NYSE: BE · Electrical Components & Equipment
Bloom Energy Corporation
Bloom Energy makes the Bloom Energy Server, a solid-oxide fuel cell system that turns natural gas, biogas or hydrogen into electricity on site without combustion, plus the Bloom Electrolyzer for producing hydrogen. Demand for on-site power at AI data centers has driven rapid growth: 2025 revenue rose 37% to $2.02 billion, and Q3 2026 revenue reached a record $1.24 billion, up 138%, with $225 million of operating income. Sales are concentrated — three customers and distributors made up 68% of 2025 revenue, led by joint ventures with Brookfield, which agreed to a financing framework of up to $5 billion. AEP may buy up to 1 GW of fuel cells, and Oracle received a warrant tied to an AI data center partnership. Bloom still reported a GAAP net loss of $87 million in 2025 and has issued convertible notes, including $2.5 billion of 0% notes in November 2025.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 9, 2026
Built on10-K FY2025 · filed 2026-02-0910-Q (quarter ended 2026-09-30) · filed 2026-10-22
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 20.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 3.6%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -12.9 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 1.4x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- —
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 109.8x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 2.11
Higher than 87% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 10% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 2% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 43% of 304 non-financial companies
Below 0 means more cash than debt
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$205.00close on 2026-11-04
Market cap$57.41B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 109.8x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 74.7x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 466.7x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 0.1%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: —
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 31.7x
Book value at FY2025 year-end
At FY2025 year-end: 198.6x
EBITDA for FY2025
At FY2025 year-end: 0.2%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$519M → $1.24B (vs. a year earlier)↑ +138.1%$519M → $1.24B (vs. a year earlier)
- Operating margin1.5% → 18.2% (vs. a year earlier)↑ +16.7 pts1.5% → 18.2% (vs. a year earlier)
- Net income−$23M → $249M (vs. a year earlier)↑ $249M−$23M → $249M (vs. a year earlier)
- Diluted EPS$-0.10 → $0.78 (vs. a year earlier)↑ $0.78$-0.10 → $0.78 (vs. a year earlier)
- Cash$2.67B → $2.49B (vs. previous quarter-end)↓ −6.8%$2.67B → $2.49B (vs. previous quarter-end)
- Long-term debt$2.48B → $2.48B (vs. previous quarter-end)→ −0.1%$2.48B → $2.48B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 22, 2026.
Management outlook ↑ Raised
Raised 2026 revenue guidance to $4.4B–$4.6B. Source sentence
Raises full year 2026 revenue guidance to $4.4 billion - $4.6 billion, representing 122% year-over-year growth at the midpoint
Key changes
Record Q3 revenue $1,235.8M, up 138.1%. Source sentence
Achieved record quarterly revenue of $1,235.8 million, delivering 138.1% year-over-year growth
Gross margin 33.8%, up 453 basis points. Source sentence
Gross margin of 33.8% increased 453 basis points.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Bloom Energy Corp
- Headquarters
- SAN JOSE, CA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: BE
- Industry
- Electrical Components & Equipment
- CIK
- 1664703
Workforce (as of FY2025 year-end)
Employees
2,214
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 36–58 days after quarter end (Feb 5, 2026; Feb 27, 2025; Feb 15, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–58 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 22, 2026 (+22 days) | Oct 22, 2026 10-Q (+22 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Jul 28, 2026 10-Q (+28 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 5, 2026 (+36 days) | Feb 9, 2026 10-K (+40 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 28, 2025 (+28 days) | Oct 28, 2025 10-Q (+28 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | Apr 30, 2025 10-Q (+30 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 27, 2025 (+58 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 7, 2024 (+38 days) | Nov 7, 2024 10-Q (+38 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 8, 2024 (+39 days) | Aug 8, 2024 10-Q (+39 days) |
| Q1 FY2024 | Mar 31, 2024 | May 9, 2024 (+39 days) | May 9, 2024 10-Q (+39 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 15, 2024 (+46 days) | Feb 15, 2024 10-K (+46 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Energy
Bloom Energy Server
Examples: Solid-oxide fuel cell power systems
Runs on natural gas, biogas or hydrogen; modular and serviceable without downtime.
