AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 28/10/2026
Moat38
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 1/4 · The proprietary platform and substantial commercial sales support differentiation, but the catalog does not demonstrate exclusivity, superior lifecycle economics or barriers that prevent alternatives from competing. Management’s standard-setting assertion remains unverified. This is weak evidence of structural protection, despite strong evidence of adoption.
durability · 1/4 · Non-cancellable leases and enforceable purchases provide protection within particular contracts. The partner commitment extends only through 2027 and includes deferred delivery timing. These terms support bounded durability, while the passages do not establish lasting technology protection or advantages that persist after contractual commitments expire.
customer dependency · 2/4 · Financed non-cancellable leases and lost-profit remedies create economic attachment. Maintenance activity supports continuing use indirectly, but disclosed growth was substantially associated with fleet additions. Actual Managed Services site terminations temper dependency. No customer-retention rate, replacement difficulty or universal service lock-in is established.
erosion resilience · 2/4 · Historical revenue expansion and stronger Q3 product and service economics demonstrate operating progress. Installation losses, actual performance-guarantee payments and limited cost pass-through provide counterweights. The evidence supports mixed resilience; it does not show sustained relative performance through competitive substitution or normalization of current power-demand conditions.
Pricing power38
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 1/4 · In 2023, product acceptances increased 17.6%, while lower average selling prices partly offset revenue growth. The Oracle warrant supplies further evidence of customer-related concessions: its $251.6 million grant-date value reduces revenue as underlying deliveries occur. Q3 growth and margins do not isolate a subsequent improvement in realized pricing.
retention · 2/4 · Non-cancellable leases, enforceable partner purchases and continuing service revenue support attachment indirectly. However, fleet expansion can explain service growth, partner delivery timing was extended, and multiple Managed Services sites were terminated. These disclosures support mixed continuing demand without establishing renewal rates or broad customer switching friction.
margin resilience · 2/4 · Q3 2026 GAAP gross margin reached 33.8%; product and service margins exceeded their year-earlier levels. Historical improvement strengthens the evidence, but installation remained loss-making and performance guarantees required payments. Contractual recovery constraints persist. These mixed outcomes support resilience without attributing margin expansion specifically to pricing power.
contractual freedom · 1/4 · Disclosed contractual arrangements, competitive dynamics and fixed-price projects can prevent immediate commodity-cost recovery. Selective pass-through mechanisms provide some flexibility, but their availability is qualified. This supports a weak assessment of repricing freedom rather than an unknown grade; broad unilateral pricing discretion is not established.
Predictability62
5 consecutive published 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
- observedAnnualPeriods
- 5.00
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, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or reported pretax profit plus reported gross interest expense. Reported EBIT is distinct from GAAP operating income and gross interest. 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, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or EBIT calculated from reported pretax profit plus reported gross interest expense; the issuer-reported EBIT is distinct from GAAP operating income and gross interest; 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. ROIC remains undefined for nonpositive invested capital; the explicit asset-return alternative does not change the ROIC chart. Missing financial inputs alone never trigger an alternative. 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 operating cash generation was positive but accompanied by substantial customer deposits. Q3 brought significant working-capital absorption, $157.2 million of investing outflows and a $180.4 million cash decline. Debt, increased outstanding shares and customer equity concessions temper the expanding operating profits; returns on current expansion spending remain unproven.
incentive alignment · 2/4 · The approved June 2026 award links vesting to revenue, a 2029 margin adjustment and continued leadership, with a general holding requirement through 2031. Ownership guidelines add alignment, but allow a compliance period. These are meaningful incentive structures, not demonstrated future performance; the revenue emphasis does not establish capital-return discipline.
execution · 3/4 · Multi-year revenue expansion, positive first-half operating income and cash generation, and Q3 revenue of $1,235.8 million with $225.4 million GAAP operating income support strong execution. This uses operating outcomes indirectly. Installation losses, guarantee payments and working-capital demands limit extrapolation; preliminary Q3 results do not establish exceptional durable performance.
governance · 2/4 · An independent Nominating Committee and management recusal from decisions on their own compensation support oversight. Actual election of directors to three-year terms limits annual shareholder accountability. The catalog supports mixed governance, but does not establish the previously cited whole-board independence percentage or detailed shareholder-action restrictions.
