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Record $1.065B Q2 lifts Bloom Energy (NYSE: BE) to ~100% 2026 growth

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Bloom Energy reported record Q2 2026 results, with revenue of $1.065 billion, up 165.5% from $401.2 million a year earlier, driven by product revenue of $935.4 million, up 215.4%. GAAP gross margin expanded to 33.4% from 26.7%, and non-GAAP gross margin reached 34.3% versus 28.2%.

GAAP operating income was $182.2 million compared with a $3.5 million loss, while non-GAAP operating income rose to $239.6 million from $28.6 million. Net income attributable to common stockholders was $196.3 million, or diluted EPS of $0.62, versus a loss of $(0.18); non-GAAP diluted EPS was $0.78, up from $0.10. Adjusted EBITDA increased to $253.4 million from $41.2 million.

Operating cash flow improved to $226.4 million from a use of $213.1 million in the prior-year quarter, and cash, cash equivalents and restricted cash ended the period at $2,688.5 million. For full-year 2026, the company now guides to revenue of $3.9B–$4.2B, non-GAAP gross margin of ~34%, non-GAAP operating income of $800M–$900M, and non-GAAP EPS of $2.55–$2.85, representing ~100% revenue growth at the midpoint.

Positive

  • Revenue up 165.5% YoY to $1.065B, with product revenue up 215.4%.
  • Profitability improved sharply, GAAP diluted EPS swinging to $0.62 from $(0.18).
  • Operating cash flow reached $226.4M, versus prior-year usage of $213.1M.
  • 2026 guidance targets $3.9B–$4.2B revenue and $800M–$900M non-GAAP operating income.

Negative

  • None.

Filing Explained

Bloom issued common stock during second-quarter 2026, and 293,354,001 shares were outstanding on June 30, increasing the common-share base for existing holders.

The July 28 Form 8-K reports completed common-stock issuance during the second quarter, with proceeds of $7,324 thousand shown in financing cash flows; this is issued stock, not merely registration or capacity.

The balance sheet reports 293,354,001 common shares issued and outstanding on June 30, 2026, versus 280,045,459 on December 31, 2025.

For existing holders, this is a dilution mechanism: issuing additional shares increases the total share count and can reduce an existing holder’s percentage ownership absent offsetting changes.

The filing reports 600,000,000 authorized common shares, so the disclosed issuance is within that stated ceiling; authorization is not the same as shares issued.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 revenue $1.065 billion Record quarterly revenue; up 165.5% from $401.2 million in Q2 2025
Q2 2026 GAAP diluted EPS $0.62 Increased $0.80 compared to a loss of $(0.18) in Q2 2025
Q2 2026 non-GAAP diluted EPS $0.78 Up from $0.10 in Q2 2025
Q2 2026 operating cash flow $226.4 million Improved by $439.5 million from $(213.1) million a year earlier
Q2 2026 Adjusted EBITDA $253.4 million Up from $41.2 million in Q2 2025 (~↑ 6.1x)
2026 revenue guidance $3.9B - $4.2B Full-year 2026 outlook; ~100% year-over-year growth at midpoint
Cash, cash equivalents and restricted cash $2,688.5 million Balance at end of period June 30, 2026
Recourse debt $2,470.704 million Balance sheet recourse debt as of June 30, 2026
Adjusted EBITDA financial
"Adjusted EBITDA was $253.4 million in Q2'26."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
non-GAAP gross margin financial
"Non-GAAP gross margin of 34.3% increased 604 basis points."
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.
variable interest entity financial
"We have a variable interest entity related to a joint venture."
A variable interest entity (VIE) is a company structure where one party controls another company’s operations and economic outcomes through contracts or special arrangements instead of owning a majority of its voting shares. For investors, VIEs matter because the controlling party’s financial results, debts and risks can appear in the controller’s reports even though ownership looks separate, so understanding VIEs helps assess true exposure, governance limits and transparency—like spotting a puppet controlled by strings rather than direct ownership.
hypothetical liquidation at book value financial
"allocation to the noncontrolling interests under the hypothetical liquidation at book value method."
An estimate of what shareholders or creditors would receive if a company were closed and its assets sold using the values shown on its balance sheet rather than current market prices. It’s a hypothetical “what-if” cleanup calculation—like assuming you could sell a house for the exact number on your mortgage statement—and helps investors gauge a conservative floor for recovery in bankruptcy, restructuring, or worst-case valuation scenarios.
embedded derivatives financial
"Loss (gain) on revaluation of embedded derivatives is included in results."
An embedded derivative is a hidden financial option or payout rule built into a larger contract—like a bond, loan, or supply agreement—that makes part of the deal behave like a separate financial bet whose value swings with interest rates, currencies, commodity prices, or a company’s stock. Investors care because these built‑in features can change reported assets, liabilities and profits and add unexpected risk or upside, like finding a bonus or penalty clause inside a rental lease.
One Big Beautiful Bill Act regulatory
"the impact of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act."
A "one big beautiful bill act" is a single, large piece of legislation that bundles many policy changes and measures into one package instead of passing them separately. For investors, it matters because such omnibus bills can swiftly change tax rules, spending levels, industry regulations or subsidies all at once—like a single shopping cart that suddenly adds many items to a household budget—creating broad, rapid shifts in company costs, revenues and market expectations.
Revenue $1,065.4 million 165.5% YoY vs $401.2 million
Non-GAAP gross margin 34.3% up from 28.2%
GAAP diluted EPS $0.62 increased $0.80 compared to $(0.18)
Non-GAAP diluted EPS $0.78 up from $0.10
Adjusted EBITDA $253.4 million ~↑ 6.1x from $41.2 million
Operating cash flow $226.4 million improved by $439.5 million from $(213.1) million
Guidance

