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  4. [8-K] Bloom Energy Corp Reports Material Event

Bloom Energy raises 2026 revenue outlook to $4.4B–$4.6B

Bloom Energy said its addition to the S&P 500 marked an important milestone for the company as a public company.

Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

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Form Type
8-K

Rhea-AI Filing Summary

Bloom Energy Corporation (BE) reported record third-quarter 2026 revenue of $1,235.8 million, up 138.1% year over year. GAAP gross margin was 33.8%, versus 29.2%; operating income was $225.4 million, versus $7.8 million; and net income attributable to common stockholders was $250.3 million, compared with a $23.1 million loss. Diluted GAAP EPS was $0.78, versus a $0.10 loss.

Operating cash flow was $27.1 million used, compared with $19.7 million provided in Q3 2025. Bloom Energy raised full-year 2026 guidance to revenue of $4.4 billion–$4.6 billion, non-GAAP gross margin of approximately 34%, non-GAAP operating income of $960 million–$1,030 million, and non-GAAP EPS of $3.10–$3.40. The company said it could not quantitatively reconcile its non-GAAP outlook to GAAP without unreasonable efforts because reconciling items such as stock-based compensation are uncertain and may vary.

2 points · 1 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

  • Major point. Forward-looking: it has not happened yet and may not happen.Bloom Energy raised 2026 revenue guidance to $4.4 billion–$4.6 billion.
  • Moderate pointRevenue rose 138.1% year over year to $1,235.8 million in Q3 2026.

Negative

  • Moderate pointOperating cash flow shifted from $19.7 million provided to $27.1 million used.

Filing Explained

At September 30, Bloom reported $2,486,702 thousand in cash and equivalents and $2,473,499 thousand in recourse debt.

This October 22 Form 8-K includes the September 30 balance sheet; it reports 295,537,217 common shares issued and outstanding at quarter-end, versus 280,045,459 at December 31, 2025. Issuing additional shares increases the share count and reduces existing holders’ percentage ownership, absent offsetting changes.

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, or exhibit attachments filed with this report.
Revenue $1,235.8 million Q3 2026; up 138.1% year over year
GAAP gross margin 33.8% Q3 2026; compared with 29.2% in Q3 2025
GAAP operating income $225.4 million Q3 2026; compared with $7.8 million in Q3 2025
Diluted GAAP EPS $0.78 per share Q3 2026; compared with a $0.10 per-share loss in Q3 2025
Operating cash flow $27.1 million used Three months ended September 30, 2026; compared with $19.7 million provided in Q3 2025
2026 revenue guidance $4.4 billion–$4.6 billion Full-year outlook; 122% year-over-year growth at the midpoint
2026 non-GAAP EPS guidance $3.10–$3.40 per share Full-year 2026 outlook
Non-GAAP gross margin financial
"Non-GAAP gross margin of 34.5% increased 412 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.
Adjusted EBITDA financial
"Adjusted EBITDA is defined as net income (loss) before interest income (expense)"
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.
Contract assets financial
"Contract assets"
Contract assets are amounts a company has earned by doing work or delivering goods under a customer agreement but has not yet billed or collected because certain contract conditions remain. Think of it as completed work sitting in a company’s toolbox waiting for an invoice trigger. For investors, growing contract assets signal future cash and revenue potential but also raise questions about timing, cash collection risk and the real strength of reported sales.
embedded derivatives financial
"Gain (loss) on revaluation of embedded derivatives"
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.
HLBV method financial
"allocation to the noncontrolling interests under the hypothetical liquidation at book value (“HLBV”) method"
The HLBV method (Hypothetical Liquidation at Book Value) is a way to value an ownership interest in an investment partnership by imagining the partnership sold or wound up at its recorded book values and then distributing the proceeds according to the partnership’s payout rules. For investors, it matters because it determines the reported share of value and profit allocable to general and limited partners—effectively shaping net asset values and carried interest shown in financial statements, much like slicing and dividing a pie based on preset rules.
Revenue $1,235.8 million Up 138.1% year over year
GAAP gross margin 33.8% Up 453 basis points year over year
GAAP operating income $225.4 million Compared with $7.8 million in Q3 2025
Diluted GAAP EPS $0.78 per share Compared with a $0.10 per-share loss in Q3 2025
Adjusted EBITDA $299.5 million Compared with $59.0 million in Q3 2025
Guidance

For full-year 2026: revenue of $4.4 billion–$4.6 billion; non-GAAP gross margin of approximately 34%; non-GAAP operating income of $960 million–$1,030 million; and non-GAAP EPS of $3.10–$3.40.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue did Bloom Energy (BE) report in Q3 2026?
Bloom Energy reported $1,235.8 million in third-quarter 2026 revenue, up 138.1% from $519.0 million a year earlier. Product revenue was $1,073.6 million, up 179.4% year over year.