Evidence
Our Business
Our systems use high-temperature solid oxide fuel cells—a proprietary solid-state technology developed by Bloom—which leverage an electrochemical, non-combustion process and form the foundation of our platform, differentiation and competitive advantages.
2025 Form 10-K, filed 2026-02-09; Our Business—proprietary technology assertion · Filed 09/02/2026
1
Summary of Key Financial Metrics
Summary of GAAP Financial Information
($000), except EPS data
Q3'26
Q2'26
Q3'25
Revenue
$
1,235,837
$
1,065,365
$
519,048
Cost of Revenue
818,733
709,793
367,373
Gross Profit
417,104
355,572
151,675
Gross Margin
33.8
%
33.4
%
29.2
%
Operating Expenses
191,655
173,335
Q3 2026 results, filed 2026-10-22; Summary of GAAP Financial Information—quarterly revenue and gross margin · Filed 22/10/2026
10Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Operating Income and Margin Q3’25Q3’26$ in millions $7.8$225.4GAAP operating income Non-GAAP adjustments: 38.260.1Stock-based compensation expense 0.00.0Restructuring 0.20.1Other $46.2$285.7Non-GAAP operating income 1.5%18.2%GAAP operating margin 7.4%4.9%Non-GAAP adjustments 8.9%23.1%Non-GAAP operating margin
Q3 2026 supplemental results, filed 2026-10-22; operating income and margin reconciliation · Filed 22/10/2026
Bloom is now a standard for AI onsite power.”
Q2 2026 results, filed 2026-07-28; CEO assertion that Bloom is an AI onsite-power standard · Filed 28/07/2026
Our products have significant upfront costs, and, for some customers, we need to attract financiers to help them finance purchases.
2025 Form 10-K, filed 2026-02-09; risk passage—upfront costs and customer financing · Filed 09/02/2026
Performance Guarantees—We paid $5.4 million and $13.8 million for the three and six months ended June 30, 2026, respectively, and $3.0 million and $14.6 million for the three and six months ended June 30, 2025, respectively, for guarantees that we provide customers on the output performance of our Energy Server systems.
Q2 2026 Form 10-Q, filed 2026-07-28; Commitments and Contingencies—performance-guarantee payments · 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.
2025 Form 10-K, filed 2026-02-09; Managed Services Financing—non-cancellable lease terms · Filed 09/02/2026
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.
2025 Form 10-K, filed 2026-02-09; SK ecoplant agreement—2024–2027 purchase commitment · Filed 09/02/2026
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.
2025 Form 10-K, filed 2026-02-09; SK ecoplant agreement—default and lost-profit damages · Filed 09/02/2026
Service Revenue
Service revenue increased by $32.1 million, or 21.3%, for the year ended December 31, 2023, as compared to the prior year period.
2023 Form 10-K, filed 2024-02-15; Service Revenue—2023 growth · Filed 15/02/2024
This increase was primarily driven by 223 megawatts of the Energy Servers reaching full power in fiscal 2023, which contributed to a $42.5 million increase in revenue from maintenance contracts associated with our fleet of the Energy Servers, partially offset by the impact of product performance guarantees of $8.5 million and a $0.7 million decrease in state incentives.
2023 Form 10-K, filed 2024-02-15; Service Revenue—fleet additions and performance guarantees · Filed 15/02/2024
The Second Amended Restated PDA adds a new minimum purchase commitment of 250 megawatts and extends the timing of delivery of the remaining take-or- pay commitment under the original agreement.
2025 Form 10-K, filed 2026-02-09; SK ecoplant agreement—additional commitment and extended delivery timing · Filed 09/02/2026
•Effects of Assets Buyout and Repowering represents net gain on failed sale-and-leaseback transactions due to termination of multiple Managed Services sites, consisting of loss on impairment of related fixed assets offset against gain on extinguishment of debt as a result of derecognition of respective financing obligations adjusted by cash paid for assets buyback.
