BE 10-Q report for 2026-03-31

BE 10-Q report for 2026-03-31 be-20260331 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________ FORM 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  For the transition period from ____________to ____________ Commission File Number: 001-38598 ________________________________________________________________________ BLOOM ENERGY CORPORATION (Exact name of registrant as specified in its charter) ________________________________________________________________________ Delaware 77-0565408 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 4353 North First Street , San Jose , California 95134 (Address of principal executive offices) (Zip Code) ( 408 ) 543-1500 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, $0.0001 par value BE New York Stock Exchange _______________________________________________________________________________________________________________________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes þ     No   ¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes þ     No   ¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer þ      Accelerated filer    ¨      Non-accelerated filer    ¨      Smaller reporting company    ¨      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.   ¨ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   ¨     No   þ The number of shares of the registrant’s com mon stock outstanding as of April 24, 2026 was as follows: Class A Common Stock, $0.0001 par value, 284,443,868 shar es 1 Bloom Energy Corporation Quarterly Report on Form 10-Q for the Three Months Ended March 31, 2026 Table of Contents Page PART I—FINANCIAL INFORMATION Item 1—Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Income (Loss) 5 Condensed Consolidated Statements of Changes in Stockholders’ Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations 36 Item 3—Quantitative and Qualitative Disclosures About Market Risk 48 Item 4—Controls and Procedures 48 PART II—OTHER INFORMATION Item 1—Legal Proceedings 49 Item 1A—Risk Factors 49 Item 2—Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3—Defaults Upon Senior Securities 49 Item 4—Mine Safety Disclosures 49 Item 5—Other Information 49 Item 6—Exhibits 50 Signatures 51 Unless the context otherwise requires, the terms “ we, ” “ us, ” “ our, ” “ Bloom Energy, ” “ Bloom ” and the “ Company ” each refer to Bloom Energy Corporation and all of its subsidiaries. 2 PART I— FINANCIAL INFORMATION ITEM 1—FINANCIAL STATEMENTS Bloom Energy Corporation Condensed Consolidated Balance Sheets (in thousands, except share data) (unaudited) March 31, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents 1 $ 2,491,433 $ 2,454,108 Restricted cash 1,251 1,973 Accounts receivable, less allowance for credit losses of $ 460 as of March 31, 2026 and December 31, 2025, respectively 1, 2 359,406 371,796 Contract assets 3 242,595 178,928 Inventories 1 732,528 643,306 Deferred cost of revenue 23,363 30,651 Prepaid expenses and other current assets 1, 4 103,960 49,805 Total current assets 3,954,536 3,730,56 Risk Factors 49 Item 2—Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3—Defaults Upon Senior Securities 49 Item 4—Mine Safety Disclosures 49 Item 5—Other Information 49 Item 6—Exhibits 50 Signatures 51 Unless the context otherwise requires, the terms “ we, ” “ us, ” “ our, ” “ Bloom Energy, ” “ Bloom ” and the “ Company ” each refer to Bloom Energy Corporation and all of its subsidiaries. 2 PART I— FINANCIAL INFORMATION ITEM 1—FINANCIAL STATEMENTS Bloom Energy Corporation Condensed Consolidated Balance Sheets (in thousands, except share data) (unaudited) March 31, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents 1 $ 2,491,433 $ 2,454,108 Restricted cash 1,251 1,973 Accounts receivable, less allowance for credit losses of $ 460 as of March 31, 2026 and December 31, 2025, respectively 1, 2 359,406 371,796 Contract assets 3 242,595 178,928 Inventories 1 732,528 643,306 Deferred cost of revenue 23,363 30,651 Prepaid expenses and other current assets 1, 4 103,960 49,805 Total current assets 3,954,536 3,730,567 Property, plant and equipment, net 1 401,088 398,507 Investments in unconsolidated affiliates 10 23,261 10,037 Operating lease right-of-use assets 1 109,395 108,541 Restricted cash 25,600 25,499 Contract assets 5 63,281 62,258 Deferred cost of revenue 4,269 4,099 Other long-term assets 1, 6 83,299 57,203 Total assets $ 4,664,729 $ 4,396,711 Liabilities and stockholders’ equity Current liabilities: Accounts payable 1 $ 241,649 $ 203,129 Accrued warranty 7 38,365 20,013 Accrued expenses and other current liabilities 1, 8 223,653 222,254 Deferred revenue and customer deposits 9 194,094 100,975 Operating lease liabilities 1 21,933 22,000 Financing obligations 63,151 51,308 Non-recourse debt 1 3,959 4,153 Total current liabilities 786,804 623,832 Deferred revenue and customer deposits 39,260 42,840 Operating lease liabilities 1 107,216 106,935 Financing obligations 152,834 192,460 Recourse debt 2,598,676 2,613,726 Deferred profit in transactions with unconsolidated affiliates 11 22,774 13,928 Other long-term liabilities 9,157 10,027 Total liabilities $ 3,716,721 $ 3,603,748 Commitments and contingencies (Note 12) Stockholders’ equity: Common stock: 0.0001 par value; Class A shares— 600,000,000 shares authorized, and 284,207,963 shares and 280,045,459 shares issued and outstanding, and Class B shares— 470,092,742 shares authorized, and no shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively. 28 28 Additional paid-in capital 4,835,729 4,755,965 Accumulated other comprehensive income (loss) 2,967 ( 369 ) Accumulated deficit ( 3,917,255 ) ( 3,986,983 ) Total stockholders’ equity attributable to common stockholders 921,469 768,641 Noncontrolling interest 26,539 24,322 Total stockholders’ equity $ 948,008 $ 792,963 Total liabilities and stockholders’ equity $ 4,664,729 $ 4,396,711 1 We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11— Related Party Transactions in this Quarterly Report on Form 10-Q) , which represents a portion of the consolidated balances recorded within these financial statement line items. 2 Including amounts from related parties of $ 0.6  million and $ 151.9  million as of March 31, 2026, and December 31, 2025, respectively. 3 Including amounts from related parties of $ 74.1  million and $ 3.0  million as of March 31, 2026, and December 31, 2025, respectively. 4 Including amounts from related parties of $ 1.5  million and $ 1.2  million as of March 31, 2026, and December 31, 2025, respectively. 5 Including amounts from related parties of $ 48.0  million and $ 48.8  million as of March 31, 2026, and December 31, 2025, respectively. 6 Including amounts from related parties of $ 6.7  million and $ 6.0  million as of March 31, 2026, and December 31, 2025, respectively. 7 Including amounts from related parties of $ 4.1  million and $ 0.8  million as of March 31, 2026, and December 31, 2025, respectively. 8 Including amounts from related parties of $ 1.7  million as of March 31, 2026. Related party balance as of December 31, 2025, was inconsequential. 9 Including amounts from related parties of $ 8.1  million and $ 6.9  million as of March 31, 2026, and December 31, 2025, respectively. 10 Represent related party investments in Fund JVs (see Note 7— Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q) . 11 Represent the excess of unrealized profit from sales to the Fund JVs over the carrying value of the related equity‑method investments (see Note 7— Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q). The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Bloom Energy Corporation Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2026 2025 Revenue: Product $ 653,348 $ 211,869 Installation 25,931 33,651 Service 61,879 53,548 Electricity 9,896 26,953 Total revenue 1 751,054 326,021 Cost of revenue: Product 429,232 139,573 Installation 35,080 33,315 Service 53,664 52,858 Electricity 7,534 11,568 Total cost of revenue 525,510 237,314 Gross profit 225,544 88,707 Operating expenses: Research and development 56,849 40,612 Sales and marketing 38,439 22,265 General and administrative 2 58,066 44,900 Total operating expenses 153,354 107,777 Income (loss) from operations 72,190 ( 19,070 ) Interest income 20,601 8,553 Interest expense 3 ( 8,604 ) ( 14,411 ) Equity in loss of unconsolidated affiliates 4 ( 17,002 ) — Other income, net 6,197 2,048 Gain (loss) on revaluation of embedded derivatives 754 ( 103 ) Income (loss) before income taxes 74,136 ( 22,983 ) Income tax provision 445 431 Net income (loss) 73,691 ( 23,414 ) Less: Net income attributable to noncontrolling interest 3,038 400 Net income (loss) attributable to common stockholders $ 70,653 $ ( 23,814 ) Net earnings (loss) per share available to common stockholders: Basic $ 0.25 $ ( 0.10 ) Diluted $ 0.23 $ ( 0.10 ) Weighted average shares used to compute net earnings (loss) per share available to common stockholders: Basic 281,719 230,210 Diluted 319,708 230,210 1 Including related party revenue of $ 373.3 million and $ 2.8 million for the three months ended March 31, 2026 and 2025, respectively. 