Hydrogen
Bloom Electrolyzer
Examples: High-temperature solid oxide electrolyzer
Produces hydrogen.
From the FY2025 Form 10-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from the Q3 earnings release, 10-Q and 8-Ks.
Q3 2026 results
Record revenue of $1,235.8M (+138%); product revenue $1,073.6M (+179%); operating income $225.4M; EPS $0.78. Full-year revenue guidance raised to $4.4–4.6B. Bloom was added to the S&P 500.
Source: Q3 2026 earnings release
Short-seller report
Bloom rejected a July 8, 2026 Hunterbrook Media report on its accounting and scandium oxide supply. A securities class action citing the same allegations followed (see Legal).
Source: 8-K filed 2026-07-09
Oracle warrant
Oracle completed a cashless exercise of its warrant on May 1, 2026, receiving 1,905,433 shares, plus 248,798 inducement shares for electing net settlement.
Source: Form 10-Q (quarter ended 2026-09-30)
Management
Simon Edwards became CFO on April 13, 2026; founder-CEO KR Sridhar received a new performance award tied to revenue targets through 2029.
Source: 8-Ks filed 2026-03-26 and 2026-06-17
Capex ÷ D&A (FY2025)
1.12x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$57M ÷ $51M = 1.12x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
9.2%
formularesearch & development expense ÷ revenue × 100
e.g.$186M ÷ $2,024M × 100 = 9.2%
Where the money goes, over time
Unit: $M. Capex went from $38M in FY2020 to $57M in FY2025
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$2.02B
As reported in the 10-K
Revenue CAGR (5 years)
+20.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($2,024M ÷ $794M) ^ (1÷5) − 1 = 20.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
3.6%▲favorable
+13.8pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$73M ÷ $2,024M × 100 = 3.6%
ROE (FY2025)
-13.1%▼caution
6-year average: -72.4%
As reported in the 10-K
P/B (FY2025 end)
31.66x
formulafiscal year-end closing price ÷ book value per share
e.g.$86.89 ÷ $2.74 = 31.66x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
198.6x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($24,333M + $2,622M − $2,454M) ÷ ($73M + $51M) = 198.6x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +20.6% a year over 5 years (strong growth)
From $794M in FY2020 to $2.02B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: -10.2% → 3.6%
How much operating profit is left per $100 of revenue. It moved +13.8 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 17.5% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 2 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged -72.4% over 6 years (latest: -13.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Brookfield Asset Management
- American Electric Power (AEP)
- Oracle
- SK ecoplant
07 · what it does
Key activities
On-site fuel cell power
Manufacturing Energy Servers- Installation
Hydrogen electrolyzers
Electrolyzer development and sales
06 · what it draws on
Key resources
On-site fuel cell power
Solid-oxide fuel cell technology and materials- Manufacturing capacity being expanded
Hydrogen electrolyzers
The same solid oxide platform
02 · why customers buy
Value propositions
- Always-on power from proprietary solid oxide fuel cells installed at the customer's site; Bloom says its systems adapt to variable workloads.
04 · how it keeps them
Customer relationships
- Long-term service agreements for installed Energy Servers; backlog of contractual purchase commitments.
03 · how it reaches them
Channels
- Direct sales and distributors; many systems are bought by financiers that own them and sell the power to end users.
01 · who it serves
Customer segments
On-site fuel cell power
AI data centers and other large power users- Utilities such as AEP
Hydrogen electrolyzers
Hydrogen producers and industrial users
09 · where money goes
Cost structure
FY2025, share of revenue ($2.02B)
- Cost of revenue0.9%
- Research & development9.2%
- Selling, general & administrative9.8%
- Other operating costs76.5%
Operating profit left: 3.6% of revenue. Depreciation & amortization (inside the costs above): $51M. Capital spending: $57M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
On-site fuel cell power
Product sales- Installation
Hydrogen electrolyzers
Product sales
Value propositions, channels and customer relationships: Form 10-K (FY2025)
On-site fuel cell power
Bloom designs, manufactures, installs and services Energy Servers that supply always-on power at customer sites, sold directly or to financiers and partners who own the systems and sell power to end customers.