Q3 2026 results, filed 2026-10-22; non-GAAP definitions—termination of multiple Managed Services sites · Filed 22/10/2026
Product Revenue
Product revenue increased by $94.6 million, or 10.7%, for the year ended December 31, 2023, as compared to the prior year period.
2023 Form 10-K, filed 2024-02-15; Product Revenue—period and revenue growth · Filed 15/02/2024
This increase was primarily driven by higher product acceptances of 17.6%, offset by the lower average selling price.
2023 Form 10-K, filed 2024-02-15; Product Revenue—acceptance growth offset by 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 $55.9 million, respectively.
Q2 2026 Form 10-Q, filed 2026-07-28; Oracle warrant—valuation dates, assumptions and fair value · Filed 28/07/2026
Following the Grant Date, the fair value of the Warrant was fixed, and is accounted for as consideration payable to a customer’s customer, recognized as a reduction of revenue as the underlying Energy Server systems sold under the Oracle arrangement are delivered.
Q2 2026 Form 10-Q, filed 2026-07-28; Oracle warrant—revenue reduction upon underlying deliveries · Filed 28/07/2026
Increases in commodity prices may not be immediately recoverable through customer pricing due to contractual arrangements, competitive dynamics, or fixed‑price project structures, creating potential margin pressure.
Q2 2026 Form 10-Q, filed 2026-07-28; commodity costs—contractual and competitive limits on pricing recovery · Filed 28/07/2026
We utilize supplier diversification, long‑term sourcing agreements, inventory planning, and selective contractual pass‑through mechanisms where available to mitigate commodity cost risks; however, sustained or rapid commodity price increases could adversely affect our results of operations.
Q2 2026 Form 10-Q, filed 2026-07-28; commodity costs—selective contractual pass-through mechanisms · Filed 28/07/2026
Please reference section “GAAP to Non-GAAP reconciliation: Gross profit and margin” of the appendix for detailed GAAP to Non-GAAP reconciliations Q3’25Q3’26 Non-GAAP gross margin GAAP gross margin Non-GAAP gross profit Other Non- GAAP Adj 1 SBC1GAAP gross profit Revenue Non-GAAP gross margin GAAP gross margin Non-GAAP gross profit (loss) Other Non- GAAP Adj 1 SBC1 GAAP gross profit (loss) Revenue$ in Millions 35.9%35.0%$138.0 $0.0 $3.5 $134.5 $384.3 38.4%37.9%$412.2 $0.0 $5.6 $406.6 $1,073.6 Product 10.0%8.9%$6.6$0.0 $0.8 $5.9$65.8 (3.5%)(4.8%)($3.0)$0.0 $1.1 ($4.1)$84.9 Install 14.4%11.6%$8.5 $0.2 $1.5 $6.8 $58.6 21.4%17.8%$14.5 $0.1 $2.4 $12.0 $67.6 Service 43.8%43.8%$4.5 $0.0 $0.0 $4.5 $10.4 25.7%25.7%$2.5 $0.0 $0.0 $2.5 $9.8 Electricity 30.4%29.2%$157.6 $0.2 $5.7 $151.7 $519.0 34.5%33.8%$426.2 $0.1 $9.0 $417.1 $1,235.8 Total
Q3 2026 supplemental results, filed 2026-10-22; product, installation, service and electricity gross profit and margin reconciliation · Filed 22/10/2026
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.
Q2 2026 Form 10-Q, filed 2026-07-28; Liquidity—first-half operating cash flow and operating 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.