What is Bloom Energy (BE)'s 2026 revenue guidance?
Bloom Energy raised its full-year 2026 revenue guidance to $4.4 billion–$4.6 billion, representing 122% year-over-year growth at the midpoint.

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

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Available on EDGAR Accepted by SEC EDGAR
0001664703FALSEOctober 22, 202600016647032026-10-222026-10-22

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): October 22, 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 valueBENew 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 October 22, 2026, Bloom Energy Corporation (the “Company”) announced its financial results for the third quarter ended September 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 October 22, 2026, reporting Bloom Energy Corporation’s financial results for the third 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:October 22, 2026By:/s/ Simon Edwards
Simon Edwards
Chief Financial Officer
(Principal Financial Officer)



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PRESS RELEASE
Bloom Energy Reports Record Third Quarter 2026 Financial Results and Raises Full Year 2026 Guidance
•Achieved record quarterly revenue of $1,235.8 million, delivering 138.1% year-over-year growth
•Raises full year 2026 revenue guidance to $4.4 billion - $4.6 billion, representing 122% year-over-year growth at the midpoint
•Added to the S&P 500, marking an important milestone for Bloom Energy as a public company

SAN JOSE, Calif., October 22, 2026—Bloom Energy Corporation (NYSE: BE) (“Bloom,” “Bloom Energy,” “We,” or the “Company”) today reported its financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Highlights
All comparisons are to the third quarter of 2025.

•Revenue of $1,235.8 million increased 138.1%. Product revenue of $1,073.6 million increased 179.4%.
•Gross margin of 33.8% increased 453 basis points. Non-GAAP gross margin of 34.5% increased 412 basis points.
•Operating income of $225.4 million increased $217.6 million. Non-GAAP operating income of $285.7 million increased $239.4 million.
•EPS of $0.78 increased $0.88. Non-GAAP EPS of $0.94 increased $0.79.

KR Sridhar, Founder, Chairman and Chief Executive Officer of Bloom Energy, said, “Electricity is the foundation of economic growth, human well-being and national competitiveness. Today, the world is moving from a century-old model of centralized power to a new architecture that includes firm, distributed onsite generation. Bloom is leading that transformation. What began with hyperscalers is rapidly moving across market segments because every business needs reliable power to grow. We are building the electricity platform for the digital era: power where it is needed, when it is needed, clean and always on.”

Simon Edwards, Chief Financial Officer of Bloom Energy, added, “Our third quarter results reflect strong execution across the business, with significant revenue growth and expanded operating margins. We continue to invest with discipline to build the capabilities and capacity needed to scale the business. Our year-to-date performance and customer demand give us confidence to raise our 2026 outlook for the third time this year.”
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Summary of Key Financial Metrics

Summary of GAAP Financial Information


($000), except EPS data
Q3'26
Q2'26
Q3'25
Revenue
$
1,235,837 
$
1,065,365 
$
519,048 
Cost of Revenue
818,733 
709,793 
367,373 
Gross Profit
417,104 
355,572 
151,675 
Gross Margin
33.8 
%
33.4 
%
29.2 
%
Operating Expenses
191,655 
173,335 
143,829 
Operating Income
225,449 
182,237 
7,846 
Operating Margin
18.2%
17.1%
1.5%
Non-operating (Income) Expenses
(24,822)
(14,053)
30,939 
Net Profit (Loss) to Common Stockholders
$
250,271 
$
196,290 
$
(23,093)
GAAP EPS, Basic
$
0.85 
$
0.68 
$
(0.10)
GAAP EPS, Diluted
$
0.78 
$
0.62 
$
(0.10)

