Companies: 11,222     total market cap: $152.291 T
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Bloom Energy
BE
#397
Rank
$64.30 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$218.32
Share price
6.08%
Change (1 day)
504.76%
Change (1 year)
๐ŸŒž Renewable energy โšก Energy
Categories
  1. Bloom Energy
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

Bloom Energy - 10-Q quarterly report FY2026 Q2


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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 June 30, 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
________________________________________________________________________

bloomenergy_full_color_rgb.jpg

BLOOM ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
________________________________________________________________________
Delaware77-0565408
(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
Common Stock, $0.0001 par valueBENew 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 common stock outstanding as of July 22, 2026 was as follows:
Common Stock, $0.0001 par value, 294,527,346 shares
1

Bloom Energy Corporation
Quarterly Report on Form 10-Q for the Three and Six Months Ended June 30, 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
8
Notes to Unaudited Condensed Consolidated Financial Statements
9
Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations
39
Item 3—Quantitative and Qualitative Disclosures About Market Risk
54
Item 4—Controls and Procedures
54
PART II—OTHER INFORMATION
Item 1—Legal Proceedings
55
Item 1A—Risk Factors
55
Item 2—Unregistered Sales of Equity Securities and Use of Proceeds
55
Item 3—Defaults Upon Senior Securities
55
Item 4—Mine Safety Disclosures
56
Item 5—Other Information
56
Item 6—Exhibits
57
Signatures
58

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)

June 30,December 31,
20262025
Assets
Current assets:
Cash and cash equivalents1
$2,666,859 $2,454,108 
Restricted cash
1,050 1,973 
Accounts receivable, less allowance for credit losses of $2,998 and $460 as of June 30, 2026 and December 31, 2025, respectively1, 2
458,126 371,796 
Contract assets3
365,461 178,928 
Inventories1
758,188 643,306 
Deferred cost of revenue
67,273 30,651 
Customer consideration asset12
90,967 — 
Prepaid expenses and other current assets1, 4
182,138 49,805 
Total current assets4,590,062 3,730,567 
Property, plant and equipment, net1
443,388 398,507 
Investments in unconsolidated affiliates10
28,090 10,037 
Operating lease right-of-use assets1
106,475 108,541 
Restricted cash20,599 25,499 
Contract assets5
62,837 62,258 
Deferred cost of revenue7,675 4,099 
Customer consideration asset12
215,533 — 
Other long-term assets1, 6
153,742 57,203 
Total assets$5,628,401 $4,396,711 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable1
$309,929 $203,129 
Accrued warranty7
77,797 20,013 
Accrued expenses and other current liabilities1, 8
315,919 222,254 
Deferred revenue and customer deposits9
327,145 100,975 
Operating lease liabilities1
23,094 22,000 
Financing obligations62,034 51,308 
Recourse debt4,686 — 
Non-recourse debt1
2,583 4,153 
Total current liabilities1,123,187 623,832 
Deferred revenue and customer deposits117,901 42,840 
Operating lease liabilities1
102,730 106,935 
Financing obligations144,446 192,460 
Recourse debt2,470,704 2,613,726 
Deferred profit in transactions with unconsolidated affiliates11
19,560 13,928 
Other long-term liabilities9,202 10,027 
Total liabilities$3,987,730 $3,603,748 
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock: 0.0001 par value; 600,000,000 shares authorized, and 293,354,001 shares and 280,045,459 shares issued and outstanding, at June 30, 2026 and December 31, 2025, respectively13
29 28 
Additional paid-in capital5,332,587 4,755,965 
Accumulated other comprehensive income (loss)
347 (369)
Accumulated deficit(3,720,965)(3,986,983)
Total stockholders’ equity attributable to common stockholders1,611,998 768,641 
Noncontrolling interest28,673 24,322 
Total stockholders’ equity$1,640,671 $792,963 
Total liabilities and stockholders’ equity$5,628,401 $4,396,711 
1 We have a variable interest entity related to a joint venture in the Republic of Korea (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 $76.1 million and $151.9 million as of June 30, 2026, and December 31, 2025, respectively.
3 Including amounts from related parties of $43.9 million and $3.0 million as of June 30, 2026, and December 31, 2025, respectively.
4 There was no related party balance as of June 30, 2026. Including amount from related parties of $1.2 million as of December 31, 2025.
5 Including amounts from related parties of $47.2 million and $48.8 million as of June 30, 2026, and December 31, 2025, respectively.
6 There was no related party balance as of June 30, 2026. Including amount from related parties of $6.0 million as of December 31, 2025.
7 Including amounts from related parties of $8.6 million and $0.8 million as of June 30, 2026, and December 31, 2025, respectively.
8 Including amounts from related parties of $2.5 million and $0.04 million as of June 30, 2026, and December 31, 2025, respectively.
9 Including amounts from related parties of $7.0 million and $6.9 million as of June 30, 2026, and December 31, 2025, respectively.
10 Represent related party investments in 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).
12 Represent related party upfront share‑based consideration payable to a customer’s customer (see Note 3 — Revenue Recognition in this Quarterly Report on Form 10-Q).
13 On May 27, 2026, the Company filed with the Delaware Secretary of State a Certificate of Second Amendment to its Restated Certificate of Incorporation which (among other things) renamed its Class A common stock as common stock and eliminated outdated references to Class B common stock. Prior to such amendment, the Company had 470,092,742 shares of Class B common stock authorized, but as of December 31, 2025, no such shares were issued or outstanding. References in this Quarterly Report on Form 10-Q to Class A common stock have been updated to refer to common stock.

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 EndedSix Months Ended
June 30,June 30,
 2026202520262025
 
Revenue:
Product$935,413 $296,611 $1,588,761 $508,480 
Installation50,978 37,372 76,909 71,023 
Service69,023 54,449 130,902 107,997 
Electricity9,951 12,810 19,847 39,763 
Total revenue1
1,065,365 401,242 1,816,419 727,263 
Cost of revenue:
Product593,957 198,746 1,023,189 338,319 
Installation52,829 38,224 87,909 71,539 
Service56,148 49,408 109,812 102,266 
Electricity6,859 7,741 14,393 19,309 
Total cost of revenue
709,793 294,119 1,235,303 531,433 
Gross profit355,572 107,123 581,116 195,830 
Operating expenses:
Research and development58,873 40,768 115,722 81,380 
Sales and marketing43,045 24,066 81,484 46,331 
General and administrative2
71,417 45,792 129,483 90,692 
Total operating expenses173,335 110,626 326,689 218,403 
Income (loss) from operations182,237 (3,503)254,427 (22,573)
Interest income20,881 6,623 41,482 15,176 
Interest expense3
(8,906)(14,440)(17,510)(28,851)
Equity in earnings (loss) of unconsolidated affiliates4
4,346 — (12,656)— 
Other income, net
2,307 2,373 8,504 4,421 
Loss on extinguishment of debt— (32,340)— (32,340)
(Loss) gain on revaluation of embedded derivatives(539)112 215 9 
Income (loss) before income taxes
200,326 (41,175)274,462 (64,158)
Income tax provision1,470 1,017 1,915 1,448 
Net income (loss)
198,856 (42,192)272,547 (65,606)
Less: Net income attributable to noncontrolling interest
2,566 427 5,604 827 
Net income (loss) attributable to common stockholders
$196,290 $(42,619)$266,943 $(66,433)
Net earnings (loss) per share available to common stockholders:
Basic
$0.68 $(0.18)$0.94 $(0.29)
Diluted
$0.62 $(0.18)$0.85 $(0.29)
Weighted average shares used to compute net earnings (loss) per share available to common stockholders:
Basic
287,288 232,542 284,518 231,383 
Diluted
323,331 232,542 323,649 231,383 

1 Including related party revenue of $2.8 million and $376.1 million for the three and six months ended June 30, 2026, respectively, and $27.1 million and $29.9 million for the three and six months ended June 30, 2025, respectively.
2 There were no related party general and administrative expenses for the three and six months ended June 30, 2026. Including related party general and administrative expenses of $0.2 million and $0.4 million for the three and six months ended June 30, 2025, respectively.
3 There were no related party interest expense for the three and six months ended June 30, 2026. Including related party interest expense of $0.1 million and $0.1 million for the three and six months ended June 30, 2025, respectively.
4 Represent related party equity in earnings (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 EndedSix Months Ended
June 30,June 30,
 2026202520262025
 
Net income (loss)
$198,856 $(42,192)$272,547 $(65,606)
Other comprehensive (loss) income, net of taxes:
Foreign currency translation adjustment(3,052)2,702 (560)3,064 
Other comprehensive (loss) income, net of taxes(3,052)2,702 (560)3,064 
Comprehensive income (loss)
195,804 (39,490)271,987 (62,542)
Less: Comprehensive income attributable to noncontrolling interest
2,134 1,665 4,351 2,104 
Comprehensive income (loss) attributable to common stockholders
$193,670 $(41,155)$267,636 $(64,646)


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)
(unaudited)
Three Months Ended June 30, 2026
Common StockAdditional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated DeficitTotal Equity Attributable to Common StockholdersNoncontrolling InterestTotal Stockholders’ Equity
SharesAmount
Balances at March 31, 2026
284,207,963 $28 $4,835,729 $2,967 $(3,917,255)$921,469 $26,539 $948,008 
Issuance of restricted stock awards873,862 — — — — — — — 
Exercise of stock options418,013 — 7,324 — — 7,324 — 7,324 
Stock-based compensation— — 51,554 — — 51,554 — 51,554 
Conversions of the Green Notes (Note 8)
5,699,932 1 126,468 — — 126,469 — 126,469 
Share-based consideration payable to customer’s customer (Note 3)
— — 311,512 — — 311,512 — 311,512 
Issuance of common stock upon warrant exercise, including incremental shares (cashless) (Note 3)
2,154,231 — — — — — — — 
Foreign currency translation adjustment— — — (2,620)— (2,620)(432)(3,052)
Net income
— — — — 196,290 196,290 2,566 198,856 
Balances at June 30, 2026
293,354,001 $29 $5,332,587 $347 $(3,720,965)$1,611,998 $28,673 $1,640,671 

Three Months Ended June 30, 2025
Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Equity Attributable to Common StockholdersNoncontrolling InterestTotal Stockholders’ Equity
SharesAmount
Balances at March 31, 2025
231,969,446 $23 $4,502,881 $(2,270)$(3,922,363)$578,271 $23,184 $601,455 
Issuance of restricted stock awards1,679,509 — — — — — — — 
Exercise of stock options12,213 — 30 — — 30 — 30 
Stock-based compensation— — 29,188 — — 29,188 — 29,188 
Premium on convertible debt— — 28,247 — — 28,247 — 28,247 
Foreign currency translation adjustment— — — 1,464 — 1,464 1,238 2,702 
Net (loss) income— — — — (42,619)(42,619)427 (42,192)
Balances at June 30, 2025
233,661,168 $23 $4,560,346 $(806)$(3,964,982)$594,581 $24,849 $619,430 


6

Six Months Ended June 30, 2026
Common StockAdditional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated DeficitTotal Equity Attributable to Common StockholdersNoncontrolling InterestTotal Stockholders’ Equity
SharesAmount
Balances at December 31, 2025
280,045,459 $28 $4,755,965 $(369)$(3,986,983)$768,641 $24,322 $792,963 
Issuance of restricted stock awards3,032,439 — — — — — — — 
ESPP purchase644,651 — 8,073 — — 8,073 — 8,073 
Exercise of stock options800,297 — 15,086 — — 15,086 — 15,086 
Stock-based compensation— — 100,410 — — 100,410 — 100,410 
Accrued dividend— — — — (994)(994)— (994)
Legal reserve— — — — 92 92 — 92 
Conversions of the Green Notes (Note 8)
6,676,924 1 144,631 — — 144,632 — 144,632 
Share-based consideration payable to customer’s customer (Note 3)
— — 308,422 — — 308,422 — 308,422 
Issuance of common stock upon warrant exercise, including incremental shares (cashless) (Note 3)
2,154,231 — — — — — — — 
Foreign currency translation adjustment— — — 716 (23)693 (1,253)(560)
Net income
— — — — 266,943 266,943 5,604 272,547 
Balances at June 30, 2026
293,354,001 $29 $5,332,587 $347 $(3,720,965)$1,611,998 $28,673 $1,640,671 
Six Months Ended June 30, 2025
Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Equity Attributable to Common StockholdersNoncontrolling InterestTotal Stockholders’ Equity
SharesAmount
Balances at December 31, 2024
229,142,474 $23 $4,462,659 $(2,593)$(3,897,618)$562,471 $22,745 $585,216 
Issuance of restricted stock awards3,723,916 — — — — — — — 
ESPP purchase630,607 — 6,417 — — 6,417 — 6,417 
Exercise of stock options164,171 — 1,264 — — 1,264 — 1,264 
Stock-based compensation— — 61,759 — — 61,759 — 61,759 
Accrued dividend— — — — (1,024)(1,024)— (1,024)
Legal reserve— — — — 93 93 — 93 
Premium on convertible debt— — 28,247 — — 28,247 — 28,247 
Foreign currency translation adjustment— — — 1,787 — 1,787 1,277 3,064 
Net (loss) income— — — — (66,433)(66,433)827 (65,606)
Balances at June 30, 2025
233,661,168 $23 $4,560,346 $(806)$(3,964,982)$594,581 $24,849 $619,430 

The accompanying notes are an integral part of these condensed consolidated financial statements.
7

Bloom Energy Corporation
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 Six Months Ended
June 30,
 20262025
Cash flows from operating activities:
Net income (loss)
$272,547 $(65,606)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
 
Depreciation and amortization27,025 24,582 
Non-cash lease expense16,026 16,452 
Equity in loss of unconsolidated affiliates12,656 — 
Stock-based compensation expense100,432 59,338 
Amortization of debt issuance costs
6,798 3,723 
Loss on extinguishment of debt— 32,340 
Net gain on failed sale-and-leaseback transactions
(13,527)(827)
Share-based consideration payable to customer’s customer (Note 3)13
1,922 — 
Allowance for credit losses3,080 — 
Unrealized foreign currency exchange loss (gain)
2,474 (4,795)
Other12
87 45 
Changes in operating assets and liabilities:
Accounts receivable1
(89,590)(129,904)
Contract assets2
(187,654)15,364 
Inventories(115,057)(142,600)
Deferred cost of revenue
(40,046)30,099 
Prepaid expenses and other current assets3
(132,333)6,134 
Other long-term assets4
(96,640)826 
Operating lease right-of-use assets and operating lease liabilities5
(17,071)(16,754)
Financing lease liabilities255 982 
Accounts payable6
100,422 52,790 
Accrued warranty7
57,784 (4,566)
Accrued expenses and other current liabilities8
89,391 (22,586)
Deferred revenue and customer deposits9
301,232 (178,807)
Deferred profit with equity method investees and other long-term liabilities10
(171)(23)
Net cash provided by (used in) operating activities300,042 (323,793)
Cash flows from investing activities:
Purchase of property, plant and equipment(77,823)(21,504)
Proceeds from sale of property, plant and equipment127 76 
Investments in unconsolidated affiliates11
(22,796)— 
Net cash used in investing activities(100,492)(21,428)
Cash flows from financing activities:
Payment of debt issuance costs(787)(3,348)
Repayment of debt(1,347)— 
Proceeds from financing obligations4 — 
Repayment of financing obligations(11,816)(5,465)
Proceeds from issuance of common stock23,159 7,681 
Dividend paid
(925)(947)
Other(5)150 
Net cash provided by (used in) financing activities8,283 (1,929)
Effect of exchange rate changes on cash, cash equivalent, and restricted cash(905)2,226 
Net increase (decrease) in cash, cash equivalents, and restricted cash
206,928 (344,924)
Cash, cash equivalents, and restricted cash:
Beginning of period2,481,580 950,971 
End of period$2,688,508 $606,047 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$10,676 $26,660 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases17,071 16,585 
Operating cash flows from finance leases225 169 
Cash paid during the period for income taxes2,192 775 
Non-cash investing and financing activities:
Liabilities recorded for property, plant and equipment, net$10,773 $4,285 
Derecognition of financing obligations26,190 — 
Recognition of operating lease right-of-use asset during the year-to-date period7,792 3,711 
Recognition of finance lease right-of-use asset during the year-to-date period241 956 
Unfunded investment commitment (Note 11)14
1,438 — 
Conversions of the Green Notes (Note 8)
144,632 — 
Premium on convertible debt— 28,247 
Face value of 2.5% Green Notes due August 2025 exchanged
— 112,769 
Face value of additional 3.0% Green Notes due June 2029 issued in the Debt Exchange
— 115,725 

1 Including changes in related party balances of $75.8 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively.
2 Including changes in related party balances of $39.4 million and $0.8 million for the six months ended June 30, 2026 and 2025, respectively.
3 Including changes in related party balances of $1.2 million and $0.3 million for the six months ended June 30, 2026 and 2025, respectively.
4 Including changes in related party balances of $6.0 million and $0.1 million for the six months ended June 30, 2026 and 2025, respectively.
5 There were no related party balances as of June 30, 2026, and December 31, 2025. Including changes in related party balances of $0.2 million for the six months ended June 30, 2025.
6 There were no related party balances as of June 30, 2026, and December 31, 2025. Including changes in related party balances of $0.04 million for the six months ended June 30, 2025.
7 Including changes in related party balances of $7.8 million and $0.1 million for the six months ended June 30, 2026 and 2025, respectively.
8 Including changes in related party balances of $2.4 million and $3.5 million for the six months ended June 30, 2026 and 2025, respectively.
9 Including changes in related party balances of $0.1 million and $4.1 million for the six months ended June 30, 2026 and 2025, respectively.
10 Including changes in related party balances of $5.6 million for the six months ended June 30, 2026. There were no related party balances as of June 30, 2025, and December 31, 2024.
11 Represent related party investments in unconsolidated affiliates (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
12 Includes $0.1 million related party distributions received from unconsolidated affiliates for the six months ended June 30, 2026 (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
13 Represent related party consideration payable to customer’s customer (see Note 3—Revenue Recognition in this Quarterly Report on Form 10-Q).
14 Represents related party unfunded investment commitment pertaining to unconsolidated affiliates (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.
8

Bloom Energy Corporation
Notes to Unaudited Condensed Consolidated Financial Statements
The unaudited condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented.
The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Form 10-K”).

