iii) lower material, labor, and overhead costs due to ongoing manufacturing process improvements and increased automation.
MD&A / product gross profit drivers · Filed 28/07/2026
Bloom’s ability to deploy onsite power in months rather than years provides a significant advantage.
CEO letter / deployment-speed claim · Filed 08/04/2026
However, our rights under these intellectual property laws and agreements afford us only limited protection and the actions we take to establish, maintain, and enforce our intellectual property rights may not be adequate.
Risk factors / limited intellectual-property protection · Filed 09/02/2026
The overall increase was partially offset by an increase in product warranty.
MD&A / increased product warranty · Filed 28/07/2026
The increase was partially offset by higher product performance guarantee costs of $3.0 million and $4.6 million for the same periods, reflecting the effects of fleet degradation.
MD&A / performance-guarantee costs and fleet degradation · Filed 28/07/2026
Lease agreements under our Managed Services Financing include non-cancellable lease terms, during which terms the majority of our investment in the Energy Server systems under lease are typically recovered.
Revenue recognition / non-cancellable financing lease terms · Filed 09/02/2026
The lease agreements expire on various dates through 2034.
Revenue recognition / lease expiration dates · Filed 09/02/2026
The increase was primarily attributable to higher revenue from maintenance contracts associated with our fleet of Energy Server systems, which contributed $17.3 million and $26.7 million for the three and six months ended June 30, 2026, respectively.
MD&A / maintenance-contract revenue growth · Filed 28/07/2026
For the four-year period from January 1, 2024, to December 31, 2027, the total purchase commitment under the Second Amended Restated PDA is 500 megawatts, including a re-commitment of 250 megawatts from the Restated PDA and an additional 250 megawatts commitment.
Related-party arrangements / SK ecoplant purchase commitments · Filed 09/02/2026
The terms of the contracted operations and maintenance services range from 5 to 20 years, subject to termination for convenience on an annual basis.
Business / maintenance terms and annual termination rights · Filed 09/02/2026
This increase was primarily driven by higher product acceptances of 17.6%, offset by the lower average selling price.
MD&A / product acceptances and lower average selling price · Filed 15/02/2024
The following weighted-average assumptions were used to estimate the fair value of the Warrant on April 9, 2026, and the commitment to issue the Warrant on December 31, 2025: April 9, December 31, 2026 2025 Risk-free interest rate 3.7% 3.6% Expected term (years) 0.5 0.5 Expected dividend yield — — Expected volatility 115.0% 96.2% As of the Grant Date and December 31, 2025, the estimated fair value of the Warrant and the commitment to issue the Warrant was $251.6 million and $55.9 million, respectively.
Revenue recognition / Oracle warrant valuation · Filed 28/07/2026
Following the Grant Date, the fair value of the Warrant was fixed, and is accounted for as consideration payable to a customer’s customer, recognized as a reduction of revenue as the underlying Energy Server systems sold under the Oracle arrangement are delivered.
Revenue recognition / warrant consideration reduces revenue · Filed 28/07/2026
Increases in commodity prices may not be immediately recoverable through customer pricing due to contractual arrangements, competitive dynamics, or fixed‑price project structures, creating potential margin pressure.
MD&A / contractual and competitive limits on cost recovery · Filed 28/07/2026
We utilize supplier diversification, long‑term sourcing agreements, inventory planning, and selective contractual pass‑through mechanisms where available to mitigate commodity cost risks; however, sustained or rapid commodity price increases could adversely affect our results of operations.
MD&A / selective contractual pass-through mechanisms · Filed 28/07/2026
82 Bloom Energy Corporation Consolidated Statements of Operations (in thousands, except per share data) Years Ended December 31, 2025 2024 2023 Revenue: Product $ 1,531,281 $ 1,085,153 $ 975,245 Installation 204,068 122,318 92,796 Service 228,295 213,542 183,065 Electricity 60,350 52,843 82,364 Total revenue1 2,023,994 1,473,856 1,333,470 Cost of revenue: Product 992,841 685,847 630,105 Installation 205,946 129,446 105,735 Service 205,389 214,961 220,927 Electricity 32,418 38,954 178,909 Total cost of revenue2 1,436,594 1,069,208 1,135,676 Gross profit 587,400 404,648 197,794 Operating expenses: Research and development 185,993 148,629 155,865 Sales and marketing 130,228 68,005 89,961 General and administrative3 198,377 165,105 160,875 Total operating expenses 514,598 381,739 406,701 Income (loss) from operations 72,802 22,909 (208,907) Interest income 34,070 25,342 19,885 Interest expense4 (53,888) (62,636) (108,299) Equity in loss of unconsolidated affiliates5 (40,421) — — Other income (expense), net 2,151 15,904 (2,793) Loss on extinguishment of debt (32,340) (27,182) (4,288) Debt conversion inducement expense (66,241) — — Loss on revaluation of embedded derivatives (537) (694) (1,641) Loss before income taxes (84,404) (26,357) (306,043) Income tax provision 2,736 846 1,894 Net loss (87,140) (27,203) (307,937) Less: Net income (loss) attributable to noncontrolling interest 1,294 2,024 (5,821) Net loss attributable to common stockholders $ (88,434) $ (29,227) $ (302,116) Net loss per share available to common stockholders, basic and diluted $ (0.37) $ (0.13) $ (1.42) Weighted average shares used to compute net loss per share available to common stockholders, basic and diluted 240,402 227,365 212,681 1 Including related party revenue of $892.0 million, $338.6 million and $487.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Consolidated statements of operations / 2023–2025 operating results · Filed 09/02/2026
Liquidity We generated $300.0 million of positive operating cash flow and $254.4 million of operating income for the six months ended June 30, 2026.