Summary of Non-GAAP Financial Information1

($000), except EPS data
Q3'26
Q2'26
Q3'25
Revenue
$
1,235,837 
$
1,065,365 
$
519,048 
Cost of Revenue
809,621 
700,002 
361,410 
Gross Profit
426,216 
365,363 
157,637 
Gross Margin
34.5 
%
34.3 
%
30.4 
%
Operating Expenses
140,525 
125,721 
111,389 
Operating Income
285,691 
239,642 
46,249 
Operating Margin
23.1%
22.5%
8.9%
Adjusted EBITDA
$
299,496 
$
253,388 
$
59,049 
Non-GAAP EPS, Basic
$
1.03 
$
0.86 
$
0.15 
Non-GAAP EPS, Diluted
$
0.94 
$
0.78 
$
0.15 

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

2

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Guidance

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

•Revenue:
$4.4B - $4.6B
•Non-GAAP Gross Margin:
~34%
•Non-GAAP Operating Income:
$960M - $1,030M
•Non-GAAP EPS:
$3.10 - $3.40

Investor Conference Call/ Webcast Details

Bloom Energy will host a conference call today, October 22, 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: +1 833-461-5787 and toll-dial-in-number +1 585 542 9983. The conference ID is 713 024 124. 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 +1 833 309 1852 or +1 929 828 5978 and entering passcode 713 024 124.

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 is 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 changes in the architecture to provide electricity to users, movement towards distributed onsite generation, building the electricity platform in an evolving marketplace, source of funding for investments to be made, 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)
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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) the availability of financing for data center developments, (21) air permitting delays which affect the ability to finance the use of Energy Servers for customers, (22) Bloom Energy’s ability to protect its intellectual property; (23) the ability of current product and service backlog to ultimately be recognizable as revenue; (24) commodity price volatility; (25) inflationary pressures and/or (26) the risks relating to forward-looking statements and other “Risk Factors” identified from time to time in our filings with the Securities and 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)
September 30,
December 31,
2026
2025
Assets
Current assets:
Cash and cash equivalents1
$
2,486,702 
$
2,454,108 
Restricted cash
852 
1,973 
Accounts receivable, less allowance for credit losses of $2,998 and $460 as of September 30, 2026 and December 31, 2025, respectively1
634,743 
371,796 
Contract assets
792,833 
178,928 
Inventories1
927,670 
643,306 
Deferred cost of revenue
95,743 
30,651 
Customer consideration asset
90,967 
— 
Prepaid expenses and other current assets1
178,244 
49,805 
Total current assets
5,207,754 
3,730,567 
Property, plant and equipment, net1
539,726 
398,507 
Investments in unconsolidated affiliates
28,236 
10,037 
Operating lease right-of-use assets1
99,947 
108,541 
Restricted cash
20,592 
25,499 
Contract assets
65,813 
62,258 
Deferred cost of revenue
21,867 
4,099 
Customer consideration asset
215,533 
— 
Other long-term assets1
372,115 
57,203 
Total assets
$
6,571,583 
$
4,396,711 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable1
$
493,033 
$
203,129 
Accrued warranty
70,267 
20,013 
Accrued expenses and other current liabilities1
479,782 
222,254 
Deferred revenue and customer deposits
278,985 
100,975 
Operating lease liabilities1
24,022 
22,000 
Financing obligations
42,783 
51,308 
Non-recourse debt1
2,950 
4,153 
Total current liabilities
1,391,822 
623,832 
Deferred revenue and customer deposits
475,395 
42,840 
Operating lease liabilities1
96,509 
106,935 
Financing obligations
142,212 
192,460 
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September 30,
December 31,
2026
2025
Recourse debt
2,473,499 
2,613,726 
Deferred profit in transactions with unconsolidated affiliates
20,062 
13,928 
Other long-term liabilities
8,974 
10,027 
Total liabilities
$
4,608,473 
$
3,603,748 
Commitments and contingencies
Stockholders’ equity:
Common stock: 0.0001 par value; 600,000,000 shares authorized, and 295,537,217 shares and 280,045,459 shares issued and outstanding, at September 30, 2026 and December 31, 2025, respectively2
30 
28 
Additional paid-in capital
5,403,998 
4,755,965 
Accumulated other comprehensive loss
(457)
(369)
Accumulated deficit
(3,470,694)
(3,986,983)
Total stockholders’ equity attributable to common stockholders
1,932,877 
768,641 
Noncontrolling interest
30,233 
24,322 
Total stockholders’ equity
$
1,963,110 
$
792,963 
Total liabilities and stockholders’ equity
$
6,571,583 
$
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 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.

