Bloom Energy Reports Record Second Quarter 2026 Financial Results and Raises Full Year 2026 Guidance

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Key Terms

basis points financial

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

non-gaap gross margin financial

Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.

non-gaap operating income financial

Non-GAAP operating income is a measure of a company's profit from its core business activities, calculated by excluding certain expenses or income that are not part of regular operations. It provides a clearer picture of how well the business is performing by focusing on ongoing operations, helping investors compare companies more consistently and make better-informed decisions.

non-gaap eps financial

Non-GAAP EPS is a measure of a company's profit per share that excludes certain expenses or income items that are included in standard accounting reports. It is used by investors to get a clearer picture of the company's core performance, much like removing one-time costs from a personal budget to see regular spending habits. This adjusted figure helps investors compare companies more consistently and understand their ongoing profitability.

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07/28/2026 - 04:05 PM

Achieved record quarterly revenue of $1.065 billion, surpassing $1 billion for the first time
Delivered 166% year-over-year revenue growth, driven by 215% product revenue growth
Raises full year 2026 revenue guidance to $3.9 billion – 4.2 billion, representing 100% year-over-year growth at the midpoint

SAN JOSE, Calif.--(BUSINESS WIRE)-- Bloom Energy Corporation (NYSE: BE) (“Bloom,” “Bloom Energy,” “We,” or the “Company”) today reported its financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Highlights

All comparisons are to the second quarter of 2025.

Revenue of $1,065.4 million increased 165.5% compared to $401.2 million. Product revenue of $935.4 million increased 215.4% compared to $296.6 million.
Gross margin of 33.4% increased 668 basis points compared to 26.7%. Non-GAAP gross margin of 34.3% increased 604 basis points compared to 28.2%.
Operating income of $182.2 million increased $185.7 million compared to $3.5 million operating loss. Non-GAAP operating income of $239.6 million increased $211.0 million compared to $28.6 million.
Cash flow from operating activities of $226.4 million increased $439.5 million from a net cash used in operating activities of $213.1 million.
EPS of $0.62 increased $0.80 compared to a loss of ($0.18). Non-GAAP EPS of $0.78 increased $0.68 compared to $0.10.

KR Sridhar, Founder, Chairman and Chief Executive Officer of Bloom Energy, said, “The demand for Bloom Energy’s solutions keeps accelerating every quarter as customers who traditionally defaulted to combustion technologies are now proactively choosing Bloom as a superior power solution. Today, all the major US hyperscalers and over a dozen US neoclouds, AI labs, and colocation data center operators have validated and approved our power solutions for their AI factories. Bloom is now a standard for AI onsite power.”

Simon Edwards, Chief Financial Officer of Bloom Energy, added, “This quarter was the strongest in Bloom’s history, with profitable growth and positive operating cash flow, and we are pleased to raise our full-year outlook. These results reflect disciplined execution while we invest in the capacity and capability to capitalize on the robust demand for Bloom Energy's unique power solutions.”

Summary of Key Financial Metrics

Summary of GAAP Financial Information

($000), except EPS data	Q2'26			Q1'26			Q2'25
Revenue	$	1,065,365		$	751,054		$	401,242
Cost of Revenue		709,793			525,510			294,119
Gross Profit		355,572			225,544			107,123
*Gross Margin*		*33.4*	%		*30.0*	%		*26.7*	%
Operating Expenses		173,335			153,354			110,626
Operating Income (Loss)		182,237			72,190			(3,503	)
*Operating Margin*		*17.1*	%		*9.6*	%		*(0.9*	)%
Non-operating (Income) Expenses		(14,053	)		1,537			39,116
Net Profit (Loss) to Common Stockholders	$	196,290		$	70,653		$	(42,619	)
GAAP EPS, Basic	$	0.68		$	0.25		$	(0.18	)
GAAP EPS, Diluted	$	0.62		$	0.23		$	(0.18	)