01 what it draws on
Inputs & resources
- Solid-oxide fuel cell technology and materials
- Manufacturing capacity being expanded
- 2,214 full-time employees
02 what it does
Activities
- Manufacturing Energy Servers
- Installation
- Operations and maintenance for 5 to 20 years
03 who it serves
Customers
- AI data centers and other large power users
- Utilities such as AEP
- Financing partners such as Brookfield's Fund JVs
04 how money comes in
How it earns
- Product sales
- Installation
- Long-term service contracts
- Electricity sales from some owned systems
On-site fuel cell power: how it makes money
- 2025 revenue: product $1.53B (+41%), installation $204M, service $228M, electricity $60M.
- Q3 2026 product revenue $1,073.6M, up 179%.
Hydrogen electrolyzers
The Bloom Electrolyzer uses high-temperature solid oxide technology to produce hydrogen; the 10-K says the clean hydrogen industry is early and no technology leads yet.
01 what it draws on
Inputs & resources
- The same solid oxide platform
02 what it does
Activities
- Electrolyzer development and sales
03 who it serves
Customers
- Hydrogen producers and industrial users
04 how money comes in
How it earns
- Product sales
Hydrogen electrolyzers: how it makes money
- An early-stage market for the company.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Bloom Energy’s fuel cells may qualify for new technology-neutral investment tax credits from 2026.
Government funding & tax credits
Investment tax credits
From January 1, 2026, Energy Server systems may qualify for technology-neutral investment tax credits.
Supports the businessTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Environmental rules
Carbon rules
CO2-related law changes, including carbon pricing, could affect demand.
Supports and constrainsTouches: CustomersSource: Form 10-K (FY2025)
Trade & export rules
Tariffs and trade rules
Tariffs have had impacts and conditions remain volatile.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Product
1,531 (76%)profit 538 · margin 35.1%
Installation
204 (10%)profit -2 · margin -1.0%
Service
228 (11%)profit 23 · margin 10.1%
Electricity
60 (3%)profit 28 · margin 46.7%
Source: Form 10-K (FY2025) — MD&A, revenue and cost of revenue Bloom has one reportable segment; these are its revenue types. Profit is gross profit (revenue less cost of revenue) for each type.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Energy Servers are sold outright or to financiers who own them and sell power to end customers. Service contracts run 5 to 20 years but can be terminated for convenience annually. A growing number of orders now move from booking to revenue in under twelve months.
Product and installation
$1.74B (86% of 2025 revenue)
Typical term: One-time sale to customer or financier
Sales to Brookfield's Fund JVs were $862M in 2025.
- 5–20 years
Operations and maintenance
$228M (11%)
Typical term: Renewable annually; terminable for convenience
Electricity
$60M (3%)
Typical term: Power purchase agreements on some systems
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Financing
Brookfield Asset Management
A financing framework of up to $5.0B over five years for Bloom fuel cell projects, housed in joint ventures (the Fund JVs), agreed in August 2025.
Source: Form 10-K (FY2025) — Note 7
Supply
American Electric Power (AEP)
AEP may procure up to 1 GW of fuel cells for applications such as AI data centers, starting with a 100 MW order (announced November 2024).
Source: Form 10-K (FY2025) — Item 1
Partnership
Oracle
On-site power for AI data centers; Bloom issued Oracle a warrant for up to 3,531,073 shares at $113.28 in April 2026.
Source: 8-K filed 2026-04-13
Joint venture
SK ecoplant
A Korean joint venture and past equity investment; SK ecoplant owned 2.5% of Bloom at year-end 2025 and is no longer a related party.
Source: Form 10-K (FY2025) — Note 17
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Data centers, utilities and commercial and industrial users, often through financiers that own the systems.
Named by the company
- Brookfield Fund JVs (related party) — $809.8M of product and $52.3M of installation revenue in 2025.Form 10-K (FY2025) — Note 12
- AEP — Supply agreement for up to 1 GW.Form 10-K (FY2025) — Item 1
What the filings disclose
- Three customers and distributors accounted for about 43%, 13% and 12% of 2025 revenue. (Form 10-K (FY2025), Note 1)
Suppliers
Materials and components for solid-oxide fuel cells.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- Bloom states its scandium oxide supply is sufficient and not dependent on China. (8-K filed 2026-07-09)
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Bloom's 10-K says it competes mainly against grid power and on-site firm power from OEMs of gas reciprocating engines, small gas turbines and combined cycle plants, and that major turbine OEMs are supply constrained. In electrolyzers it competes with alkaline, PEM and AEM technologies. It names no companies.
