Bloom Energy

be-20260930 false 2026 Q3 12/31 0001664703 0 http://fasb.org/us-gaap/2026#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2026#PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization http://fasb.org/us-gaap/2026#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2026#OtherLiabilitiesCurrent http://fasb.org/us-gaap/2026#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2026#OtherLiabilitiesNoncurrent P3Y P3Y6M P3Y6M 33 67 276 365 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure be:revenue_streams be:day utr:sqft be:loan be:segment 0001664703 2026-01-01 2026-09-30 0001664703 2026-10-19 0001664703 2026-09-30 0001664703 2025-12-31 0001664703 us-gaap:RelatedPartyMember 2026-09-30 0001664703 us-gaap:RelatedPartyMember 2025-12-31 0001664703 us-gaap:CommonClassBMember 2026-05-27 0001664703 us-gaap:CommonClassBMember 2025-12-31 0001664703 us-gaap:ProductMember 2026-07-01 2026-09-30 0001664703 us-gaap:ProductMember 2025-07-01 2025-09-30 0001664703 us-gaap:ProductMember 2026-01-01 2026-09-30 0001664703 us-gaap:ProductMember 2025-01-01 2025-09-30 0001664703 be:InstallationMember 2026-07-01 2026-09-30 0001664703 be:InstallationMember 2025-07-01 2025-09-30 0001664703 be:InstallationMember 2026-01-01 2026-09-30 0001664703 be:InstallationMember 2025-01-01 2025-09-30 0001664703 us-gaap:ServiceMember 2026-07-01 2026-09-30 0001664703 us-gaap:ServiceMember 2025-07-01 2025-09-30 0001664703 us-gaap:ServiceMember 2026-01-01 2026-09-30 0001664703 us-gaap:ServiceMember 2025-01-01 2025-09-30 0001664703 us-gaap:ElectricityMember 2026-07-01 2026-09-30 0001664703 us-gaap:ElectricityMember 2025-07-01 2025-09-30 0001664703 us-gaap:ElectricityMember 2026-01-01 2026-09-30 0001664703 us-gaap:ElectricityMember 2025-01-01 2025-09-30 0001664703 2026-07-01 2026-09-30 0001664703 2025-07-01 2025-09-30 0001664703 2025-01-01 2025-09-30 0001664703 us-gaap:RelatedPartyMember 2026-07-01 2026-09-30 0001664703 us-gaap:RelatedPartyMember 2026-01-01 2026-09-30 0001664703 us-gaap:RelatedPartyMember 2025-07-01 2025-09-30 0001664703 us-gaap:RelatedPartyMember 2025-01-01 2025-09-30 0001664703 us-gaap:CommonStockMember 2026-06-30 0001664703 us-gaap:AdditionalPaidInCapitalMember 2026-06-30 0001664703 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-06-30 0001664703 us-gaap:RetainedEarningsMember 2026-06-30 0001664703 us-gaap:ParentMember 2026-06-30 0001664703 us-gaap:NoncontrollingInterestMember 2026-06-30 0001664703 2026-06-30 0001664703 us-gaap:CommonStockMember 2026-07-01 2026-09-30 0001664703 us-gaap:ParentMember 2026-07-01 2026-09-30 0001664703 us-gaap:AdditionalPaidInCapitalMember 2026-07-01 2026-09-30 0001664703 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-07-01 2026-09-30 0001664703 us-gaap:NoncontrollingInterestMember 2026-07-01 2026-09-30 0001664703 us-gaap:RetainedEarningsMember 2026-07-01 2026-09-30 0001664703 us-gaap:CommonStockMember 2026-09-30 0001664703 us-gaap:AdditionalPaidInCapitalMember 2026-09-30 0001664703 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-09-30 0001664703 us-gaap:RetainedEarningsMember 2026-09-30 0001664703 us-gaap:ParentMember 2026-09-30 0001664703 us-gaap:NoncontrollingInterestMember 2026-09-30 0001664703 us-gaap:CommonStockMember 2025-06-30 0001664703 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0001664703 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0001664703 us-gaap:RetainedEarningsMember 2025-06-30 0001664703 us-gaap:ParentMember 2025-06-30 0001664703 us-gaap:NoncontrollingInterestMember 2025-06-30 0001664703 2025-06-30 0001664703 