2 Including related party general and administrative expenses of $ 0.2 million for the three months ended March 31, 2025. There were no related party general and administrative expenses for the three months ended March 31, 2026. 3 Including related party interest expense of $ 0.1 million for the three months ended March 31, 2025. There were no related party interest expense for the three months ended March 31, 2026. 4 Represent related party equity in loss of the Fund JVs (see Note 7— Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q) . The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Bloom Energy Corporation Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands) (unaudited) Three Months Ended March 31, 2026 2025 Net income (loss) $ 73,691 $ ( 23,414 ) Other comprehensive income, net of taxes: Foreign currency translation adjustment 2,492 362 Other comprehensive income, net of taxes 2,492 362 Comprehensive income (loss) 76,183 ( 23,052 ) Less: Comprehensive income attributable to noncontrolling interest 2,217 439 Comprehensive income (loss) attributable to common stockholders $ 73,966 $ ( 23,491 ) The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Bloom Energy Corporation Condensed Consolidated Statements of Changes in Stockholders’ Equity (in thousands, except share data) (u Results of Operations 36 Item 3—Quantitative and Qualitative Disclosures About Market Risk 48 Item 4—Controls and Procedures 48 PART II—OTHER INFORMATION Item 1—Legal Proceedings 49 Item 1A—Risk Factors 49 Item 2—Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3—Defaults Upon Senior Securities 49 Item 4—Mine Safety Disclosures 49 Item 5—Other Information 49 Item 6—Exhibits 50 Signatures 51 Unless the context otherwise requires, the terms “ we, ” “ us, ” “ our, ” “ Bloom Energy, ” “ Bloom ” and the “ Company ” each refer to Bloom Energy Corporation and all of its subsidiaries. 2 PART I— FINANCIAL INFORMATION ITEM 1—FINANCIAL STATEMENTS Bloom Energy Corporation Condensed Consolidated Balance Sheets (in thousands, except share data) (unaudited) March 31, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents 1 $ 2,491,433 $ 2,454,108 Restricted cash 1,251 1,973 Accounts receivable, less allowance for credit losses of $ 460 as of March 31, 2026 and December 31, 2025, respectively 1, 2 359,406 371,796 Contract assets 3 242,595 178,928 Inventories 1 732,528 643,306 Deferred cost of revenue 23,363 30,651 Prepaid expenses and other current assets 1, 4 103,960 49,805 Total current assets 3,954,536 3,730,567 Property, plant and equipment, net 1 401,088 398,507 Investments in unconsolidated affiliates 10 23,261 10,037 Operating lease right-of-use assets 1 109,395 108,541 Restricted cash 25,600 25,499 Contract assets 5 63,281 62,258 Deferred cost of revenue 4,269 4,099 Other long-term assets 1, 6 83,299 57,203 Total assets $ 4,664,729 $ 4,396,711 Liabilities and stockholders’ equity Current liabilities: Accounts payable 1 $ 241,649 $ 203,129 Accrued warranty 7 38,365 20,013 Accrued expenses and other current liabilities 1, 8 223,653 222,254 Deferred revenue and customer deposits 9 194,094 100,975 Operating lease liabilities 1 21,933 22,000 Financing obligations 63,151 51,308 Non-recourse debt 1 3,959 4,153 Total current liabilities 786,804 623,832 Deferred revenue and customer deposits 39,260 42,840 Operating lease liabilities 1 107,216 106,935 Financing obligations 152,834 192,460 Recourse debt 2,598,676 2,613,726 Deferred profit in transactions with unconsolidated affiliates 11 22,774 13,928 Other long-term liabilities 9,157 10,027 Total liabilities $ 3,716,721 $ 3,603,748 Commitments and contingencies (Note 12) Stockholders’ equity: Common stock: 0.0001 par value; Class A shares— 600,000,000 shares authorized, and 284,207,963 shares and 280,045,459 shares issued and outstanding, and Class B shares— 470,092,742 shares authorized, and no shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively. 28 28 Additional paid-in capital 4,835,729 4,755,965 Accumulated other comprehensive income (loss) 2,967 ( 369 ) Accumulated deficit ( 3,917,255 ) ( 3,986,983 ) Total stockholders’ equity attributable to common stockholders 921,469 768,641 Noncontrolling interest 26,539 24,322 Total stockholders’ equity $ 948,008 $ 792,963 Total liabilities and stockholders’ equity $ 4,664,729 $ 4,396,711 1 We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11— Related Party Transactions in this Quarterly Report on Form 10-Q) , which represents a portion of the consolidated balances recorded within these financial statement line items. 