Bloom Energy

Bloom Energy (NYSE: BE) builds solid oxide fuel cell power plants, called Energy Servers, that make electricity on site from natural gas without burning it, and sells them mostly to data-center, industrial and utility customers, often through financing partners who own the machines. FY2025 revenue was $2.02B, +37.3% from $1.47B in 2024: $1.53B from product sales, $204.1M installation, $228.3M service and $60.4M electricity. FY2025 gross profit was $587.4M (29% margin), operating income $72.8M and net loss $87.1M (2024: net loss $27.2M). Three customers were 43%, 13% and 12% of 2025 revenue, and the largest was a related party: the Fund JVs it formed with Brookfield bought $862.1M of products and installation (INFERENCE sum of $809.8M and $52.3M), tied to a framework of up to $5.0B of project financing. Operating cash flow was $113.9M and capital spending on property and equipment was $56.8M; in November 2025 it issued $2.5B of 0% convertible notes, ending 2025 with $2.45B of cash and $2.61B of recourse debt. H1 2026 revenue was $1.82B (+150%), net income $272.5M and operating cash flow $300.0M, with cash of $2.67B at Jun 30, 2026.

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