1. Nature of Business, Liquidity and Basis of Presentation
Nature of Business
For information on the nature of our business, see Part II, Item 8, Note 1—Nature of Business, Liquidity and Basis of Presentation, section Nature of Business in our 2025 Form 10-K.
Liquidity
We generated $300.0 million of positive operating cash flow and $254.4 million of operating income for the six months ended June 30, 2026. With the series of convertible debt offerings, debt extinguishments, debt exchanges, and conversions of convertible debt to equity completed since 2021, as of June 30, 2026, we had $2,475.4 million and $2.6 million of total outstanding recourse and non-recourse debt, respectively, $7.3 million and $2,470.7 million of which was classified as short-term debt and long-term debt, respectively. As of December 31, 2025, we had $2,613.7 million and $4.2 million of total outstanding recourse and non-recourse debt, respectively, $4.2 million and $2,613.7 million of which was classified as short-term debt and long-term debt, respectively.
For information regarding our recent issuances of convertible debt, related exchange and extinguishment transactions, and our entry into a senior secured multicurrency revolving credit facility (the “Revolving Credit Facility”), refer to Part II, Item 8, Note 1—Nature of Business, Liquidity and Basis of Presentation, section Liquidity in our 2025 Form 10-K.
Our future capital requirements depend on many factors, including the market acceptance of our products, our rate of revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, the rate of growth in the volume of system builds and the need for additional working capital, the expansion of sales and marketing activities both in domestic and international markets, our ability to secure financing for customer use of our products, the timing of installations, inventory buildup and increase in factory capacity in anticipation of future sales and installations, and overall economic conditions. In order to support and achieve our future growth plans, we may need or seek advantageously to obtain additional funding through equity or debt financing. Failure to obtain this financing on favorable terms or at all in future quarters may affect our financial position and results of operations, including our revenues and cash flows.
In the opinion of management, the combination of our cash and cash equivalents and cash flow to be generated by our operations is expected to be sufficient to meet our anticipated cash flow needs for at least the next 12 months from the date of the issuance of this Quarterly Report on Form 10-Q.
The One Big Beautiful Bill Act
For information on the One Big Beautiful Bill Act (the “OBBBA”) signed into law on July 4, 2025, and its impact on our business, see Part II, Item 8, Note 1—Nature of Business, Liquidity and Basis of Presentation, section The One Big Beautiful Bill Act in our 2025 Form 10-K.
Basis of Presentation
We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), and as permitted by those rules, including all disclosures required by generally accepted accounting principles as applied in the U.S. (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to the current period presentation.
9

Principles of Consolidation
For information on the principles of consolidation, see Part II, Item 8, Note 1—Nature of Business, Liquidity and Basis of Presentation, section Principles of Consolidation in our 2025 Form 10-K.
Use of Estimates
For information on the use of accounting estimates, see Part II, Item 8, Note 1—Nature of Business, Liquidity and Basis of Presentation, section Use of Estimates in our 2025 Form 10-K.
Concentration of Risk
Geographic Risk—The majority of our revenue and long-lived assets are attributable to operations in the U.S. for all periods presented. In addition to shipments in the U.S., we also ship our Energy Server systems to other countries, primarily, the Republic of Korea, Japan, India and Taiwan (collectively referred to as the “Asia Pacific region”), and several European countries, namely Germany, UK and Italy. Revenue generated in the U.S. represented 90% of total revenue for both the three and six months ended June 30, 2026. For the three and six months ended June 30, 2025, revenue in the U.S. was 59% and 58%, respectively, of our total revenue.
Credit Risk—As of June 30, 2026, three customers*, the third of which was our related party (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), accounted for approximately 36%, 34%, and 17% of accounts receivable. As of December 31, 2025, three customers*, the first of which was our related party (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), accounted for approximately 41%, 17%, and 15% of accounts receivable. To date, we have not experienced any material credit losses from these customers*.
Customer Risk—During the three months ended June 30, 2026, revenue from two customers*, the second of which is our related party (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), accounted for approximately 44% and 21% of our total revenue. During the six months ended June 30, 2026, revenue from one customer*, which is not our related party, accounted for approximately 73% of our total revenue.
During the three months ended June 30, 2025, four customers*, none of which are related parties, represented approximately 30%, 18%, 15%, and 11% of our total revenue. During the six months ended June 30, 2025, two customers*, neither of which are related parties, represented approximately 33% and 23% of our total revenue.
*Definition of “customer.” For purposes of the concentration of risk disclosure, “customer” refers to the contractual counterparty to which we sell our products and fulfil installation obligations, which in certain transactions may be a project‑finance affiliate rather than the ultimate end user of the products. See Note 7—Investments in Unconsolidated Affiliates for additional information regarding the Brookfield‑affiliated financing framework structure.

2. Summary of Significant Accounting Policies
Refer to the accounting policies described in Part II, Item 8, Note 2—Summary of Significant Accounting Policies in our 2025 Form 10-K.
Equity Method Accounting for Investments in Unconsolidated Affiliates
The distribution rights and priorities set forth in the LLC agreements governing the unconsolidated affiliates differ from Bloom’s underlying percentage ownership interests in those entities. Accordingly, we allocate income or loss from the unconsolidated affiliates using the hypothetical liquidation at book value (“HLBV”) method, which is an acceptable application of the equity method of accounting under Accounting Standards Codification (“ASC”) 323, Investments—Equity Method and Joint Ventures (“ASC 323”) when contractual cash distribution provisions differ from stated ownership percentages.
Due to the timing of receipt of the unconsolidated affiliates’ financial information, we apply the equity method on a one-quarter reporting lag. Bloom monitors the unconsolidated affiliates for material intervening events during the lag period, and any such events are evaluated and, if necessary, disclosed or reflected in the current reporting period. Management believes that the use of this reporting lag is reasonable and does not materially affect our condensed consolidated results of operations.
Under the HLBV method, at each reporting date, we calculate the amount we would receive if each unconsolidated affiliate were to liquidate all of its assets at their U.S. GAAP book values and distribute the resulting proceeds to creditors and
10

members in accordance with the liquidation priorities set forth in the governing LLC agreement. Our share of income or loss from each unconsolidated affiliate for the period equals the change in our calculated liquidation claim between the beginning and end of the reporting period, adjusted for capital contributions and distributions during the period. The resulting equity method income or loss is presented as a single line item, Equity in earnings (loss) of unconsolidated affiliates, in our condensed consolidated statements of operations.
Key inputs to the HLBV calculation include each unconsolidated affiliates’ U.S. GAAP net income or loss, taxable income or loss, book and tax depreciation, Section 704(b) capital account balances, capital contributions and distributions, transferable investment tax credits, and target returns and liquidation priorities specified in the governing LLC agreements. Changes in any of these inputs could have a significant impact on the amount we would be entitled to receive upon a hypothetical liquidation and, consequently, on our equity in earnings or loss from the unconsolidated affiliates.
Distributions Received From Unconsolidated Affiliates
We use the “cumulative earnings” approach to classify distributions received from unconsolidated affiliates in our condensed consolidated statements of cash flows. Under this method, distributions received from unconsolidated affiliates are included in our condensed consolidated statements of cash flows as operating activities, unless cumulative distributions exceed our share of cumulative equity in the investee’s net earnings. In such cases, the excess distributions are considered returns of investment and are classified as investing activities.
For a complete discussion of our accounting policies, refer to Part II, Item 8, Note 2—Summary of Significant Accounting Policies in our 2025 Form 10-K.
Recovery of Previously Paid Tariffs
We account for potential recoveries of previously paid import tariffs by applying the loss recovery model by analogy to ASC 410-30, Asset Retirement and Environmental Obligations—Environmental Obligations (“ASC 410‑30”). Consistent with ASC 410-30, which references the probability threshold in ASC 450-20, Loss Contingencies, we recognize a receivable for tariff refunds when recovery is deemed probable and the amount can be reasonably estimated. The recognized receivable is limited to the amount of tariff costs previously recognized in the condensed consolidated statements of operations. We do not recognize amounts in excess of such previously recognized costs.
We evaluate the probability of recovery based on all available evidence, including the status of refund processes, legal developments, and our intent and ability to pursue claims. If recovery is not considered probable, no asset is recorded. We reassess this conclusion each reporting period.
Recently Issued Accounting Pronouncements
Accounting Guidance Not Yet Adopted
In April 2026, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock (“ASU 2026-01”). This guidance requires entities to initially measure paid-in-kind (“PIK”) dividends on equity-classified preferred stock based on the dividend rate specified in the related agreement applied to the instrument’s liquidation preference. The amendments are intended to improve comparability by reducing diversity in practice related to the measurement of such dividends and do not affect the timing of recognition. The standard is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. The Company is evaluating ASU 2026-01 guidance and does not currently expect it to have a material impact on its condensed consolidated financial statements.
In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) (“ASU 2026-02”). This guidance establishes a comprehensive model for the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. The amendments are intended to improve comparability and transparency by reducing diversity in practice related to accounting for these arrangements. The standard is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is evaluating ASU 2026-02 guidance and does not currently expect it to have a material impact on its condensed consolidated financial statements.
Refer to the other accounting guidance not yet adopted described in Part II, Item 8, Note 2—Summary of Significant Accounting Policies, section Accounting Guidance Not Yet Adopted in our 2025 Form 10-K. Based on our ongoing evaluation, we do not expect the adoption of new accounting guidance to have a material impact on our condensed consolidated financial
11

statements.
Recently Released Accounting Standards Adopted by the Company
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (“ASU 2025-10”). This update provides authoritative guidance on the recognition, measurement, and presentation of government grants received by business entities, an area previously lacking in U.S. GAAP. The amendments define government grants, establish recognition criteria, and require disclosures about the nature of grants, accounting policies applied, and significant terms and conditions. The amendments are effective for public business entities for annual periods beginning after December 15, 2028, with early adoption permitted. We elected to early adopt this standard as of January 1, 2026 (the beginning of our 2026 annual reporting period), using the modified prospective basis. We made an accounting policy election to account for nonrefundable, transferable tax credits related to assets as a government grant and present the credit separately as deferred income. The deferred income is amortized into Other Income, net over the useful life of the asset generating such credits. Consistent with this election, we account for the transferable tax credits generated from our investments in unconsolidated affiliates as part of our overall equity method pickup consistent with all other items of income or loss reported in the unconsolidated affiliates’ financial statements. To the extent that the accounting policy for transferable tax credits is different from the unconsolidated affiliates, we will recast the unconsolidated affiliates’ financial statements when calculating our equity method income or loss. There were no material impacts to our reported financial position, results of operations, or cash flows resulting from the adoption of this new accounting pronouncement. This standard has no impact on any prior periods presented in our condensed consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). This update introduces a practical expedient for all entities when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”). Under the practical expedient, when developing reasonable and supportable forecasts as part of estimating expected credit losses, an entity may assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025‑05 is effective for annual reporting periods beginning after December 15, 2025, including interim periods within those annual reporting periods. We adopted ASU 2025‑05 in the first quarter of 2026. There were no material impacts to our reported financial position, results of operations, or cash flows resulting from the adoption of this new accounting pronouncement.

3. Revenue Recognition
Contract Balances
The following table provides information about accounts receivables, contract assets, customer deposits and deferred revenue from contracts with customers (in thousands):
June 30,December 31,
 20262025
Accounts receivable$458,126 $371,796 
Contract assets428,298 241,186 
Customer deposits360,568 78,207 
Deferred revenue84,478 65,608 
Accounts receivable and contract assets increased by $86.3 million and $187.1 million, respectively, for the six months ended June 30, 2026, primarily due to the timing of billing milestones.
The increase in customer deposits of $282.4 million for the six months ended June 30, 2026, was primarily driven by receipt of new deposits associated with recently executed customer agreements and milestone payments on ongoing projects, partially offset by certain deposits becoming non-refundable.
For additional information on contract assets and liabilities, see Part II, Item 8, Note 3—Revenue Recognition, section Contract Balances in our 2025 Form 10-K.
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Contract Assets
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
 
Beginning balance$305,876 $143,619 $241,186 $145,162 
Transferred to accounts receivable from contract assets recognized at the beginning of the period
(92,071)(63,017)(90,403)(85,069)
Revenue recognized and not billed as of the end of the period214,493 49,196 277,515 69,705 
Ending balance$428,298 $129,798 $428,298 $129,798 
Deferred Revenue
Deferred revenue activity during the three and six months ended June 30, 2026 and 2025, consisted of the following (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
 
Beginning balance$82,254 $59,008 $65,608 $66,304 
Additions672,440 321,035 1,300,441 530,920 
Revenue recognized(670,216)(323,871)(1,281,571)(541,052)
Ending balance$84,478 $56,172 $84,478 $56,172 

For additional information on deferred revenue, see Part II, Item 8, Note 3—Revenue Recognition, section Deferred Revenue in our 2025 Form 10-K.
As of June 30, 2026, and December 31, 2025, we have unsatisfied performance obligations of $442.4 million and $394.4 million, respectively, primarily related to product sales and installation services. We expect to recognize the associated revenue within the next 1 to 2 years, consistent with customers’ project deployment schedules. In addition, as of June 30, 2026, and December 31, 2025, we had unsatisfied performance obligations of $51.7 million and $25.0 million, respectively, related mainly to deferred service contracts which we expect to recognize over the remaining contractual terms ranging from 1 to 25 years.
We do not disclose the value of the unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.
Disaggregated Revenue
We disaggregate revenue from contracts with customers into four revenue categories: product, installation, service and
13

electricity (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Revenue from contracts with customers: 
Product revenue$935,413 $296,611  $1,588,761 $508,480 
Installation revenue50,978 37,372  76,909 71,023 
Service revenue
69,023 54,449  130,902 107,997 
Electricity revenue5,332 7,824  10,575 28,018 
Total revenue from contract with customers1,060,746 396,256 1,807,147 715,518 
Revenue from contracts that contain leases:
Electricity revenue4,619 4,986 9,272 11,745 
Total revenue$1,065,365 $401,242 $1,816,419 $727,263 
Commitment to Issue Share-Based Consideration Payable to Customer’s Customer
On October 28, 2025, in connection with the partnership between the Company and Oracle Corporation (“Oracle”) to provide on-site solid state power for AI data centers, subject to the negotiation of a warrant mutually acceptable to the Company and Oracle, we agreed to issue to Oracle a warrant (the “Warrant”) to purchase up to an aggregate of 3,531,073 shares of common stock, with an exercise price of $113.28 per share, which was the closing market price on October 28, 2025. For additional details on the Warrant, see Part II, Item 8, Note 3—Revenue Recognition, section Commitment to Issue Share-Based Consideration Payable to Customer’s Customer in our 2025 Form 10-K.
On April 9, 2026 (the “Grant Date”), the Warrant was issued. The Warrant was fully vested upon issuance, immediately exercisable in whole or in part, at any time during the six months from the Grant Date and was classified as equity. Consistent with ASC 606 and ASC 718, Compensation—Stock Compensation (“ASC 718”), as clarified by ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, we remeasured the fair value of the Warrant as of the Grant Date. The fair value of the Warrant was determined using a Black-Scholes option pricing model in accordance with ASC 718’s fair value measurement framework. The following weighted-average assumptions were used to estimate the fair value of the Warrant on April 9, 2026, and the commitment to issue the Warrant on December 31, 2025:
April 9,December 31,
20262025
Risk-free interest rate3.7%3.6%
Expected term (years)0.50.5
Expected dividend yield——
Expected volatility115.0%96.2%
As of the Grant Date and December 31, 2025, the estimated fair value of the Warrant and the commitment to issue the Warrant was $251.6 million and $55.9 million, respectively. Following the Grant Date, the fair value of the Warrant was fixed, and is accounted for as consideration payable to a customer’s customer, recognized as a reduction of revenue as the underlying Energy Server systems sold under the Oracle arrangement are delivered.
On May 1, 2026 (the “Exercise Date”), Oracle completed a cashless exercise of the Warrant, resulting in the issuance of 1,905,433 shares of our common stock. Under the terms of the warrant agreement, Oracle could elect either net or gross settlement. Because the net settlement would result in 1.4 million fewer shares being issued than a gross settlement, we agreed to issue Oracle an additional 248,798 shares of common stock as an inducement for Oracle to elect net settlement. These incremental shares represented additional consideration with a fair value of $72.3 million. As a result, the aggregate fair value
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of the shares issued upon exercise of the Warrant, including the incremental shares, was $324.4 million.
Prior to the Grant Date, $12.9 million had been recognized in Additional Paid-in Capital. During the second quarter of 2026 we recorded an incremental $311.0 million to Additional Paid-in Capital, with corresponding debits to current and long-term Customer Consideration Asset of $91.0 million and $215.5 million, respectively, and revenue reduction of $5.0 million and $1.9 million for the three and six months ended June 30, 2026, respectively. Customer Consideration Asset represents upfront share‑based consideration payable to a customer’s customer and is amortized as a reduction of revenue as the underlying Energy Server systems sold under the Oracle arrangement are delivered.
As of June 30, 2026, $17.9 million has been recognized on a cumulative basis as a reduction of revenue related to the Warrant.