Liquidity / first-half 2026 operating cash flow and income · Filed 28/07/2026
The increase in customer deposits of $282.4 million for the six months ended June 30, 2026, was primarily driven by receipt of new deposits associated with recently executed customer agreements and milestone payments on ongoing projects, partially offset by certain deposits becoming non-refundable.
Contract balances / customer deposits and milestone payments · Filed 28/07/2026
Cash used in investing activities during the six months ended June 30, 2026, was $100.5 million, an increase of $79.1 million compared to the prior year period.
Liquidity / cash used in investing activities · Filed 28/07/2026
The increase was primarily due to a $22.8 million investment in the joint ventures between the Company and Brookfield (see Part I, Item 1, Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q), and a $56.3 million increase in expenditures on tenant improvements for a leased engineering and manufacturing facility in Fremont, California, which opened in July 2022.
Liquidity / joint-venture investments and facility expenditures · Filed 28/07/2026
2 PART I—FINANCIAL INFORMATION ITEM 1—FINANCIAL STATEMENTS Bloom Energy Corporation Condensed Consolidated Balance Sheets (in thousands, except share data) (unaudited) June 30, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents1 $ 2,666,859 $ 2,454,108 Restricted cash 1,050 1,973 Accounts receivable, less allowance for credit losses of $2,998 and $460 as of June 30, 2026 and December 31, 2025, respectively1, 2 458,126 371,796 Contract assets3 365,461 178,928 Inventories1 758,188 643,306 Deferred cost of revenue 67,273 30,651 Customer consideration asset12 90,967 — Prepaid expenses and other current assets1, 4 182,138 49,805 Total current assets 4,590,062 3,730,567 Property, plant and equipment, net1 443,388 398,507 Investments in unconsolidated affiliates10 28,090 10,037 Operating lease right-of-use assets1 106,475 108,541 Restricted cash 20,599 25,499 Contract assets5 62,837 62,258 Deferred cost of revenue 7,675 4,099 Customer consideration asset12 215,533 — Other long-term assets1, 6 153,742 57,203 Total assets $ 5,628,401 $ 4,396,711 Liabilities and stockholders’ equity Current liabilities: Accounts payable1 $ 309,929 $ 203,129 Accrued warranty7 77,797 20,013 Accrued expenses and other current liabilities1, 8 315,919 222,254 Deferred revenue and customer deposits9 327,145 100,975 Operating lease liabilities1 23,094 22,000 Financing obligations 62,034 51,308 Recourse debt 4,686 — Non-recourse debt1 2,583 4,153 Total current liabilities 1,123,187 623,832 Deferred revenue and customer deposits 117,901 42,840 Operating lease liabilities1 102,730 106,935 Financing obligations 144,446 192,460 Recourse debt 2,470,704 2,613,726 Deferred profit in transactions with unconsolidated affiliates11 19,560 13,928 Other long-term liabilities 9,202 10,027 Total liabilities $ 3,987,730 $ 3,603,748 Commitments and contingencies (Note 12) Stockholders’ equity: Common stock: 0.0001 par value; 600,000,000 shares authorized, and 293,354,001 shares and 280,045,459 shares issued and outstanding, at June 30, 2026 and December 31, 2025, respectively13 29 28 Additional paid-in capital 5,332,587 4,755,965 Accumulated other comprehensive income (loss) 347 (369) Accumulated deficit (3,720,965) (3,986,983) Total stockholders’ equity attributable to common stockholders 1,611,998 768,641 Noncontrolling interest 28,673 24,322 Total stockholders’ equity $ 1,640,671 $ 792,963 Total liabilities and stockholders’ equity $ 5,628,401 $ 4,396,711 1 We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
Condensed balance sheets / debt, working capital and outstanding shares · Filed 28/07/2026
On June 15, 2026, the Company granted PSUs to its Chief Executive Officer (the “CEO Award”).
Executive awards / June 2026 CEO PSU grant · Filed 28/07/2026
The CEO Award vests in full at the end of a 3.5-year performance period (cliff vesting), subject to the achievement of specified annual performance targets and the CEO’s continued employment through the vesting date.
