Bloom Energy Corporation (NYSE: BE) — research brief (BMC #070 on gallery, queue id 69)

Prepared 2026-10-11 (America/Chicago). Labels: FACT = stated by Bloom Energy in its Form 10-K for fiscal 2025 (year ended 31 Dec 2025, filed 9 Feb 2026), its Q4/FY2025 earnings release (5 Feb 2026), or its Form 10-Q (filed 28 Jul 2026) and 10-Q/A (filed 29 Jul 2026, corrects the customer-concentration wording) for the quarter ended 30 Jun 2026. SECONDARY = none used. INFERENCE = ratios or sums computed by this project from company numbers.

Sources (accessed 2026-10-11)

Form 10-K FY2025: https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm
Q4/FY2025 earnings release: https://www.sec.gov/Archives/edgar/data/1664703/000162828026005798/ex991_q42025financialresul.htm
Form 10-Q Q2 2026: https://www.sec.gov/Archives/edgar/data/1664703/000162828026050247/be-20260630.htm
Form 10-Q/A Q2 2026: https://www.sec.gov/Archives/edgar/data/1664703/000162828026050325/be-20260630.htm

What it is (FACT)

Solid oxide fuel cell maker. Main product: Bloom Energy Server (natural gas, biogas or hydrogen to electricity, no combustion). Secondary: Bloom Electrolyzer (hydrogen); the 10-K says nearly all product revenue to date is from Energy Servers. ~1,100 sites in 9 countries; 2,214 full-time employees at Dec 31, 2025; Fremont CA (leased; capacity going 1 GW to 2 GW by end of 2026) and Newark DE (owned).

FY2025 numbers (FACT unless marked)

Revenue $2,023,994K, +37.3% (2024 $1,473,856K; 2023 $1,333,470K). Product $1,531,281K (+41.1%), installation $204,068K (+66.8%), service $228,295K (+6.9%), electricity $60,350K (+14.2%).
Cost of revenue $1,436,594K; gross profit $587,400K (29%; 27% in 2024). Product GM 35%, installation -1%, service 10%, electricity 46%.
Opex $514,598K: R&D $185,993K, S&M $130,228K, G&A $198,377K. Stock comp $145,015K.
Operating income $72.8M (2024 $22.9M). Net loss $87,140K (2024 $27,203K); net loss to common $88,434K.
Operating cash flow $113,949K; investing -$93,119K (incl. $36.5M into Brookfield Fund JVs; PP&E purchases $56,759K); financing +$1,508,402K.
Unrestricted cash $2,454.1M (2024 $802.9M). Recourse debt $2,613.7M. $2.5B 0% convertible notes due Nov 2030 issued Nov 4, 2025 (net $2,440.2M). $600M revolver undrawn.
Customers: three customers ~43%, 13%, 12% of revenue; first is a related party. Related-party revenue $892,035K (2024 $338,602K), including $809.8M product + $52.3M installation to the Fund JVs (sum $862.1M is INFERENCE).
U.S. 81% of revenue (74% in 2024). Direct purchase incl. third-party PPAs and international channels 98%; Managed Services 2% (5% in 2024).
Brookfield: Aug 2025, up to $5.0B financing framework over five years via an AI Infrastructure Fund; Bloom passive stake capped at 9.9% (or lesser of 9.9% / 2% of projected investment for 5+ year projects), total commitment $58.2M, contributed $36.5M; equity in loss of Fund JVs $40.4M.
AEP: up to 1 GW agreement (Nov 2024), initial 100 MW. Oracle: Oct 2025 partnership; warrant for 3,531,073 shares at $113.28 (exercised cashless May 1, 2026 for 1,905,433 shares, per the 10-Q). $15.9M reduction of product revenue for share-based consideration payable to a key hyperscaler customer.
Services: O&M agreements 5 to 20 years, annual termination for convenience; performance guarantee cap ~$585.4M, ~$480.7M remaining potential; paid $18.0M in 2025.
Policy: ITC 48(a) up to 50% expired for non-zero-carbon fuel cells end of 2024 (safe-harbored projects continue); OBBBA gave a 30% 48E ITC for fuel cells beginning construction after Dec 31, 2025 through 2033. 48C allocation of up to $75.3M accepted for Fremont, subject to conditions.

H1 2026 (10-Q, six months to Jun 30, 2026; not annualized)

Revenue $1,816,419K vs $727,263K (+149.8%); Q2 $1,065,365K vs $401,242K (+165.5%). Product $1,588.8M. Product increase attributed to a significant deployment for a large AI infrastructure customer and multiple Brookfield JV projects.
Net income $272,547K (H1 2025 net loss $65,606K); to common $266.9M; income from operations $254.4M.
Operating cash flow +$300.0M (H1 2025 -$323.8M); PP&E purchases $77.8M. Cash $2,666.9M; recourse debt $2,470.7M + $4.7M current.
Customer concentration (10-Q/A): six months — two customers ~44% (related party) and ~21%; Q2 — one non-related customer ~73%.
H1 gross profit ~$581M, ~32% margin (INFERENCE: revenue $1,816.4M less cost lines $1,235.3M).
Product cost included a $37.4M recovery of previously paid import tariffs.

Not found / not stated

The sections of the 10-K reviewed give no dollar total for product or service backlog. No per-kW price is disclosed; none is asserted.
Whether the largest customer is exactly the Fund JVs is not stated as such; the filing says the first customer is a related party and that related-party sales to the Fund JVs were $862.1M (INFERENCE that they are the same).

Atlas tag

Main engine = hardware (Energy Server product sales ~76% of FY2025 revenue, INFERENCE).