4. Financial Instruments
Cash, Cash Equivalents, and Restricted Cash
The carrying values of cash, cash equivalents, and restricted cash approximate fair values and were as follows (in thousands):
June 30,December 31,
 20262025
As Held:
Cash$469,707 $94,997 
Money market funds2,218,801 2,386,583 
$2,688,508 $2,481,580 
As Reported:
Cash and cash equivalents$2,666,859 $2,454,108 
Restricted cash21,649 27,472 
$2,688,508 $2,481,580 

5. Fair Value
Our accounting policy for the fair value measurement of cash equivalents and embedded Escalation Protection Plan (“EPP”) derivatives is described in Part II, Item 8, Note 2—Summary of Significant Accounting Policies in our 2025 Form 10-K.
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Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The tables below set forth, by level, our financial assets and liabilities that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands):
Fair Value Measured at Reporting Date Using
June 30, 2026Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,218,801 $— $— $2,218,801 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $4,899 $4,899 

 Fair Value Measured at Reporting Date Using
December 31, 2025Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,386,583 $— $— $2,386,583 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $5,607 $5,607 
The changes in the Level 3 financial liabilities during the six month ended June 30, 2026, were as follows (in thousands):
Embedded EPP Derivative Liability
Liabilities at December 31, 2025
$5,607 
EPP liability settlement(493)
Changes in fair value(215)
Liabilities at June 30, 2026
$4,899 
In March 2026, according to an EPP agreement with one of our customers, we paid $0.5 million, which was recorded as a reduction to our balance of embedded EPP derivative liability as of June 30, 2026.
For additional information on money market funds and EPP derivatives, see Part II, Item 8, Note 5—Fair Value, section Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis in our 2025 Form 10-K.
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Financial Assets and Liabilities and Other Items Not Measured at Fair Value on a Recurring Basis
Debt Instruments—The term loans and convertible senior notes are based on rates currently offered for instruments with similar maturities and terms (Level 2). The following table presents the estimated fair values and carrying values of debt instruments (in thousands):
 June 30, 2026December 31, 2025
 Net Carrying
Value		Fair ValueNet Carrying
Value		Fair Value
   
Debt instruments
Recourse:
0% Convertible Senior Notes due November 20301
$2,447,915 $4,622,764 $2,442,091 $2,140,536 
3.0% Green Convertible Senior Notes due June 20291
26,697 355,528 73,473 313,740 
3.0% Green Convertible Senior Notes due June 20281
778 10,524 98,162 456,764 
Non-recourse:
4.6% Term Loan due October 2026
2,583 2,888 2,769 3,009 
4.6% Term Loan due April 2026
$— $— $1,384 $1,550 
1 The increase in fair value primarily reflects the rise in the Company’s stock price.

6. Balance Sheet Components
Inventories
The components of inventory consisted of the following (in thousands):
June 30,December 31,
 20262025
Raw materials$451,117 $351,757 
Work-in-progress83,031 125,036 
Finished goods224,040 166,513 
$758,188 $643,306 
The inventory reserves were $32.5 million and $39.3 million as of June 30, 2026, and December 31, 2025, respectively.
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Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
June 30,December 31,
 20262025
   
Project-related equity investment1
$50,000 $— 
Tariff refund receivable2
32,389 — 
Vendor advances3
32,109 750 
Receivables from employees4
22,411 2,507 
Tax receivables7,639 4,509 
Prepaid hardware and software maintenance6,816 6,327 
Interest receivable5,919 6,029 
Prepaid deferred commissions3,789 3,049 
Prepaid managed services3,510 4,705 
Prepaid rent1,840 60 
Prepaid corporate insurance1,666 5,182 
Deferred expenses819 1,559 
Prepaid medical insurance532 232 
Deposits made336 376 
Prepaid workers compensation221 796 
Other prepaid expenses and other current assets12,142 13,724 
$182,138 $49,805 
1 Represents consideration paid to acquire an option to purchase a 100% ownership interest in the shares of an unaffiliated third-party entity associated with a customer project arrangement. The investment is accounted for under ASC 321, Investments in Equity Securities. We expect to transfer or otherwise realize the asset within the next three months through related assignment or reimbursement arrangements and we do not expect to retain an equity or other long-term ownership interest in the underlying project or project entity.
2 As of June 30, 2026, we had identified approximately $37.4 million of recoverable import tariffs previously paid under the International Emergency Economic Powers Act (“IEEPA”), all of which had been recognized in Cost of product revenue. Approximately $5.0 million of such amounts had been refunded as of June 30, 2026. Bloom concluded that recovery of the remaining $32.4 million was probable and reasonably estimable and, accordingly, recognized a tariff refund receivable for that amount. The receivable is limited to tariff costs previously recognized in earnings and reflects management’s assessment of recoverable amounts based on the status of claims and other information available as of the reporting date. Our estimate of recoverable amounts is based on currently available information, including the status of claims and applicable refund procedures. The ultimate amount and timing of recoveries may differ from the amounts recorded due to uncertainties in the refund process and potential legal or administrative developments.
3 Vendor advances increased primarily due to advance payments made to certain suppliers under commercial arrangements related to future purchases of goods and services.
4 Receivables from employees increased primarily due to higher commission advances associated with increased sales bookings.
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Property, Plant and Equipment, Net
Property, plant and equipment, net consisted of the following (in thousands):
June 30,December 31,
 20262025
   
Vehicles, machinery and equipment$222,483 $203,731 
Energy Server systems143,843 165,629 
Construction-in-progress140,360 83,067 
Leasehold improvements132,818 129,665 
Buildings53,751 53,156 
Computers, software and hardware36,301 34,761 
Furniture and fixtures11,225 11,090 
740,781 681,099 
Less: accumulated depreciation(297,393)(282,592)
$443,388 $398,507 
Depreciation expense related to property, plant and equipment was $13.7 million and $27.0 million for the three and six months ended June 30, 2026, respectively.
Depreciation expense related to property, plant and equipment was $12.6 million and $24.6 million for the three and six months ended June 30, 2025, respectively.
Other Long-Term Assets
Other long-term assets consisted of the following (in thousands):
June 30,December 31,
20262025
   
Vendor advances1
$111,374 $17,374 
Deferred commissions22,122 19,109 
Deferred expenses7,769 8,111 
Deferred financing costs3,310 3,412 
Deposits made2,373 3,001 
Deferred tax asset1,872 1,780 
Long-term lease receivable1,845 2,193 
Prepaid managed services1,315 1,316 
Prepaid and other long-term assets1,762 907 
$153,742 $57,203 
1 Vendor advances increased primarily due to advance payments made to certain suppliers under commercial arrangements related to future purchases of goods and services.
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Accrued Warranty and Product Performance Liabilities
Accrued warranty and product performance liabilities consisted of the following (in thousands):
June 30,December 31,
20262025
Product performance$16,790 $16,791 
Product warranty1
61,007 3,222 
$77,797 $20,013 
Changes in the product warranty and product performance liabilities were as follows (in thousands):
Balances at December 31, 2025
$20,013 
Accrued warranty, net1 and product performance liabilities
71,630 
Product performance expenditures during the period(13,846)
Balances at June 30, 2026
$77,797 
1 Includes a specific warranty reserve of $58.3 million, which is accounted for as an assurance-type warranty and recognized within cost of product revenue.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
June 30,December 31,
 20262025
   
General invoice and purchase order accruals$169,290 $76,909 
Compensation and benefits75,920 97,571 
Accrued installation28,315 14,278 
Sales-related liabilities18,005 12,031 
Sales tax liabilities6,774 10,054 
Accrued legal expenses4,842 2,599 
Interim VAT liability2,087 281 
Provision for income tax2,050 2,115 
Unfunded investment commitment (Note 11)
1,438 — 
Accrued consulting expenses1,430 1,475 
Finance lease liability1,351 1,370 
Deferred profit in transactions with unconsolidated affiliates
1,022 — 
Accrued restructuring costs889 482 
Current portion of derivative liabilities846 1,353 
Interest payable729 913 
Other931 823 
$315,919 $222,254 
Preferred Stock
As of June 30, 2026, and December 31, 2025, we had 20,000,000 shares of preferred stock authorized, with a par value of $0.0001 per share. There were no shares of preferred stock issued or outstanding as of June 30, 2026, and December 31, 2025.

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7. Investments in Unconsolidated Affiliates
The Company and Brookfield Asset Management (“Brookfield”) have entered into joint venture structures which are housed in an AI Infrastructure Fund created by Brookfield (the “AI Fund”). For details, see Part II, Item 8, Note 7—Investments in Unconsolidated Affiliates in our 2025 Form 10-K. We account for each investment in both the AI Fund JVs and JVs outside the AI Fund (the “Other JVs”) (collectively, the “Fund JVs”) as an investment under the equity method of accounting in accordance with ASC 323. The AI Fund and Brookfield hold the remaining ownership interests and serve as the primary beneficiaries; accordingly, both the AI Fund JVs and the Other JVs are not consolidated by us. As of June 30, 2026, and December 31, 2025, we hold equity interests in the following Fund JVs:
June 30,December 31,
20262025
AI Fund JVs
Bolt US Class A JVCo LLC9.9%9.9%
Bolt US JVCo LLC9.9%9.9%
Other JVs
ORC HoldCo LLC15.0%15.0%
Our maximum exposure to loss from the involvement with the Fund JVs as of June 30, 2026 is $68.8 million. This amount consists of: (i) the carrying amount of our equity investments, totaling $28.1 million, (ii) remaining unfunded capital commitments of $20.2 million, and (iii) deferred profit related to sales to the Fund JVs of $20.6 million. Our total capital commitment to the Fund JVs as of June 30, 2026 is $77.3 million. For details related to our maximum exposure to loss from the involvement with the Fund JVs and our capital commitments, see Part II, Item 8, Note 7—Investments in Unconsolidated Affiliates in our 2025 Form 10-K.
Our share of income or loss from each Fund JV for the period represents the change in our calculated liquidation claim from the beginning to the end of the reporting period, adjusted for capital contributions and distributions made during the period. The resulting equity‑method income or loss is presented as a single line item, Equity in earnings (loss) of unconsolidated affiliates, in our condensed consolidated statements of operations.
We record our share of profit from sales of our products to the Fund JVs as a reduction of equity in earnings (loss) of unconsolidated affiliates. This share of profit reduces the carrying amount of our investments in unconsolidated affiliates. To the extent the cumulative reduction of equity in earnings (loss) of unconsolidated affiliates exceed the investment’s carrying amount, the excess is presented as either Deferred profit in transactions with unconsolidated affiliates, or Accrued expenses and other current liabilities, based on the expected timing of realization. The deferred profit reverses (increasing equity in earnings (loss) of unconsolidated affiliates and restoring the investment balance) as profit is realized over the remaining useful life through depreciation of the underlying assets. As of June 30, 2026, and December 31, 2025, the deferred profit balances were $20.6 million and $13.9 million, of which $19.6 million and $13.9 million were classified as a noncurrent liability, respectively. During the six months ended June 30, 2026, we recognized $12.7 million of equity‑method losses from unconsolidated affiliates. Of this amount, $14.0 million related to the elimination of intra‑entity profit on asset sales in accordance with ASC 323, which will be recognized over the useful lives of the underlying assets as they are depreciated, and $1.3 million related to the allocation of losses from the Fund JVs under the HLBV method.
Changes in the investment balance for the six months ended June 30, 2026, were as follows (in thousands):
Balances at December 31, 2025
$10,037 
Current period investment in unconsolidated affiliates
24,234 
Equity in loss of unconsolidated affiliates
(12,656)
Cash distributions received
(140)
Deferred profit in transactions with unconsolidated affiliates5,632 
Accrued expenses and other current liabilities
983 
Balances at June 30, 2026
$28,090 
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Management evaluates each investment in each of the Fund JVs for impairment in accordance with ASC 323. No indicators of impairment were identified related to the investments as of June 30, 2026, and December 31, 2025.

8. Outstanding Loans and Security Agreements
The following is a summary of our debt as of June 30, 2026 (in thousands, except percentage data):
 Unpaid
Principal
Balance		Net Carrying ValueInterest
Rate		Maturity DatesEntity
 CurrentLong-
Term		Total
0% Convertible Senior Notes due November 2030
$2,500,000 $— $2,447,915 $2,447,915 0.0%November 2030Company
3.0% Green Convertible Senior Notes due June 2029
26,971 3,908 22,789 26,697 3.0%June 2029Company
3.0% Green Convertible Senior Notes due June 2028
787 778 — 778 3.0%June 2028Company
Total recourse debt2,527,758 4,686 2,470,704 2,475,390 
4.6% Term Loan due October 2026
2,583 2,583 — 2,583 4.6%October 2026Korean JV
Total non-recourse debt2,583 2,583 — 2,583 
Total debt$2,530,341 $7,269 $2,470,704 $2,477,973 

The following is a summary of our debt as of December 31, 2025 (in thousands, except percentage data):
 Unpaid
Principal
Balance		Net Carrying ValueInterest
Rate		Maturity DatesEntity
 CurrentLong-
Term		Total
0% Convertible Senior Notes due November 2030
$2,500,000 $— $2,442,091 $2,442,091 0.0%November 2030Company
3.0% Green Convertible Senior Notes due June 2029
75,125 — 73,473 73,473 3.0%June 2029Company
3.0% Green Convertible Senior Notes due June 2028
99,655 — 98,162 98,162 3.0%June 2028Company
Total recourse debt2,674,780 — 2,613,726 2,613,726 
4.6% Term Loan due October 2026
2,769 2,769 — 2,769 4.6%October 2026Korean JV
4.6% Term Loan due April 2026
1,384 1,384 — 1,384 4.6%April 2026Korean JV
Total non-recourse debt4,153 4,153 — 4,153 
Total debt$2,678,933 $4,153 $2,613,726 $2,617,879 

Recourse debt refers to debt that we have an obligation to pay. Non-recourse debt refers to debt that is recourse to only our subsidiary, Bloom SK Fuel Cell, LLC, a joint venture in the Republic of Korea with SK ecoplant (the “Korean JV”). The differences between the unpaid principal balances and the net carrying values reflect unamortized deferred financing costs, including the initial purchasers’ discounts, where applicable, and premiums or discounts associated with our debt, if any. We and all of our subsidiaries were in compliance with all financial covenants as of June 30, 2026, and December 31, 2025.
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Recourse Debt Facilities
0% Convertible Senior Notes due November 2030 ( “the 0% Notes”)
3.0% Green Convertible Senior Notes due June 2029 ( “the 3.0% Green Notes due June 2029”)
3.0% Green Convertible Senior Notes due June 2028 ( “the 3.0% Green Notes due June 2028”)
Issuance date/Indenture date1
November 4, 2025
May 29, 2024
May 16, 2023
Aggregate principal amount issued
$2,500.0 million
$402.5 million
$632.5 million
Initial purchasers’ discount2
$50.0 million
$12.1 million
$15.8 million
Other issuance costs2
$9.9 million
$0.7 million
$3.9 million
Net proceeds received
$2,440.1 million
$389.7 million
$612.8 million
Due date3
November 15, 2030
June 1, 2029
June 1, 2028
Greenshoe option4
$300.0 million
$52.5 million
$82.5 million
Senior, unsecured obligations
Yes
Yes
Yes
Interest rate and payment schedule
Do not bear regular interest and will not accrete in principal amount over time
3.0% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2024
3.0% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2023
Redemption date5
November 20, 2028
June 7, 2027
June 5, 2026
Conversion date6
August 15, 20307
March 1, 20297
March 1, 20287
Conversion trigger quarter-end date6
March 31, 20268
September 30, 20248
September 30, 20238
Initial conversion rate, shares of common stock per $1,000 principal amount of notes9
5.1290
47.9795
53.0427
Initial conversion price, per share of common stock9
$194.97
$20.84
$18.85
Incremental shares under Make-Whole Fundamental Change10, shares of common stock per $1,000 principal amount9
2.6926
15.5932
22.5430
The maximum number of shares into which the notes could have been potentially converted if the conversion features were triggered:
as of June 30, 2026
19,554,000
1,714,619
59,486
as of December 31, 2025
19,554,000
4,775,899
7,532,493
Effective interest rate
0.5%
1.1%
4.2%
Customary provisions relating to the occurrence of Events of Default
See footnote 11
See footnote 11
See footnote 11
Classification of net carrying value in condensed consolidated balance sheets.
as of June 30, 2026
Long-term liability
Short- and Long-term liabilityShort-term liability
as of December 31, 2025
Long-term liability
Long-term liability
Long-term liability
1 Issued pursuant to, and are governed by, an indenture, between us and U.S. Bank Trust Company, National Association, as Trustee, in private placements to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended.
2 The notes’ initial purchasers’ discount and other issuance costs (collectively, the “Transaction Costs”) were recorded as debt issuance costs and presented a reduction to the notes on our condensed consolidated balance sheets and are amortized to interest expense at an effective interest rate.
3 Unless earlier repurchased, redeemed or converted.
4 Pursuant to the purchase agreement among us and the representatives of the initial purchasers, we granted the initial purchasers an option to purchase an additional aggregate principal amount of the notes. Notes included specified aggregate principal amount pursuant to the full exercise by the initial purchasers of the Greenshoe option.
5 We may not redeem the notes prior to the specified redemption date, subject to a partial redemption limitation. We may elect to redeem, at face value, all or any portion of the notes at any time, and from time to time, on or after the specified redemption date, and on or before the twenty-first (for the 0% Notes and the
23

3.0% Green Notes due June 2029), or the forty-sixth (for the 3.0% Green Notes due June 2028) scheduled trading day immediately before the maturity date, provided the share price for our common stock exceeds 130% of the conversion price at redemption.
6 Before the specified conversion date, the noteholders have the right to convert their notes only upon the occurrence of certain events, including satisfaction of a condition relating to the closing price of our common stock (the “Closing Price Condition”) or the trading price of the notes (the “Trading Price Condition”), a redemption event, or other specified corporate events. If the Closing Price Condition is met on at least 20 (whether or not consecutive) of the last 30 consecutive trading days in any calendar quarter, and only during such calendar quarter, the noteholders may convert their notes at any time during the immediately following quarter, commencing after the calendar quarter ending on the specified date (i.e., conversion trigger quarter-end date), subject to the partial redemption limitation.
7 Subject to the Trading Price Condition, the noteholders may convert their notes during the five consecutive business days immediately after any ten consecutive trading day period (for the 0% Notes) or the five business days immediately after any five consecutive trading day period (for the 3.0% Green Notes due June 2029 and the 3.0% Green Notes due June 2028, collectively referred to as the “Green Notes”) in which the trading price per $1,000 principal amount of the notes, as determined following a request by a holder of the notes, for each day of that period is less than 98% of the product of the closing price of our common stock and the then applicable conversion rate. From and after the specified conversion date, the noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Should the noteholders elect to convert their notes, we may elect to settle the conversion by paying or delivering, as applicable, cash, shares of our common stock, $0.0001 par value per share, or a combination thereof, at our election. Please refer to Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Induced Conversions of the Existing Notes in our 2025 Form 10-K for details of the conversion of the 3.0% Green Notes due June 2029 and the 3.0% Green Notes due June 2028 in the fourth quarter of the fiscal year 2025.
8 The Closing Price Condition for the 3.0% Green Notes due June 2029 and the 3.0% Green Notes due June 2028 was met during the three months ended March 31, 2026, and accordingly, such noteholders could convert their notes during the quarter ended June 30, 2026 (see section Conversions of the Green Notes below). The Closing Price Condition for the 0% Notes was not met during the three months ended March 31, 2026, and accordingly, such noteholders could not convert their notes during the quarter ended June 30, 2026.
9 The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. Also, we may increase the conversion rate at any time if our Board of Directors determines it is in the best interests of the Company or to avoid or diminish income tax to holders of common stock. In addition, if certain corporate events that constitute a Make-Whole Fundamental Change, occur, then the conversion rate applicable to the conversion of the notes will, in certain circumstances, increase by up to the specified incremental shares of common stock per $1,000 principal amount of notes for a specified period of time.
10 Make-Whole Fundamental Change means (i) a Fundamental Change, that includes certain change-of-control events relating to us, certain business combination transactions involving us and certain delisting events with respect to our common stock, or (ii) the sending of a redemption notice with respect to the notes.
11 The notes contain certain customary provisions relating to the occurrence of Events of Default, as defined in the underlying indentures. If an Event of Default involving bankruptcy, insolvency or reorganization events with respect to us occurs, then the principal amount of, and all accrued and unpaid interest (regular interest, where applicable, special interest or additional interest, if any) on all of the notes then outstanding will immediately become due and payable without any further action or notice by any person. However, notwithstanding the foregoing, we may elect, at our option, that the sole remedy for an Event of Default relating to certain failures by us to comply with certain reporting covenants in the underlying indentures consists exclusively of the right of the noteholders to receive special interest for up to 360 days (on the 0% Notes) or up to 180 days (on the Green Notes) at a specified rate per annum not exceeding 0.5% on the principal amount of the notes.