Summary of Non-GAAP Financial Information¹

($000), except EPS data	Q2'26			Q1'26			Q2'25
Revenue	$	1,065,365		$	751,054		$	401,242
Cost of Revenue		700,002			514,750			287,892
Gross Profit		365,363			236,305			113,350
*Gross Margin*		*34.3*	%		*31.5*	%		*28.2*	%
Operating Expenses		125,721			106,595			84,708
Operating Income		239,642			129,710			28,643
*Operating Margin*		*22.5*	%		*17.3*	%		*7.1*	%
Adjusted EBITDA	$	253,388		$	142,989		$	41,239
Non-GAAP EPS, Basic	$	0.86		$	0.49		$	0.10
Non-GAAP EPS, Diluted	$	0.78		$	0.44		$	0.10
A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release

Guidance

Bloom Energy is increasing its financial guidance for full-year 2026 as follows:

Revenue:	$3.9B - $4.2B
Non-GAAP Gross Margin:	~34%
Non-GAAP Operating Income:	$800M - $900M
Non-GAAP EPS:	$2.55 - $2.85

Investor Conference Call/ Webcast Details

Bloom Energy will host a conference call today, July 28, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call toll-free dial-in number: +1 (888) 596-4144 and toll-dial-in-number +1 (646) 968-2525. The conference ID is 4454050. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com. Following the webcast, an archived version will be available on Bloom Energy’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 770-2030 or +1 (609) 800-9909 and entering passcode 4454050.

Additional Information and Where to Find It

The Investor Relations section of Bloom Energy’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom Energy encourages investors to visit this website from time to time, as information is updated and new information is posted. The information contained on, or that may be accessed through Bloom Energy's website is not incorporated by reference into, and it not part of, this press release.

Forward-Looking Statements

This press release contains certain forward-looking statements relating to future events and expectations, including with respect to the continued acceleration of demand, community reaction to our projects, our expectations that Bloom Energy will become the standard for on-site power and will continue to scale and grow and estimates and projections for our business outlook for the 2026 fiscal year, each of which is based on current expectations, estimates, and projections about our industry, management’s beliefs, and certain assumptions made by management based on information currently available to management at the time they are made. These forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going forward basis.

Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results, performance, and/or trends. In addition to general industry and global economic conditions, factors that could cause actual results, performance, and/or trends to differ materially from those discussed in the forward-looking statements made in this press release include, but are not limited to: (1) the emerging nature of distributed energy generation and rapidly evolving market trends; (2) the significant upfront costs of Bloom Energy’s Energy Servers and Bloom Energy’s ability to secure financing for its products; (3) Bloom Energy’s ability to drive cost reductions and to successfully mitigate against potential price increases; (4) Bloom Energy’s ability to service its existing debt obligations; (5) Bloom Energy’s ability to be successful in new markets; (6) the risk of manufacturing defects; (7) the accuracy of Bloom Energy’s estimates regarding the useful life of its Energy Servers, (8) delays in the development and introduction of new products or updates to existing products; (9) supply constraints; (10) the availability of rebates, tax credits and other tax benefits; (11) the impact of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act; (12) changes in the regulatory landscape; (13) Bloom Energy’s lengthy sales and installation cycle, construction, utility interconnection and other delays related to the installation of its Energy Servers; (14) evolution of Bloom’s approach to installation to a consult only model particularly for large load sites; (15) business and economic conditions and growth trends in commercial and industrial energy markets; (16) trade policies including tariffs; (17) the overall electricity generation market; (18) our ability to increase production capacity for our products in a timely and cost-effective manner; (19) any actual or perceived slowdown in the adoption of AI resulting in a slower expansion of AI data centers; (20) Bloom Energy’s ability to protect its intellectual property; (21) the ability of current product and service backlog to ultimately be recognizable as revenue; (22) commodity price volatility; (23) inflationary pressures and/or (24) the risks relating to forward-looking statements and other “Risk Factors” identified from time to time in our filings with the Securities Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequently filed reports, including on Form 10-Q, which filings are available from the SEC. Bloom Energy assumes no obligation to, and does not currently intend to, update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures as defined in the SEC rules. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Some numbers may not foot due to rounding. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As required by Regulation G, we have provided reconciliations of our non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release. Bloom Energy urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom Energy’s expectations regarding its 2026 outlook, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP operating income, and non-GAAP EPS measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. The variability of these items could significantly impact our future U.S. GAAP financial results and we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors.

