{"schemaVersion":1,"research":true,"symbol":"be","name":"Bloom Energy","topic":"moat","path":"/stock/be/moat","status":"published","version":3,"updatedAt":"2026-10-18T13:02:49.302Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"Bloom has demonstrated commercial adoption, manufacturing improvements and recurring maintenance demand, but the passages do not establish durable protection against competing power solutions. Technology and installed customer relationships are plausible advantages whose competitive durability remains unproven. Pricing power is constrained: historical average selling prices declined, customer equity concessions reduce revenue, and fixed-price arrangements limit cost recovery. Improved operating results support execution, rather than independently proving a moat.","advantages":[{"mechanism":"intangible_assets","claim":"Accumulated fuel-cell technology and manufacturing expertise support a differentiated commercial platform. Deployment history and realized manufacturing improvements establish operating capability, but superiority and exclusion of competitors remain issuer assertions rather than demonstrated durable advantages.","durability":"Potential protection from accumulated expertise and intellectual property; the supplied evidence cannot establish its duration or competitors' ability to replicate it.","risks":"Intellectual property provides limited protection. Product warranty increases and fleet degradation qualify reliability claims. Faster deployment may lose value if alternative power availability improves.","invalidation":"The candidate advantage would be undermined by alternatives matching deployment speed, reliability and total customer cost, or by persistent warranty and performance costs offsetting manufacturing improvements.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5","e6"]},{"mechanism":"switching_costs","claim":"Installed systems, maintenance relationships and some non-cancellable financing terms provide contractual continuity. Growing maintenance revenue demonstrates ongoing customer use, but does not establish costly switching or customer dependence on Bloom.","durability":"Some financing arrangements extend through 2034, while maintenance contracts nominally run 5–20 years but permit annual termination for convenience. Contract length therefore overstates demonstrated lock-in.","risks":"Maintenance growth can reflect fleet expansion rather than renewals. Performance guarantees impose costs on Bloom, and customer financing commitments do not establish exclusive reliance on its technology.","invalidation":"The candidate advantage would be undermined by customers terminating maintenance annually, replacing Bloom economically with alternatives, or recurring service revenue failing to persist as installed systems age.","competitors":[],"evidenceIds":["e7","e8","e9","e10"],"counterEvidenceIds":["e11","e6"]}],"evidence":[{"id":"e1","sourceId":"filing-3","location":"Proxy statement / deployment history and product backlog","excerpt":"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."},{"id":"e2","sourceId":"filing-2","location":"MD&A / product gross profit drivers","excerpt":"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."},{"id":"e3","sourceId":"filing-3","location":"CEO letter / deployment-speed claim","excerpt":"Bloom’s ability to deploy onsite power in months rather than years provides a significant advantage."},{"id":"e4","sourceId":"filing-1","location":"Risk factors / limited intellectual-property protection","excerpt":"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."},{"id":"e5","sourceId":"filing-2","location":"MD&A / increased product warranty","excerpt":"The overall increase was partially offset by an increase in product warranty."},{"id":"e6","sourceId":"filing-2","location":"MD&A / performance-guarantee costs and fleet degradation","excerpt":"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."},{"id":"e7","sourceId":"filing-1","location":"Revenue recognition / non-cancellable financing lease terms","excerpt":"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."},{"id":"e8","sourceId":"filing-1","location":"Revenue recognition / lease expiration dates","excerpt":"The lease agreements expire on various dates through 2034."},{"id":"e9","sourceId":"filing-2","location":"MD&A / maintenance-contract revenue growth","excerpt":"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."},{"id":"e10","sourceId":"filing-1","location":"Related-party arrangements / SK ecoplant purchase commitments","excerpt":"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."},{"id":"e11","sourceId":"filing-1","location":"Business / maintenance terms and annual termination rights","excerpt":"The terms of the contracted operations and maintenance services range from 5 to 20 years, subject to termination for convenience on an annual basis."},{"id":"e12","sourceId":"filing-5","location":"MD&A / product acceptances and lower average selling price","excerpt":"This increase was primarily driven by higher product acceptances of 17.6%, offset by the lower average selling price."},{"id":"e13","sourceId":"filing-2","location":"Revenue recognition / Oracle warrant valuation","excerpt":"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."},{"id":"e14","sourceId":"filing-2","location":"Revenue recognition / warrant consideration reduces revenue","excerpt":"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."},{"id":"e15","sourceId":"filing-2","location":"MD&A / contractual and competitive limits on cost recovery","excerpt":"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."