The total interest expense recognized related to our notes for the three and six months ended June 30, 2026 and 2025, comprised of contractual interest expense and amortization of debt issuance costs, was as follows (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Contractual interest expense
0% Convertible Senior Notes due November 2030
$— $— $— $— 
3.0% Green Convertible Senior Notes due June 2029
542 3,481 1,105 6,500 
3.0% Green Convertible Senior Notes due June 2028
738 4,744 1,159 9,488 
2.5% Green Convertible Senior Notes due August 2025
— 351 — 1,069 
$1,280 $8,576 $2,264 $17,057 
24

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Amortization of the initial purchasers’ discount and other issuance costs
0% Convertible Senior Notes due November 2030
$2,976 $— $5,953 $— 
3.0% Green Convertible Senior Notes due June 2029
111 765 232 1,399 
3.0% Green Convertible Senior Notes due June 2028
100 979 244 1,958 
2.5% Green Convertible Senior Notes due August 2025
— 120 — 366 
$3,187 $1,864 $6,429 $3,723 
Total interest expense related to our notes
0% Convertible Senior Notes due November 2030
$2,976 $— $5,953 $— 
3.0% Green Convertible Senior Notes due June 2029
653 4,246 1,337 7,899 
3.0% Green Convertible Senior Notes due June 2028
838 5,723 1,403 11,446 
2.5% Green Convertible Senior Notes due August 2025
— 471 — 1,435 
$4,467 $10,440 $8,693 $20,780 
To date, there have been no events necessitating the recognition of special interest expense related to our notes.
The amount of unamortized debt issuance costs of our notes as of June 30, 2026, and December 31, 2025, was as follows (in thousands):
June 30,December 31,
20262025
Unamortized debt issuance costs
0% Convertible Senior Notes due November 2030
$52,085 $57,909 
3.0% Green Convertible Senior Notes due June 2029
274 1,652 
3.0% Green Convertible Senior Notes due June 2028
10 1,493 
$52,369 $61,054 
Capped Calls
Please refer to Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Capped Calls in our 2025 Form 10-K for discussion of privately negotiated capped call transactions in connection with the pricing of the 3.0% Green Notes due June 2028.
Conversions of the Green Notes
During the six months ended June 30, 2026, the Green Notes became eligible for conversion after the satisfaction of the Closing Price Condition specified in the underlying indentures for such notes. During the six months ended June 30, 2026, holders elected to convert approximately $147.0 million aggregate principal amount of the Green Notes. Under the conversion provisions of the respective indentures for the Green Notes, and consistent with our obligation to settle conversions in cash, shares of common stock, or a combination thereof, we issued 6,676,924 shares of common stock during the period. As of June 30, 2026, an additional 877,687 shares of common stock related to converted Green Notes had not yet been issued and remained unsettled.
Following the conversions, the outstanding carrying value of the 3.0% Green Notes due June 2028 and 3.0% Green Notes due June 2029 decreased by $97.6 million and $47.0 million, respectively. As a result, we recognized $144.6 million in Additional paid-in capital in our condensed consolidated balance sheets. The impact on other line items within our condensed
25

consolidated balance sheets and our condensed consolidated statements of operations was not material. No gain or loss was recognized in connection with the conversions.
We will continue to assess conversion eligibility each fiscal quarter in accordance with the conditions described in the Indentures governing the Green Notes.
Redemption of the 3.0% Green Notes due June 2028
On June 9, 2026, we issued a notice of redemption (the “Redemption Notice”) for all the remaining outstanding 3.0% Green Notes due June 2028 pursuant to the indenture dated May 16, 2023 governing such notes (the “Indenture”). The redemption date was scheduled for July 10, 2026 (the “Redemption Date”).
In accordance with the terms of the Indenture, holders had the right to convert their notes at any time from the date of the Redemption Notice until the close of business on the business day immediately preceding the Redemption Date. Any notes not converted would be redeemed for cash at a price equal to 100% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.
Revolving Credit Facility
On December 19, 2025, we entered into a senior secured multicurrency Revolving Credit Facility in an aggregate available amount of $600.0 million, including a letter of credit sub-facility of up to $90.0 million (the “Revolving Credit Facility”). For details, see Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Revolving Credit Facility in our 2025 Form 10-K.
As of June 30, 2026, and December 31, 2025, no amounts were drawn under the facility. As of June 30, 2026, $90.0 million of standby letters of credit had been issued under the facility, reducing available borrowings to $510.0 million.
The total interest expense recognized related to the Revolving Credit Facility for the three and six months ended June 30, 2026 and 2025, represented by deferred financing costs amortization, was as follows (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Amortization of deferred financing costs
$184 $— $367 $— 
The amount of unamortized deferred financing costs of the Revolving Credit Facility as of June 30, 2026, and December 31, 2025, was as follows (in thousands):
June 30,December 31,
20262025
Unamortized deferred financing costs
$3,310 $3,412 
Deferred financing costs are included within Other long-term assets on our condensed consolidated balance sheets.
We are subject to financial covenants, including minimum interest coverage and maximum leverage ratios, and Bloom was in compliance with all covenants as of June 30, 2026, and December 31, 2025. Proceeds of borrowings under the Revolving Credit Facility may be used for working capital, capital expenditures, permitted acquisitions, and other general corporate purposes. We have not triggered any springing maturity provisions under the Revolving Credit Facility as of the date of the issuance of this Quarterly Report on Form 10-Q. The facility provides enhanced liquidity for general corporate purposes, including strategic initiatives.
Non-recourse Debt Facilities
For discussion of our non-recourse debt, refer to Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Non-recourse Debt Facilities in our 2025 Form 10-K.
26

On April 11, 2026, the non-recourse 4.6% Term Loan due April 2026 of the Korean JV with an outstanding principal balance of $1.3 million was repaid. The repayment did not result in any gain or loss.
Repayment Schedule and Interest Expense
The following table presents details of our outstanding loan principal repayment schedule as of June 30, 2026 (in thousands):
Remainder of 2026$7,370 
2027— 
2028— 
202922,971 
20302,500,000 
2031— 
Thereafter— 
$2,530,341 
For the three and six months ended June 30, 2026, interest expense of $8.9 million and $17.5 million, respectively, including total interest expense related to our debt of $4.6 million and $8.8 million, respectively, was recorded in Interest expense on our condensed consolidated statements of operations.
For the three and six months ended June 30, 2025, interest expense of $14.4 million and $28.9 million, respectively, including total interest expense related to our debt of $10.5 million and $20.9 million, respectively, was recorded in Interest expense on our condensed consolidated statements of operations.

9. Leases
Facilities, Energy Server Systems, and Vehicles
For the three and six months ended June 30, 2026, rent expenses for all occupied facilities were $4.4 million and $9.8 million, respectively. For the three and six months ended June 30, 2025, rent expenses for all occupied facilities were $5.3 million and $10.5 million, respectively.
Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2026, and December 31, 2025, were as follows (in thousands):
June 30,December 31,
20262025
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$106,475 $108,541 
Current operating lease liabilities(23,094)(22,000)
Non-current operating lease liabilities(102,730)(106,935)
Total operating lease liabilities(125,824)(128,935)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
4,432 4,932 
Current finance lease liabilities5
(1,351)(1,370)
Non-current finance lease liabilities6
(3,395)(3,848)
Total finance lease liabilities(4,746)(5,218)
Total lease liabilities$(130,570)$(134,153)
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1 These assets primarily include leases for facilities, Energy Server systems, and vehicles.
2 Net of accumulated amortization.
3 These assets primarily include leases for vehicles.
4 Included in property, plant and equipment, net in the condensed consolidated balance sheets.
5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.
6 Included in other long-term liabilities in the condensed consolidated balance sheets.
The components of our lease costs for the three and six months ended June 30, 2026 and 2025, were as follows (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Operating lease costs$8,223 $8,019 $16,332 $15,923 
Financing lease costs:
Amortization of right-of-use assets732 214 756 391 
Interest on lease liabilities109 89 226 171 
Total financing lease costs841 303 982 562 
Short-term lease costs1
(553)607 55 1,237 
Total lease costs$8,511 $8,929 $17,369 $17,722 
1 The negative amount reflects the reclassification of certain lease-related costs to restructuring expenses in connection with a facility closure.
Weighted average remaining lease terms and discount rates for our leases as of June 30, 2026, and December 31, 2025, were as follows:
June 30,December 31,
20262025
Weighted average remaining lease term:
Operating leases5.7 years6 years
Finance leases3.6 years3.8 years
Weighted average discount rate:
Operating leases10.4 %10.5 %
Finance leases9.0 %9.0 %
Future lease payments under lease agreements as of June 30, 2026, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2026$17,237 $867 
202735,119 1,664 
202829,913 1,376 
202923,279 1,061 
203021,192 529 
203115,302 9 
Thereafter28,058 — 
Total minimum lease payments170,100 5,506 
Less: amounts representing interest or imputed interest(44,276)(760)
Present value of lease liabilities$125,824 $4,746 
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For additional information on leases, see Part II, Item 8, Note 9—Leases, section Facilities, Energy Server Systems, and Vehicles in our 2025 Form 10-K.
Managed Services Financing
For details on Managed Services Financing, refer to Part I, Item 7, section Purchase and Financing Options, sub-section Legacy Financing Structure for Managed Services and Part II, Item 8, Note 9—Leases, section Managed Services Financing in our 2025 Form 10-K.
There were no new successful sale-and-leaseback transactions for the three and six months ended June 30, 2026 and 2025. The recognized operating lease expenses from legacy successful sale-and-leaseback transactions for the three and six months ended June 30, 2026, were $3.4 million and $6.7 million, respectively. The recognized operating lease expenses from legacy successful sale-and-leaseback transactions for the three and six months ended June 30, 2025, were $3.4 million and $6.8 million, respectively.
Operating lease right-of-use assets from legacy successful sale-and-leaseback transactions as of June 30, 2026, and December 31, 2025, were $34.6 million and $39.0 million, respectively. Operating lease liabilities from legacy successful sale-and-leaseback transactions as of June 30, 2026, and December 31, 2025, were $37.8 million and $42.2 million, including long-term operating lease liability of $27.9 million and $32.9 million, respectively. Financing obligations from legacy successful sale-and-leaseback transactions as of June 30, 2026, and December 31, 2025, were $7.7 million and $8.9 million, including long-term financing obligations of $5.1 million and $6.5 million, respectively.
As of June 30, 2026, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2026$11,237 
202717,930 
202812,270 
20297,642 
20305,889 
20314,063 
Thereafter9,944 
Total minimum lease payments68,975 
Less: imputed interest(30,821)
Present value of net minimum lease payments38,154 
Less: current financing obligations(9,115)
Long-term financing obligations$29,039 
The total financing obligations, as reflected in our condensed consolidated balance sheets, were $206.5 million and $243.8 million as of June 30, 2026, and December 31, 2025, respectively. We expect the difference between these obligations and the principal obligations in the table above to be offset against the carrying value of the related Energy Server systems at the end of the lease and the remainder recognized as either a net gain or net loss at that point. For the three and six months ended June 30, 2026, we recognized $4.1 million and $13.5 million net gain on failed sale-and-leaseback transactions, respectively, in Other income, net on our condensed consolidated statements of operations. There were no net loss or net gain on failed sale-and-leaseback transactions for the three and six months ended June 30, 2025.

10. Stock-Based Compensation and Employee Benefit Plans
Share-based grants are designed to reward employees for their long-term contributions to us and provide incentives for them to remain with us.
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2012 Equity Incentive Plan
Under our 2012 Equity Incentive Plan (the “2012 Plan”), as of June 30, 2026, and December 31, 2025, stock options to purchase 1,672,079 and 2,110,523 shares of common stock were outstanding with a weighted average exercise price of $25.58 and $25.67 per share, respectively, and no shares were available for future grant. The 2012 Plan has been canceled but continues to govern outstanding option grants under the 2012 Plan.
2018 Equity Incentive Plan
Under the 2018 Equity Incentive Plan (the “2018 Plan”), as of June 30, 2026, and December 31, 2025, stock options to purchase 3,337,688 and 3,925,002 shares of common stock were outstanding, respectively, with a weighted average exercise price of $10.46 and $10.15 per share, respectively. As of June 30, 2026, and December 31, 2025, 10,101,219 and 12,292,948 restricted stock units (“RSUs”) and performance stock units (“PSUs”) that may be settled for common stock, which were granted pursuant to the 2018 Plan, respectively, were outstanding. As of June 30, 2026, and December 31, 2025, we had 51,053,994 and 39,709,996 shares reserved for issuance under the 2018 Plan, respectively.
For details on our Equity Incentive Plans, refer to Part II, Item 8, Note 10—Stock-Based Compensation and Employee Benefit Plans, sections 2012 Equity Incentive Plan and 2018 Equity Incentive Plan in our 2025 Form 10-K.
Stock-Based Compensation Expense
The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
 Three Months EndedSix Months Ended
June 30,June 30,
 2026202520262025
Cost of revenue$9,675 $5,714 $20,080 $10,543 
Research and development13,034 7,913 26,192 15,740 
Sales and marketing14,424 5,320 27,888 9,830 
General and administrative19,269 11,230 39,246 26,266 
$56,402 $30,177 $113,406 $62,379 
For the three and six months ended June 30, 2026 and 2025, stock-based compensation expense capitalized on inventory and deferred cost of goods sold was not material.
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Stock Option and Stock Award Activity
Stock Options
The following table summarizes the stock option activity under our stock plans during the reporting period:
 Outstanding Options
 Number of
Shares		Weighted
Average
Exercise
Price		Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
 (in thousands)
Balances at December 31, 2025
5,741,283 $15.92 4.5$406,957 
Exercised(800,297)18.43 
PSOs adjustment69,027 — 
Forfeited / Expired
(246)30.96 
Balances at June 30, 2026
5,009,767 15.54 4.41,427,979 
Vested and expected to vest at June 30, 2026
4,825,745 15.69 4.31,385,040 
Exercisable at June 30, 2026
3,666,393 $17.40 3.1$1,046,020 
During the three and six months ended June 30, 2026, we recognized $1.2 million and $2.5 million of stock-based compensation costs for stock options, respectively. During the three and six months ended June 30, 2025, we recognized $1.2 million and $2.6 million of stock-based compensation costs for stock options, respectively.
No stock options were granted during the three and six months ended June 30, 2026. and three months ended June 30, 2025. During the six months ended June 30, 2025, we granted 100,000 stock options, represented by performance-based stock options (“PSOs”) issued to a non-executive employee. PSOs have a 10-year term, an exercise price equal to the fair market value of our common stock on the date of grant, and vest either at the end of three-year performance period, or over a three- or four-year requisite service period.
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the stock options valuation:
 Six Months Ended June 30,
 2025
Risk-free interest rate
4.1%
Expected term (years)6.1
Expected dividend yield—
Expected volatility
93.4%
During the three and six months ended June 30, 2026, the intrinsic value of stock options exercised were $106.2 million and $155.4 million, respectively. During the three and six months ended June 30, 2025, the intrinsic value of stock options exercised were $1.9 million and $3.1 million, respectively.
As of June 30, 2026, and December 31, 2025, we had unrecognized compensation costs related to unvested stock options of $3.3 million and $5.1 million, respectively. This cost is expected to be recognized over the remaining weighted-average period of 0.8 years and 1.3 years, respectively. Cash received from stock options exercised totaled $7.3 million and $15.1 million for the three and six months ended June 30, 2026, respectively. Cash received from stock options exercised totaled $0.1 million and $1.3 million for the three and six months ended June 30, 2025, respectively.
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Stock Awards
A summary of our stock awards activity and related information is as follows:
Number of
Awards
Outstanding		Weighted
Average Grant
Date Fair
Value
Unvested Balance at December 31, 2025
12,292,948 $25.74 
Granted1,142,215 177.23 
Vested(3,032,439)19.72 
Forfeited(301,505)30.19 
Unvested Balance at June 30, 2026
10,101,219 $44.54 
The estimated fair value of RSUs and PSUs is based on the fair market value of our common stock on the date of grant. For the three and six months ended June 30, 2026, we recognized $45.0 million and $88.2 million of stock-based compensation costs for stock awards, respectively. For the three and six months ended June 30, 2025, we recognized $25.9 million and $54.7 million of stock-based compensation costs for stock awards, respectively.
As of June 30, 2026, and December 31, 2025, we had $401.1 million and $277.1 million of unrecognized stock-based compensation expense related to unvested stock awards, expected to be recognized over a weighted-average period of 1.8 years and 2.0 years, respectively.
Executive Awards
The Company granted awards under the 2018 Plan to certain executive officers during 2026.
On June 15, 2026, the Company granted PSUs to its Chief Executive Officer (the “CEO Award”). The CEO Award vests in full at the end of a 3.5-year performance period (cliff vesting), subject to the achievement of specified annual performance targets and the CEO’s continued employment through the vesting date. Any shares issued upon vesting and settlement of the CEO Award, net of shares withheld to satisfy applicable tax withholding obligations, will be subject to a mandatory post-vesting holding period and generally may not be sold, transferred, assigned, pledged, hypothecated or otherwise disposed of prior to December 31, 2031, subject to certain limited exceptions. Stock-based compensation expense for the CEO Award is recognized over the 3.5-year performance period based on the Company’s current estimate of the likelihood of achieving the applicable performance targets.
On May 20, 2026, the Company granted PSUs and RSUs to its newly appointed Chief Financial Officer and one other executive officer. On February 25, 2026, the Company granted PSUs and RSUs to certain other executive officers (collectively, the “2026 Executive Awards”).
The RSUs are subject to service-based vesting. For the Chief Financial Officer, one-third of the RSUs vest on April 15, 2027, and the remaining two-thirds vest in equal quarterly installments over the following two years. For certain other executive officers, 40% of the RSUs vest on March 1, 2027, and the remaining 60% vest in equal quarterly installments over the subsequent two years.
The PSUs included in the 2026 Executive Awards vest in full at the end of a three-year performance period (cliff vesting), subject to the achievement of specified annual performance targets and the executive’s continued employment through the vesting date. Stock-based compensation expense for the RSUs is recognized over the requisite service period based on the service-based vesting terms, while expense for the PSUs is recognized over the applicable three-year performance period based on the Company’s current estimate of the likelihood of achieving the applicable performance targets.
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For details on the 2021—2025 Executive Awards and the Replacement Awards, refer to Part II, Item 8, Note 10—Stock-Based Compensation and Employee Benefit Plans, section Executive Awards in our 2025 Form 10-K.
The unamortized compensation expense for the 2021—2026 Executive Awards, the CEO Award, and the Replacement Awards was as follows (in millions):
June 30,December 31,
20262025
2026 Executive Awards and the CEO Award$106.0 $— 
2025 Executive Awards
14.1 19.9 
2024 Executive Awards and the Replacement Awards
56.5 77.4 
2023 Executive Awards
0.2 0.6 
2022 Executive Awards
0.1 0.3 
2021 Executive Awards
— 0.6 
Plan Shares Available for Grant
The following table presents the stock activity and the total number of shares available for grant under our stock plans:
 Plan Shares Available
for Grant
Balances at December 31, 2025
39,709,996 
Added to plan11,934,957 
Granted(1,124,673)
Cancelled/Forfeited534,027 
Balances at June 30, 2026
51,053,994 
2018 Employee Stock Purchase Plan
For details on the 2018 Employee Stock Purchase Plan (the “2018 ESPP”), refer to Part II, Item 8, Note 10—Stock-Based Compensation and Employee Benefit Plans, section 2018 Employee Stock Purchase Plan in our 2025 Form 10-K.
During the three and six months ended June 30, 2026, we recognized $5.4 million and $9.7 million of stock-based compensation costs for the 2018 ESPP, respectively. During the three and six months ended June 30, 2025, we recognized $2.1 million and $4.5 million of stock-based compensation costs for the 2018 ESPP, respectively.
We issued 644,651 and 630,607 shares for the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026 and 2025, we added an additional 2,983,739 and 2,494,717 shares, respectively. There were 20,333,033 and 17,993,945 shares available for issuance as of June 30, 2026, and December 31, 2025, respectively.
As of June 30, 2026, and December 31, 2025, we had $15.4 million and $8.6 million of unrecognized stock-based compensation costs, expected to be recognized over a weighted average period of 0.6 years and 0.6 years, respectively.
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We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Risk-free interest rate
3.4%—3.6%
4.2%—4.3%
 3.4%—4.1%
4.1%—5.0%
Expected term (years)
0.5—2.0
0.5—2.0
0.5—2.0
0.5—2.0
Expected dividend yield
—
—
—
—
Expected volatility
96.7%—110.4%
81.5%—115.2%
80.5%—110.4%
66.2%—115.2%

