Business Model Canvas Gallery

Key Partners

Brookfield — financing framework of up to $5.0B over five years; Bloom's passive stake is capped at 9.9% (FACT).
American Electric Power — up to 1 GW supply agreement (Nov 2024), initial 100 MW; AEP is also a channel and financing partner (FACT).
Oracle — Oct 2025 partnership for on-site power at AI data centers; a warrant for 3,531,073 shares at $113.28 was exercised cashlessly on May 1, 2026 for 1,905,433 shares (FACT).
SK ecoplant and SK eternix — Korean distributors; Korea has about 682 MW deployed; SK ecoplant held 2.5% of Class A stock at Dec 31, 2025 (FACT).
Suppliers — multi-year agreements with some partners; inputs include rare earth elements, specialty alloys and industrial commodities (FACT).

Make — cells in Fremont, CA, assembly in Newark, DE; Fremont going from 1 GW to 2 GW by end of 2026 (FACT).
Install — design, permits, build and testing; FY2025 installation revenue $204.1M at a 1% gross loss (FACT).
Operate — two control centers (U.S., India) watch every site 24/7 (FACT).
Service — O&M contracts of 5 to 20 years; $228.3M FY2025 service revenue (FACT).
Research — 62 PhDs; FY2025 R&D $186.0M (FACT).

Technology — proprietary solid oxide cells, no combustion; 380 active U.S. patents (FACT).
Installed base — about 1,100 sites in 9 countries; ~99.9% availability for post-2020 systems (FACT).
People — 2,214 full-time employees (1,752 U.S., 395 India), up 4% in 2025 (FACT).
Factories — Newark, DE (owned, 178,000 sq ft) and Fremont, CA (leased) (FACT).
Cash — $2,454.1M at Dec 31, 2025; $2,666.9M at Jun 30, 2026 (FACT).

Time to power — installation in weeks and months; about 90 days in certain project scopes (FACT, company claim).
Reliability — about 99.9% fleet availability for non-redundant installs after 2020; up to roughly 99.999% with redundancy (FACT, company claim).
Cleaner on gas — no combustion; near-zero NOx, SOx and particulates; no water use in steady state (FACT, company claim).
AI-ready — responds to load changes at least twice as fast as turbines and engines; DC output suits 800 VDC designs (FACT, company claim).
Flexible fuel — natural gas, biogas or hydrogen; optional combined heat and power and carbon capture (FACT).

Contract — product, installation and a long O&M agreement are sold together (FACT).
Watch — 24/7 monitoring and predictive analytics from two control centers (FACT).
Guarantee — output and efficiency guarantees; $18.0M paid in 2025, up to $480.7M still potentially payable (FACT).
Renew — customers renew annually; service gross margin improved to 10% from -1% in 2025 (FACT).
Repair — a repair and overhaul facility in Delaware refurbishes returned cells (FACT).

Direct sales — most U.S. sales come from a direct team by industry and account (FACT).
Korea — preferred distributors SK ecoplant and SK eternix (to Dec 2027) (FACT).
Utilities — AEP and others act as channels and partners (FACT).
Financiers — Brookfield AI Fund and others buy systems for end users (FACT).
Subsidiaries — Bloom Energy Japan and India sell directly (FACT).

Data centers — hyperscalers, colocation operators, neoclouds, developers and investors (FACT).
Commercial and industrial — manufacturing, healthcare, retail, education, telecom (FACT).
Utilities — investor-owned, public and cooperative utilities adding on-site capacity (FACT).
Concentration — three customers were about 43%, 13% and 12% of FY2025 revenue (FACT).
Geography — U.S. 81% of FY2025 revenue; South Korea is the second-largest market (FACT).

Cost of revenue — $1,436.6M in FY2025 (71% of revenue): product $992.8M, installation $205.9M, service $205.4M, electricity $32.4M (FACT).
Operating expenses — $514.6M, up 34.8%: R&D $186.0M, sales and marketing $130.2M, G&A $198.4M (FACT).
Stock-based pay — $145.0M, up from $83.0M in 2024 (FACT).
One-time items — $21.9M electrolyzer impairments and $12.7M of construction-in-progress impairment in product cost (FACT).
Capital — $56.8M of property purchases in FY2025; each added GW of capacity is expected to need $100M to $150M (FACT / company estimate).

FY2025 revenue — $2,024.0M, +37.3%: product $1,531.3M, installation $204.1M, service $228.3M, electricity $60.4M (FACT).
FY2025 profit — gross profit $587.4M (29%), operating income $72.8M, net loss $87.1M (FACT).
Purchase model — 98% of FY2025 revenue from direct purchase incl. third-party PPAs; Managed Services was 2% (FACT).
H1 2026 — revenue $1,816.4M (+149.8%), net income $272.5M (FACT; half-year, not annualized).
Backlog — the 10-K describes product and service backlog but the sections reviewed give no dollar backlog total (FACT).