Competitors named in the 10-K
Bloom's 10-K names competing technologies rather than companies.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Companies in alternative energy, AI-oriented semiconductors, AI facilitators and data center infrastructure, with revenue and market capitalization of about 0.25x–5x Bloom's.
- AAONsite ↗
- C3.aisite ↗
- Enphase Energysite ↗
- First Solarsite ↗
- Generacsite ↗
- Lumentumsite ↗
- Nextrackersite ↗
- nVent Electricsite ↗
- onsemisite ↗
- Onto Innovationsite ↗
- Ormat Technologiessite ↗
- Plug Powersite ↗
- Everpure (formerly Pure Storage)site ↗
- Rambussite ↗
- Rivian Automotivesite ↗
- Skyworks Solutionssite ↗
- Smartsheetsite ↗
- Sunrunsite ↗
- Synapticssite ↗
- Talen Energysite ↗
- Trimblesite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 794 | 972 | 1,199 | 1,333 | 1,474 | 2,024 |
| Operating income | -81 | -115 | -261 | -209 | 23 | 73 |
| Pretax income | -179 | -192 | -314 | -306 | -26 | -84 |
| Net income (attributable) | -158 | -164 | -302 | -302 | -27 | -87 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 22.4% | 23.3% | 11.2% | 10.5% | 37.3% |
| Operating margincalcoperating income ÷ revenue × 100 | -10.2% | -11.8% | -21.8% | -15.7% | 1.6% | 3.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -19.8% | -16.9% | -25.2% | -22.7% | -1.8% | -4.3% |
| Balance sheet ($M) | ||||||
| Total assets | 1,454 | 1,726 | 1,947 | 2,414 | 2,657 | 4,397 |
| Total equity | 141 | -2 | 379 | 521 | 585 | 793 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 391 | 527 | 412 | 847 | 1,243 | 2,622 |
| Equity ratio | 5.4% | -2.6% | 17.5% | 20.8% | 21.2% | 17.5% |
| ROE | -199.9% | — | — | -71.7% | -5.1% | -13.1% |
| Cash flow ($M) | ||||||
| Operating CF | -99 | -61 | -192 | -373 | 92 | 114 |
| Investing CF | -38 | -47 | -117 | -84 | -59 | -93 |
| Financing CF | 176 | 306 | 211 | 683 | 175 | 1,508 |
| Free cash flowcalccash flow from operations − capital expenditures | -137 | -110 | -309 | -456 | 33 | 57 |
| Cash and equivalents | 247 | 396 | 348 | 665 | 803 | 2,454 |
| Per share & other | ||||||
| EPS ($) | -1.14 | -0.95 | -1.62 | -1.42 | -0.13 | -0.37 |
| BVPS ($) | 0.47 | -0.25 | 1.66 | 2.23 | 2.45 | 2.74 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | — | — | — | — | 72.8 | 198.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 61.08 | — | 11.54 | 6.62 | 9.05 | 31.66 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $1.24B+138.1% | $225M+2773.4% | $249M | $0.78 |
| 2026-06-30 | $1.07B+165.5% | $182M | $199M | $0.62 |
| 2026-03-31 | $751M+130.4% | $72M | $74M | $0.23 |
| 2025-12-31 † | $778M+35.9% | $88M-16.4% | $1M-98.6% | — |
| 2025-09-30 | $519M | $8M | −$23M | $-0.10 |
| 2025-06-30 | $401M | −$4M | −$42M | $-0.18 |
| 2025-03-31 | $326M | −$19M | −$23M | $-0.10 |
| 2024-12-31 † | $572M | $105M | $105M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
2.2%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$73M × (1 − 21%) ÷ $2,622M × 100 = 2.2%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
15.06%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $24.33B ÷ ($24.33B + $2.62B) = 90.3%
e.g.Debt weight: $2.62B ÷ ($24.33B + $2.62B) = 9.7%
e.g.WACC: 16.6% × 90.3% + 1.5% × (1 − 21%) × 9.7% = 15.06%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 12.3%–18.1% and ROIC − WACC runs −15.9 to −10.1 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 15.06% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 2.11 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 16.55%
- Cost of debt
- 1.45%
- Tax rate
- 21% (U.S. federal statutory rate (not enough data for an effective rate))
- Capital structure (equity : debt)
- 90% : 10%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 15.06%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 2.11 (price-derived adjusted beta. Raw β 2.65, R² 0.15, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 2.650 + 0.33 = 2.106
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 2.11 × 5.5% = 16.6%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
15.0%