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Condensed Consolidated Statements of Operations*
(in thousands, except per share data)
Three Months
Ended September
30, 2026
Three Months
Ended June
30, 2026
Three Months
Ended September
30, 2025
Revenue:
Product
$
1,073,610 
$
935,413 
$
384,314 
Installation
84,855 
50,978 
65,773 
Service
67,557 
69,023 
58,607 
Electricity
9,815 
9,951 
10,354 
Total revenue
1,235,837 
1,065,365 
519,048 
Cost of revenue:
Product
666,978 
593,957 
249,794 
Installation
88,954 
52,829 
59,921 
Service
55,508 
56,148 
51,834 
Electricity
7,293 
6,859 
5,824 
Total cost of revenue
818,733 
709,793 
367,373 
Gross profit
417,104 
355,572 
151,675 
Operating expenses:
Research and development
64,146 
58,873 
48,724 
Sales and marketing
52,409 
43,045 
41,995 
General and administrative
75,100 
71,417 
53,110 
Total operating expenses
191,655 
173,335 
143,829 
Income from operations
225,449 
182,237 
7,846 
Interest income
22,129 
20,881 
5,292 
Interest expense
(7,525)
(8,906)
(14,390)
Equity in (loss) earnings of unconsolidated affiliates
(2,897)
4,346 
(19,599)
Other income (expense), net
12,627 
2,307 
(1,362)
Gain (loss) on revaluation of embedded derivatives
10 
(539)
(411)
Profit (loss) before income taxes
249,793 
200,326 
(22,624)
Income tax provision
817 
1,470 
336 
Net profit (loss)
248,976 
198,856 
(22,960)
Less: Net (loss) income attributable to noncontrolling interest
(1,295)
2,566 
133 
Net income (loss) attributable to common stockholders
$
250,271 
$
196,290 
$
(23,093)
Net earnings (loss) per share available to common stockholders:
Basic
$
0.85 
$
0.68 
$
(0.10)
Diluted
$
0.78 
$
0.62 
$
(0.10)
Weighted average shares used to compute net earnings (loss) per share available to common stockholders:
Basic
294,757 
287,288 
234,931 
Diluted
324,289 
323,331 
234,931 

8

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Condensed Consolidated Statement of Cash Flows*
(in thousands)
Three Months
Ended September
30, 2026
Three Months
Ended June
30, 2026
Three Months
Ended September
30, 2025
Cash flows from operating activities:
Net income (loss)
$
248,976 
$
198,856 
$
(22,960)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization
13,805 
13,746 
12,800 
Non-cash lease expense
9,862 
8,024 
8,057 
Equity in loss (earnings) of unconsolidated affiliates, net of distributions
2,897 
(4,346)
19,599 
Stock-based compensation expense
57,209 
52,217 
37,255 
Amortization of debt issuance costs
3,180 
3,372 
1,814 
Net gain on failed sale-and-leaseback transactions
(9,400)
(4,122)
— 
Share-based consideration payable to customer’s customer
(520)
5,012 
— 
Allowance for credit losses
— 
3,080 
340 
Inventory reserve and assets impairment
3,143 
— 
21,846 
Unrealized foreign currency exchange (gain) loss
(1,083)
(353)
2,703 
Other12
792 
869 
407 
Changes in operating assets and liabilities:
Accounts receivable
(175,235)
(101,372)
54,223 
Contract assets
(430,348)
(122,964)
(129,086)
Inventories
(170,401)
(26,473)
(36,562)
Deferred cost of revenue
(42,651)
(47,168)
4,310 
Prepaid expenses and other current assets
3,894 
(78,178)
(4,673)
Other long-term assets
(178,028)
(70,647)
902 
Operating lease right-of-use assets and operating lease liabilities
(8,628)
(8,545)
(8,481)
Financing lease liabilities
214 
166 
206 
Accounts payable
184,664 
63,460 
23,385 
Accrued warranty
(7,530)
39,432 
2,689 
Accrued expenses and other current liabilities
158,758 
90,758 
50,309 
Deferred revenue and customer deposits
309,333 
211,693 
(19,293)
Deferred profit with equity method investees and other long-term liabilities
(50)
(85)
(121)
Net cash (used in) provided by operating activities
(27,147)
226,432 
19,669 
Cash flows from investing activities:
Purchase of property, plant and equipment
(153,487)
(51,641)
(12,301)
Proceeds from sale of property, plant and equipment
60 
36 
— 
Investments in unconsolidated affiliates
(3,781)
(2,948)
(24,570)
Net cash used in investing activities
(157,208)
(54,553)
(36,871)
Cash flows from financing activities:
Repayment of debt
— 
(1,347)
— 
Repayment of financing obligations
(5,379)
(3,844)
(2,939)
Proceeds from issuance of common stock
10,782 
7,324 
42,354 
Dividend paid
— 
(925)
— 
Other
(37)
18 
— 
Net cash provided by financing activities
5,366 
1,226 
39,415 
9