us-gaap:CommonStockMember 2025-07-01 2025-09-30 0001664703 us-gaap:ParentMember 2025-07-01 2025-09-30 0001664703 us-gaap:AdditionalPaidInCapitalMember 2025-07-01 2025-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueAugust2025RecourseMember 2026-09-30 0001664703 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-01 2025-09-30 0001664703 us-gaap:NoncontrollingInterestMember 2025-07-01 2025-09-30 0001664703 us-gaap:RetainedEarningsMember 2025-07-01 2025-09-30 0001664703 us-gaap:CommonStockMember 2025-09-30 0001664703 us-gaap:AdditionalPaidInCapitalMember 2025-09-30 0001664703 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-09-30 0001664703 us-gaap:RetainedEarningsMember 2025-09-30 0001664703 us-gaap:ParentMember 2025-09-30 0001664703 us-gaap:NoncontrollingInterestMember 2025-09-30 0001664703 2025-09-30 0001664703 us-gaap:CommonStockMember 2025-12-31 0001664703 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001664703 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001664703 us-gaap:RetainedEarningsMember 2025-12-31 0001664703 us-gaap:ParentMember 2025-12-31 0001664703 us-gaap:NoncontrollingInterestMember 2025-12-31 0001664703 us-gaap:CommonStockMember 2026-01-01 2026-09-30 0001664703 us-gaap:ParentMember 2026-01-01 2026-09-30 0001664703 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-09-30 0001664703 us-gaap:RetainedEarningsMember 2026-01-01 2026-09-30 0001664703 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-01 2026-09-30 0001664703 us-gaap:NoncontrollingInterestMember 2026-01-01 2026-09-30 0001664703 us-gaap:CommonStockMember 2024-12-31 0001664703 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001664703 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001664703 us-gaap:RetainedEarningsMember 2024-12-31 0001664703 us-gaap:ParentMember 2024-12-31 0001664703 us-gaap:NoncontrollingInterestMember 2024-12-31 0001664703 2024-12-31 0001664703 us-gaap:CommonStockMember 2025-01-01 2025-09-30 0001664703 us-gaap:ParentMember 2025-01-01 2025-09-30 0001664703 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-09-30 0001664703 us-gaap:RetainedEarningsMember 2025-01-01 2025-09-30 0001664703 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-09-30 0001664703 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2028RecourseMember 2026-01-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2028RecourseMember 2025-01-01 2025-09-30 0001664703 us-gaap:SeniorNotesMember 2026-01-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember 2025-01-01 2025-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueAugust2025RecourseMember 2026-01-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueAugust2025RecourseMember 2025-01-01 2025-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember 2026-01-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember 2025-01-01 2025-09-30 0001664703 be:RecourseDebtMember 2026-09-30 0001664703 be:NonRecourseDebtMember 2026-09-30 0001664703 be:RecourseDebtMember 2025-12-31 0001664703 be:NonRecourseDebtMember 2025-12-31 0001664703 us-gaap:GeographicConcentrationRiskMember us-gaap:SalesRevenueNetMember srt:AsiaPacificMember 2026-07-01 2026-09-30 0001664703 us-gaap:GeographicConcentrationRiskMember us-gaap:SalesRevenueNetMember srt:AsiaPacificMember 2026-01-01 2026-09-30 0001664703 us-gaap:GeographicConcentrationRiskMember us-gaap:SalesRevenueNetMember srt:AsiaPacificMember 2025-07-01 2025-09-30 0001664703 us-gaap:GeographicConcentrationRiskMember us-gaap:SalesRevenueNetMember srt:AsiaPacificMember 2025-01-01 2025-09-30 