Perpetual FCF growth: g = r − FCF ÷ EV = 15.1% − 0.1%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+20.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $57M (operating CF − capex); enterprise value $57.58B = market cap $57.41B (latest close, 2026-11-04) + debt $2.62B − cash and short-term investments $2.45B; r = WACC of 15.1% using this page’s default assumptions (β 2.11, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$1.84B
FCF $57M ÷ (15.1% − 12.0%)
Theoretical ÷ actual enterprise value
0.03x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 13.1% | 14.1% | 15.1% | 16.1% | 17.1% |
|---|---|---|---|---|---|
| 0% | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x |
| 2% | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x |
| 4% | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x |
| 6% | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x |
| 8% | 0.02x | 0.02x | 0.01x | 0.01x | 0.01x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Accrual ratio (latest): -5.7%
A small share of profit rests on accounting estimates.
- !
Days sales outstanding: 44 → 64 days
Receivables are growing faster than revenue — worth checking for looser collection terms or channel stuffing.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-09
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($336M + $372M) ÷ 2 ÷ $2,024M × 365 = 64 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($545M + $643M) ÷ 2 ÷ $18M × 365 = 12045 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 78.6%
- Directors & officers (shares)
- 3.0%
- Everyone else (est.)
- 18.4%
- Directors & officers (voting power)
- 3.0%
- Institutional-ownership rank
- 323 of 416
- Beta (adjusted)
- 2.11
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 77% of covered companies have more
above 1 = swings more than the market
- 231.5M shares reported by 1,280 13F filers ÷ 294.5M shares outstanding on 2026-07-22. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-08 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-22)
19
Strengths & weaknessesSite analysis
Strengths
1. Rapid growth
Revenue grew from $972M (2021) to $2.02B (2025), and Q3 2026 revenue was a record $1.24B (+138%).
Evidence: SEC EDGAR XBRL; Q3 2026 earnings release
2. Speed to power
The 10-K says Energy Servers are easier to permit and install than turbines and engines, so they can be deployed rapidly when customers urgently need power.
Evidence: Form 10-K (FY2025), Item 1
3. Improving margins
Q3 2026 gross margin was 33.8% (+453 bp), with $225M of operating income; operating cash flow was $273M in the first nine months of 2026.
Evidence: Q3 2026 earnings release; Form 10-Q (quarter ended 2026-09-30)
Weaknesses
1. Customer concentration
Three customers and distributors made up about 43%, 13% and 12% of 2025 revenue; the largest is a related party (Brookfield's Fund JVs).
Evidence: Form 10-K (FY2025), Note 1
2. History of losses
Net losses every year from 2021 to 2025, including $87M in 2025.
Evidence: SEC EDGAR XBRL
3. Dilution
Shares outstanding rose from 229M to 280M in 2025, and more shares may be issued on conversion of convertible notes.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
—
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
0.2%
(Operating CF − capex) ÷ market cap
1. AI data center power
Bloom says all major U.S. hyperscalers and over a dozen neoclouds, AI labs and colocation operators have approved its power solutions.
- What has to hold
- Grid constraints keep on-site power in demand.
- The other side
- Revenue is concentrated, and the company has only recently become profitable on an operating basis.
Evidence: Q2 2026 earnings release
These summarize facts in Bloom Energy's filings, not a recommendation.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
100x+
$2.45B vs. $8M
Interest coverage (operating income ÷ interest expense)
1.9x
$73M vs. $38M
Free cash flow ÷ dividends paid
60.4x
$57M vs. $947,000 (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash
$2.45B of cash at year-end 2025 after the $2.5B 0% convertible note issue.