# Bloom Energy Corporation (NYSE: BE) — research brief (BMC #070 on gallery, queue id 69) Prepared 2026-10-11 (America/Chicago). Labels: **FACT** = stated by Bloom Energy in its Form 10-K for fiscal 2025 (year ended 31 Dec 2025, filed 9 Feb 2026), its Q4/FY2025 earnings release (5 Feb 2026), or its Form 10-Q (filed 28 Jul 2026) and 10-Q/A (filed 29 Jul 2026, corrects the customer-concentration wording) for the quarter ended 30 Jun 2026. **SECONDARY** = none used. **INFERENCE** = ratios or sums computed by this project from company numbers. ## Sources (accessed 2026-10-11) - Form 10-K FY2025: https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm - Q4/FY2025 earnings release: https://www.sec.gov/Archives/edgar/data/1664703/000162828026005798/ex991_q42025financialresul.htm - Form 10-Q Q2 2026: https://www.sec.gov/Archives/edgar/data/1664703/000162828026050247/be-20260630.htm - Form 10-Q/A Q2 2026: https://www.sec.gov/Archives/edgar/data/1664703/000162828026050325/be-20260630.htm ## What it is (FACT) Solid oxide fuel cell maker. Main product: Bloom Energy Server (natural gas, biogas or hydrogen to electricity, no combustion). Secondary: Bloom Electrolyzer (hydrogen); the 10-K says nearly all product revenue to date is from Energy Servers. ~1,100 sites in 9 countries; 2,214 full-time employees at Dec 31, 2025; Fremont CA (leased; capacity going 1 GW to 2 GW by end of 2026) and Newark DE (owned). ## FY2025 numbers (FACT unless marked) - Revenue $2,023,994K, +37.3% (2024 $1,473,856K; 2023 $1,333,470K). Product $1,531,281K (+41.1%), installation $204,068K (+66.8%), service $228,295K (+6.9%), electricity $60,350K (+14.2%). - Cost of revenue $1,436,594K; gross profit $587,400K (29%; 27% in 2024). Product GM 35%, installation -1%, service 10%, electricity 46%. - Opex $514,598K: R&D $185,993K, S&M $130,228K, G&A $198,377K. Stock comp $145,015K. - Operating income $72.8M (2024 $22.9M). Net loss $87,140K (2024 $27,203K); net loss to common $88,434K. - Operating cash flow $113,949K; investing -$93,119K (incl. $36.5M into Brookfield Fund JVs; PP&E purchases $56,759K); financing +$1,508,402K. - Unrestricted cash $2,454.1M (2024 $802.9M). Recourse debt $2,613.7M. $2.5B 0% convertible notes due Nov 2030 issued Nov 4, 2025 (net $2,440.2M). $600M revolver undrawn. - Customers: three customers ~43%, 13%, 12% of revenue; first is a related party. Related-party revenue $892,035K (2024 $338,602K), including $809.8M product + $52.3M installation to the Fund JVs (sum $862.1M is INFERENCE). - U.S. 81% of revenue (74% in 2024). Direct purchase incl. third-party PPAs and international channels 98%; Managed Services 2% (5% in 2024). - Brookfield: Aug 2025, up to $5.0B financing framework over five years via an AI Infrastructure Fund; Bloom passive stake capped at 9.9% (or lesser of 9.9% / 2% of projected investment for 5+ year projects), total commitment $58.2M, contributed $36.5M; equity in loss of Fund JVs $40.4M. - AEP: up to 1 GW agreement (Nov 2024), initial 100 MW. Oracle: Oct 2025 partnership; warrant for 3,531,073 shares at $113.28 (exercised cashless May 1, 2026 for 1,905,433 shares, per the 10-Q). $15.9M reduction of product revenue for share-based consideration payable to a key hyperscaler customer. - Services: O&M agreements 5 to 20 years, annual termination for convenience; performance guarantee cap ~$585.4M, ~$480.7M remaining potential; paid $18.0M in 2025. - Policy: ITC 48(a) up to 50% expired for non-zero-carbon fuel cells end of 2024 (safe-harbored projects continue); OBBBA gave a 30% 48E ITC for fuel cells beginning construction after Dec 31, 2025 through 2033. 48C allocation of up to $75.3M accepted for Fremont, subject to conditions. ## H1 2026 (10-Q, six months to Jun 30, 2026; not annualized) - Revenue $1,816,419K vs $727,263K (+149.8%); Q2 $1,065,365K vs $401,242K (+165.5%). Product $1,588.8M. Product increase attributed to a significant deployment for a large AI infrastructure customer and multiple Brookfield JV projects. - Net income $272,547K (H1 2025 net loss $65,606K); to common $266.9M; income from operations $254.4M. - Operating cash flow +$300.0M (H1 2025 -$323.8M); PP&E purchases $77.8M. Cash $2,666.9M; recourse debt $2,470.7M + $4.7M current. - Customer concentration (10-Q/A): six months — two customers ~44% (related party) and ~21%; Q2 — one non-related customer ~73%. - H1 gross profit ~$581M, ~32% margin (INFERENCE: revenue $1,816.4M less cost lines $1,235.3M). - Product cost included a $37.4M recovery of previously paid import tariffs. ## Not found / not stated - The sections of the 10-K reviewed give no dollar total for product or service backlog. No per-kW price is disclosed; none is asserted. - Whether the largest customer is exactly the Fund JVs is not stated as such; the filing says the first customer is a related party and that related-party sales to the Fund JVs were $862.1M (INFERENCE that they are the same). ## Atlas tag Main engine = hardware (Energy Server product sales ~76% of FY2025 revenue, INFERENCE).