11. Related Party Transactions
There have been no changes in related party relationships during the three and six months ended June 30, 2026.
Our operations include the following related party transactions (in thousands):
 Three Months EndedSix Months Ended
June 30,June 30,
 2026202520262025
Total revenue from related parties1
$2,818 $27,077 $376,081 $29,860 
General and administrative expenses2
— 198 — 371 
Interest expense3
— 49 — 96 
Equity in (earnings) loss of unconsolidated affiliates4
(4,346)— 12,656 — 
1 Includes total revenue related to (a) the Fund JVs and (b) SK ecoplant, which was a related party from September 23, 2023 through July 10, 2025.
2 Includes rent expenses per operating lease agreements entered between Korean JV and SK ecoplant and miscellaneous expenses billed by SK ecoplant to Korean JV.
3 Interest expense per two term loans entered into between Korean JV and SK ecoplant in fiscal year 2023 (see Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Non-recourse Debt Facilities in our 2025 Form 10-K).
4 Represent equity in (earnings) loss of the Fund JVs. Cash distributions from the Fund JVs during the six months ended June 30, 2026, were $0.1 million. Cash distributions from the Fund JVs during the three months ended June 30, 2026, were inconsequential (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
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Below is the summary of outstanding related party balances as of June 30, 2026, and December 31, 2025 (in thousands):
 June 30,December 31,
20262025
   
Accounts receivable$76,092 $151,932 
Contract assets, current
43,861 2,967 
Customer consideration asset, current1
90,967 — 
Prepaid expenses and other current assets
— 1,247 
Investments in unconsolidated affiliates28,090 10,037 
Contract assets, non-current
47,224 48,763 
Customer consideration asset, non-current1
215,533 — 
Other long-term assets
— 5,968 
Accrued warranty
8,571 799 
Accrued expenses and other current liabilities2
2,460 39 
Deferred revenue and customer deposits, current
6,992 6,879 
Deferred profit in transactions with unconsolidated affiliates
19,560 13,928 
1 See Note 3—Revenue Recognition—Commitment to Issue Share-Based Consideration Payable to Customer’s Customer in this Quarterly Report on Form 10-Q for additional information.
2 Includes an unfunded investment commitment of $1.4 million related to the Fund JVs and $1.0 million of 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).
SK ecoplant Joint Venture
For information on SK ecoplant Joint Venture, see Part II, Item 8, Note 12—Related Party Transactions, section SK ecoplant Joint Venture in our 2025 Form 10-K.
The following are the aggregate carrying values of the Korean JV’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, as of June 30, 2026, and December 31, 2025 (in thousands):
June 30,December 31,
20262025
Assets
Current assets:
Cash and cash equivalents$8,333 $25,820 
Accounts receivable18,265 576 
Inventories18,977 33,075 
Prepaid expenses and other current assets15,517 5,688 
Total current assets61,092 65,159 
Property and equipment, net1,204 1,454 
Operating lease right-of-use assets847 1,134 
Other long-term assets302 210 
Total assets$63,445 $67,957 
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June 30,December 31,
20262025
Liabilities
Current liabilities:
Accounts payable$10,183 $16,342 
Accrued expenses and other current liabilities38,391 19,179 
Operating lease liabilities513 516 
Non-recourse debt2,583 4,153 
Total current liabilities51,670 40,190 
Operating lease liabilities186 484 
Total liabilities$51,856 $40,674 

12. Commitments and Contingencies
Commitments
Purchase Commitments with Suppliers and Contract Manufacturers—As of June 30, 2026, we had non-cancelable purchase commitments of $16.4 million with component suppliers and third-party manufacturers, which are expected to be fulfilled beyond the next 12 months. As of December 31, 2025, we had no non-cancelable purchase commitments with component suppliers and third-party manufacturers, which are expected to be fulfilled beyond the next 12 months. For additional information on purchase commitments with suppliers and contract manufacturers, see Part II, Item 8, Note 13—Commitments and Contingencies, section Commitments in our 2025 Form 10-K.
Performance Guarantees—We paid $5.4 million and $13.8 million for the three and six months ended June 30, 2026, respectively, and $3.0 million and $14.6 million for the three and six months ended June 30, 2025, respectively, for guarantees that we provide customers on the output performance of our Energy Server systems. For additional information on performance guarantees, see Part II, Item 8, Note 13—Commitments and Contingencies, section Commitments in our 2025 Form 10-K.
Letters of Credit—We have outstanding letters of credit issued to our customers and other counterparties in the U.S. and international locations under different performance and financial obligations. These letters of credit are collateralized through cash deposited in the controlled bank accounts with the issuing banks and are classified as Restricted Cash in our condensed consolidated balance sheets. As of June 30, 2026, and December 31, 2025, the balances of the cash-collateralized letters of credit issued to our customers and other counterparties in the U.S. and international locations were $20.9 million and $26.6 million, respectively.
In April 2026, we issued in the ordinary course of business additional standby letters of credit totaling $100.0 million, including $90.0 million issued under our Revolving Credit Facility and $10.0 million issued through other arrangements, each with an expiration date of April 1, 2027.
Pledged Funds—In 2019, pursuant to the PPA IIIb repowering of the Energy Server systems, we established a restricted cash fund of $20.0 million, which had been pledged for a seven-year period to secure our operations and maintenance obligations with respect to the totality of our obligations to the financier. These funds will be released to us by the end of 2026 as long as the Energy Server systems continue to perform in compliance with our warranty obligations. As of June 30, 2026, and December 31, 2025, the balance of the restricted cash fund was $0.7 million and $0.9 million, respectively.
Contingencies
Indemnification Agreements—See Part II, Item 8, Note 13—Commitments and Contingencies, section Contingencies in our 2025 Form 10-K. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations with customers and certain other business partners. However, we may record charges in the future as a result of these indemnification obligations.
Investment Tax Credits—See Part II, Item 8, Note 13—Commitments and Contingencies, section Contingencies in our 2025 Form 10-K.
Legal Matters—We are involved in various legal proceedings that arise in the ordinary course of business. We review all legal matters at least quarterly and assess whether an accrual for loss contingencies needs to be recorded. We record an accrual for loss contingencies when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Legal matters are subject to uncertainties and are inherently unpredictable, so the actual liability in any such matter may be materially different from our estimates. If an unfavorable resolution were to occur, there exists the possibility of a material adverse impact on our consolidated financial condition, results of operations or cash flows for the period in which the resolution occurs or in future periods.
In February 2022, Plansee SE/Global Tungsten & Powders Corp. (“Plansee/GTP”), a former supplier, filed a request for expedited arbitration with the World Intellectual Property Organization Arbitration and Mediation Center in Geneva Switzerland (“WIPO”), for various claims allegedly in relation to an Intellectual Property and Confidential Disclosure Agreement between Plansee/GTP and Bloom Energy Corporation. Plansee/GTP’s statement of claims includes allegations of infringement of U.S. Patent Nos. 8,802,328, 8,753,785 and 9,434,003. On April 3, 2022, we filed a complaint against Plansee/GTP in the Eastern District of Texas to address the dispute between Plansee/GTP and Bloom Energy Corporation in a proper forum before a U.S. Federal District Court. Our complaint sought the correction of inventorship of U.S. Patent Nos. 8,802,328, 8,753,785 and 9,434,003 (the “Patents-in-Suit”); declaratory judgment of invalidity, unenforceability, and non-infringement of the Patents-in-Suit; and declaratory judgment of no misappropriation. Further, our complaint sought to recover damages in relation to Plansee/GTP’s business dealings that, as alleged, constitute acts of unfair competition, tortious interference contract, breach of contract, violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and violations of the Clayton Antitrust Act. On June 9, 2022, Plansee/GTP filed a motion to dismiss the complaint filed in the Eastern District of Texas and compel arbitration (or alternatively to stay). On February 9, 2023, Magistrate Judge Payne issued a report and recommendation to stay the district court action pending an arbitrability determination by the arbitrator for each claim. On April 26, 2023, Judge Gilstrap stayed the district court action pending arbitrability determinations by the arbitrator in the WIPO proceeding. On October 2, 2023, the arbitrator in the WIPO proceeding issued a ruling concluding that all the parties’ claims were arbitrable.
On November 18, 2023, the arbitrator bifurcated the arbitration into a first phase focusing on Bloom’s claims directed to improper inventorship of the Patents‑in‑Suit and Bloom’s defective product claims. Briefing on the first phase took place throughout 2024 and the first half of 2025. An evidentiary hearing with witness testimony commenced on July 21, 2025, and continued through August 1, 2025. A partial award was transmitted to the parties on February 12, 2026. The parties currently dispute whether all first phase issues have been resolved. There are no current timelines in place for conducting additional phases of the arbitration. We are unable to predict the ultimate outcome of the arbitration at this time.

13. Segment Information
ASC 280, Segment Reporting, (“ASC 280”) establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Based on the criteria established by ASC 280, our chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. The CODM reviews consolidated results when making decisions about allocating resources and assessing the performance of the Company as a whole and hence, we have only one reportable segment. We do not distinguish between markets or segments for the purpose of internal reporting.
For discussion of significant segment expenses, other segment items and the Company’s primary measure of segment profitability, refer to Part II, Item 8, Note 14—Segment Information in our 2025 Form 10-K.
For information on the Company’s geographic risk, please refer to Note 1—Nature of Business, Liquidity and Basis of Presentation, section Concentration of Risk in this Quarterly Report on Form 10-Q.

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14. Income Taxes
For the three and six months ended June 30, 2026, we recorded an income tax provision of $1.5 million and $1.9 million on pre-tax income of $200.3 million and $274.5 million for effective tax rates of 0.7% and 0.7%, respectively.
For the three and six months ended June 30, 2025, we recorded an income tax provision of $1.0 million and $1.4 million on pre-tax losses of $41.2 million and $64.2 million for effective tax rates of (2.5)% and (2.3)%, respectively.
The effective tax rate for the three and six months ended June 30, 2026 and 2025, is lower than the statutory federal tax rate primarily due to a full valuation allowance against U.S. deferred tax assets.
For additional information on income taxes, refer to Part II, Item 8, Note 15—Income Taxes in our 2025 Form 10-K.

15. Net Earnings per Share Available to Common Stockholders
The Company adopted ASC 260, Earnings per share, guidance from inception. Earnings per share (“EPS”) is the amount of earnings attributable to each share of common stock. For convenience, the term is used to refer to either earnings or loss per share.
We calculate basic earnings per share by dividing net income attributable to common stockholders (the “numerator”) by the weighted average number of common shares outstanding (the “denominator”) during the reporting period. Diluted earnings per share is calculated similarly but reflects the potential impact of outstanding stock options and awards, the Warrant (see Note 3—Revenue Recognition in this Quarterly Report on Form 10-Q), shares issued in conjunction with the Company’s ESPP by applying the treasury stock method, and other commitments to issue common stock, including shares issuable upon the conversion of convertible notes by applying the if-converted method, except where the impact would be anti-dilutive. For diluted earnings per share, we also adjust the numerator for interest expense on convertible debt, net of the related income tax effect, when assuming conversion under the if-converted method.
The following table provides a reconciliation of the numerator and the denominator used in computing basic and diluted earnings per share attributable to common stockholders (in thousands, except net earnings per share data):
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Numerator for basic earnings per share:
Net income (loss) attributable to common stockholders$196,290 $(42,619)$266,943 $(66,433)
Net income (loss), numerator—basic
$196,290 $(42,619)$266,943 $(66,433)
Numerator for diluted earnings per share:
Net income (loss) attributable to common stockholders$196,290 $(42,619)$266,943 $(66,433)
Add: debt interest cost, net of taxes4,280 — 8,635 — 
Net income (loss), numerator—diluted
$200,570 $(42,619)$275,578 $(66,433)
Denominator for basic earnings per share:
Weighted average common shares outstanding287,288 232,542 284,518 231,383 
Denominator for diluted earnings per share:
Weighted average common shares outstanding—basic
287,288 232,542 284,518 231,383 
Effect of dilutive securities:
Convertible notes19,598 — 20,449 — 
Warrant (Note 3)
423 — 213 — 
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Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Stock options and awards16,022 — 18,469 — 
Weighted average common shares outstanding—diluted
323,331 232,542 323,649 231,383 
Net earnings per share available to common stockholders:
Basic$0.68 $(0.18)$0.94 $(0.29)
Diluted$0.62 $(0.18)$0.85 $(0.29)
The following common stock equivalents were excluded from the computation of our earnings per share available to common stockholders, diluted, for the three and six months ended June 30, 2025, as their inclusion would have been antidilutive (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 20252025
Convertible notes59,214 59,575 
Stock options and awards6,766 7,200 
65,980 66,775 