Full-year 2026 guidance: revenue $3.9B–$4.2B (~100% YoY at midpoint), non-GAAP gross margin ~34%, non-GAAP operating income $800M–$900M, and non-GAAP EPS $2.55–$2.85.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Bloom Energy (BE) perform financially in Q2 2026?
Bloom Energy delivered Q2 2026 revenue of $1,065.4 million, up 165.5% year over year, with product revenue of $935.4 million. GAAP diluted EPS was $0.62 versus a loss of $(0.18), and non-GAAP diluted EPS rose to $0.78 from $0.10.

What profitability metrics did Bloom Energy (BE) report for Q2 2026?
Bloom Energy posted GAAP operating income of $182.2 million versus a $3.5 million loss a year earlier. Non-GAAP operating income was $239.6 million, while Adjusted EBITDA increased to $253.4 million from $41.2 million in Q2 2025.

How did margins trend for Bloom Energy (BE) in Q2 2026?
GAAP gross margin improved to 33.4% from 26.7% in Q2 2025. Non-GAAP gross margin reached 34.3%, up from 28.2%, reflecting higher product revenue and improved cost structure across Bloom Energy’s operations.

What was Bloom Energy’s (BE) cash flow and liquidity position in Q2 2026?
Cash flow from operating activities was $226.4 million, improving by $439.5 million from a $(213.1) million use a year earlier. Cash, cash equivalents and restricted cash totaled $2,688.5 million at June 30, 2026, supporting ongoing growth investments.

What full-year 2026 guidance did Bloom Energy (BE) provide?
For 2026, Bloom Energy guides to revenue of $3.9B–$4.2B, non-GAAP gross margin of ~34%, non-GAAP operating income of $800M–$900M, and non-GAAP EPS of $2.55–$2.85, implying ~100% revenue growth at the midpoint.

How do Bloom Energy’s (BE) non-GAAP results compare to GAAP in Q2 2026?
Non-GAAP gross margin was 34.3% versus GAAP 33.4%. Non-GAAP operating income was $239.6 million compared with GAAP $182.2 million, and non-GAAP diluted EPS was $0.78 versus GAAP diluted EPS of $0.62, primarily excluding stock-based compensation and other adjustments.
0001664703FALSEJuly 28, 202600016647032026-07-282026-07-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 28, 2026
___________________________________________

bloomenergy_full_color_rgb.jpg

BLOOM ENERGY CORPORATION
(Exact name of registrant as specified in its charter)

001-38598
(Commission File Number)
___________________________________________
Delaware77-0565408
(State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.)
  
4353 North First Street,San Jose,California95134
(Address of principal executive offices)(Zip Code)
  
408543-1500
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
___________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Common Stock, $0.0001 par value BE New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company   ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨




Item 2.02.    Results of Operations and Financial Condition.

On July 28, 2026, Bloom Energy Corporation (the “Company”) announced its financial results for the second quarter ended June 30, 2026, and issued a press release, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K (“Form 8-K”) and is incorporated herein by reference.

The information furnished pursuant to Item 2.02 of this Form 8-K, including the accompanying Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 7.01.    Regulation FD Disclosure.

A slide presentation to be used by senior management of the Company in connection with its discussions with investors and others regarding the financial results is furnished as Exhibit 99.2.