0001664703 us-gaap:CustomerConcentrationRiskMember be:CustomerOneMember us-gaap:AccountsReceivableMember 2026-01-01 2026-09-30 0001664703 us-gaap:CustomerConcentrationRiskMember be:CustomerTwoMember us-gaap:AccountsReceivableMember 2026-01-01 2026-09-30 0001664703 us-gaap:CustomerConcentrationRiskMember be:CustomerThreeMember us-gaap:AccountsReceivableMember 2026-01-01 2026-09-30 0001664703 us-gaap:CustomerConcentrationRiskMember be:CustomerOneMember us-gaap:AccountsReceivableMember 2025-01-01 2025-12-31 0001664703 us-gaap:CustomerConcentrationRiskMember be:CustomerTwoMember us-gaap:AccountsReceivableMember 2025-01-01 2025-12-31 0001664703 us-gaap:CustomerConcentrationRiskMember be:CustomerThreeMember us-gaap:AccountsReceivableMember 2025-01-01 2025-12-31 0001664703 us-gaap:CustomerConcentrationRiskMember be:CustomerOneMember us-gaap:SalesRevenueNetMember 2026-07-01 2026-09-30 0001664703 us-gaap:CustomerConcentrationRiskMember be:CustomerTwoMember us-gaap:SalesRevenueNetMember 2026-07-01 2026-09-30 0001664703 us-gaap:CustomerConcentrationRiskMember be:CustomerOneMember us-gaap:SalesRevenueNetMember 2026-01-01 2026-09-30 0001664703 us-gaap:CustomerConcentrationRiskMember be:CustomerTwoMember us-gaap:SalesRevenueNetMember 2026-01-01 2026-09-30 0001664703 us-gaap:CustomerConcentrationRiskMember be:CustomerOneMember us-gaap:SalesRevenueNetMember 2025-07-01 2025-09-30 0001664703 us-gaap:CustomerConcentrationRiskMember be:CustomerOneMember us-gaap:SalesRevenueNetMember 2025-01-01 2025-09-30 0001664703 us-gaap:CustomerConcentrationRiskMember be:CustomerTwoMember us-gaap:SalesRevenueNetMember 2025-01-01 2025-09-30 0001664703 us-gaap:CustomerConcentrationRiskMember be:CustomerThreeMember us-gaap:SalesRevenueNetMember 2025-01-01 2025-09-30 0001664703 us-gaap:ProductMember 2026-09-30 0001664703 us-gaap:ProductMember 2025-12-31 0001664703 us-gaap:ProductMember srt:MinimumMember 2026-09-30 0001664703 us-gaap:ProductMember srt:MaximumMember 2026-09-30 0001664703 be:RestorationServicesMember 2026-09-30 0001664703 us-gaap:ServiceMember 2026-09-30 0001664703 us-gaap:ServiceMember 2025-12-31 0001664703 us-gaap:ServiceMember srt:MinimumMember 2026-09-30 0001664703 us-gaap:ServiceMember srt:MaximumMember 2026-09-30 0001664703 be:FreestandingWarrantMember 2025-10-28 0001664703 be:FreestandingWarrantMember 2026-04-09 0001664703 be:FreestandingWarrantMember 2026-04-09 2026-04-09 0001664703 be:FreestandingWarrantMember 2025-01-01 2025-12-31 0001664703 be:FreestandingWarrantMember 2025-12-31 0001664703 be:FreestandingWarrantMember 2026-05-01 2026-05-01 0001664703 be:FreestandingWarrantMember 2026-05-01 0001664703 2026-04-09 2026-04-09 0001664703 2026-04-09 2026-09-30 0001664703 2025-10-28 2026-09-30 0001664703 us-gaap:CashMember 2026-09-30 0001664703 us-gaap:CashMember 2025-12-31 0001664703 us-gaap:MoneyMarketFundsMember 2026-09-30 0001664703 us-gaap:MoneyMarketFundsMember 2025-12-31 0001664703 us-gaap:FairValueInputsLevel1Member 2026-09-30 0001664703 us-gaap:FairValueInputsLevel2Member 2026-09-30 0001664703 us-gaap:FairValueInputsLevel3Member 2026-09-30 0001664703 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001664703 us-gaap:FairValueInputsLevel2Member 2025-12-31 0001664703 us-gaap:FairValueInputsLevel3Member 2025-12-31 0001664703 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2025-12-31 0001664703 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2026-01-01 2026-09-30 0001664703 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2026-09-30 0001664703 us-gaap:EmbeddedDerivativeFinancialInstrumentsMember 