Source: SEC EDGAR XBRL; Form 10-K (FY2025)
Operating cash flow
Positive in 2024 ($92M) and 2025 ($114M); $273M in the first nine months of 2026.
Source: SEC EDGAR XBRL; Form 10-Q (quarter ended 2026-09-30)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
A July 2026 securities class action repeats a short-seller report's supply-chain allegations. Bloom Energy is in a long-running arbitration with its former supplier Plansee/GTP over patents and confidential information.
2 open matters (1 flagged as major)
Securities class action (Nevins)
PendingClass actionMajorShareholder plaintiffs (lead plaintiff Nicole Caraoué); Bloom and current and former senior managers (N.D. Cal.)
Filed in July 2026 under Sections 10(b) and 20(a), alleging misleading statements since February 27, 2025 about Bloom's supply chain; the allegations mirror the July 2026 Hunterbrook Media short-seller report. A lead plaintiff and lead counsel were appointed on October 15, 2026. Bloom calls the complaint without merit.
- Amounts
- Not stated.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Plansee/GTP patent and IP arbitration
PendingPatent / IPPlansee SE / Global Tungsten & Powders (WIPO arbitration, Geneva); related E.D. Tex. case stayed
Plansee/GTP alleges infringement of three U.S. patents and breach of an IP and confidentiality agreement. Bloom counterclaimed over inventorship, invalidity, unfair competition, RICO and antitrust. The first phase (inventorship and defective product claims) was heard July–August 2025, and a partial award was issued February 12, 2026.
- Next step
- The parties dispute whether the first phase is complete, and no timeline is set for further phases.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Company statement: Bloom says it is not party to any other proceeding that would have a material adverse effect.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Customer/supplier concentration
Reliance on a few buyers
- Company disclosure (summarized from the 10-K)
- Most revenue comes from a few customers and financiers, led by the Brookfield Fund JVs.
- Company’s stated mitigation
- Expanding direct sales and utility partnerships.
- This site’s assessment
- Impact High / Likelihood Med
- 2Demand & macro
Emerging markets
- Company disclosure (summarized from the 10-K)
- The 10-K says distributed generation and hydrogen are emerging markets that may not gain wide acceptance; demand is tied to AI data center build-outs.
- Company’s stated mitigation
- Diversifying across data centers, utilities and other large loads.
- This site’s assessment
- Impact High / Likelihood Med
- 3Funding & liquidity
Convertible debt
- Company disclosure (summarized from the 10-K)
- $2.5B of 0% convertible notes due 2030 plus remaining 3.0% green convertible notes due 2028 and 2029.
- Company’s stated mitigation
- $2.45B of cash at year-end 2025 and a $600M revolving credit facility (December 2025).
- This site’s assessment
- Impact Med / Likelihood Med
- 4Supply chain
Critical materials
- Company disclosure (summarized from the 10-K)
- A July 2026 short-seller report questioned its scandium oxide supply; Bloom said it has sufficient supply and is not dependent on China.
- Company’s stated mitigation
- Company states visibility into supply for 25 GW a year of fuel cells.
- This site’s assessment
- Impact Med / Likelihood Low
- 5Law & regulation
Tax incentives
- Company disclosure (summarized from the 10-K)
- Product backlog values reflect anticipated investment tax credits; changes to U.S. incentives (IRA, One Big Beautiful Bill Act) affect customer economics.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
• Our AI customer mix is increasing due to the continued adoption of AI tools, and the resulting growth in AI data centers and their resulting power needs to support our business expansion. Read more
Slower expansion of AI data centers due to actual or perceived deceleration in AI adoption or other factors could have an adverse impact on our business, financial condition and results of operations.
• Certain features or characteristics of some of our supply agreements could expose us to risks, such as excess inventory, insufficient inventory, or above market pricing or higher costs, which could negatively affect our results of operations.
• Our internal computer systems, and those of our third-party providers, may fail or suffer from events beyond our control, including from cybersecurity events, which could reduce revenue and earnings, increase expenses and expose us to legal and regulatory claims.