The information furnished pursuant to Item 7.01 of this Form 8-K, including the accompanying Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.Description
99.1
Press release of Bloom Energy Corporation, dated July 28, 2026, reporting Bloom Energy Corporation’s financial results for the second quarter of 2026
99.2
Investor Presentation
104Cover page interactive data file (embedded within the inline XBRL document)



















SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BLOOM ENERGY CORPORATION
     
Date:July 28, 2026By: /s/ Simon Edwards
   Simon Edwards
   Chief Financial Officer
    (Principal Financial Officer)



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PRESS RELEASE
Bloom Energy Reports Record Second Quarter 2026 Financial Results and Raises Full Year 2026 Guidance
•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., July 28, 2026—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.”
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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 

1.A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release

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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)
3

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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.


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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.

Investor Relations:
Michael Tierney
Bloom Energy
investor@bloomenergy.com
Media:
Katja Gagen
Bloom Energy
press@bloomenergy.com

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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, respectively1, 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 assets1, 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 assets1, 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 liabilities1, 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 
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June 30,
December 31,
2026
2025
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 

1 We 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.
11 Represent 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.
12 Represent related party upfront share‑based consideration payable to a customer’s customer.
13 On 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.

7

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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.
4 Represent related party equity in earnings (loss) of the joint ventures between Brookfield Asset Management and the Company.
8

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

1 Including 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.
2 Including 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.
3 Including 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.
4 Including 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.
5 Including 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.
6 Including 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.
7 Including 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.
8 Including 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.
9 Including 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.
10 Including 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.
11 Represent related party investments in the joint ventures between Brookfield Asset Management and the Company.
12 Includes $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.
13 Represent related party non-cash consideration payable to customer’s customer.
10

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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 
%

11

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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 

12

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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 
%

13

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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).

14

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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.
15

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•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-
16

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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.
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July 28, 2026 Q2’26 Earnings

 

2Bloom Energy Proprietary & Confidential Forward-looking Statements and Non-GAAP Financial Measures This presentation may contain certain forward-looking statements relating to future events and expectations, including 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. Please see GAAP to non-GAAP reconciliations at the end of this presentation. Refer to “Use of non-GAAP financial measures” in our earnings release for Q2'26 available under the Investor Relations section of our website at https://investor.bloomenergy.com. The Investor Relations section 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 presentation.

 

3Bloom Energy Proprietary & Confidential To Make Clean, Reliable Energy Affordable for Everyone in the World. Bloom’s Mission

 

4Bloom Energy Proprietary & Confidential Financial Performance Note: Dollars in millions, except per share figures and YoY information 1. Please reference appendix for GAAP to Non-GAAP reconciliations $ in millions Q2’26 Q2’25 YoY Revenue $1,065.4 $401.2 165.5% Non-GAAP Gross Margin1 34.3% 28.2% 604 bps Non-GAAP Operating Income1 $239.6 $28.6 ~↑ 8.4x Adjusted EBITDA1 $253.4 $41.2 ~↑ 6.1x Non-GAAP EPS1 $0.78 $0.10 ~↑ 7.8x

 

5Bloom Energy Proprietary & Confidential Raising 2026 Financial Guidance Metric 2026 Guidance YoY Revenue $3.9B - $4.2B ~100%1 Non-GAAP Gross Margin2 ~34% ~374 bps Non-GAAP Operating Income2 $800M - $900M ~↑ 3.8x1 Non-GAAP EPS2 $2.55 - $2.85 ~↑ 3.6x1 1. YoY change based on midpoint of range. EPS is fully dilutive. 2. With respect to Bloom’s expectations regarding its 2026 Guidance, Bloom Energy is not able to provide a quantitative reconcil iation of non-GAAP gross margin, non-GAAP operating expenses, 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.

 

6Bloom Energy Proprietary & Confidential 2026 Guidance: Revenue Growth ~100% 1, Gross Margin % +~374 bps Growing Revenue and Expanding Margins Revenue ($ in billions) 2021 22 23 24 25 2026E Non-GAAP Gross Margin2 242021 2026E22 23 25 $1.0 $1.2 $1.3 $1.5 $2.0 $3.9 - $4.2 22% 23% 26% 29% 30% 34% 1. YoY change based on midpoint of range 2. Please reference appendix for GAAP to Non-GAAP reconciliations for 2025 and prior. With respect to Bloom’s expectations regarding its 2026 Guidance, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP operating expenses, 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.