About Bloom Energy

Bloom Energy empowers enterprises to meet soaring energy demands and responsibly take charge of their power needs. The company’s solid oxide fuel cell systems provide ultra-resilient, highly scalable onsite electricity for Fortune 500 customers around the world, including data centers, semiconductor manufacturing, large utilities, and other commercial and industrial sectors as well as mission-critical organizations in local communities, such as hospitals, college campuses and retailers. Headquartered in Silicon Valley, Bloom Energy employs more than 2,000 people worldwide and manufactures its systems in the United States. For more information, visit BloomEnergy.com.

Condensed Consolidated Balance Sheets
(in thousands, except share data)

	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, respectively^{1, 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 assets^{1, 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 assets^{1, 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 liabilities^{1, 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
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

¹We have a variable interest entity related to a joint venture in the Republic of Korea, which represents a portion of the consolidated balances recorded within these financial statement line items. ² Including amounts from related parties of $76.1 million and $151.9 million as of June 30, 2026, and December 31, 2025, respectively. ³ Including amounts from related parties of $43.9 million and $3.0 million as of June 30, 2026, and December 31, 2025, respectively. ⁴ There was no related party balance as of June 30, 2026. Including amount from related parties of $1.2 million as of December 31, 2025. ⁵ Including amounts from related parties of $47.2 million and $48.8 million as of June 30, 2026, and December 31, 2025, respectively. ⁶ There was no related party balance as of June 30, 2026. Including amount from related parties of $6.0 million as of December 31, 2025. ⁷ Including amounts from related parties of $8.6 million and $0.8 million as of June 30, 2026, and December 31, 2025, respectively. ⁸ Including amounts from related parties of $2.5 million and $0.04 million as of June 30, 2026, and December 31, 2025, respectively. ⁹ Including amounts from related parties of $7.0 million and $6.9 million as of June 30, 2026, and December 31, 2025, respectively. ¹⁰ Represent related party investments in the joint ventures between Brookfield Asset Management and the Company. ¹¹Represent the excess of unrealized profit from sales to the joint ventures between Brookfield Asset Management and the Company over the carrying value of the related equity‑method investments. ¹²Represent related party upfront share‑based consideration payable to a customer’s customer. ¹³On May 27, 2026, the Company filed with the Delaware Secretary of State a Certificate of Second Amendment to its Restated Certificate of Incorporation which (among other things) renamed its Class A common stock as common stock and eliminated outdated references to Class B common stock. Prior to such amendment, the Company had 470,092,742 shares of Class B common stock authorized, but as of December 31, 2025, no such shares were issued or outstanding.

Condensed Consolidated Statements of Operations
(in thousands, except per share data)

	Three Months Ended June 30, 2026			Three Months Ended March 31, 2026			Three Months Ended June 30, 2025