• the introduction, emergence, continuance, maturation or success of, or increased government support for, other hydrogen production or alternative energy generation technologies and products (including, for example, small scale nuclear and geothermal);
Our AI customer mix is increasing due to the continued adoption of AI tools, and the resulting growth in AI data centers and their resulting power needs to support our business expansion. Read more
Slower expansion of AI data centers due to actual or perceived deceleration in AI adoption or other factors could have an adverse impact on our business, financial condition and results of operations.
While we sell our solutions to customers in a variety of industries and for a variety of applications, we have recently seen a significant increase in demand for Bloom Energy Server systems to meet the power needs of AI data centers, which are experiencing increased demand for reliable, on-site power. These AI data centers are experiencing this increased demand largely as a result of the large power consumption requirements of AI computing and the lack of available generation, transmission and interconnection from the utility grid. A deceleration in AI adoption, changes in customer capital expenditure priorities, financing constraints (including reduced availability of project finance or tax equity), longer permitting or construction lead times, local moratoria, protests or siting restrictions on data centers or distributed generation, or improved grid interconnection timelines could…
Project execution risks may be heightened for large-scale, complex, first-of-a-kind, or geographically diverse projects as well as projects in new markets or regulatory environments. Read more
If we are unable to effectively manage these risks, our ability to deliver projects on time, within budget, and in accordance with contractual requirements could be adversely affected, which could harm our business reputation, customer relationships, cash flows, operational results, and financial condition.
We have entered into supply agreements with certain suppliers. Read more
Some of these supply agreements contain long-term commitments, fixed or inflation-adjusted pricing, prepayment obligations, take-or-pay arrangements and, in a few cases, contain supplier purchase commitments. These features or characteristics could expose us to risks, such as limiting our flexibility to move to alternative suppliers in circumstances in which it may be beneficial, paying higher prices for supplies than the market, inflation-adjusted pricing that adversely affects our margins in the event we are not able to correspondingly increase the price of our products, storing aging inventory that we do not need, and failing to recover prepayments from suppliers, particularly if dealing with suppliers without a long, stable production and financial history. We may not accurately predict whether the terms of any supply…
No longer in the text (4)
We derive a substantial portion of our revenue and backlog from a limited number of customers, and the loss of or a significant reduction in orders from a large customer could have a material adverse effect on our operating results and other key metrics.
In any particular period, a substantial amount of our total revenue has and could continue to come from a relatively small number of customers. Read more
As an example, in the year ended December 31, 2024, three customers accounted for approximately 23%, 16% and 14% of our total revenue. The loss of any large customer order or any delays in installations of new products with any large customer would materially and adversely affect our business results.
arrangements could mean that we end up paying for inventory that we do not need or that is at a higher price than the market. Read more
Further, we face significant specific counterparty risk under long-term supply agreements when dealing with suppliers without a long, stable production and financial history. Given the uniqueness of our products, many of our suppliers do not have a long operating history and are private companies that may not have substantial capital resources. In the event any such supplier experiences financial difficulties, it may be difficult or impossible, or may require substantial time and expense, for us to recover any or all of our prepayments. We do not know whether we will be able to maintain long-term supply relationships with our critical suppliers or whether we may secure new long-term supply agreements. Additionally, many of our parts and materials are procured…
We utilize a sourcing strategy that emphasizes global procurement of materials that have direct or indirect dependencies upon a number of vendors with operations in the Asia Pacific region. Read more
Physical, regulatory, technological, market, reputational, and legal risks related to climate change in these regions and globally are increasing in impact and diversity and the magnitude of any short-term or long-term adverse impact on our business or results of operations remains unknown. The physical impacts of climate change, including as a result of certain types of natural disasters occurring more frequently or with more intensity or changing weather patterns, could disrupt our supply chain, result in damage to or closures of our facilities, and could otherwise have an adverse impact on our business, operating results and financial condition. In addition, the war in Ukraine resulted in…
25 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 9, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
25
What to watch going forwardSite analysis
- Delivery on raised 2026 revenue guidance of $3.9–4.2B.
- Customer concentration as more hyperscalers and data center operators buy directly.
- Dilution from convertible notes, the Oracle warrant and share offerings.
- Follow-up to the July 2026 short-seller report.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 9, 2026
Built on10-K FY2025 · filed 2026-02-09
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Bloom Energy Corporation’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.