 

7Bloom Energy Proprietary & Confidential $(38) $(33) $19 $108 $221 $800 - $900 Demonstrating Operating Leverage Non-GAAP Operating Expenses as % of Revenue1 2021 22 23 24 25 2026E Non-GAAP Operating Income1 242021 2026E22 23 25 26% 26% 24% 21% 19% 13% 1. Please reference appendix for GAAP to Non-GAAP reconciliations for 2025 and prior. With respect to Bloom’s expectations regarding its 2026 Guidance, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP Operating Expenses, 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. Non-GAAP Operating Expenses as % of revenue figure reflects midpoint of the guidance range

 

Q2 2026 Appendix

 

9Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Gross Profit and Margin $ in millions Q2’26 Q2’25 GAAP revenue $1,065.4 $401.2 GAAP cost of sales 709.8 294.1 GAAP gross profit $355.6 $107.1 Non-GAAP adjustments: Stock-based compensation expense 9.7 5.7 Restructuring - 0.3 Other 0.1 0.2 Non-GAAP gross profit $365.4 $113.4 GAAP gross margin 33.4% 26.7% Non-GAAP adjustments 0.9% 1.6% Non-GAAP gross margin 34.3% 28.2%

 

10Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Operating Income (Loss) and Margin $ in millions Q2’26 Q2’25 GAAP operating income (loss) $182.2 ($3.5) Non-GAAP adjustments: Stock-based compensation expense 56.4 30.2 Restructuring 0.8 1.8 Other 0.2 0.2 Non-GAAP operating income $239.6 $28.6 GAAP operating margin 17.1% (0.9%) Non-GAAP adjustments 5.4% 8.0% Non-GAAP operating margin 22.5% 7.1%

 

11Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Gross Profit and Margin $ in millions 2025 2024 2023 2022 2021 GAAP revenue $2,024.0 $1,473.9 $1,333.5 $1,199.1 $972.2 GAAP cost of sales 1,436.6 1,069.2 1,135.7 1,050.8 774.6 GAAP gross profit $587.4 $404.6 $197.8 $148.3 $197.6 Non-GAAP adjustments: Stock-based compensation expense 24.1 16.6 17.5 19.0 13.8 Restructuring 0.2 (0.4) 3.4 - - Impairment of assets - - 123.7 108.8 - Other 0.7 2.0 1.6 - - Non-GAAP gross profit $612.4 $422.8 $344.0 $276.1 $211.4 GAAP gross margin 29.0% 27.5% 14.8% 12.4% 20.3% Non-GAAP adjustments 1.2% 1.2% 11.0% 10.7% 1.4% Non-GAAP gross margin 30.3% 28.7% 25.8% 23.0% 21.7%

 

12Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Non-GAAP Operating Expenses as % of Revenue $ in millions 2025 2024 2023 2022 2021 GAAP operating expenses $514.6 $381.7 $406.7 $409.3 $312.1 Non-GAAP adjustments: Stock-based compensation expense 120.9 66.4 69.6 95.0 62.3 Restructuring 2.1 (0.0) 5.7 - - Other 0.1 0.1 6.6 4.8 - Non-GAAP operating expenses $391.4 $315.2 $324.8 $309.5 $249.8 GAAP Revenue $2,024.0 $1,473.9 $1,333.5 $1,199.1 $972.2 Non-GAAP operating expenses as % of Revenue 19.3% 21.4% 24.4% 25.8% 25.7%

 

13Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Operating Income (Loss) and Margin $ in millions 2025 2024 2023 2022 2021 GAAP operating income (loss) $72.8 $22.9 ($208.9) ($261.0) ($114.5) Non-GAAP adjustments: Stock-based compensation expense 145.0 83.0 87.1 114.0 76.1 Restructuring 2.4 (0.4) 9.2 - - Impairment of assets - - 130.1 113.3 - Other 0.8 2.1 1.7 0.2 0.0 Non-GAAP operating income (loss) $221.0 $107.6 $19.2 ($33.5) ($38.4) GAAP operating margin 3.6% 1.6% (15.7%) (21.8%) (11.8%) Non-GAAP adjustments 7.3% 5.7% 17.1% 19.0% 7.8% Non-GAAP operating margin 10.9% 7.3% 1.4% (2.8%) (3.9%)

 

14Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Net Income (Loss) and EPS $ in millions, except per share Q2’26 Dilutive earnings per share Q2’25 Dilutive earnings per share GAAP net income (loss) to common stockholders $196.3 $0.62 ($42.6) ($0.18) Non-GAAP adjustments: Add back: Income for non-controlling interests 2.6 0.01 0.4 0.00 Loss (gain) on derivatives liabilities 0.5 0.00 (0.1) (0.00) Loss on extinguishment of debt - - 32.3 0.14 Restructuring 0.8 0.00 1.8 0.01 Equity in earnings of unconsolidated affiliates (4.3) (0.01) - - Stock-based compensation expense 56.4 0.17 30.2 0.13 Effect of Assets Buyout and Repowering (4.2) (0.01) - - Other 0.2 0.00 0.2 0.00 Non-GAAP net income to common stockholders $248.2 $0.78 $22.1 $0.10