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Three Months
Ended September
30, 2026
Three Months
Ended June
30, 2026
Three Months
Ended September
30, 2025
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(1,373)
(2,881)
(1,245)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(180,362)
170,224 
20,968 
Cash, cash equivalents, and restricted cash:
Beginning of period
2,688,508 
2,518,284 
606,047 
End of period
$
2,508,146 
$
2,688,508 
$
627,015 

*
* These preliminary results are not a comprehensive statement of the Company’s financial results and should not be viewed as a substitute for full financial statements prepared in accordance with GAAP.
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Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
(in thousands, except percentages)

Q3'26
Q2'26
Q3'25
GAAP revenue
$
1,235,837 
$
1,065,365 
$
519,048 
GAAP cost of revenue
818,733 
709,793 
367,373 
GAAP gross profit
417,104 
355,572 
151,675 
Non-GAAP adjustments:
Stock-based compensation expense
9,048 
9,675 
5,719 
Restructuring
— 
— 
31 
Other
64 
116 
213 
Non-GAAP gross profit
$
426,216 
$
365,363 
$
157,637 
GAAP gross margin %
33.8 
%
33.4 
%
29.2 
%
Non-GAAP adjustments
0.7 
%
0.9 
%
1.1 
%
Non-GAAP gross margin %
34.5 
%
34.3 
%
30.4 
%

Q3'26
Q2'26
Q3'25
GAAP operating income
$
225,449 
$
182,237 
$
7,846 
Non-GAAP adjustments:
Stock-based compensation expense
60,109 
56,402 
38,153 
Restructuring
34 
848 
— 
Other
101 
153 
250 
Non-GAAP operating income
$
285,691 
$
239,642 
$
46,249 
GAAP operating margin %
18.2 
%
17.1 
%
1.5 
%
Non-GAAP adjustments
4.9 
%
5.4 
%
7.4 
%
Non-GAAP operating margin %
23.1 
%
22.5 
%
8.9 
%

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)

Q3'26
Q2'26
Q3'25
Net Income (loss) to Common Stockholders
$
250,271 
$
196,290 
$
(23,093)
Non-GAAP adjustments:
Add back: Net (loss) income attributable to noncontrolling interest
(1,295)
2,566 
133 
Stock-based compensation expense
60,109 
56,402 
38,153 
Equity in loss (earnings) of unconsolidated affiliates
2,897 
(4,346)
19,599 
Effect of Assets Buyout and Repowering
(9,279)
(4,243)
— 
Restructuring
34 
848 
— 
(Gain) loss on derivative liabilities
(10)
539 
411 
Other
101 
153 
250 
Adjusted Net Profit
$
302,828 
$
248,209 
$
35,453 
Adjusted net earnings per share (EPS), Basic
$
1.03 
$
0.86 
$
0.15 
Adjusted net earnings per share (EPS), Diluted
$
0.94 
$
0.78 
$
0.15 
Weighted average shares outstanding attributable to common stockholders, Basic
294,757 
287,288 
234,931 
Weighted-average shares outstanding attributable to common stockholders, Diluted
324,289 
323,331 
312,479 