16. Subsequent Events
In May 2026, we made a $50.0 million payment to acquire contractual rights under an option arrangement. Under the related agreements, in July 2026 the rights were assigned to a Brookfield vehicle, and such vehicle agreed to make a $50.0 million payment to us upon their exercise of the option and acquisition of the underlying project. In the event the Brookfield vehicle does not proceed with the acquisition or in certain other events, Brookfield may put the option rights back to the original holder, Oracle, with Bloom receiving recovery of the $50.0 million through corresponding contractual arrangements. Bloom is not intended to retain a long-term ownership interest in the underlying assets or participate in the project’s long-term economics. See Part I, Item 1, Note 6—Balance Sheet Components in this Quarterly Report on Form 10-Q.
The redemption of the 3.0% Green Notes due June 2028 was completed on July 10, 2026.
There have been no other subsequent events that occurred during the period subsequent to the date of these condensed consolidated financial statements that would require adjustment to our disclosure in the condensed consolidated financial statements as presented.
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ITEM 2—MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. Generally, the words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “predict,” “project,” “potential,” “seek,” “intend,” “could,” “would,” “should,” “expect,” “plan” and similar expressions are intended to identify forward-looking statements. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking.
Forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, our plans and expectations regarding future financial results, including our expectations regarding: our ability to be successful in the AI data center market and new international markets; the rate of AI adoption and demand for data centers; our ability to innovate, develop new products and improve upon our existing products; our ability to anticipate and address customer demand; our strategic partnerships with SK ecoplant Co., Ltd. and parties which provide financing and capital for project financings; our competitive position in the energy market for on-site power; future deployment of our Bloom Energy Server systems, Bloom Electrolyzers, and other solutions; our ability to increase efficiency of our products; our ability to market our products successfully in connection with the global energy transition and shifting attitudes around climate change; our business strategy and plans and our objectives for future operations; operating results; the sufficiency of our cash, our cash flows from operating activities, and our liquidity and our ability to obtain financing; projected costs and cost reductions; our ability to increase production capacity and achieve cost reductions in our fuel cell products and installation requirements; the adequacy of our agreements with our suppliers; management’s plans and objectives for future operations; our ability to repay our debt obligations as they come due; trends in average selling prices; the success of our customer financing arrangements and ability to secure financiers to support customer financing needs for our product deployment; capital expenditures; warranty matters; outcomes of litigation; risks related to cybersecurity breaches, privacy and data security; the likelihood of any impairment of project assets, long-lived assets and investments; trends in revenue, cost of revenue and gross profit (loss); trends in operating expenses including research and development expense, sales and marketing expense and general and administrative expense and expectations regarding these expenses as a percentage of revenue; legislative actions and regulatory and environmental compliance; government shutdowns; general business and macroeconomic conditions in our markets including inflationary pressure; our supply chain (including any direct or indirect effects from the Russia-Ukraine war, armed conflicts in the Middle East, or geopolitical developments related to China); the impact of tariffs on our supply chain and fuel cell product; the impact of changes in government incentives, including the impact of the Inflation Reduction Act of 2022 (the “IRA”) and the One Big Beautiful Bill Act (the “OBBBA”); industry trends; our exposure to foreign exchange, interest and credit risk; and the impact of recently adopted accounting pronouncements.
You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, operating results and prospects. We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements we may make in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur. Actual results, events or circumstances could differ materially and adversely from those described or anticipated in the forward-looking statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements.
Our actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of many factors including those discussed under in the section titled "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“2025 Form 10-K”), as well as those described from time to time in our others filings filed with the Securities and Exchange Commission.
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The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q.
Overview
Description of Bloom Energy
Bloom Energy is a global leader in onsite power generation, delivering a foundational platform purpose-built for the digital era and the global energy transition. We manufacture a versatile fuel cell energy platform, supporting the commercial availability of two primary products: the Bloom Energy Server® fuel cell system for generating electricity and the Bloom Electrolyzer™ for producing hydrogen. Our primary product, the Bloom Energy Server is a proprietary high-temperature solid-oxide fuel cell technology that converts fuels—including natural gas, biogas, and hydrogen—into electricity at high density without combustion or moving parts, achieving lower emissions and higher efficiency than legacy systems.
For additional overview information, refer to Part I, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, sections Overview and Key Macro Trends in our 2025 Form 10-K.
Developments With Respect to Factors Affecting Our Performance
Freight, Logistics and Transportation Costs
Global freight and logistics markets remained volatile during the first half of fiscal year 2026, with continued pressure on ocean, ground and specialized heavy-equipment transportation rates. While transportation availability improved relative to peak levels experienced in prior years, higher fuel prices, labor costs, and routing inefficiencies related to geopolitical conditions contributed to elevated logistics costs. In addition, on a selective basis we also incurred higher logistics costs in connection with expediting deliveries of materials and supplies by air carrier to manufacture, and deliver our Energy Server products to meet customer timelines.
Given the size, weight, and modular configuration of Bloom Energy Server systems and related balance‑of‑plant components, changes in freight pricing can meaningfully affect our cost of revenues and project-level margins, particularly for large multi-megawatt deployments and international shipments. We continue to pursue mitigation strategies including negotiating indexed freight arrangements where feasible, renegotiating air freight rates, optimizing factory-to-site routing, consolidating shipments, and increasing regional sourcing; however, there can be no assurance that such actions will fully offset future freight rate increases, especially in periods of elevated demand or fuel price volatility.
Supply Chain Update
Since the discussion of our supply chain contained in Part 1, Item 7, Management’s Discussion and Analysis of Financial Condition and Result of Operations, section Other Factors Affecting our Performance in our 2025 Form 10-K, although throughout 2026 there has been a general worldwide shortage of electronic components, we have continued to not experience significant component shortages, electronic or otherwise to date. Approaches we have taken as we continue to scale our manufacturing include supplier diversification and qualifying multiple suppliers for single or limited source components, enhancing our predictive analytics capabilities, and employing flexible sourcing strategies. As we continue to scale our business, we have been pro-active in working with our suppliers to ensure continued adequacy of supply while also maintaining our quality standards. Such strategies have included entering into long-term contracts, non-cancelable purchase orders and, in select cases, take-or-pay contracts where demand for such items is competitive and where components are highly dependent upon underlying scarce commodity items. We do not currently anticipate experiencing supply chain shortages which would impact our 2026 production forecast; however, we cannot give assurances as to potential future developments or their related impacts.
On July 8, 2026, a report was published by a short seller containing allegations regarding, among other things, our supply chain, including the sourcing and sufficiency of certain raw materials used in our products. As stated in our Current Report on Form 8-K furnished on July 9, 2026, we rejected the report’s conclusions regarding our supply chain, and we believe we have sufficient supply of the relevant raw materials to meet our current fuel cell demand and backlog. Publications of this nature, whether or not accurate, have resulted in significant volatility in the trading price of our common stock, and we cannot predict whether similar publications may occur in the future or their potential impacts. We have incurred, and may continue to incur, costs in connection with evaluating and responding to the report, and any related inquiries or demands could result in additional costs and divert management’s attention. See Part II, Item 1A, “Risk Factors.”
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Continuing Impact of Tariffs
During the year ended December 31, 2025, pursuant to the International Emergency Economic Powers Act (“IEEPA”), the U.S. government announced significant additional tariffs on products imported from various countries, including countries where we source materials used in our Energy Server products. In February 2026, the U.S. Supreme Court ruled that certain tariffs imposed under the IEEPA were unlawful and required refunds of such tariffs collected, which refunds we are also separately pursuing. However, following the Supreme Court’s decision, the U.S. presidential administration invoked other laws to collect tariffs and announced new temporary ten percent tariffs on imports from all countries, in addition to any existing non-IEEPA tariffs. Following the expiration of such temporary tariffs, in late July 2026 the U.S. presidential administration imposed new tariffs of 10% to 12.5% targeting imports from approximately 60 economies which covers almost all U.S. imports. Certain materials which we require, such as imports of steel, aluminum, copper, and derivative metal products continue to be subject to their own separate tariff regime.
There remains uncertainty regarding the duration of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether additional tariffs or other retaliatory actions may be imposed, modified, or suspended. These and future changes in tariffs, trade policies, trade actions, or retaliatory trade measures in response, have resulted and may continue to result in additional costs and pricing pressures, supply chain disruptions, volatility in the demand for our Energy Server products, and increased economic or geopolitical risks, which could adversely impact our business, financial condition, and results of operations, materially or in ways that we cannot predict.
Commodity Pricing Volatility
Commodity input pricing remained an important factor affecting our cost structure during the first half of fiscal year 2026. Certain raw materials and components used in our fuel cell stacks, power electronics, structural assemblies, and balance‑of‑plant systems—including steel alloys, specialty metals, electronic components, natural gas‑linked inputs, and rare earth‑dependent materials experienced price fluctuations. While we do not generally purchase commodities directly at spot prices, supplier pricing may reflect changes in underlying commodity indices over time. Increases in commodity prices may not be immediately recoverable through customer pricing due to contractual arrangements, competitive dynamics, or fixed‑price project structures, creating potential margin pressure. We utilize supplier diversification, long‑term sourcing agreements, inventory planning, and selective contractual pass‑through mechanisms where available to mitigate commodity cost risks; however, sustained or rapid commodity price increases could adversely affect our results of operations.
Inflationary Pressures on Parts and Labor
Although headline inflation moderated compared to prior periods, inflationary pressures have continued to persist across several cost categories relevant to our business during the first half of fiscal year 2026, including certain electrical parts and components, labor, manufacturing and field installation services. Wage inflation in skilled manufacturing and technical field labor categories, coupled with higher costs for third‑party contractors, continued to exert upward pressure on our operating expenses and cost of revenues. In addition, increases in insurance, regulatory compliance, and professional services costs contributed to higher overhead compared to prior periods. General inflationary impacts on labor and services are passed on to us by our suppliers through increased prices for parts. We seek to manage inflationary impacts through productivity initiatives, automation, supplier negotiations, selective price adjustments, and ongoing cost‑reduction programs. However, the timing and extent of these mitigations may not fully align with the pace of cost increases, particularly in periods of rapid scale‑up or accelerated deployment schedules.
Developments with Respect to Installation of our Energy Server Products
Since the discussion of the delivery and installation of our Energy Server systems contained in our 2025 Form 10-K under Part II, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations, section Delivery and Installation, we have sought to evolve Bloom’s approach to installation to a consult only model, particularly for large load sites where we request our customers to utilize one of our certified third party installers for the equipment installation and project construction work and we operate as consultants to such certified installers as to Bloom Energy server products. Through its operating history, Bloom has developed working relationships with established engineering, procurement and construction (“EPC”) companies. We recently instituted a certified third-party installation program where we train these established EPC companies on the installation of our Energy Server product and then provide certification based on their proven installation capabilities as to our Energy Server. Purchasers of our Energy Server product are then able to select their preferred third-party EPC provider from our certified installer list, and negotiate and enter into installation agreements directly with the EPC company. Bloom is available to provide consulting services for the installation of its Energy Server product. Our preferred installation partners undergo a rigorous qualification process prior to selection based upon criteria such as experience
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with Bloom’s product, other energy infrastructure installation experience, balance sheet, reputation, and safety record. Following selection, such EPC companies undergo extensive training on our Energy Server systems and its proper installation.
Increasing Opposition to Data Center Development
Opposition to data center development has been increasing. For example, in July 2026, the governor of New York state signed an executive order to create a moratorium on new hyperscale data centers that included temporarily pausing State environmental permits for up to one year in order to build a regulatory framework to address concerns which have been expressed by consumers and communities in the State related to matters such as utility rates and the environment. Prolonged and widespread opposition to data center development due to ratepayer impacts, environmental concerns, noise, and other expressed strains on local communities may have longer term adverse impacts on our business. In addition to potential direct impacts such as adversely affecting the size of this target market or causing project cancellations, additional indirect impacts may include (among other things) further increasing the sales and installation cycle, increasing the time, cost, expense, and complexity of obtaining required permits for the development, and reducing government support and incentives for such developments, any of which may also have adverse impacts on our business, financial condition, and operating results. Despite recent increasing opposition to data center development, demand for our Energy Server systems in connection with such developments has continued to be robust, particularly in light of our Energy Server’s near-zero criteria pollutants, low water usage and lower CO2 emissions than the combustion generation it displaces on the margin. In addition, installation of our islanded systems serving the power demands of the data center helps to insulate the local community from adverse effects on utility rates. We believe the release of a future regulatory framework in New York state or other jurisdictions could provide further competitive advantages to our Energy Server systems by further limiting the ability to use other traditional alternatives for power. The benefits of such data center developments utilizing our Energy Server systems which bring jobs, infrastructure, and other economic benefits need to be balanced against the identified concerns.
For additional information with respect of other factors affecting our performance, refer to Part I, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, section Other Factors Affecting our Performance in our 2025 Form 10-K.
Sustainability
We are driven by the promise of our contribution to the transformation and decarbonization of energy and mobility sectors globally. We are committed to making our technology available across a growing list of applications including biogas, carbon capture, hydrogen, combined heat and power, and microgrid projects to increase sustainability. Our natural gas-based Energy Server systems are also an important source of near-term emission reductions.
In April 2026, we released our 2025 Impact Report, Built for AI. Designed for Communities (the “Impact Report”), our sixth dedicated report, using generally accepted sustainability frameworks and standards, including alignment with Sustainability Accounting Standards Board (“SASB”) standards and the Task Force on Climate-related Financial Disclosure (“TCFD”) recommendations. In addition, the report also mapped to select Global Reporting Initiative (“GRI”) disclosures and to the International Financial Reporting Standard (“IFRS”) S2 disclosure standard.
The Impact Report as well as an ESG policy and resource library can be found on our website at https://www.bloomenergy.com/sustainability. Website references throughout this document are provided for convenience only, and the content on the referenced websites is not incorporated by reference into this report.
Inflation Reduction Act of 2022 (the “IRA”) and The One Big Beautiful Bill Act (the “OBBBA”)
For information on the IRA and the OBBBA and their impact on our business, see Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, section Inflation Reduction Act of 2022 and The One Big Beautiful Bill Act in our 2025 Form 10-K.
Liquidity and Capital Resources
Overview of Liquidity Position
As of June 30, 2026, and December 31, 2025, we had unrestricted cash and cash equivalents of $2,666.9 million and $2,454.1 million, respectively. Our cash and cash equivalents consist of highly liquid investments with maturities of three months or less, including money market funds of $2,218.8 million and $2,386.6 million as of June 30, 2026, and December 31, 2025, respectively. We seek to maintain these balances with high credit quality counterparties, regularly monitor the amount of our credit exposure to any one issuer and diversify our investments in order to minimize our exposure.
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As of June 30, 2026, and December 31, 2025, we had $2,475.4 million and $2,613.7 million of recourse debt, $2.6 million and $4.2 million of non-recourse debt, and $9.2 million and $10.0 million of other long-term liabilities, respectively. As of June 30, 2026, and December 31, 2025, $7.3 million and $4.2 million of our debt were classified as short-term, respectively, and $2,470.7 million and $2,613.7 million of our debt were classified as long-term, respectively. For a complete description of our outstanding debt, please see Part I, Item 1, Note 8—Outstanding Loans and Security Agreements in this Quarterly Report on Form 10-Q.
Capital Markets Activity
In October 2025, in connection with our partnership with Oracle to provide on-site solid state power for AI data centers, subject to the negotiation of a warrant mutually acceptable to us and Oracle, we agreed to issue to Oracle a warrant (the “Warrant”) to purchase up to an aggregate of 3,531,073 shares of our common stock, with an exercise price of $113.28 per share, which was the closing market price of our common stock on October 28, 2025. We and Oracle agreed that (i) the expiration date of the Warrant would be six (6) months from the date of the issuance of the Warrant, (ii) the Warrant would include customary anti-dilution adjustments, transfer restrictions and exercise procedures, and (iii) the Warrant would not entitle the holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise and settlement of the Warrant. The Warrant and the shares underlying the Warrant were expected to be issued in reliance on the exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
On April 9, 2026, we issued the Warrant pursuant to the previously disclosed strategic partnership agreement with Oracle. The Warrant was fully vested upon issuance, immediately exercisable in whole or in part, at any time during six months from the grant date. On May 1, 2026, Oracle performed a cashless exercise of the Warrant. As a result of the cashless exercise, we issued 1,905,433 shares of our common stock on a net basis. Under the terms of the warrant agreement, Oracle could elect either net or gross settlement. Because net settlement would result in 1.4 million fewer shares being issued than a gross settlement, we agreed to issue Oracle an additional 248,798 shares of common stock as an inducement for Oracle to elect net settlement. These incremental shares represented additional consideration with a fair value of $72.3 million.
Revolving Credit Facility
For information on a senior secured multicurrency revolving credit facility (the “Revolving Credit Facility”) which we entered into on December 19, 2025, see Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Revolving Credit Facility in our 2025 Form 10-K. As of June 30, 2026, and December 31, 2025, no amounts were drawn under the Revolving Credit Facility. As of June 30, 2026, the $90.0 million letter of credit sub-facility under our Revolving Credit Facility was fully utilized, reducing our available borrowing capacity to $510.0 million.
Near-Term Liquidity Outlook and Financing Flexibility
The combination of our cash and cash equivalents and cash flow expected to be generated by our operations is expected to be sufficient to meet our anticipated cash flow needs for at least the next 12 months. If these sources of cash are insufficient or not received in a timely manner to meet our near-term or future liquidity needs, we may require additional equity or debt financing to fund our operations, manufacturing capacity, product development, and market expansion initiatives, as well as to respond to competitive pressures or strategic opportunities. We may, from time to time, engage in a variety of financing transactions for such purposes, including factoring our accounts receivable. There were no factoring arrangements during the three and six months ended June 30, 2026 and 2025. We may not be able to secure timely additional financing on favorable terms, or at all. The terms of any additional financing may limit our financial and operational flexibility. Although we currently do not have any floating-rate notes on our balance sheet, our overall cost of capital may increase if interest rates rise and we refinance our fixed-rate convertible notes. If we raise additional funds through the issuance of equity or equity-linked securities, our existing stockholders could experience dilution in their ownership percentage, and any new securities may have rights, preferences, and privileges senior to those of our common stock.
Future Capital Requirements
Our future capital requirements depend on a variety of factors, including our rate of revenue growth; the timing and extent of spending on research and development and other business initiatives; increases in our manufacturing capacity; the pace and volume of system builds; the need for additional working capital; the expansion of our sales and marketing activities in both domestic and international markets; market acceptance of our products; selling models and vehicles required by customers; our ability to secure financing for customer use of our products; the timing of installations and related inventory build in anticipation of future sales; and overall economic conditions. In order to support and achieve our future growth plans, we may need or seek advantageously to obtain additional funding through equity or debt financing. Failure to obtain this
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financing in future quarters may affect our results of operations, including our revenues and cash flows.
Project-Related Option Arrangement
In May 2026, we made a $50 million payment to acquire contractual rights under an option arrangement. Under the related agreements, in July 2026 the rights were assigned to a Brookfield Asset Management (“Brookfield”) vehicle, and such vehicle agreed to make a $50 million payment to us upon their exercise of the option and acquisition of the underlying project. In the event the Brookfield vehicle does not proceed with the acquisition or in certain other events, Brookfield may put the option rights back to the original holder, Oracle, with Bloom receiving recovery of the $50 million through corresponding contractual arrangements. Bloom is not intended to retain a long-term ownership interest in the underlying assets or participate in the project’s long-term economics. See Part I, Item 1, Note 6—Balance Sheet Components in this Quarterly Report on Form 10-Q.
Cash Flow Analysis
A summary of our consolidated sources and uses of cash, cash equivalents, and restricted cash was as follows (in thousands):
 Six Months Ended
June 30,
 20262025
Net cash provided by (used in):
Operating activities$300,042 $(323,793)
Investing activities(100,492)(21,428)
Financing activities8,283 (1,929)
Operating Activities
Our operating activities consisted of net income adjusted for certain non-cash items plus changes in our operating assets and liabilities or working capital. Net cash provided by operating activities for the six months ended June 30, 2026, was primarily due to business‑driven changes in working capital totaling $88.2 million. These changes included:
•A $276.7 million increase in accounts receivable and contract assets, which grew due to the timing of milestone billings and customer acceptance cycles.
•A $226.2 million increase in deferred revenue and customer deposits, primarily driven by a higher level of new customer deposits compared to the prior year period. This reflected the timing and mix of system deployments, including a lower proportion of projects without significant upfront billings. Deferred revenue increased modestly compared to the prior year period;
•A $132.3 million increase in prepaid expenses and other current assets due to upfront service‑related payments aligned with expanding field service activity, and $50.0 million payment in connection with the assignment of certain option rights related to a customer project arrangement;
•A $115.1 million increase in inventory. Inventory increased as we built additional units to support future customer demand and to manage lead times in our supply chain; and
•A $36.5 million increase in deferred cost of revenue as associated systems reached acceptance milestones during the reporting quarter.
These movements were partially offset by a $247.6 million benefit from the timing of vendor payments.
Net cash provided by operating activities for the six months ended June 30, 2026, was $300.0 million, representing a $623.8 million increase compared to the prior year period. The year-over-year change in operating assets and liabilities was primarily driven by: (i) an increase of $172.3 million attributable to contract assets, (ii) an increase of $167.7 million attributable to accounts payable and accrued expenses, (iii) an increase of $126.2 million attributable to prepaid expenses and other current assets, (iv) an increase of $122.4 million attributable to deferred revenue and customer deposits, (v) an increase of $95.8 million attributable to other long-term assets, and (vi) an increase of $9.9 million attributable to deferred cost of revenue,
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partially offset by (a) a decrease of $40.3 million attributable to accounts receivable, and (b) a decrease of $27.5 million attributable to inventories. These working‑capital variances represent gross movements and therefore do not reconcile directly to the total year‑over‑year change in net cash provided by operating activities, which also reflects non‑cash adjustments and other operating items included in the reconciliation from net income to operating cash flows.
Investing Activities
Our investing activities have consisted of capital expenditures, including investments to increase our production capacity, and investments in unconsolidated affiliates. Cash used in investing activities during the six months ended June 30, 2026, was $100.5 million, an increase of $79.1 million compared to the prior year period. The increase was primarily due to a $22.8 million investment in the joint ventures between the Company and Brookfield (see Part I, Item 1, Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q), and a $56.3 million increase in expenditures on tenant improvements for a leased engineering and manufacturing facility in Fremont, California, which opened in July 2022. We expect to continue to make capital investments to expand production capacity at our manufacturing facilities in Fremont, California and Delmarva, Delaware. These investments, which include the purchase of new equipment and tenant improvements, are part of our strategic plan to continually increase capacity to meet orders and customer deliver requirements. The magnitude and timing of these capital expenditures will depend on implementation milestones, supplier lead times, and customer demand. We intend to fund these capital expenditures from cash on hand as well as cash flow expected to be generated from operations. We may also evaluate and arrange equipment lease financing to fund these capital expenditures.
Financing Activities
Our financing activities consist of payment of debt and debt issuance costs, repayments of/proceeds from financing obligations, proceeds from issuance of our common stock, payment of dividends and other cash flows from financing activities. Net cash provided by financing activities during the six months ended June 30, 2026, was $8.3 million, an increase of $10.2 million compared to the prior year period, predominantly due to (i) a $15.5 million increase in proceeds from issuance of common stock, and (ii) a decrease in cash outflows of $1.2 million for repayment of debt and debt issuance costs, partially offset by a $6.4 million increase in repayment of financing obligations.
Net cash provided by financing activities for the six months ended June 30, 2026, consisted primarily of (i) the proceeds from issuance of common stock of $23.2 million, (ii) the repayment of financing obligations of $11.8 million, (iii) repayment of debt of $1.3 million, (iv) payment of dividends of $0.9 million, and (v) payment of debt issuance cost of $0.8 million.
We believe we have sufficient capital to operate our business over the next 12 months. Our working capital was strengthened with the supplemented liquidity through issuing the 0% Notes. In addition, we may still enter the equity or debt market as needed to support the expansion of our business. Please refer to Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, and Part I, Item 1A, Risk Factors—Risks Related to Our Liquidity—Our indebtedness, and restrictions imposed by the agreements governing our outstanding indebtedness, may limit our financial and operating activities and may adversely affect our ability to incur additional debt to fund future needs in our 2025 Form 10-K, for more information regarding the terms of and risks associated with our debt.
Purchase and Financing Options
For information about our purchase and financing options, see Part II, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations, section Purchase and Financing Options in our 2025 Form 10-K.
Purchase Alternatives
Our customers have several purchase alternatives for our Energy Server systems. The portion of total revenue attributable to each purchase option for the three and six months ended June 30, 2026 and 2025, was as follows:
 Three Months EndedSix Months Ended
June 30,June 30,
 2026202520262025
 