2026-03-01 2026-03-31 0001664703 us-gaap:SeniorNotesMember be:ConvertibleSeniorNotesDueNovember2030RecourseMember 2025-09-30 0001664703 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember be:ConvertibleSeniorNotesDueNovember2030RecourseMember 2026-09-30 0001664703 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember be:ConvertibleSeniorNotesDueNovember2030RecourseMember 2026-09-30 0001664703 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember be:ConvertibleSeniorNotesDueNovember2030RecourseMember 2025-12-31 0001664703 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember be:ConvertibleSeniorNotesDueNovember2030RecourseMember 2025-12-31 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember 2025-09-30 0001664703 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember 2026-09-30 0001664703 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember 2026-09-30 0001664703 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember 2025-12-31 0001664703 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember 2025-12-31 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2028RecourseMember 2025-09-30 0001664703 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2028RecourseMember 2026-09-30 0001664703 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2028RecourseMember 2026-09-30 0001664703 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2028RecourseMember 2025-12-31 0001664703 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2028RecourseMember 2025-12-31 0001664703 us-gaap:SecuredDebtMember be:TermLoanDueOctober2026Member 2025-09-30 0001664703 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember be:TermLoanDueOctober2026Member 2026-09-30 0001664703 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember be:TermLoanDueOctober2026Member 2026-09-30 0001664703 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember be:TermLoanDueOctober2026Member 2025-12-31 0001664703 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember be:TermLoanDueOctober2026Member 2025-12-31 0001664703 us-gaap:SecuredDebtMember be:TermLoanDueApril2026Member 2025-09-30 0001664703 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember be:TermLoanDueApril2026Member 2026-09-30 0001664703 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember be:TermLoanDueApril2026Member 2026-09-30 0001664703 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SecuredDebtMember be:TermLoanDueApril2026Member 2025-12-31 0001664703 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SecuredDebtMember be:TermLoanDueApril2026Member 2025-12-31 0001664703 be:IEEPATariffRefundMember 2026-06-30 0001664703 be:IEEPATariffRefundMember 2026-09-30 0001664703 be:IEEPATariffRefundMember 2026-01-01 2026-09-30 0001664703 be:VehiclesMachineryAndEquipmentMember 2026-09-30 0001664703 be:VehiclesMachineryAndEquipmentMember 2025-12-31 0001664703 us-gaap:ConstructionInProgressMember 2026-09-30 0001664703 us-gaap:ConstructionInProgressMember 2025-12-31 0001664703 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2026-09-30 0001664703 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2025-12-31 0001664703 us-gaap:EnergyEquipmentMember 2026-09-30 0001664703 us-gaap:EnergyEquipmentMember 2025-12-31 0001664703 us-gaap:BuildingMember 2026-09-30 0001664703 us-gaap:BuildingMember 2025-12-31 0001664703 be:ComputersSoftwareAndHardwareMember 2026-09-30 0001664703 be:ComputersSoftwareAndHardwareMember 2025-12-31 0001664703 us-gaap:FurnitureAndFixturesMember 2026-09-30 0001664703 us-gaap:FurnitureAndFixturesMember 