2 Including amounts from related parties of $ 0.6  million and $ 151.9  million as of March 31, 2026, and December 31, 2025, respectively. 3 Including amounts from related parties of $ 74.1  million and $ 3.0  million as of March 31, 2026, and December 31, 2025, respectively. 4 Including amounts from related parties of $ 1.5  million and $ 1.2  million as of March 31, 2026, and December 31, 2025, respectively. 5 Including amounts from related parties of $ 48.0  million and $ 48.8  million as of March 31, 2026, and December 31, 2025, respectively. 6 Including amounts from related parties of $ 6.7  million and $ 6.0  million as of March 31, 2026, and December 31, 2025, respectively. 7 Including amounts from related parties of $ 4.1  million and $ 0.8  million as of March 31, 2026, and December 31, 2025, respectively. 8 Including amounts from related parties of $ 1.7  million as of March 31, 2026. Related party balance as of December 31, 2025, was inconsequential. 9 Including amounts from related parties of $ 8.1  million and $ 6.9  million as of March 31, 2026, and December 31, 2025, respectively. 10 Represent related party investments in Fund JVs (see Note 7— Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q) . 11 Represent the excess of unrealized profit from sales to the Fund JVs over the carrying value of the related equity‑method investments (see Note 7— Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q). The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Bloom Energy Corporation Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2026 2025 Revenue: Product $ 653,348 $ 211,869 Installation 25,931 33,651 Service 61,879 53,548 Electricity 9,896 26,953 Total revenue 1 751,054 326,021 Cost of revenue: Product 429,232 139,573 Installation 35,080 33,315 Service 53,664 52,858 Electricity 7,534 11,568 Total cost of revenue 525,510 237,314 Gross profit 225,544 88,707 Operating expenses: Research and development 56,849 40,612 Sales and marketing 38,439 22,265 General and administrative 2 58,066 44,900 Total operating expenses 153,354 107,777 Income (loss) from operations 72,190 ( 19,070 ) Interest income 20,601 8,553 Interest expense 3 ( 8,604 ) ( 14,411 ) Equity in loss of unconsolidated affiliates 4 ( 17,002 ) — Other income, net 6,197 2,048 Gain (loss) on revaluation of embedded derivatives 754 ( 103 ) Income (loss) before income taxes 74,136 ( 22,983 ) Income tax provision 445 431 Net income (loss) 73,691 ( 23,414 ) Less: Net income attributable to noncontrolling interest 3,038 400 Net income (loss) attributable to common stockholders $ 70,653 $ ( 23,814 ) Net earnings (loss) per share available to common stockholders: Basic $ 0.25 $ ( 0.10 ) Diluted $ 0.23 $ ( 0.10 ) Weighted average shares used to compute net earnings (loss) per share available to common stockholders: Basic 281,719 230,210 Diluted 319,708 230,210 1 Including related party revenue of $ 373.3 million and $ 2.8 million for the three months ended March 31, 2026 and 2025, respectively. 2 Including related party general and administrative expenses of $ 0.2 million for the three months ended March 31, 2025. There were no related party general and administrative expenses for the three months ended March 31, 2026. 3 Including related party interest expense of $ 0.1 million for the three months ended March 31, 2025. There were no related party interest expense for the three months ended March 31, 2026. 4 Represent related party equity in loss of the Fund JVs (see Note 7— Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q) . The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Bloom Energy Corporation Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands) (unaudited) Three Months Ended March 31, 2026 2025 Net income (loss) $ 73,691 $ ( 23,414 ) Other comprehensive income, net of taxes: Foreign currency translation adjustment 2,492 362 Other comprehensive income, net of taxes 2,492 362 Comprehensive income (loss) 76,183 ( 23,052 ) Less: Comprehensive income attributable to noncontrolling interest 2,217 439 Comprehensive income (loss) attributable to common stockholders $ 73,966 $ ( 23,491 ) The accompanying notes are an integral pa

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