},{"id":"e16","sourceId":"filing-2","location":"MD&A / selective contractual pass-through mechanisms","excerpt":"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."},{"id":"e17","sourceId":"filing-1","location":"Consolidated statements of operations / 2023–2025 operating results","excerpt":"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."},{"id":"e18","sourceId":"filing-2","location":"Liquidity / first-half 2026 operating cash flow and income","excerpt":"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."},{"id":"e19","sourceId":"filing-2","location":"Contract balances / customer deposits and milestone payments","excerpt":"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."},{"id":"e20","sourceId":"filing-2","location":"Liquidity / cash used in investing activities","excerpt":"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."},{"id":"e21","sourceId":"filing-2","location":"Liquidity / joint-venture investments and facility expenditures","excerpt":"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."},{"id":"e22","sourceId":"filing-2","location":"Condensed balance sheets / debt, working capital and outstanding shares","excerpt":"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."},{"id":"e23","sourceId":"filing-2","location":"Executive awards / June 2026 CEO PSU grant","excerpt":"On June 15, 2026, the Company granted PSUs to its Chief Executive Officer (the “CEO Award”)."},{"id":"e24","sourceId":"filing-2","location":"Executive awards / performance and service vesting conditions","excerpt":"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."},{"id":"e25","sourceId":"filing-2","location":"Executive awards / mandatory post-vesting holding period","excerpt":"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."},{"id":"e26","sourceId":"filing-1","location":"Stock compensation / incremental replacement-award cost","excerpt":"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."},{"id":"e27","sourceId":"filing-3","location":"Board composition / independence and tenure","excerpt":"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."},{"id":"e28","sourceId":"filing-3","location":"Corporate governance / classified board and shareholder restrictions","excerpt":"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."},{"id":"e29","sourceId":"filing-3","location":"Compensation governance / exclusion from own-pay decisions","excerpt":"No member of management, including the CEO, participates in decisions regarding his or her own compensation."},{"id":"e30","sourceId":"filing-3","location":"Appendix A / GAAP and non-GAAP gross-margin reconciliation","excerpt":"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."},{"id":"e31","sourceId":"filing-1","location":"Related-party arrangements / damages for purchase-commitment default","excerpt":"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."}],"changes":["Retain the previous uncertain verdict: operating achievements establish capability and demand, but not durable competitive protection.","Explicitly incorporate lower historical average selling prices and the $251.6 million grant-date Oracle warrant valuation as adverse pricing evidence; the warrant reduces revenue as associated systems are delivered.","Assess disclosed management incentives and governance directly, including the June 2026 granted CEO award and holding restriction, rather than relying on founder status."],"limitations":["All evidence comes from supplied issuer filings. Technical superiority, deployment speed and competitive differentiation are largely management claims; operating results and contractual disclosures provide firmer evidence of achievements and obligations.","No supplied passage identifies a named company as a competing power provider. Customers, financing partners, former suppliers and directors' other affiliations are not established competitors, so competitor arrays remain empty.","There are no comparative customer-cost benchmarks, documented competitive win rates, demonstrated switching expenses or renewal rates sufficient to establish a durable moat.","The latest supplied operating period ends June 30, 2026. Source dates are filing dates, retaining dateKind=filed; they are not retrieval dates.","Current management beneficial ownership and compliance with ownership requirements are not established by the supplied passages. Award grants and conditions do not establish eventual vesting or realized alignment.","Evidence entries reference immutable passages without reproducing quotations, as requested."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Commercial deployment and manufacturing improvements establish capability, but comparative superiority and barriers to replication remain unestablished.","evidenceIds":["e1","e2","e4"]},{"criterion":"durability","grade":null,"rationale":"Intellectual-property limitations and annual maintenance termination rights prevent establishing durable protection from technology or contract duration.","evidenceIds":["e4","e11"]},{"criterion":"customer_dependency","grade":null,"rationale":"Maintenance demand and purchase commitments demonstrate relationships, but the passages do not establish irreplaceability or switching friction.","evidenceIds":["e7","e9","e10","e11"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Manufacturing gains coexist with warranty increases and fleet degradation; resilience against competing technologies cannot be