2025-12-31 0001664703 us-gaap:PropertyPlantAndEquipmentMember 2026-07-01 2026-09-30 0001664703 us-gaap:PropertyPlantAndEquipmentMember 2026-01-01 2026-09-30 0001664703 us-gaap:PropertyPlantAndEquipmentMember 2025-07-01 2025-09-30 0001664703 us-gaap:PropertyPlantAndEquipmentMember 2025-01-01 2025-09-30 0001664703 be:BoltUSClassAJVCoLLCMember 2026-09-30 0001664703 be:BoltUSClassAJVCoLLCMember 2025-12-31 0001664703 be:BoltUSJVCoLLCMember 2026-09-30 0001664703 be:BoltUSJVCoLLCMember 2025-12-31 0001664703 be:BrookfieldMember 2026-09-30 0001664703 be:BrookfieldMember 2025-12-31 0001664703 be:FundJVsMember 2026-09-30 0001664703 be:AIFundMember 2026-09-30 0001664703 be:FundJVsMember 2025-12-31 0001664703 be:FundJVsMember 2026-01-01 2026-09-30 0001664703 us-gaap:IntersegmentEliminationMember be:FundJVsMember 2026-01-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:ConvertibleSeniorNotesDueNovember2030RecourseMember 2026-09-30 0001664703 us-gaap:SecuredDebtMember be:TermLoanDueOctober2026Member 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:ConvertibleSeniorNotesDueNovember2030RecourseMember 2025-12-31 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember 2025-12-31 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2028RecourseMember 2025-12-31 0001664703 us-gaap:SecuredDebtMember be:TermLoanDueOctober2026Member 2025-12-31 0001664703 us-gaap:SecuredDebtMember be:TermLoanDueApril2026Member 2025-12-31 0001664703 us-gaap:SeniorNotesMember be:ConvertibleSeniorNotesDueNovember2030RecourseMember 2025-11-04 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember 2024-05-29 0001664703 us-gaap:SeniorNotesMember be:ConvertibleSeniorNotesDueNovember2030RecourseMember 2025-11-04 2025-11-04 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember 2024-05-29 2024-05-29 0001664703 be:GreenConvertibleSeniorNotesDueJune2028RecourseMember 2026-01-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:DebtConversionTermsOneMember be:ConvertibleSeniorNotesDueNovember2030RecourseMember 2026-01-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:DebtConversionTermsTwoMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember 2026-01-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember srt:MaximumMember 2026-01-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:ConvertibleSeniorNotesDueNovember2030RecourseMember 2026-07-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:ConvertibleSeniorNotesDueNovember2030RecourseMember 2025-07-01 2025-09-30 0001664703 us-gaap:SeniorNotesMember be:ConvertibleSeniorNotesDueNovember2030RecourseMember 2026-01-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:ConvertibleSeniorNotesDueNovember2030RecourseMember 2025-01-01 2025-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember 2026-07-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2029RecourseMember 2025-07-01 2025-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2028RecourseMember 2026-07-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2028RecourseMember 2025-07-01 2025-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueAugust2025RecourseMember 2026-07-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueAugust2025RecourseMember 2025-07-01 2025-09-30 0001664703 us-gaap:SeniorNotesMember 2026-07-01 2026-09-30 0001664703 us-gaap:SeniorNotesMember 2025-07-01 2025-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2028RecourseMember 2026-09-30 0001664703 us-gaap:SeniorNotesMember be:GreenConvertibleSeniorNotesDueJune2028RecourseMember 2026-07-10 2026-07-10 0001664703 