Q2 2026 Form 10-Q, filed 2026-07-28; Contract Balances—first-half customer deposits · Filed 28/07/2026
(0.10)
Diluted
$
0.78
$
0.62
$
(0.10)
Weighted average shares used to compute net earnings (loss) per share available to common stockholders:
Basic
294,757
287,288
234,931
Diluted
324,289
323,331
234,931
8
Condensed Consolidated Statement of Cash Flows*
(in thousands)
Three Months
Ended September
30, 2026
Three Months
Ended June
30, 2026
Three Months
Ended September
30, 2025
Cash flows from operating activities:
Net income (loss)
$
248,976
$
198,856
$
(22,960)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization
13,805
13,746
12,800
Non-cash lease expense
9,862
8,024
8,057
Equity in loss (earnings) of unconsolidated affiliates, net of distributions
2,897
(4,346)
19,599
Stock-based compensation expense
57,209
52,217
37,255
Amortization of debt issuance costs
3,180
3,372
1,814
Net gain on failed sale-and-leaseback transactions
(9,400)
(4,122)
—
Share-based consideration payable to customer’s customer
(520)
5,012
—
Allowance for credit losses
—
3,080
340
Inventory reserve and assets impairment
3,143
—
21,846
Unrealized foreign currency exchange (gain) loss
(1,083)
(353)
2,703
Other12
792
869
407
Changes in operating assets and liabilities:
Accounts receivable
(175,235)
(101,372)
54,223
Contract assets
(430,348)
(122,964)
(129,086)
Inventories
(170,401)
(26,473)
(36,562)
Deferred cost of revenue
(42,651)
(47,168)
4,310
Q3 2026 results, filed 2026-10-22; cash-flow statement—working capital and stock-based compensation · Filed 22/10/2026
Net cash used in investing activities
(157,208)
(54,553)
(36,871)
Cash flows from financing activities:
Repayment of debt
—
(1,347)
—
Repayment of financing obligations
(5,379)
(3,844)
(2,939)
Proceeds from issuance of common stock
10,782
7,324
42,354
Dividend paid
—
(925)
—
Other
(37)
18
—
Net cash provided by financing activities
5,366
1,226
39,415
9
Three Months
Ended September
30, 2026
Three Months
Ended June
30, 2026
Three Months
Ended September
30, 2025
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(1,373)
(2,881)
(1,245)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(180,362)
170,224
20,968
Cash, cash equivalents, and restricted cash:
Beginning of period
2,688,508
2,518,284
606,047
End of period
$
2,508,146
$
2,688,508
$
627,015
*
* These preliminary results are not a comprehensive statement of the Company’s financial results and should not be viewed as a substitute for full financial statements prepared in accordance with GAAP.
Q3 2026 results, filed 2026-10-22; investing outflows, cash movement and preliminary-results qualification · Filed 22/10/2026
6,571,583
$
4,396,711
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable1
$
493,033
$
203,129
Accrued warranty
70,267
20,013
Accrued expenses and other current liabilities1
479,782
222,254
Deferred revenue and customer deposits
278,985
100,975
Operating lease liabilities1
24,022
22,000
Financing obligations
42,783
51,308
Non-recourse debt1
2,950
4,153
Total current liabilities
1,391,822
623,832
Deferred revenue and customer deposits
475,395
42,840
Operating lease liabilities1
96,509
106,935
Financing obligations
142,212
192,460
6
September 30,
December 31,
2026
2025
Recourse debt
2,473,499
2,613,726
Deferred profit in transactions with unconsolidated affiliates
20,062
13,928
Other long-term liabilities
8,974
10,027
Total liabilities
$
4,608,473
$
3,603,748
Commitments and contingencies
Stockholders’ equity:
Common stock: 0.0001 par value; 600,000,000 shares authorized, and 295,537,217 shares and 280,045,459 shares issued and outstanding, at September 30, 2026 and December 31, 2025, respectively2
30
28
Additional paid-in capital
5,403,998
4,755,965
Accumulated other comprehensive loss
(457)
(369)
Accumulated deficit
(3,470,694)
(3,986,983)
Total stockholders’ equity attributable to common stockholders
1,932,877
768,641
Noncontrolling interest
30,233
24,322
Total stockholders’ equity
$
1,963,110
$
792,963
Total liabilities and stockholders’ equity
$
6,571,583
$
4,396,711
Q3 2026 results, filed 2026-10-22; balance sheet—debt, customer deposits and outstanding shares · Filed 22/10/2026
Performance Grant
On June 15, 2026, the Board of Directors of the Company (the “Board”) approved a grant of performance-based restricted stock units (“PSUs”) in respect of 271,076 shares of common stock of the Company at the target level (the “2026 Award”) under the Company’s 2018 Equity Incentive Plan to Dr.