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

Q3'26
Q2'26
Q3'25
Net Income (loss) to Common Stockholders
$
250,271 
$
196,290 
$
(23,093)
Add back: Net (loss) income attributable to noncontrolling interest
(1,295)
2,566 
133 
Stock-based compensation expense
60,109 
56,402 
38,153 
Equity in loss (earnings) of unconsolidated affiliates
2,897 
(4,346)
19,599 
Effect of Assets Buyout and Repowering
(9,279)
(4,243)
— 
Restructuring
34 
848 
— 
(Gain) loss on derivative liabilities
(10)
539 
411 
Other
101 
153 
250 
Adjusted Net Profit
302,828 
248,209 
35,453 
Depreciation & amortization
13,805 
13,746 
12,800 
Income tax provision
817 
1,470 
336 
Interest expense, Other (income) expense, net
(17,952)
(10,039)
10,460 
Adjusted EBITDA
$
299,496 
$
253,388 
$
59,049 


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

Q3'26
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
$
1,073,610 
$
406,632 
$
5,579 
$
2 
$
412,213 
37.9 
%
38.4 
%
Install
84,855 
(4,099)
1,095 
— 
(3,004)
(4.8)
%
(3.5)
%
Service
67,557 
12,049 
2,374 
63 
14,486 
17.8 
%
21.4 
%
Electricity
9,815 
2,522 
— 
— 
2,522 
25.7 
%
25.7 
%
Total
$
1,235,837 
$
417,104 
$
9,048 
$
64 
$
426,216 
33.8 
%
34.5 
%

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 
%
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Q3'25
Revenue
GAAP gross profit
Stock-based compensation expense
Other Non-GAAP adj.
Non-GAAP gross profit
GAAP Gross Margin
Non-GAAP gross margin %
Product
$
384,314 
$
134,520 
$
3,490 
$
30 
$
138,040 
35.0 
%
35.9 
%
Install
65,773 
5,852 
752 
1 
6,605 
8.9 
%
10.0 
%
Service
58,607 
6,773 
1,477 
213 
8,463 
11.6 
%
14.4 
%
Electricity
10,354 
4,530 
— 
— 
4,530 
43.8 
%
43.8 
%
Total
$
519,048 
$
151,675 
$
5,719 
$
244 
$
157,637 
29.2 
%
30.4 
%

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 (earnings 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) to common stockholders (net earnings (loss)).
•The GAAP measure most directly comparable to non-GAAP diluted earnings per share is diluted earnings 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) to common stockholders or diluted net income (loss) per share excluding charges relating to net (loss) income attributable to noncontrolling interest, charges relating to stock-based
14

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compensation expense, equity in loss (earnings) of unconsolidated affiliates, effects of Assets Buyout and Repowering, restructuring charges, (gain) loss 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 (loss) income attributable to noncontrolling interest, equity in loss (earnings) 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 (loss) 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.
•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.
•(Gain) loss 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 site termination costs, amortization of acquired intangible assets, and sales property tax.
•Adjusted EBITDA is defined as Adjusted Net Profit before depreciation and amortization expense, income tax provision, interest income (expense), other (income) expense, 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.

15

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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
16

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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.
17

October 22, 2026

 

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 presentation 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) the availability of financing for data center developments, (21) air permitting delays which affect the ability to finance the use of Energy Servers for customers, (22) Bloom Energy’s ability to protect its intellectual property; (23) the ability of current product and service backlog to ultimately be recognizable as revenue; (24) commodity price volatility; (25) inflationary pressures and/or (26) 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 Q3'26 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 YoYQ3’25Q3’26$ in millions 138%$519.0 $1,235.8Revenue 4.1 pts30.4%34.5%Non-GAAP Gross Margin1 ~↑ 6x$46.2 $285.7Non-GAAP Operating Income1 ~↑ 5x$59.0 $299.5Adjusted EBITDA1 ~↑ 6x$0.15$0.94Non-GAAP EPS1

 

5Bloom Energy Proprietary & Confidential Raising 2026 Financial Guidance YoY2026 GuidanceMetric 122%1$4.4B - $4.6BRevenue ~374 bps~34%Non-GAAP Gross Margin2 ~↑ 4.5x1$960M - $1,030MNon-GAAP Operating Income2 ~↑ 4.3x1$3.10 - $3.40Non-GAAP EPS2 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 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.