established.","evidenceIds":["e2","e5","e6"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"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.","evidenceIds":["e12","e13","e14"]},{"criterion":"retention","grade":2,"rationale":"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.","evidenceIds":["e7","e9","e10","e11","e31"]},{"criterion":"margin_resilience","grade":2,"rationale":"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.","evidenceIds":["e30","e2","e5","e6","e15"]},{"criterion":"contractual_freedom","grade":1,"rationale":"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.","evidenceIds":["e15","e16","e11"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"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.","evidenceIds":["e18","e19","e20","e21","e22"]},{"criterion":"incentive_alignment","grade":2,"rationale":"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.","evidenceIds":["e23","e24","e25","e26"]},{"criterion":"execution","grade":3,"rationale":"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.","evidenceIds":["e17","e18","e2","e9","e5","e6"]},{"criterion":"governance","grade":2,"rationale":"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.","evidenceIds":["e27","e28","e29"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"affbe2610ec363c81b314e91f6c66952894d15c52f9ae018d81803828f8ed383","updatedAt":"2026-10-18T13:02:49.302Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","publishedAt":"2026-02-09","sha256":"f662d06b471a8f1eadc3df48a2afa54b3d09ffd9badbf16a9ee02888f732b996","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026050247/be-20260630.htm","publishedAt":"2026-07-28","sha256":"5d4060e1255a88f0249e0908e495b5e60ad9c6ea30296522305a67ab9c985a35","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026024237/be-20260408.htm","publishedAt":"2026-04-08","sha256":"5857d44dddc0630b9c3593eb1aafbdd0edeb19a7cac985097132b905f5c0a812","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828025008747/be-20241231.htm","publishedAt":"2025-02-27","sha256":"ba016affb5c8809ba8900fc0caf09fbb91c3cdfd0e0d966328f8c5a825d7a18b","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828024005035/be-20231231.htm","publishedAt":"2024-02-15","sha256":"2b2543ccdc0872447413bc9d5ede556fde4b0645fd3bf5822a1e50c90e732639","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026028021/be-20260331.htm","publishedAt":"2026-04-29","sha256":"fe447364e54474cb0fbbbb9385b80b4fa48b21af23cd4262781416effc9076d8","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:a50043928b6731457822d0c32d5ac6a6d451b5cc63e85a78226c364e481d8691","usage":{"input_tokens":91175,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3311,"reasoning_output_tokens":107}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":21.78742427149565,"operating_margin":-12.626232552395194,"roic":null,"fcf_margin":-12.183936184055277,"sbc_revenue":8.079986061764908},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","pb":"Equity attributable to owners is zero or negative, so this ratio is undefined.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_equity":"Equity is zero or negative, so this ratio is undefined.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":13.061040422919534,"operating_margin":-22.987882108185524,"roic":null,"fcf_margin":-27.17638499629188,"sbc_revenue":9.88764658527004},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":15.589281689052967,"operating_margin":-16.465161075740358,"roic":null,"fcf_margin":-35.96126048446463,"sbc_revenue":6.658354232642015},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pocf":"Trailing operating cash flow is zero or negative, so this ratio is undefined.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"Operating cash flow is zero or negative, so this ratio is undefined.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":28.073378965085187,"operating_margin":1.589364184948737,"roic":null,"fcf_margin":2.299579434908152,"sbc_revenue":5.71835320529987},"issues":{"pe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","earnings_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":29.34631752175994,"operating_margin":3.6371648079999446,"roic":null,"fcf_margin":2.8571942442448943,"sbc_revenue":6.964679503640562},"issues":{"pe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","earnings_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm","publishedAt":"2026-02-09","sha256":"f662d06b471a8f1eadc3df48a2afa54b3d09ffd9badbf16a9ee02888f732b996","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026050247/be-20260630.htm","publishedAt":"2026-07-28","sha256":"5d4060e1255a88f0249e0908e495b5e60ad9c6ea30296522305a67ab9c985a35","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026024237/be-20260408.htm","publishedAt":"2026-04-08","sha256":"5857d44dddc0630b9c3593eb1aafbdd0edeb19a7cac985097132b905f5c0a812","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828025008747/be-20241231.htm","publishedAt":"2025-02-27","sha256":"ba016affb5c8809ba8900fc0caf09fbb91c3cdfd0e0d966328f8c5a825d7a18b","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828024005035/be-20231231.htm","publishedAt":"2024-02-15","sha256":"2b2543ccdc0872447413bc9d5ede556fde4b0645fd3bf5822a1e50c90e732639","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026028021/be-20260331.htm","publishedAt":"2026-04-29","sha256":"fe447364e54474cb0fbbbb9385b80b4fa48b21af23cd4262781416effc9076d8","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"uncertain","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"uncertain","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}