us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2025-12-19 0001664703 us-gaap:LineOfCreditMember us-gaap:LetterOfCreditMember 2025-12-19 0001664703 us-gaap:LineOfCreditMember us-gaap:LetterOfCreditMember 2026-09-30 0001664703 us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2026-09-30 0001664703 us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2026-07-01 2026-09-30 0001664703 us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2025-07-01 2025-09-30 0001664703 us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2026-01-01 2026-09-30 0001664703 us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2025-01-01 2025-09-30 0001664703 us-gaap:LineOfCreditMember us-gaap:RevolvingCreditFacilityMember 2025-12-31 0001664703 us-gaap:SecuredDebtMember be:TermLoanDueApril2026Member 2026-04-11 2026-04-11 0001664703 2026-08-31 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:ManagedServicesMember be:InstallationMember 2026-01-01 2026-09-30 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:ManagedServicesMember be:InstallationMember 2026-07-01 2026-09-30 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:ManagedServicesMember be:InstallationMember 2025-01-01 2025-09-30 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:ManagedServicesMember be:InstallationMember 2025-07-01 2025-09-30 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:ManagedServicesMember 2026-07-01 2026-09-30 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:ManagedServicesMember 2026-01-01 2026-09-30 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:ManagedServicesMember 2025-07-01 2025-09-30 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:ManagedServicesMember 2025-01-01 2025-09-30 0001664703 be:SuccessfulSaleAndLeasebackTransactionsMember 2026-09-30 0001664703 be:SuccessfulSaleAndLeasebackTransactionsMember 2025-12-31 0001664703 be:SuccessfulSaleAndLeasebackTransactionsMember 2026-01-01 2026-09-30 0001664703 be:SuccessfulSaleAndLeasebackTransactionsMember 2025-01-01 2025-12-31 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:ManagedServicesMember 2026-09-30 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:ManagedServicesMember 2025-12-31 0001664703 be:A2012EquityIncentivePlanMember 2026-09-30 0001664703 be:A2012EquityIncentivePlanMember 2025-12-31 0001664703 be:A2018EquityIncentivePlanMember 2026-09-30 0001664703 be:A2018EquityIncentivePlanMember 2025-12-31 0001664703 be:RestrictedStockUnitsAndPerformanceStockUnitsMember be:A2018EquityIncentivePlanMember 2026-01-01 2026-09-30 0001664703 be:RestrictedStockUnitsAndPerformanceStockUnitsMember be:A2018EquityIncentivePlanMember 2025-01-01 2025-12-31 0001664703 us-gaap:CostOfRevenue 2026-07-01 2026-09-30 0001664703 us-gaap:CostOfRevenue 2025-07-01 2025-09-30 0001664703 us-gaap:CostOfRevenue 2026-01-01 2026-09-30 0001664703 us-gaap:CostOfRevenue 2025-01-01 2025-09-30 0001664703 us-gaap:ResearchAndDevelopmentExpense 2026-07-01 2026-09-30 0001664703 us-gaap:ResearchAndDevelopmentExpense 2025-07-01 2025-09-30 0001664703 us-gaap:ResearchAndDevelopmentExpense 2026-01-01 2026-09-30 0001664703 us-gaap:ResearchAndDevelopmentExpense 2025-01-01 2025-09-30 0001664703 us-gaap:SellingAndMarketingExpense 2026-07-01 2026-09-30 0001664703 us-gaap:SellingAndMarketingExpense 2025-07-01 2025-09-30 0001664703 us-gaap:SellingAndMarketingExpense 2026-01-01 2026-09-30 0001664703 us-gaap:SellingAndMarketingExpense 2025-01-01 2025-09-30 0001664703 us-gaap:GeneralAndAdministrativeExpense 2026-07-01 2026-09-30 0001664703 us-gaap:GeneralAndAdministrativeExpense 