Executive awards / performance and service vesting conditions · Filed 28/07/2026
Any shares issued upon vesting and settlement of the CEO Award, net of shares withheld to satisfy applicable tax withholding obligations, will be subject to a mandatory post-vesting holding period and generally may not be sold, transferred, assigned, pledged, hypothecated or otherwise disposed of prior to December 31, 2031, subject to certain limited exceptions.
Executive awards / mandatory post-vesting holding period · Filed 28/07/2026
On December 18, 2024, the Company determined the incremental compensation cost of $42.4 million measured as the excess of the fair value of the Replacement Awards over the fair value of the cancelled award immediately before the terms were modified.
Stock compensation / incremental replacement-award cost · Filed 09/02/2026
Skills Boskin Burger Bush Chambers Immelt Pinkus Snabe Sridhar Warner Zervigon Senior Leadership Public Company Board Global Business/International Financial/Accounting/ Capital Markets/Project Finance Strategic Business Development Emerging Technology/Business Models Energy Government/Public Policy/Regulatory Sales and Marketing Manufacturing/Operations Human Capital Management Technology/Science Environment/Sustainability Cybersecurity/ Information Security Independence and Tenure Boskin Burger Bush Chambers Immelt Pinkus Snabe Sridhar Warner Zervigon Total/Average Independent 90% Tenure 7 2 9 8 7 2 0 24 3 19 8.1 years (6.3 years for independent directors) Age 80 65 77 76 70 60 60 65 67 57 67.7 Table of Contents Proposal 1 — Election of Four Class II Directors 39 Board Composition and Director Nominations Annual Nomination Process 1 Annual Board Composition Review Each year the Nominating Committee and the Board review the size and composition of the Board in light of the Company’s operations, strategic priorities and industry conditions.
Board composition / independence and tenure · Filed 08/04/2026
Governance Provision How This Aligns With Stockholder Interests Classified board Directors serve three-year terms, with approximately one-third of the Board elected each year Provides stability and continuity, enabling directors to develop institutional knowledge of our complex business and support long-term decision-making, while encouraging stockholders to engage directly with the Board and management regarding significant corporate matters Supermajority voting Voting standard for most matters is a majority of votes cast; but the affirmative vote of two-thirds of the outstanding shares is required to remove a director or approve certain amendments to our Restated Certificate of Incorporation Protects against a small group of stockholders acting to amend our governing documents or to remove directors for reasons that may not be in the best interests of all stockholders Plurality voting for director elections Directors are elected by a plurality of votes cast, meaning the nominees receiving the most votes are elected Supports continuity in Board leadership and avoids potential disruption that could result from a “failed election,” enabling the Company to maintain effective oversight and strategic execution Stockholders may not call special meetings or act by written consent Stockholders may propose business at annual meetings (per our advance notice Bylaws or Rule 14a-8), but may not call a stockholder vote in between annual meetings Promotes orderly governance and ensures that stockholder actions are considered with the participation of all stockholders, while allowing the Board and management to remain focused on long-term strategy and execution Table of Contents Corporate Governance 53 Our Board’s Oversight Role and Responsibilities Key Board Responsibilities Strategy Oversight Our Approach to Strategy Oversight.
Corporate governance / classified board and shareholder restrictions · Filed 08/04/2026
No member of management, including the CEO, participates in decisions regarding his or her own compensation.
Compensation governance / exclusion from own-pay decisions · Filed 08/04/2026
A reconciliation of gross profit, gross margin, product gross profit, and product gross margin excluding SBC, Restructuring, Impairment, and Other (as the case may be) to gross profit, gross margin, product gross profit, and product gross margin, the most directly comparable GAAP measures, respectively, and the computation of gross margin and product gross margin excluding SBC, Restructuring, Impairment, and Other (as the case may be) are as follows: Fiscal 2025 Fiscal 2024 Fiscal 2023 Revenue 2,023,994 1,473,856 1,333,470 Gross profit 587,400 404,648 197,794 Gross margin % 29.0 % 27.5 % 14.8 % Stock-based compensation expense 24,103 16,579 17,504 Impairment of assets — — 123,700 Restructuring 250 (403) 3,420 Other 684 1,985 1,588 Non-GAAP gross profit 612,437 422,809 344,006 Non-GAAP gross margin 30.3 % 28.7 % 25.8 % Fiscal 2025 Product revenue 1,531.3 Product gross profit 538.4 Product gross margin % 35.2 % Stock-based compensation expense 14.5 Other 0.3 Product non-GAAP gross profit 553.2 Product non-GAAP gross margin 36.1 % Table of Contents A-2 Bloom Energy 2026 Proxy Statement Operating Income to Operating Income Excluding Stock-Based Compensation, Restructuring Charges (Expense Reversals), and Other Adjustments.
Appendix A / GAAP and non-GAAP gross-margin reconciliation · Filed 08/04/2026
Should SK ecoplant fail to meet these purchase commitments, this would constitute an event of default and we would be entitled to damages equivalent to the lost profit.
Related-party arrangements / damages for purchase-commitment default · Filed 09/02/2026
