Brenmiller Energy (Nasdaq: BNRG) logs first TES revenue and outlines 2026 Tempo-driven growth
Rhea-AI Filing Summary
Brenmiller Energy reported its first commercial TES system revenue and outlined a shift toward integrated clean heat-and-power solutions. 2025 revenue was approximately $387,000, compared to no revenue in 2024, driven by a bGen™ installation with Enel in Italy.
The company advanced its 32 MWh Tempo boiler-replacement project and previously projected about $1.7 million of 2026 revenue tied to Tempo execution milestones. Management also launched the BNRG360 strategy, bundling TES with solar and battery storage under long-term structures to seek larger, recurring revenue opportunities.
Despite these milestones, Brenmiller remained loss-making in 2025, with operating loss of about $12.7 million and net loss of about $13.9 million, compared to $10.6 million and $6.8 million in 2024. Cash, cash equivalents and restricted deposits were approximately $4.9 million as of December 31, 2025, up from about $4.1 million a year earlier.
Positive
- None.
Negative
- None.
Insights
Early commercialization steps, growing losses, and a more ambitious energy platform model.
Brenmiller Energy is transitioning from technology development to early commercialization. It recognized about $387,000 of 2025 revenue from a TES system sale and highlighted its flagship 32 MWh Tempo boiler-replacement project, which underpins a previously disclosed 2026 revenue projection of roughly $1.7 million.
The new BNRG360 strategy shifts the model from standalone TES hardware toward integrated clean heat-and-power solutions combining TES, solar PV and battery storage. Management positions this as enabling long-term contractual structures, potential profit sharing and ongoing service revenues, particularly through arrangements such as the System Purchase Agreement with Baran for the Tempo and Wolfson Hospital projects.
Financially, the company remains in a heavy investment phase, with 2025 operating loss of about $12.7 million and net loss of about $13.9 million, wider than 2024. Cash and restricted deposits of approximately $4.9 million as of December 31, 2025 provide some runway, but future outcomes will depend on converting its 103 MWh of deployed projects and global pipeline into larger-scale, repeatable revenue under the evolving platform model.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of March 2026 (Report No. 4)
Commission file number: 001-41402
BRENMILLER ENERGY LTD.
(Translation of registrant’s name into English)
13 Amal St. 4th Floor, Park Afek
Rosh Haayin, 4809249 Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
CONTENTS
On March 25, 2026, Brenmiller Energy Ltd. (the “Company”), issued a press release titled “Brenmiller Energy Issues Business Update Highlighting Commercial Breakthrough, First TES Revenue and BNRG360 Growth Strategy”, a copy of which is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K (this “Report”).
1
EXHIBIT INDEX
| Exhibit No. | ||
| 99.1 | Press release issued by Brenmiller Energy Ltd. dated March 25, 2026, titled “Brenmiller Energy Issues Business Update Highlighting Commercial Breakthrough, First TES Revenue and BNRG360 Growth Strategy.” |
2
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.
| Brenmiller Energy Ltd. | |||
| Date: March 25, 2026 | By: | /s/ Ofir Zimmerman | |
| Name: | Ofir Zimmerman | ||
| Title: | Chief Financial Officer | ||
3
Exhibit 99.1
Brenmiller Energy Issues Business Update Highlighting
Commercial Breakthrough,
First TES Revenue and BNRG360 Growth Strategy
Delivered flagship Tempo project, Brenmiller’s
first commercial-scale boiler replacement deployment,
marking a major operational milestone in the Company’s transition toward commercialization
Recognized first revenue from a TES system sale,
validating Brenmiller’s ability to
convert project execution into reported revenue
Entering 2026 with previously disclosed projected
2026 revenue of approximately $1.7 million tied to
Tempo execution milestones, which management believes reflects the beginning of an
accelerating growth trend
Launched BNRG360 strategy to expand from TES
into integrated clean heat-and-power solutions expected to improve project economics,
broaden market opportunity and create larger long-term
revenue streams
Built increasing commercial momentum with 103 MWh in cumulative projects deployed and a global pipeline of commercial opportunities across multiple industrial sectors and geographies
ROSH HAAYIN, Israel – March 25, 2026 – Brenmiller Energy Ltd. (Nasdaq: BNRG) (“Brenmiller,” “Brenmiller Energy” or the “Company”), a provider of integrated power and heat solutions for industrial and utility customers built around its proprietary thermal energy storage ("TES") technology, today issued a business update highlighting a year of operational execution, delivered flagship Tempo Beverages Ltd. ("Tempo"), first revenue recognition from a commercial TES system sale, and the launch of its expanded BNRG360 strategy to deliver integrated clean heat-and-power solutions. In connection with the business update, the Company also filed its 2025 annual report on Form 20-F with the U.S. Securities and Exchange Commission.
“2025 was the year Brenmiller moved beyond proving the technology and began proving commercialization,” said Avi Brenmiller, Chairman and Chief Executive Officer of Brenmiller Energy. “We delivered our flagship Tempo project, recognized our first revenue from a TES system sale, strengthened our commercial platform and entered 2026 with growing visibility into revenue generation. We believe these milestones mark the beginning of a new phase for Brenmiller as we work to convert years of product development and project execution into repeatable commercial growth.”
Mr. Brenmiller continued, “At the same time, we refined our strategy to reflect where the market is going. Customers increasingly need more than a standalone thermal battery. They need integrated clean heat-and-power solutions that can reduce emissions, improve energy economics, support resilience and fit within financeable long-term project structures. That is the logic behind BNRG360. We believe this strategy can expand our addressable market, increase average project value and create more meaningful long-term revenue opportunities for Brenmiller.”