Direct purchase (including third-party PPAs and international channels)
99 %97 %99 %97 %
Managed services
1 %3 %1 %3 %
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Financing Partners
For information about our financing partners, see Part II, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations, section Purchase and Financing Options, sub-section Financing Partners in our 2025 Form 10-K.
Delivery and Installation
For information on delivery and installation of our Energy Server systems, see Part II, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations, section Delivery and Installation in our 2025 Form 10-K.
Since the discussion of the delivery and installation in our 2025 Form 10-K, we have sought to evolve our approach to installation to a consult only model, particularly for large load sites where we request our customers to utilize one of our certified third party installers for the equipment installation and project construction work and we operate as consultants to such certified installers as to Bloom Energy Server Product. See Part I, Item 2, section Developments With Respect to Factors Affecting Our Performance, subsection Developments with Respect to Installation of our Energy Server Products in this Quarterly Report on Form 10-Q for additional information.
Performance Guarantees
As of June 30, 2026, and December 31, 2025, we had incurred no liabilities due to failure to repair or replace the Energy Server systems pursuant to any performance warranties made under the O&M Agreements (“O&M Agreements”).
For the O&M Agreements that are subject to renewal, our future service revenue from such agreements are subject to our obligations to make payments for underperformance against the performance guaranties, which are capped at an aggregate total of approximately $846.1 million (including $473.2 million related to portfolio financing entities and $372.9 million related to all other transactions, and include payments for both low output and low efficiency) and our aggregate remaining potential payment related to these underperformance obligations was approximately $468.9 million as of June 30, 2026. For the three and six months ended June 30, 2026, we made performance guarantee payments of $5.4 million and $13.8 million, respectively. For the three and six months ended June 30, 2025, we made performance guarantee payments of $3.0 million and $14.6 million, respectively.
International Channel Partners
There were no significant changes in our international channel partners during the three and six months ended June 30, 2026. For information on international channel partners, see Part II, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations, section International Channel Partners in our 2025 Form 10-K.
Results of Operations
A discussion regarding the comparison of our financial condition and results of operations for the three and six months ended June 30, 2026 and 2025, is presented below.
Revenue
 Three Months EndedChangeSix Months EndedChange
June 30,June 30,
 20262025Amount%20262025Amount%
(dollars in thousands)
Product$935,413$296,611$638,802215.4 %$1,588,761$508,480$1,080,281212.5 %
Installation50,97837,37213,60636.4 %76,90971,0235,8868.3 %
Service69,02354,44914,57426.8 %130,902107,99722,90521.2 %
Electricity9,95112,810(2,859)(22.3)%19,84739,763(19,916)(50.1)%
Total revenue$1,065,365$401,242$664,123165.5 %$1,816,419$727,263$1,089,156149.8 %
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Total Revenue
Total revenue increased by $664.1 million and $1.1 billion, or 165.5% and 149.8%, for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The increase was primarily driven by higher product revenue, which increased by $638.8 million and $1.1 billion, an increase in service revenue by $14.6 million and $22.9 million, and an increase in installation revenue by $13.6 million and $5.9 million, respectively. These increases were partially offset by decreases in electricity revenue of $2.9 million and $19.9 million for the three and six months ended June 30, 2026, respectively.
Product Revenue
Product revenue increased by $638.8 million and $1.1 billion, or 215.4% and 212.5%, for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The increase was primarily due to stronger demand for our power solutions to meet the time‑to‑power needs of a growing market, including a significant deployment for a large AI infrastructure customer and multiple projects executed through the joint venture with Brookfield.
Installation Revenue
Installation revenue increased by $13.6 million and $5.9 million, or 36.4% and 8.3%, for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The increase was driven by the timing of achieving key project milestones on sites requiring full Bloom installations. Depending on customer requirements, Bloom may provide a full-scope installation solution, which results in higher installation revenue, or the customer may engage a third-party installation partner, resulting in lower installation revenue for Bloom. Installation revenue may vary based on several factors, including the scope of installation services provided by Bloom, customer and project mix, the economics of underlying projects, and the timing of milestone execution.
Service Revenue
Service revenue increased by $14.6 million and $22.9 million, or 26.8% and 21.2%, for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The increase was primarily attributable to higher revenue from maintenance contracts associated with our fleet of Energy Server systems, which contributed $17.3 million and $26.7 million for the three and six months ended June 30, 2026, respectively. This increase was partially offset by higher product performance guarantee costs of $3.0 million and $4.6 million for the same periods.
Electricity Revenue
Electricity revenue includes both revenue from contracts with customers and revenue from contracts that contain leases.
Electricity revenue decreased by $2.9 million and $19.9 million, or 22.3% and 50.1%, for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The decrease for the three months ended June 30, 2026, was primarily due to lower straight-line electricity revenue resulting from repowering of certain Managed Services related sites. The decrease for the six months ended June 30, 2026, was predominantly due to a one-time settlement of a customer contract after redeploying assets for our partner in the first quarter of fiscal year 2025, as well as lower straight-line electricity revenue resulting from repowering of certain Managed Services related sites.
Cost of Revenue
 
Three Months Ended
ChangeSix Months EndedChange
June 30,June 30,
 20262025Amount%20262025Amount%
 (dollars in thousands)
Product$593,957 $198,746 $395,211 198.9 %$1,023,189 $338,319 $684,870 202.4 %
Installation52,829 38,224 14,605 38.2 %87,909 71,539 16,370 22.9 %
Service56,148 49,408 6,740 13.6 %109,812 102,266 7,546 7.4 %
Electricity6,859 7,741 (882)(11.4)%14,393 19,309 (4,916)(25.5)%
Total cost of revenue$709,793 $294,119 $415,674 141.3 %$1,235,303 $531,433 $703,870 132.4 %
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Total Cost of Revenue
Total cost of revenue increased by $415.7 million and $703.9 million, or 141.3% and 132.4%, for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The increase was primarily driven by higher cost of product revenue, which increased by $395.2 million and $684.9 million, an increase in installation cost of revenue by $14.6 million and $16.4 million, and an increase in service cost revenue by $6.7 million and $7.5 million, respectively. These increases were partially offset by decreases in electricity cost of revenue of $0.9 million and $4.9 million for the three and six months ended June 30, 2026, respectively.
Cost of Product Revenue
Cost of product revenue increased by $395.2 million and $684.9 million, or 198.9% and 202.4%, for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. Product costs increased primarily due to higher sales volumes driven by increased demand for our power solutions, an increase in product warranty, and an increase in stock-based compensation. The increase was partially offset by (i) lower material, labor, and overhead costs resulting from ongoing manufacturing efficiency improvements and increased automation and (ii) the recognition of a $37.4 million recovery of previously paid import tariffs during the period.
Cost of Installation Revenue
Cost of installation revenue increased by $14.6 million and $16.4 million, or 38.2% and 22.9%, for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The increase was driven by the timing of achieving key project milestones on sites requiring full Bloom installations. Depending on customer requirements, Bloom may provide a full-scope installation solution, which results in higher installation costs, or the customer may engage a third-party installation partner, resulting in lower installation costs for Bloom. Installation costs may vary based on several factors, including the scope of installation services provided by Bloom, customer and project mix, the economics of underlying projects, and the timing of milestone execution.
Cost of Service Revenue
Cost of service revenue increased by $6.7 million and $7.5 million, or 13.6% and 7.4%, for the three and six months ended June 30, 2026, respectively. The increase for the three months ended June 30, 2026, was primarily attributable to higher deployment of field replacement units, which increased costs by $1.1 million, and increased maintenance expenses of $0.9 million, partially offset by cost reduction initiatives associated with fleet optimization efforts. The increase for the six months ended June 30, 2026, was primarily attributable to increased maintenance expenses of $1.0 million, partially offset by a $2.1 million reduction in costs from lower deployment of field replacement units and our cost reduction efforts to manage fleet optimizations.
Cost of Electricity Revenue
Cost of electricity revenue includes both cost of revenue from contracts with customers and cost of revenue from contracts that contain leases.
Cost of electricity revenue decreased by $0.9 million and $4.9 million, or 11.4% and 25.5%, for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The decrease for the three months ended June 30, 2026, was primarily due to the reduction in the number of installed units. The decrease for the six months ended June 30, 2026, was mainly due to (i) redeploying assets for our partner to enable a one-time settlement of a customer contract in the first quarter of fiscal year 2025, and (ii) the reduction in the number of installed units.
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Gross Profit (Loss) and Gross Margin
 Three Months EndedChangeSix Months EndedChange
June 30,June 30,
 2026202520262025
 (dollars in thousands)
Gross profit (loss):
Product$341,456$97,865$243,591$565,572$170,161$395,411
Installation(1,851)(852)(999)(11,000)(516)(10,484)
Service12,8755,0417,83421,0905,73115,359
Electricity3,0925,069(1,977)5,45420,454(15,000)
Total gross profit$355,572$107,123$248,449$581,116$195,830$385,286
Gross margin:
Product37 %33 %36 %33 %
Installation(4)%(2)%(14)%(1)%
Service19 %9 %16 %5 %
Electricity31 %40 %27 %51 %
Total gross margin33 %27 %32 %27 %
Total Gross Profit
Gross profit increased by $248.4 million and $385.3 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. This increase was predominantly driven by a $243.6 million and a $395.4 million increase in product gross profit, and a $7.8 million and a $15.4 million increase in service gross profit, partially offset by a $2.0 million and a $15.0 million decrease of electricity gross profit, and a $1.0 million and a $10.5 million increase of installation gross loss.
Product Gross Profit
Product gross profit increased by $243.6 million and $395.4 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The increase was primarily attributable to (i) increased product demand driven by a significant deployment for a large AI infrastructure customer and multiple projects executed through our joint venture with Brookfield; (ii) the recognition of a $37.4 million recovery of previously paid import tariffs; and (iii) lower material, labor, and overhead costs due to ongoing manufacturing process improvements and increased automation. The overall increase was partially offset by an increase in product warranty.
Installation Gross Loss
Installation gross loss increased by $1.0 million and $10.5 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The increase in gross loss was primarily driven by project mix and the timing of milestone achievement. Depending on customer requirements, Bloom may provide a full-scope installation solution, which results in higher installation revenue and associated installation costs, or the customer may engage a third-party installation partner, resulting in lower installation revenue and costs for Bloom. Installation gross profit (loss) may vary based on several factors, including the scope of installation services provided by Bloom, customer and project mix, the economics of underlying projects, and the timing of milestone execution.
Service Gross Profit
Service gross profit increased by $7.8 million and $15.4 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The increase was primarily attributable to higher revenue from maintenance contracts associated with our fleet of Energy Server systems, which contributed $17.3 million and $26.7 million for the three and six months ended June 30, 2026, respectively. The increase was partially offset by higher product performance guarantee costs of $3.0 million and $4.6 million for the same periods, reflecting the effects of fleet degradation.
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Electricity Gross Profit
Electricity gross profit decreased by $2.0 million and $15.0 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The decrease for the three months ended June 30, 2026, was not material. The decrease for the six months ended June 30, 2026, was predominantly due to a one-time settlement of a customer contract after redeploying assets for our partner in the first quarter of fiscal year 2025.
Operating Expenses
 