 

15Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Adjusted EBITDA $ in millions Q2’26 Q2’25 GAAP net income (loss) to common stockholders $196.3 ($42.6) Non-GAAP adjustments: Add back: Income for non-controlling interests 2.6 0.4 Stock-based compensation expense 56.4 30.2 Restructuring 0.8 1.8 Loss (gain) on derivative liabilities 0.5 (0.1) Loss on extinguishment of debt - 32.3 Effect of Assets Buyout and Repowering (4.2) - Equity in earnings of unconsolidated affiliates (4.3) - Depreciation & amortization 13.7 12.6 Income tax provision 1.5 1.0 Interest (income) expense / other misc. (10.0) 5.5 Other 0.2 0.2 Adjusted EBITDA $253.4 $41.2

 

16Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Adjusted EBITDA $ in millions 2025 2024 2023 2022 2021 GAAP net loss to common stockholders ($88.4) ($29.2) ($302.1) ($301.4) ($164.4) Non-GAAP adjustments: Add back: Income (loss) for non-controlling interests 1.3 2.0 (5.8) (13.7) (28.9) Equity in loss of unconsolidated affiliates 40.4 - - - - Stock-based compensation expense 145.0 83.0 87.1 114.0 76.1 Restructuring 2.4 (0.4) 9.2 - - Loss (gain) on derivative liabilities 0.5 0.7 1.6 (0.6) 15.0 Effects of assets buyout and repowering (2.6) (21.0) 0.4 - - Loss on debt extinguishment and conversion inducement expenses 98.6 27.2 4.3 9.0 - Depreciation & amortization 50.6 53.0 62.6 61.6 53.5 Impairment charge (PPA V, PPA IIIa, PPA IV and Goodwill) - - 130.1 115.3 (1.1) Income tax provision 2.7 0.8 1.9 1.1 1.0 Interest expense / other misc. 20.2 42.2 90.8 43.2 55.6 Other 0.8 2.3 1.7 1.6 7.3 Adjusted EBITDA $271.6 $160.7 $81.8 $30.1 $14.0

 

17Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Diluted Earnings (Loss) Per Share $ and count in millions, except per share Q2’26 Q2’25 Numerator for basic earnings per share: GAAP Net income (loss) attributable to common stockholders $196.3 ($42.6) Non-GAAP Net income attributable to common stockholders $248.2 $22.1 Numerator for diluted earnings per share: GAAP Net income (loss), adjusted numerator $200.6 ($42.6) Non-GAAP Net income, adjusted numerator $252.5 $22.1 Denominator for GAAP and non-GAAP basic earnings per share: Weighted average common shares outstanding 287.3 232.5 Denominator for GAAP and non-GAAP diluted earnings per share: Weighted average common shares outstanding 323.3 232.5 GAAP net earnings (loss) per share Basic $0.68 ($0.18) Diluted $0.62 ($0.18) Non-GAAP net earnings (loss) per share Basic $0.86 $0.10 Diluted $0.78 $0.10

 

18Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Gross Profit (Loss) and Margin 1. Please reference section “GAAP to Non-GAAP reconciliation: Gross profit and margin” of the appendix for detailed GAAP to Non-GAAP reconciliations Q2’26 Q2’25 $ in Millions Revenue GAAP gross profit (loss) SBC1 Other Non- GAAP Adj 1 Non-GAAP gross profit (loss) GAAP gross margin Non-GAAP gross margin Revenue GAAP gross profit (loss) SBC1 Other Non- GAAP Adj 1 Non-GAAP gross profit (loss) GAAP gross margin Non-GAAP gross margin Product $935.4 $341.5 $6.4 $0.0 $347.8 36.5% 37.2% $296.6 $97.9 $3.6 $0.2 $101.7 33.0% 34.3% Install $51.0 ($1.9) $1.1 ($0.0) ($0.7) (3.6%) (1.4%) $37.4 ($0.9) $0.8 $0.0 ($0.0) (2.4%) (0.1%) Service $69.0 $12.9 $2.2 $0.1 $15.2 18.7% 22.0% $54.4 $5.0 $1.3 $0.3 $6.6 9.2% 12.2% Electricity $10.0 $3.1 $0.0 $0.0 $3.1 31.1% 31.1% $12.8 $5.1 $0.0 $0.0 $5.1 39.8% 39.6% Total $1,065.4 $355.6 $9.7 $0.1 $365.4 33.4% 34.3% $401.2 $107.1 $5.7 $0.5 $113.4 26.7% 28.2%

 

Thank You

 

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