Revenue:
Product	$	935,413		$	653,348		$	296,611
Installation		50,978			25,931			37,372
Service		69,023			61,879			54,449
Electricity		9,951			9,896			12,810
Total revenue¹		1,065,365			751,054			401,242
Cost of revenue:
Product		593,957			429,232			198,746
Installation		52,829			35,080			38,224
Service		56,148			53,664			49,408
Electricity		6,859			7,534			7,741
Total cost of revenue		709,793			525,510			294,119
Gross profit		355,572			225,544			107,123
Operating expenses:
Research and development		58,873			56,849			40,768
Sales and marketing		43,045			38,439			24,066
General and administrative²		71,417			58,066			45,792
Total operating expenses		173,335			153,354			110,626
Income (loss) from operations		182,237			72,190			(3,503	)
Interest income		20,881			20,601			6,623
Interest expense³		(8,906	)		(8,604	)		(14,440	)
Equity in earnings (loss) of unconsolidated affiliates⁴		4,346			(17,002	)		—
Other income, net		2,307			6,197			2,373
Loss on extinguishment of debt		—			—			(32,340	)
(Loss) gain on revaluation of embedded derivatives		(539	)		754			112
Profit (loss) before income taxes		200,326			74,136			(41,175	)
Income tax provision		1,470			445			1,017
Net profit (loss)		198,856			73,691			(42,192	)
Less: Net income attributable to noncontrolling interest		2,566			3,038			427
Net income (loss) attributable to common stockholders	$	196,290		$	70,653		$	(42,619	)
Net earnings (loss) per share available to common stockholders:
Basic	$	0.68		$	0.25		$	(0.18	)
Diluted	$	0.62		$	0.23		$	(0.18	)
Weighted average shares used to compute net earnings (loss) per share available to common stockholders:
Basic		287,288			281,719			232,542
Diluted		323,331			319,708			232,542

¹ Including related party revenue of $2.8 million, $373.3 million and $27.1 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. ² Including related party general and administrative expenses of $0.2 million for the three months ended June 30, 2025. There was no related party general and administrative expenses for the three months ended June 30, 2026, and March 31, 2026. ³ Including related party interest expenses of $0.1 million for the three months ended June 30, 2025. There was no related party interest expense for the three months ended June 30, 2026, and March 31, 2026. ⁴Represent related party equity in earnings (loss) of the joint ventures between Brookfield Asset Management and the Company.

Condensed Consolidated Statement of Cash Flows
(in thousands)

	Three Months Ended June 30, 2026			Three Months Ended March 31, 2026			Three Months Ended June 30, 2025
Cash flows from operating activities:
Net income (loss)	$	198,856		$	73,691		$	(42,192	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		13,746			13,279			12,596
Non-cash lease expense		8,024			8,002			8,384
Equity in (earnings) loss of unconsolidated affiliates, net of distributions		(4,346	)		17,002			—
Stock-based compensation expense		52,217			48,215			29,284
Amortization of debt issuance costs		3,372			3,426			1,864
Loss on extinguishment of debt		—			—			32,340
Net gain on failed sale-and-leaseback transactions		(4,122	)		(9,405	)		(60	)
Share-based consideration payable to customer’s customer¹³		5,012			(3,090	)		—
Allowance for credit losses		3,080			—			—
Unrealized foreign currency exchange (gain) loss		(353	)		2,827			(2,587	)
Other¹²		869			(782	)		(134	)
Changes in operating assets and liabilities:
Accounts receivable¹		(101,372	)		11,782			(132,161	)
Contract assets²		(122,964	)		(64,690	)		13,821
Inventories		(26,473	)		(88,584	)		(77,025	)
Deferred cost of revenue		(47,168	)		7,122			34,600
Prepaid expenses and other current assets³		(78,178	)		(54,155	)		11,236
Other long-term assets⁴		(70,647	)		(25,993	)		(1,430	)
Operating lease right-of-use assets and operating lease liabilities⁵		(8,545	)		(8,526	)		(8,419	)
Financing lease liabilities		166			89			531
Accounts payable⁶		63,460			36,962			226
Accrued warranty⁷		39,432			18,352			1,710
Accrued expenses and other current liabilities⁸		90,758			(1,367	)		12,295
Deferred revenue and customer deposits⁹		211,693			89,539			(108,005	)
Deferred profit with equity method investees and other long-term liabilities¹⁰		(85	)		(86	)		15
Net cash provided by (used in) operating activities		226,432			73,610			(213,111	)
Cash flows from investing activities:
Purchase of property, plant and equipment		(51,641	)		(26,182	)		(7,245	)
Proceeds from sale of property, plant and equipment		36			91			33
Investments in unconsolidated affiliates¹¹		(2,948	)		(19,848	)		—
Net cash used in investing activities		(54,553	)		(45,939	)		(7,212	)
Cash flows from financing activities:
Payment of debt issuance costs		19			(806	)		(3,348	)
Repayment of debt		(1,347	)		—			—
Proceeds from financing obligations		4			—			—
Repayment of financing obligations		(3,844	)		(7,972	)		(2,794	)
Proceeds from issuance of common stock		7,324			15,835			30
Dividend paid		(925	)		—			(947	)
Other		(5	)		—			—
Net cash provided by financing activities		1,226			7,057			(7,059	)
Effect of exchange rate changes on cash, cash equivalent, and restricted cash		(2,881	)		1,976			2,071
Net increase (decrease) in cash, cash equivalents, and restricted cash		170,224			36,704			(225,311	)
Cash, cash equivalents, and restricted cash:
Beginning of period		2,518,284			2,481,580			831,358
End of period	$	2,688,508		$	2,518,284		$	606,047