Three Months Ended
ChangeSix Months EndedChange
June 30,June 30,
 20262025Amount%20262025Amount%
 (dollars in thousands)
Research and development$58,873 $40,768 $18,105 44.4 %$115,722 $81,380 $34,342 42.2 %
Sales and marketing43,045 24,066 18,979 78.9 %81,484 46,331 35,153 75.9 %
General and administrative71,417 45,792 25,625 56.0 %129,483 90,692 38,791 42.8 %
Total operating expenses$173,335 $110,626 $62,709 56.7 %$326,689 $218,403 $108,286 49.6 %
Total Operating Expenses
Total operating expenses increased by $62.7 million and $108.3 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The increases were primarily attributable to higher employee compensation and benefits expense, including increased stock-based compensation, which contributed $40.1 million and $68.9 million of the increase for the three- and six-month periods, respectively. Total operating expenses also increased due to higher consulting, advisory, and other professional services costs of $10.7 million and $19.2 million, respectively, primarily related to third-party engineering, certification, and regulatory support for the scaling of our solid oxide platforms and AI data center power programs. The remaining increase was primarily attributable to higher research and development support costs, information technology expenses, travel and entertainment expenses, and facilities-related costs.
Research and Development
Research and development expenses increased by $18.1 million and $34.3 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The increases were primarily attributable to higher employee compensation and benefits expense, including increased stock-based compensation, which contributed $11.1 million and $20.7 million of the increase for the three- and six-month periods, respectively. Research and development expenses also increased due to higher consumable laboratory supplies and other laboratory-related costs of $3.6 million and $9.2 million, respectively, reflecting expanded research activities. In addition, consulting, advisory, and other professional services costs increased by $1.5 million and $1.9 million, respectively, primarily driven by third-party engineering, certification, and regulatory support related to the scaling of our solid oxide platforms and AI data center power programs.
Sales and Marketing
Sales and marketing expenses increased by $19.0 million and $35.2 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The increases were primarily attributable to higher employee compensation and benefits expense, including increased stock-based compensation, which contributed $12.4 million and $23.5 million of the increase for the three- and six-month periods, respectively. Sales and marketing expenses also increased due to higher consulting, advisory, and other professional services costs of $5.5 million and $9.6 million, respectively, primarily related to efforts to expand our portfolio of AI data center power programs.
General and Administrative
General and administrative expenses increased by $25.6 million and $38.8 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year. The increases were primarily attributable to higher employee compensation and benefits expense, including increased stock-based compensation, which contributed
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$16.5 million and $24.7 million of the increase for the three- and six-month periods, respectively. General and administrative expenses also increased due to higher consulting, advisory, and other professional services costs of $3.7 million and $7.7 million, respectively, primarily reflecting increased external legal and related professional services. In addition, computer equipment costs increased by $2.6 million and $4.5 million for the three- and six-month periods, respectively, driven by higher spending on hardware and software maintenance. For the six months ended June 30, 2026, facilities costs increased by $2.9 million, primarily due to higher rental costs. Overall increase for the six months ended June 30, 2026 was partially offset by a decrease in other operating expenses of $3.4 million.
Stock-Based Compensation
 
Three Months Ended
ChangeSix Months EndedChange
June 30,June 30,
 20262025Amount%20262025Amount%
 (dollars in thousands)
Cost of revenue$9,675 $5,714 $3,961 69.3 %$20,080 $10,543 $9,537 90.5 %
Research and development13,034 7,913 5,121 64.7 %26,192 15,740 10,452 66.4 %
Sales and marketing14,424 5,320 9,104 171.1 %27,888 9,830 18,058 183.7 %
General and administrative19,269 11,230 8,039 71.6 %39,246 26,266 12,980 49.4 %
Total stock-based compensation$56,402 $30,177 $26,225 86.9 %$113,406 $62,379 $51,027 81.8 %
Total stock-based compensation expense for the three and six months ended June 30, 2026, increased by $26.2 million and $51.0 million, respectively, compared to the corresponding periods in the prior year. The increase was primarily attributable to higher stock-based compensation expense related to PSUs and RSUs of $19.1 million and $33.5 million, respectively, increased expense associated with the 2018 ESPP of $3.3 million and $5.2 million, respectively, and a net increase of $3.8 million and $12.4 million, respectively, related to capitalized stock-based compensation and the cash-settled component of certain stock-based awards. The increase was driven principally by (i) grants of new awards to executive officers, (ii) an increase in Bloom’s stock price, and (iii) higher employee participation and contributions under the 2018 ESPP.
Other Income and Expense
Three Months EndedChangeSix Months EndedChange
June 30,June 30,
 2026202520262025
 (in thousands)
Interest income$20,881 $6,623 $14,258 $41,482 $15,176 $26,306 
Interest expense(8,906)(14,440)5,534 (17,510)(28,851)11,341 
Equity in earnings (loss) of unconsolidated affiliates4,346 — 4,346 (12,656)— (12,656)
Other income, net
2,307 2,373 (66)8,504 4,421 4,083 
Loss on extinguishment of debt— (32,340)32,340 — (32,340)32,340 
(Loss) gain on revaluation of embedded derivatives(539)112 (651)215 9 206 
Total$18,089 $(37,672)$55,761 $20,035 $(41,585)$61,620 
Interest Income
Interest income is earned on invested cash balances, primarily held in money market funds. Interest income increased by $14.3 million and $26.3 million for the three and six months ended June 30, 2026, respectively, compared to the same periods in the prior year, primarily due to an increase in average invested cash balances following the refinancing of debt into a 0% coupon instrument maturing in 2030. As a result, average balances invested in money market funds increased by approximately $2.4 billion and $2.3 billion during the three and six months ended June 30, 2026, respectively.
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Interest Expense
Interest expense is primarily due to our debt held by third parties and interest expense related to managed services agreements.
Interest expense decreased by $5.5 million and $11.3 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding periods in the prior year, primarily due to lower interest expense on outstanding debt. The decrease was driven mainly by reductions in interest expense associated with the 3% Green Notes due June 2028 of $4.9 million and $10.0 million, respectively, and with the 3% Green Notes due June 2029 of $3.6 million and $6.6 million, respectively, for the three and six months ended June 30, 2026. These reductions primarily resulted from the induced conversion of the notes during the fourth quarter of fiscal year 2025 (see Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Induced Conversions of the Existing Notes in our 2025 Form 10-K). The decrease was partially offset by $3.0 million and $6.0 million of amortization of debt issuance costs related to the 0% Notes issued on November 4, 2025, and $0.8 million and $1.4 million of amortization of issuance costs associated with the revolving credit facility entered into on December 19, 2025, for the three and six months ended June 30, 2026, respectively (see Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Revolving Credit Facility in our 2025 Form 10-K).
Equity in Earnings (Loss) of Unconsolidated Affiliates
During the year ended December 31, 2025, the Company and Brookfield entered into joint venture structures. Brookfield is considered the principal owner, and accounts for the JVs on a consolidated basis. For the three and six months ended June 30, 2026, Equity in earnings (loss) of unconsolidated affiliates reflects (i) the ASC 323, Investments—Equity Method and Joint Ventures elimination of intra‑entity profit on sales to joint ventures formed with Brookfield—deferred and recognized over the assets’ depreciable lives—and (ii) the Company’s equity pickup of those joint ventures’ net results under the HLBV method. For details, refer to Part II, Item 1, Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q.
Other Income, Net
Other income, net is primarily derived from foreign currency transactions and other income related to managed services transactions. Other income, net for the six months ended June 30, 2026, improved by $4.1 million, compared to the prior year period, primarily as a result of $11.1 million other income related to managed services transactions, partially offset by an increase in loss from foreign currency transactions of $6.8 million. Change in Other income, net for the three months ended June 30, 2026, was immaterial.
Loss on extinguishment of debt
Loss on extinguishment of debt for the three and six months ended June 30, 2025, was $32.3 million, recognized in connection with the exchange of $112.8 million aggregate principal amount of the 2.5% Green Convertible Senior Notes due August 2025 for $115.7 million aggregate principal amount of 3.0% Green Notes due June 2029, which settled on May 13, 2025.
(Loss) Gain on Revaluation of Embedded Derivatives
(Loss) gain on revaluation of embedded derivatives is derived from the change in fair value of our sales contracts of embedded Escalation Protection Plan derivatives valued using historical grid prices and available forecasts of future electricity prices to estimate future electricity prices. (Loss) gain on revaluation of embedded derivatives for the three and six months ended June 30, 2026, compared to the same periods in the prior year, was not material.
Income Tax Provision
 
Three Months Ended
ChangeSix Months EndedChange
June 30,June 30,
 20262025Amount%20262025Amount%
 (dollars in thousands)
Income tax provision$1,470 $1,017 $453 44.5 %$1,915 $1,448 $467 32.3 %
Income tax provision consists primarily of income taxes in foreign jurisdictions in which we conduct business. We
52

maintain a full valuation allowance for domestic deferred tax assets, including net operating loss and certain tax credit carryforwards. The income tax provision for the three months ended June 30, 2026, was driven primarily by changes in effective tax rates on income earned by international entities.
Given our recent and anticipated future earnings, we believe there is a possibility that sufficient positive evidence may become available in the future periods to allow us to determine that a significant portion of the valuation allowance recorded against our U.S. deferred tax assets should be released. A release would result in the recognition of U.S. deferred tax assets and a corresponding income tax benefit in the period the release is recorded. The exact timing and amount of the valuation allowance release is dependent on our actual operating results and may be impacted by adverse macroeconomic conditions.
Net Income Attributable to Noncontrolling Interests
 
Three Months Ended
ChangeSix Months EndedChange
June 30,June 30,
 20262025Amount%20262025Amount%
 (dollars in thousands)
Net income attributable to noncontrolling interest
$2,566 $427 $2,139 (500.9)%$5,604 $827 $4,777 577.6 %
Net income attributable to noncontrolling interests is the result of allocating profits and losses to noncontrolling interests under the hypothetical liquidation at book value (“HLBV”) method. HLBV is a balance sheet-oriented approach for applying the equity method of accounting when there is a complex structure, such as consolidation of a variable interest entity (“VIE”).
Net income attributable to noncontrolling interests for the three and six months ended June 30, 2026, compared to the same periods in the prior year, increased by $2.1 million and $4.8 million due to an increase in income allocated to our noncontrolling interest related to Korean JV, our consolidated VIE.
Critical Accounting Policies and Estimates
The condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles as applied in the United States (“U.S. GAAP”). The preparation of the condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, costs and expenses and related disclosures. Our discussion and analysis of our financial results under Results of Operations above are based on our results of operations, which we have prepared in accordance with U.S. GAAP. In preparing these condensed consolidated financial statements, we make assumptions, judgments and estimates that can affect the reported amounts of assets, liabilities, revenues and expenses, and net income. On an ongoing basis, we base our estimates on historical experience, as appropriate, and on various other assumptions that we believe to be reasonable under the circumstances. Changes in the accounting estimates are representative of estimation uncertainty and are reasonably likely to occur from period to period. Accordingly, actual results could differ significantly from the estimates made by our management. We evaluate our estimates and assumptions on an ongoing basis. To the extent that there are material differences between these estimates and actual results, our future financial statement presentation, financial condition, results of operations and cash flows will be affected. We believe that the following critical accounting policies involve a greater degree of judgment and complexity than our other accounting policies. Accordingly, these are the policies we believe are the most critical to understanding and evaluating the consolidated financial condition and results of operations.
The accounting policies that most frequently require us to make assumptions, judgments and estimates, and therefore are critical to understanding our results of operations, include:
•Revenue Recognition;
•Income Taxes; and
•Principles of Consolidation.
Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operation, section Critical Accounting Estimates in our 2025 Form 10-K provides a more complete discussion of our critical accounting policies and
53

estimates. During the three and six months ended June 30, 2026, there were no significant changes to our critical accounting policies and estimates.

ITEM 3—QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There were no significant changes to our quantitative and qualitative disclosures about market risk during the six months ended June 30, 2026. Please refer to Part II, Item 7A, Quantitative and Qualitative Disclosures about Market Risk included in our 2025 Form 10-K for a more complete discussion of the market risks we consider.

ITEM 4—CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (our principal executive officer) and Chief Financial Officer (our principal financial officer) as appropriate, to allow for timely decisions regarding required disclosure.
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of June 30, 2026. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of June 30, 2026, our disclosure controls and procedures were effective.
Changes in Internal Control over Financial Reporting
During the three months ended June 30, 2026, there were no changes in our internal control over financial reporting, which were identified in connection with management’s evaluation required by paragraphs (d) of Rules 13a-15 and 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
For further information on inherent limitations on effectiveness of internal controls and management’s report on internal control over financial reporting, see Part II, Item 9A, Controls and Procedures in our 2025 Form 10-K.
54

PART II—OTHER INFORMATION
ITEM 1—LEGAL PROCEEDINGS
We are, and from time to time we may become, involved in legal proceedings or subject to claims arising in the ordinary course of our business. For a discussion of our legal proceedings, see Part I, Item 1, Note 12—Commitments and Contingencies in this Quarterly Report on Form 10-Q. We are not presently a party to any other legal proceedings that in the opinion of our management and if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, financial condition or cash flows.

ITEM 1A—RISK FACTORS
There were no material changes in risk factors as disclosed in our 2025 Form 10-K, except as set forth below:
Techniques employed by short sellers may in the future drive down the market price of our common stock.
Short selling is the practice of selling securities that the seller does not own but rather has borrowed from a third-party with the intention of buying identical securities back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. As it is in the short seller’s best interests for the price of the stock to decline, many short sellers publish, or arrange for the publication of, negative opinions or allegations regarding the relevant issuer and its business prospects, including regarding its supply chain, commercial arrangements, or financial reporting, in order to create negative market momentum and generate profits for themselves after selling a stock short. These short attacks have led to selling of shares in the market.
Short sellers have published reports containing allegations regarding us and our business, and we have been, and may in the future be, the subject of such activities. The publication of any such articles, reports or other statements regarding us has and may continue to bring about a temporary, or possibly long-term, decline in the market price of our common stock, and may adversely affect our relationships with customers, suppliers, and financing parties. We may have to expend a significant amount of resources to investigate such allegations and/or defend ourselves. While we have and would continue to strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by applicable state law or issues of commercial confidentiality, including because we treat information regarding our suppliers and sourcing arrangements as confidential and proprietary. Responding to short attacks has been and may continue to be costly and time-consuming, disrupt our operations, and divert the attention of management and our employees.

ITEM 2—UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On April 9, 2026, in connection with the partnership between the Company and Oracle to provide on-site solid state power for AI data centers, we issued the Warrant to Oracle to purchase up to an aggregate of 3,531,073 shares of our common stock, with an exercise price of $113.28 per share. The Warrant was fully vested and immediately exercisable, in whole or in part, at any time until 5:00 p.m. (Eastern time) on October 9, 2026, at Oracle’s election, by cash payment or by cashless exercise.
On May 1, 2026, Oracle performed a cashless exercise of the Warrant. As a result of the cashless exercise, we issued 1,905,433 shares of our common stock on a net basis. Under the terms of the warrant agreement, Oracle could elect either net or gross settlement. Because net settlement would result in 1.4 million fewer shares being issued than a gross settlement, we agreed to issue Oracle an additional 248,798 shares of common stock as an inducement for Oracle to elect net settlement.


ITEM 3—DEFAULTS UPON SENIOR SECURITIES
None.
55


ITEM 4—MINE SAFETY DISCLOSURES
Not applicable.

ITEM 5—OTHER INFORMATION
On May 1, 2026, Mr. Jeffrey Immelt, one of the Company’s directors adopted a Rule 10b5-1 trading arrangement with an expiration date of May 14, 2027 (or such earlier date upon which all transactions contemplated thereunder are completed) for the sale of up to 60,000 shares of common stock of the Company, subject to certain conditions.
On May 22, 2026, Ms. Shawn Soderberg, our Chief Legal Officer and Corporate Secretary, modified a Rule 10b5-1 trading arrangement previously adopted on November 26, 2025. The modification provides for potential exercise and sale of up to 94,754 vested stock options, subject to certain conditions, and sale of sufficient vesting restricted stock units to satisfy withholding tax obligations and other vested restricted stock units subject to certain conditions. Such trading plan, as modified, continues to have an expiration date of February 26, 2027 (or such earlier date upon which all transactions contemplated thereunder are completed).
On May 27, 2026, Dr. KR Sridhar, our Chief Executive Officer and Chairman of the Board, adopted a Rule 10b5-1 trading arrangement with an expiration date of September 1, 2027 (or such earlier date upon which all transactions contemplated thereunder are completed) for the sale of up to 200,000 shares of common stock of the Company, subject to certain conditions.

56

ITEM 6—EXHIBITS

Incorporated by Reference
Exhibit NumberDescriptionFormFile No.ExhibitFiling Date
3.1
Restated Certificate of Incorporation10-Q001-385983.19/7/2018
3.2
Certificate of Amendment to the Restated Certificate of Incorporation of Bloom Energy Corporation10-Q001-385983.18/9/2022
3.3
Amended and Restated Bylaws, as effective August 7, 202410-Q001-385983.78/8/2024
3.4
Certificate of Second Amendment to the Restated Certificate of Incorporation of Bloom Energy Corporation8-K001-385983.15/21/2026
4.1
Warrant, dated April 9, 2026, by and between Bloom Energy Corporation and Oracle Corporation, providing for the purchase of up to 3,531,073 shares of the Company’s Common Stock8-K001-385984.14/13/2026
10.1
^ #
+		Form of Performance Stock Unit Award Agreement to Dr. KR Sridhar under Bloom Energy’s 2018 Equity Incentive Plan (without Exhibit A)8-K001-3859810.16/17/2026
31.1
Certifications of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Filed herewith
31.2
Certifications of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities and Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Filed herewith
32.1
*
Certifications of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Furnished herewith
101.INS
XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
Filed herewith
101.SCH Inline XBRL Taxonomy Extension Schema DocumentFiled herewith
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase DocumentFiled herewith
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase DocumentFiled herewith
101.LAB Inline XBRL Taxonomy Extension Label Linkbase DocumentFiled herewith
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase DocumentFiled herewith
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*
The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
^Management contracts or compensation plans or arrangements in which directors or executive officers are eligible to participate.
#
Portions of the exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The registrant hereby undertakes to furnish an unredacted copy of the exhibit and a materiality and privacy and confidentiality analysis upon request by the Securities and Exchange Commission.
+Pursuant to the Form 8-K/A filed on June 22, 2026, performance-based restricted stock units of 319,082 shares of common stock of the Company were granted to Dr. KR Sridhar under Bloom Energy’s 2018 Equity Incentive Plan.
57


SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 
BLOOM ENERGY CORPORATION
Date:July 28, 2026By:/s/ KR Sridhar
KR Sridhar
Founder, Chief Executive Officer, Chairman and Director
(Principal Executive Officer)
Date:July 28, 2026By:/s/ Simon Edwards
Simon Edwards
Chief Financial Officer
(Principal Financial Officer)
Date:July 28, 2026By:/s/ Maciej Kurzymski
Maciej Kurzymski
Chief Accounting Officer
(Principal Accounting Officer)


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