Form 8-K, filed 2026-06-17; Performance Grant—Board approval on June 15, 2026 · Filed 17/06/2026
Vesting of the 2026 Award is conditioned on the achievement of objective total revenue targets, measured based on the four consecutive fiscal quarters within the period beginning July 1, 2026 and ending December 31, 2029, during which the Company’s aggregate total revenue is highest.
Form 8-K, filed 2026-06-17; approved CEO award—revenue measurement period · Filed 17/06/2026
The number of PSUs subject to vest based on such achievement may be adjusted upward or downward based on the Company’s non-GAAP product gross margin in fiscal year 2029, further reinforcing a focus on both growth and profitability.
Form 8-K, filed 2026-06-17; approved CEO award—2029 non-GAAP product-margin adjustment · Filed 17/06/2026
Vesting is also subject to Dr. Sridhar’s continuous leadership of the Company through December 31, 2029, subject to limited exceptions.
Form 8-K, filed 2026-06-17; approved CEO award—continued leadership condition · Filed 17/06/2026
Moreover, in general, Dr. Sridhar must hold the net shares delivered from the vesting of the 2026 Award until December 31, 2031, further aligning his long-term interests with those of the Company’s stockholders.
Form 8-K, filed 2026-06-17; approved CEO award—general net-share holding requirement · Filed 17/06/2026
These guidelines require our executive officers to maintain an equity ownership interest in the Company in accordance with specified ownership levels within five years of becoming subject to these guidelines:
Position
Target Dollar Value (as a multiple of base salary)
CEO
4x annual base salary
CFO
1.5x annual base salary
Other Executive Officers Reporting to CEO
1.5x annual base salary
Shares that count towards satisfaction of this ownership guideline include: (i) shares of Class A common stock that are owned outright by the officer or his or her immediate family members residing in the same household; (ii) shares held in trust for the benefit of the officer or his or her family; and (iii) RSUs and PSUs that have vested but have been deferred under the Deferred Compensation Plan.
2026 proxy, filed 2026-04-08; Stock Ownership Policy—required levels, timeframe and qualifying holdings · Filed 08/04/2026
All executive officers have achieved their stock ownership guideline levels or remain within the permitted timeframe to achieve compliance.
2026 proxy, filed 2026-04-08; Stock Ownership Policy—compliance or remaining permitted timeframe · Filed 08/04/2026
No member of management, including the CEO, participates in decisions regarding his or her own compensation.
2026 proxy, filed 2026-04-08; compensation decisions—management recusal · Filed 08/04/2026
Composition:
The Board has determined that each Nominating Committee member is independent under the NYSE listing standards.
2026 proxy, filed 2026-04-08; Nominating Committee—NYSE independence determination · Filed 08/04/2026
The four individuals listed below were elected at the Annual Meeting to serve on the Board of Directors (the “Board”) for three-year terms expiring at the 2029 Annual Meeting of Stockholders or until their respective successors have been duly elected and qualified.
Annual-meeting results Form 8-K, filed 2026-05-27; elected directors—three-year terms through 2029 · Filed 27/05/2026
11Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Gross Profit and Margin 20212022202320242025$ in millions $972.2$1,199.1$1,333.5$1,473.9$2,024.0GAAP revenue 774.61,050.81,135.71,069.21,436.6GAAP cost of sales $197.6$148.3$197.8$404.6$587.4GAAP gross profit Non-GAAP adjustments: 13.819.017.516.624.1Stock-based compensation expense --3.4(0.4)0.2Restructuring -108.8123.7--Impairment of assets --1.62.00.7Other $211.4$276.1$344.0$422.8$612.4Non-GAAP gross profit 20.3%12.4%14.8%27.5%29.0%GAAP gross margin 1.4%10.7%11.0%1.2%1.2%Non-GAAP adjustments 21.7%23.0%25.8%28.7%30.3%Non-GAAP gross margin
Q3 2026 supplemental results, filed 2026-10-22; historical 2021–2025 GAAP revenue and gross-margin reconciliation · Filed 22/10/2026