¹Including changes in related party balances of $75.5 million, $151.3 million and $9.5 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. ²Including changes in related party balances of $31.0 million, $70.4 million and $0.7 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. ³Including changes in related party balances of $0.9 million, $0.3 million and $0.6 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. ⁴Including changes in related party balances of $5.3 million, $0.7 million and $0.3 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. ⁵Including changes in related party balance of $0.2 million for the three months ended June 30, 2025. There were no related party balances as of June 30, 2026, March 31, 2026, and December 31, 2025. ⁶Including changes in related party balance of $0.04 million for the three months ended June 30, 2025. There were no related party balances as of June 30, 2026, March 31, 2026, and December 31, 2025. ⁷Including changes in related party balances of $4.5 million, $3.3 million and $0.1 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. ⁸Including changes in related party balances of $0.7 million, $1.7 million and $1.8 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. ⁹Including changes in related party balances of $1.1 million, $1.2 million and $0.5 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. ¹⁰Including changes in related party balances of $3.2 million and $8.8 million for the three months ended June 30, 2026, and March 31, 2026, respectively. There were no related party balances as of March 31, 2025, and June 30, 2025. ¹¹Represent related party investments in the joint ventures between Brookfield Asset Management and the Company. ¹²Includes $0.1 million related party distributions received from the joint ventures between Brookfield Asset Management and the Company for the three months ended March 31, 2026. ¹³Represent related party non-cash consideration payable to customer’s customer.

Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
(in thousands, except percentages)

	Q2'26			Q1'26			Q2'25
GAAP revenue	$	1,065,365		$	751,054		$	401,242
GAAP cost of revenue		709,793			525,510			294,119
GAAP gross profit		355,572			225,544			107,123
Non-GAAP adjustments:
Stock-based compensation expense		9,675			10,405			5,714
Restructuring		—			181			336
Other		116			175			177
Non-GAAP gross profit	$	365,363		$	236,305		$	113,350
GAAP gross margin %		33.4	%		30.0	%		26.7	%
Non-GAAP adjustments		0.9	%		1.4	%		1.6	%
Non-GAAP gross margin %		34.3	%		31.5	%		28.2	%

	Q2'26			Q1'26			Q2'25
GAAP operating income (loss)	$	182,237		$	72,190		$	(3,503	)
Non-GAAP adjustments:
Stock-based compensation expense		56,402			57,004			30,177
Restructuring		848			306			1,755
Other		153			211			214
Non-GAAP operating income	$	239,642		$	129,710		$	28,643
GAAP operating margin %		17.1	%		9.6	%		(0.9	)%
Non-GAAP adjustments		5.4	%		7.7	%		8.0	%
Non-GAAP operating margin %		22.5	%		17.3	%		7.1	%

Reconciliation of GAAP Net Income (Loss) to non-GAAP Net Profit and Computation of non-GAAP Net Earnings per Share (EPS)
(unaudited)
(in thousands, except share data)