 

6Bloom Energy Proprietary & Confidential 2026 Guidance: Revenue Growth >120% 1, Gross Margin % +~374 bps Growing Revenue and Expanding Margins Revenue ($ in billions) 2021 22 23 24 25 2026E Non-GAAP Gross Margin2 24 2021 2026E 22 23 25 $1.0 $1.2 $1.3 $1.5 $2.0 $4.4B - $4.6B 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 $960- $1,030 Demonstrating Operating Leverage Non-GAAP Operating Expenses as % of Revenue1 2021 22 23 24 25 2026E Non-GAAP Operating Income1 24 2021 2026E 22 23 25 26% 26% 24% 21% 19% 12% 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

 

Q3 2026

 

9Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Gross Profit and Margin Q3’25Q3’26$ in millions $519.0$1,235.8GAAP revenue 367.4818.7GAAP cost of sales $151.7$417.1GAAP gross profit Non-GAAP adjustments: 5.79.0Stock-based compensation expense 0.0-Restructuring 0.20.1Other $157.6$426.2Non-GAAP gross profit 29.2%33.8%GAAP gross margin 1.1%0.7%Non-GAAP adjustments 30.4%34.5%Non-GAAP gross margin

 

10Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Operating Income and Margin Q3’25Q3’26$ in millions $7.8$225.4GAAP operating income Non-GAAP adjustments: 38.260.1Stock-based compensation expense 0.00.0Restructuring 0.20.1Other $46.2$285.7Non-GAAP operating income 1.5%18.2%GAAP operating margin 7.4%4.9%Non-GAAP adjustments 8.9%23.1%Non-GAAP operating margin

 

11Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Gross Profit and Margin 20212022202320242025$ in millions $972.2$1,199.1$1,333.5$1,473.9$2,024.0GAAP revenue 774.61,050.81,135.71,069.21,436.6GAAP cost of sales $197.6$148.3$197.8$404.6$587.4GAAP gross profit Non-GAAP adjustments: 13.819.017.516.624.1Stock-based compensation expense --3.4(0.4)0.2Restructuring -108.8123.7--Impairment of assets --1.62.00.7Other $211.4$276.1$344.0$422.8$612.4Non-GAAP gross profit 20.3%12.4%14.8%27.5%29.0%GAAP gross margin 1.4%10.7%11.0%1.2%1.2%Non-GAAP adjustments 21.7%23.0%25.8%28.7%30.3%Non-GAAP gross margin

 

12Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Non-GAAP Operating Expenses as % of Revenue 20212022202320242025$ in millions $312.1$409.3$406.7$381.7$514.6GAAP operating expenses Non-GAAP adjustments: 62.395.069.666.4120.9Stock-based compensation expense --5.7(0.0)2.1Restructuring -4.86.60.10.1Other $249.8$309.5$324.8$315.2$391.4Non-GAAP operating expenses $972.2$1,199.1$1,333.5$1,473.9$2,024.0GAAP Revenue 25.7%25.8%24.4%21.4%19.3%Non-GAAP operating expenses as % of Revenue

 

13Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Operating Income (Loss) and Margin 20212022202320242025$ in millions ($114.5)($261.0)($208.9)$22.9$72.8GAAP operating income (loss) Non-GAAP adjustments: 76.1114.087.183.0145.0Stock-based compensation expense --9.2(0.4)2.4Restructuring -113.3130.1--Impairment of assets 0.00.21.72.10.8Other ($38.4)($33.5)$19.2$107.6$221.0Non-GAAP operating income (loss) (11.8%)(21.8%)(15.7%)1.6%3.6%GAAP operating margin 7.8%19.0%17.1%5.7%7.3%Non-GAAP adjustments (3.9%)(2.8%)1.4%7.3%10.9%Non-GAAP operating margin

 

14Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Net Income (Loss) and EPS Dilutive earnings per share1 Q3’25Dilutive earnings per shareQ3’26$ in millions, except per share ($0.10)($23.1)$0.78$250.3GAAP net income (loss) to common stockholders Non-GAAP adjustments: 0.000.1(0.00)(1.3)Add back: (Loss)Income for non-controlling interests 0.000.4(0.00)(0.0)(Gain) loss on derivative liabilities 0.000.00.000.0Restructuring 0.0619.60.012.9Equity in loss of unconsolidated affiliates 0.1238.20.1960.1Stock-based compensation expense --(0.03)(9.3)Effect of Assets Buyout and Repowering 0.000.20.000.1Other $0.15$35.5$0.94$302.8Non-GAAP net income to common stockholders 1. The dilutive earnings per share does not foot due to difference in basis between GAAP and Non-GAAP. Refer slide #17 for details.