2025 and Recent Business Highlights
Delivered Brenmiller’s flagship commercial-scale boiler replacement project at Tempo
In early 2026, Brenmiller advanced its flagship 32 MWh Tempo project through construction completion and into start-up and commissioning. Tempo is designed to fully replace fossil fuel boiler-based steam production at one of Israel’s leading beverage manufacturers and represents Brenmiller’s first commercial-scale industrial reference site for future deployments.
Recognized first revenue from a TES system sale
For 2025, Brenmiller recognized revenue of approximately $387,000, representing the Company’s first revenue recognition from a TES system sale, generated from its bGen™ installation with Enel in Italy. While revenue remains at an early stage, management believes this is an important milestone because it demonstrates that Brenmiller’s technology and project activity are beginning to translate into recognized commercial revenue.
Established a visible bridge to 2026 revenue growth
As previously disclosed, Brenmiller expects approximately $1.7 million in revenue during 2026 associated with execution milestones related to the Tempo project. Management believes this outlook is an important indicator of the Company’s next stage, as flagship projects progress from delivery and commissioning into commercial operation and expected revenue generation.
Expanded recurring revenue potential through Baran Energy (“Baran”) structure
In 2025, Brenmiller signed a System Purchase Agreement with Baran covering the Tempo and Wolfson Hospital projects. Under the structure, Brenmiller is positioned to receive milestone-based payments during construction and commissioning, profit sharing based on revenues from end customers, and ongoing service revenues through operations and maintenance, while retaining ownership of its intellectual property. Management believes this structure provides a clearer path to monetization while supporting broader deployment.
Launched BNRG360 to capture the larger heat-and-power opportunity
In January 2026, Brenmiller launched BNRG360, its integrated energy platform designed to offer bundled clean heat and power solutions combining TES, solar photovoltaic and battery energy storage systems under long-term contractual structures. Management views this as a strategic evolution beyond standalone TES equipment sales toward a more comprehensive energy platform approach built around customer economics, project financeability and long-term revenue participation.
2
Why Heat and Power Matters
Brenmiller believes the next phase of industrial decarbonization will be driven by customers seeking broader energy solutions rather than isolated equipment. That is why the Company is expanding beyond standalone TES into integrated clean heat-and-power solutions.
By combining TES with complementary power and renewable components, Brenmiller believes it can address a broader range of industrial customer needs, improve project economics, support more financeable structures and unlock larger project opportunities than heat-only solutions alone. Management believes this strategic shift can increase average project size, accelerate adoption and improve Brenmiller’s ability to participate in long-term project revenues.
Building Commercial Momentum
Brenmiller enters 2026 with 103 MWh in cumulative projects deployed and a global pipeline of commercial opportunities representing millions of dollars of potential revenues across multiple industrial sectors and geographies. Management believes this reflects growing demand for the Company’s TES technology and validates the broader market need for flexible, dispatchable clean heat-and-power solutions across industrial and utility applications.
The Company believes its strongest operational year to date has created a more durable foundation for growth. With flagship delivery now achieved, commercial structures in place to support future recurring revenues, and BNRG360 launched to broaden the business model, Brenmiller believes it is better positioned than at any point in its history to pursue commercial scale.
Brenmiller also believes its strategic positioning is increasingly aligned with the long-term global push toward industrial electrification, energy resilience and decarbonization, which management views as major demand drivers for integrated thermal and power solutions.
Summary of Financial Results for 2025
Income Statement
Revenues for the year ended December 31, 2025 were approximately $387,000, compared to no revenues in 2024, reflecting the Company’s first recognized revenue from the sale of a TES system. Operating loss for 2025 was approximately $12.7 million, compared to approximately $10.6 million in 2024. Net loss for 2025 was approximately $13.9 million, compared to approximately $6.8 million in 2024, primarily due to higher operating losses and a shift from net financial income in 2024 to net financial expenses in 2025, with 2024 including approximately $4.0 million of one-time non-cash financial income driven by fair value adjustments and reclassification of warrants, alongside increased foreign exchange losses in 2025.
3
Balance Sheet
As of December 31, 2025, Brenmiller had cash, cash equivalents and restricted deposits of approximately $4.9 million, compared to approximately $4.1 million as of December 31, 2024.
About Brenmiller Energy Ltd.
Brenmiller Energy (Nasdaq: BNRG) is a leading clean energy company powered by proprietary thermal energy storage technology. Through its patented bGen™ platform and expanded BNRG360 strategy, Brenmiller is evolving from thermal energy storage into integrated clean heat-and-power solutions designed to help industrial and utility customers reduce emissions, improve energy economics, enhance resilience and accelerate the transition away from fossil fuel-based energy systems. For more information, visit the Company’s website at https://bren-energy.com/.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, the Company is using forward-looking statements when discussing: the expected commissioning, validation and commercial operation of the Tempo project; expected 2026 revenues, including approximately $1.7 million associated with Tempo-related execution milestones; the Company’s transition toward commercialization and recurring revenue generation; the expected benefits of the BNRG360 strategy; the Company’s expectation and ability to improve project economics, broaden market opportunity, support project financeability and increase participation in long-term project revenues; commercial structures that are in place to support future recurring revenues; the growth of the Company’s addressable market; and the Company’s future growth opportunities, the Company’s pipeline of commercial opportunities, and the Company’s future strategic plans. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements made in this press release, including risks and uncertainties related to the Company’s business, liquidity, commercialization efforts, financing needs, customer adoption, project execution, and the other risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 20-F. The Company undertakes no obligation to update these forward-looking statements, except as required by law.
Contact:
Crescendo Communications, LLC
212-671-1020
bnrg@crescendo-ir.com
4
Filing Exhibits & Attachments
1 document