	Q2'26			Q1'26			Q2'25
Net Income (loss) to Common Stockholders	$	196,290		$	70,653		$	(42,619	)
Non-GAAP adjustments:
Add back: Net income attributable to noncontrolling interest		2,566			3,038			427
Stock-based compensation expense		56,402			57,004			30,177
Equity in (earnings) loss of unconsolidated affiliates		(4,346	)		17,002			—
Effect of Assets Buyout and Repowering		(4,243	)		(9,405	)		(60	)
Restructuring		848			306			1,755
Loss (gain) on derivative liabilities		539			(754	)		(112	)
Loss on extinguishment of debt		—			—			32,340
Other		153			211			214
Adjusted Net Profit	$	248,209		$	138,055		$	22,122

Adjusted net earnings per share (EPS), Basic	$	0.86		$	0.49		$	0.10
Adjusted net earnings per share (EPS), Diluted	$	0.78		$	0.44		$	0.10
Weighted average shares outstanding attributable to common stockholders, Basic		287,288			281,719			232,542
Weighted-average shares outstanding attributable to common stockholders, Diluted		323,331			319,708			232,542

Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
(unaudited)
(in thousands)

	Q2'26			Q1'26			Q2'25
Net Income (loss) to Common Stockholders	$	196,290		$	70,653		$	(42,619	)
Add back: Net income attributable to noncontrolling interest		2,566			3,038			427
Stock-based compensation expense		56,402			57,004			30,177
Equity in (earnings) loss of unconsolidated affiliates		(4,346	)		17,002			—
Effect of Assets Buyout and Repowering		(4,243	)		(9,405	)		(60	)
Restructuring		848			306			1,755
Loss (gain) on derivative liabilities		539			(754	)		(112	)
Loss on extinguishment of debt		—			—			32,340
Other		153			211			214
Adjusted Net Profit		248,209			138,055			22,122

Depreciation & amortization		13,746			13,279			12,596
Income tax provision		1,470			445			1,017
Interest expense, Other (income) expense, net		(10,039	)		(8,790	)		5,504
Adjusted EBITDA	$	253,388		$	142,989		$	41,239

Reconciliation of GAAP to non-GAAP Gross Profit (Loss) and Margin
(unaudited)
(in thousands, except percentages)

								Q2'26
	Revenue		GAAP gross profit (loss)			Stock-based compensation expense		Other Non-GAAP adj.			Non-GAAP gross profit (loss)			GAAP Gross Margin		Non-GAAP gross margin %
Product	$	935,413	$	341,456		$	6,388	$	—		$	347,844		36.5	%	37.2	%
Install		50,978		(1,851	)		1,118		1			(732	)	(3.6	)%	(1.4	)%
Service		69,023		12,875			2,169		116			15,160		18.7	%	22.0	%
Electricity		9,951		3,092			—		(1	)		3,091		31.1	%	31.1	%
Total	$	1,065,365	$	355,572		$	9,675	$	116		$	365,363		33.4	%	34.3	%

								Q1'26
	Revenue		GAAP gross profit (loss)			Stock-based compensation expense		Other Non-GAAP adj.		Non-GAAP gross profit (loss)			GAAP Gross Margin		Non-GAAP gross margin %
Product	$	653,348	$	224,116		$	6,160	$	82	$	230,358		34.3	%	35.3	%
Install		25,931		(9,149	)		1,446		69		(7,634	)	(35.3	)%	(29.4	)%
Service		61,879		8,215			2,800		145		11,160		13.3	%	18.0	%
Electricity		9,896		2,362			—		60		2,422		23.9	%	24.5	%
Total	$	751,054	$	225,544		$	10,405	$	356	$	236,305		30.0	%	31.5	%

								Q2'25
	Revenue		GAAP gross profit (loss)			Stock-based compensation expense		Other Non-GAAP adj.			Non-GAAP gross profit (loss)			GAAP Gross Margin		Non-GAAP gross margin %
Product	$	296,611	$	97,865		$	3,569	$	232		$	101,666		33.0	%	34.3	%
Install		37,372		(852	)		831		(1	)		(22	)	(2.3	)%	(0.1	)%
Service		54,449		5,041			1,314		283			6,638		9.3	%	12.2	%
Electricity		12,810		5,069			—		(1	)		5,068		39.6	%	39.6	%
Total	$	401,242	$	107,123		$	5,714	$	513		$	113,350		26.7	%	28.2	%

Use of non-GAAP financial measures

To supplement Bloom Energy condensed consolidated financial statement information presented on a GAAP basis, Bloom Energy provides financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (non-GAAP net earnings), non-GAAP basic and diluted earnings per share and Adjusted EBITDA. Bloom Energy also provides forecasts of non-GAAP gross margin and non-GAAP operating margin.