 

15Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Adjusted EBITDA Q3’25Q3’26 $ in millions ($23.1)$250.3GAAP net income (loss) to common stockholders Non-GAAP adjustments: 0.1(1.3)Add back: (Loss) Income for non-controlling interests 38.260.1Stock-based compensation expense 0.00.0Restructuring 0.4(0.0)(Gain) loss on derivative liabilities -(9.3)Effect of Assets Buyout and Repowering 19.62.9Equity in loss of unconsolidated affiliates 12.813.8Depreciation & amortization 0.30.8Income tax provision 10.5(18.0)Interest (income) expense / other misc. 0.20.1Other $59.0$299.5Adjusted EBITDA

 

16Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Adjusted EBITDA 2021202220232024 2025$ in millions ($164.4)($301.4)($302.1)($29.2)($88.4)GAAP net loss to common stockholders Non-GAAP adjustments: (28.9)(13.7)(5.8)2.01.3Add back: Income (loss) for non-controlling interests ----40.4Equity in loss of unconsolidated affiliates 76.1114.087.183.0145.0Stock-based compensation expense --9.2(0.4)2.4Restructuring 15.0(0.6)1.60.70.5Loss (gain) on derivative liabilities --0.4(21.0)(2.6)Effects of assets buyout and repowering -9.04.327.298.6Loss on debt extinguishment and conversion inducement expenses 53.561.662.653.050.6Depreciation & amortization (1.1)115.3130.1--Impairment charge (PPA V, PPA IIIa, PPA IV and Goodwill) 1.01.11.90.82.7Income tax provision 55.643.290.842.220.2Interest expense / other misc. 7.31.61.72.30.8Other $14.0$30.1$81.8$160.7$271.6Adjusted EBITDA

 

17Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Diluted Earnings (Loss) Per Share Q3’251Q3’26$ and count in millions, except per share Numerator for basic earnings per share: ($23.1)$250.3GAAP Net income (loss) attributable to common stockholders $35.5$302.8Non-GAAP Net income attributable to common stockholders Numerator for diluted earnings per share: ($12.6)$253.8GAAP Net income (loss), adjusted numerator $46.0 $306.4 Non-GAAP Net income, adjusted numerator Denominator for GAAP and non-GAAP basic earnings per share: 234.9294.8Weighted average common shares outstanding Denominator for GAAP and non-GAAP diluted earnings per share: 312.5324.3Weighted average common shares outstanding GAAP net earnings (loss) per share ($0.10)$0.85Basic ($0.10) $0.78Diluted Non-GAAP net earnings (loss) per share $0.15$1.03Basic $0.15$0.94Diluted 1.In cases of a net loss, the weighted average number of common shares outstanding is the same as the basic weighted average number of common shares outstanding.

 

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 Q3’25Q3’26 Non-GAAP gross margin GAAP gross margin Non-GAAP gross profit Other Non- GAAP Adj 1 SBC1GAAP gross profit Revenue Non-GAAP gross margin GAAP gross margin Non-GAAP gross profit (loss) Other Non- GAAP Adj 1 SBC1 GAAP gross profit (loss) Revenue$ in Millions 35.9%35.0%$138.0 $0.0 $3.5 $134.5 $384.3 38.4%37.9%$412.2 $0.0 $5.6 $406.6 $1,073.6 Product 10.0%8.9%$6.6$0.0 $0.8 $5.9$65.8 (3.5%)(4.8%)($3.0)$0.0 $1.1 ($4.1)$84.9 Install 14.4%11.6%$8.5 $0.2 $1.5 $6.8 $58.6 21.4%17.8%$14.5 $0.1 $2.4 $12.0 $67.6 Service 43.8%43.8%$4.5 $0.0 $0.0 $4.5 $10.4 25.7%25.7%$2.5 $0.0 $0.0 $2.5 $9.8 Electricity 30.4%29.2%$157.6 $0.2 $5.7 $151.7 $519.0 34.5%33.8%$426.2 $0.1 $9.0 $417.1 $1,235.8 Total

 

 

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