These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States.

The GAAP measure most directly comparable to non-GAAP gross profit is gross profit.
The GAAP measure most directly comparable to non-GAAP gross margin is gross margin.
The GAAP measure most directly comparable to non-GAAP service gross margin is service gross margin.
The GAAP measure most directly comparable to non-GAAP operating income (non-GAAP earnings from operations) is operating income (loss) (earnings (loss) from operations).
The GAAP measure most directly comparable to non-GAAP operating margin is operating margin.
The GAAP measure most directly comparable to non-GAAP net profit (non-GAAP net earnings) is net income (loss) (net earnings (loss)).
The GAAP measure most directly comparable to non-GAAP diluted earnings per share is diluted earnings (loss) per share.
The GAAP measure most directly comparable to Adjusted EBITDA is net income (loss).

Reconciliations of each of these non-GAAP financial measures to GAAP information are included in the tables above or elsewhere in the materials accompanying this news release.

Use and economic substance of non-GAAP financial measures used by Bloom Energy

Non-GAAP gross profit and non-GAAP gross margin, including non-GAAP service gross margin, are defined to exclude charges relating to stock-based compensation expense, restructuring charges, and other charges. Non-GAAP net profit (non-GAAP net earnings) and non-GAAP diluted earnings per share consist of net income (loss) or diluted net income (loss) per share excluding charges relating to net income attributable to noncontrolling interest, charges relating to stock-based compensation expense, equity in earnings (loss) of unconsolidated affiliates, effects of assets buyout and repowering, restructuring charges, loss (gain) on derivative liabilities, loss on extinguishment of debt, and other charges. Adjusted EBITDA is defined as net income (loss) before interest income (expense), income tax provision, depreciation and amortization expense, net income attributable to noncontrolling interest, loss on extinguishment of debt, equity in earnings (loss) of unconsolidated affiliates, charges relating to stock-based compensation expense, restructuring charges, and other charges. Bloom Energy management uses these non-GAAP financial measures for purposes of evaluating Bloom Energy’s historical and prospective financial performance, as well as Bloom Energy’s performance relative to its competitors. Bloom Energy believes that excluding the items mentioned above from these non-GAAP financial measures allows Bloom Energy management to better understand Bloom Energy’s consolidated financial performance as management does not believe that the excluded items are reflective of ongoing operating results. More specifically, Bloom Energy management excludes each of those items mentioned above for the following reasons:

Net income attributable to noncontrolling interest represents allocation to the noncontrolling interests under the hypothetical liquidation at book value (“HLBV”) method and is associated with the joint venture in the Republic of Korea and the ventures between Brookfield Asset Management and the Company.
Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date. Although stock-based compensation is a key incentive offered to our employees, Bloom Energy excludes these charges for the purpose of calculating these non-GAAP measures, primarily because they are non-cash expenses and such an exclusion facilitates a more meaningful evaluation of Bloom Energy current operating performance and comparisons to Bloom Energy operating performance in other periods.
Loss on extinguishment of debt for the three months ended June 30, 2025, was $32.3 million, which was recognized as a result of the debt exchange between the 2.5% Green Convertible Senior Notes due August 2025 and the 3% Green Convertible Senior Notes due June 2029, that settled on May 13, 2025.
Equity-method investment adjustment—include (i) elimination of intra‑entity profit on sales to joint ventures formed with Brookfield Asset Management—deferred and recognized over the assets’ depreciable lives—and (ii) the Company’s equity pickup of those joint ventures’ net results under HLBV method. Equity-method investment adjustments are excluded from non-GAAP financial measures because these generally are non-cash, represent non-operating activity during the period of adjustment, relate to activity in entities outside of the operational control of the Company, and excluding such expense/gain provides meaningful supplemental information regarding core operations.
Loss (gain) on derivatives liabilities represents non-cash adjustments to the fair value of the embedded derivatives.
Restructuring charges are represented by severance expense and other costs.
Effects of Assets Buyout and Repowering represents net gain on failed sale-and-leaseback transactions due to termination of multiple Managed Services sites, consisting of loss on impairment of related fixed assets offset against gain on extinguishment of debt as a result of derecognition of respective financing obligations adjusted by cash paid for assets buyback.
Other represents: (1) site termination costs of $0.1 million, $0.1 million, and $0.2 million for three months ended June 30, 2026, three months ended March 31, 2026, and three months ended June 30, 2025, respectively, (2) sales property tax of $0.1 million for March 31, 2026, and (3) immaterial amounts of amortization of acquired intangible assets.
Adjusted EBITDA is defined as Adjusted Net Profit before depreciation and amortization expense, income tax provision, interest income (expense), other income, net. We use Adjusted EBITDA to measure the operating performance of our business, excluding specifically identified items that we do not believe directly reflect our core operations and may not be indicative of our recurring operations.

For more information about these non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP to Non-GAAP Financial Measures,” “Reconciliation of GAAP Net Income (Loss) to non-GAAP Net Profit and Computation of non-GAAP Net Earnings per Share (EPS),” “Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA,” and “Reconciliation of GAAP to non-GAAP Gross Profit (Loss) and Margin” set forth in this release, which should be read together with the preceding financial statements prepared in accordance with GAAP.

Material limitations associated with use of non-GAAP financial measures

These non-GAAP financial measures have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of Bloom Energy results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:

Items such as stock-based compensation expense that is excluded from non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (non-GAAP net earnings), and non-GAAP diluted earnings per share can have a material impact on the equivalent GAAP earnings measure.
Income attributable to noncontrolling interest and (gain) loss on derivatives liabilities, though not directly affecting Bloom Energy’s cash position, represent the (gain) loss in value of certain assets and liabilities. The expense associated with this (gain) loss in value is excluded from non-GAAP net earnings, and non-GAAP diluted earnings per share and can have a material impact on the equivalent GAAP earnings measure.
Other companies may calculate non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating profit (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP service gross margin, non-GAAP net profit (non-GAAP net earnings), non-GAAP diluted earnings per share and Adjusted EBITDA differently than Bloom Energy does, limiting the usefulness of those measures for comparative purposes.

Compensation for limitations associated with use of non-GAAP financial measures

Bloom Energy compensates for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only as a supplement. Bloom Energy also provides a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP measure within this press release and in other written materials that include these non-GAAP financial measures, and Bloom Energy encourages investors to review those reconciliations carefully.

Usefulness of non-GAAP financial measures to investors

Bloom Energy believes that providing financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP service gross margin, non-GAAP operating income (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (non-GAAP net earnings), non-GAAP diluted earnings per share in addition to the related GAAP measures provides investors with greater transparency to the information used by Bloom Energy management in its financial and operational decision making and allows investors to see Bloom Energy’s results “through the eyes” of management. Bloom Energy further believes that providing this information better enables Bloom Energy investors to understand Bloom Energy’s operating performance and to evaluate the efficacy of the methodology and information used by Bloom Energy management to evaluate and measure such performance. Disclosure of these non-GAAP financial measures also facilitates comparisons of Bloom Energy’s operating performance with the performance of other companies in Bloom Energy’s industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260728460825/en/

Investor Relations:
Michael Tierney
Bloom Energy
investor@bloomenergy.com

Media:
Katja Gagen
Bloom Energy
press@bloomenergy.com

Source: Bloom Energy

Bloom Energy Reports Record Second Quarter 2026 Financial Results and Raises Full Year 2026 Guidance

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