2025-07-01 2025-09-30 0001664703 us-gaap:GeneralAndAdministrativeExpense 2026-01-01 2026-09-30 0001664703 us-gaap:GeneralAndAdministrativeExpense 2025-01-01 2025-09-30 0001664703 2025-01-01 2025-12-31 0001664703 us-gaap:EmployeeStockOptionMember 2026-07-01 2026-09-30 0001664703 us-gaap:EmployeeStockOptionMember 2026-01-01 2026-09-30 0001664703 us-gaap:EmployeeStockOptionMember 2025-07-01 2025-09-30 0001664703 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-09-30 0001664703 us-gaap:PerformanceSharesMember 2025-01-01 2025-09-30 0001664703 us-gaap:PerformanceSharesMember srt:MinimumMember 2025-01-01 2025-09-30 0001664703 us-gaap:PerformanceSharesMember srt:MaximumMember 2025-01-01 2025-09-30 0001664703 us-gaap:EmployeeStockOptionMember srt:MinimumMember 2025-01-01 2025-09-30 0001664703 us-gaap:EmployeeStockOptionMember srt:MaximumMember 2025-01-01 2025-09-30 0001664703 us-gaap:EmployeeStockOptionMember 2026-09-30 0001664703 us-gaap:EmployeeStockOptionMember 2025-12-31 0001664703 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-12-31 0001664703 us-gaap:RestrictedStockUnitsRSUMember 2025-12-31 0001664703 us-gaap:RestrictedStockUnitsRSUMember 2026-01-01 2026-09-30 0001664703 us-gaap:RestrictedStockUnitsRSUMember 2026-09-30 0001664703 us-gaap:RestrictedStockUnitsRSUMember 2026-07-01 2026-09-30 0001664703 us-gaap:RestrictedStockUnitsRSUMember 2025-07-01 2025-09-30 0001664703 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-09-30 0001664703 us-gaap:RestrictedStockUnitsRSUMember 2025-01-01 2025-12-31 0001664703 us-gaap:PerformanceSharesMember be:A2026CEOAwardsMember 2026-06-15 2026-06-15 0001664703 us-gaap:RestrictedStockUnitsRSUMember be:A2026ExecutiveAwardsMember us-gaap:ShareBasedCompensationAwardTrancheOneMember be:OtherExecutiveOfficersMember 2026-01-01 2026-09-30 0001664703 us-gaap:RestrictedStockUnitsRSUMember be:A2026ExecutiveAwardsMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember be:OtherExecutiveOfficersMember 2026-01-01 2026-09-30 0001664703 be:NewHireRestrictedStockUnitsMember be:A2026ExecutiveAwardsMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember srt:ChiefFinancialOfficerMember 2026-01-01 2026-09-30 0001664703 us-gaap:RestrictedStockUnitsRSUMember be:A2026ExecutiveAwardsMember us-gaap:ShareBasedCompensationAwardTrancheOneMember srt:ChiefFinancialOfficerMember 2026-01-01 2026-09-30 0001664703 us-gaap:RestrictedStockUnitsRSUMember be:A2026ExecutiveAwardsMember us-gaap:ShareBasedCompensationAwardTrancheTwoMember srt:ChiefFinancialOfficerMember 2026-01-01 2026-09-30 0001664703 us-gaap:PerformanceSharesMember be:A2026ExecutiveAwardsMember 2026-01-01 2026-09-30 0001664703 be:A2026ExecutiveAwardsAndCEOAwardMember 2026-09-30 0001664703 be:A2026ExecutiveAwardsAndCEOAwardMember 2025-12-31 0001664703 be:A2025ExecutiveAwardsMember 2026-09-30 0001664703 be:A2025ExecutiveAwardsMember 2025-12-31 0001664703 be:A2024ExecutiveAwardsAndReplacementAwardsMember 2026-09-30 0001664703 be:A2024ExecutiveAwardsAndReplacementAwardsMember 2025-12-31 0001664703 be:A2023ExecutiveAwardsMember 2026-09-30 0001664703 be:A2023ExecutiveAwardsMember 2025-12-31 0001664703 be:A2022ExecutiveAwardsMember 2026-09-30 0001664703 be:A2022ExecutiveAwardsMember 2025-12-31 0001664703 be:A2021ExecutiveAwardsMember 2026-09-30 0001664703 be:A2021ExecutiveAwardsMember 2025-12-31 0001664703 be:A2018EmployeeStockPurchasePlanMember 2026-07-01 2026-09-30 0001664703 be:A2018EmployeeStockPurchasePlanMember 2026-01-01 2026-09-30 0001664703 be:A2018EmployeeStockPurchasePlanMember 2025-07-01 2025-09-30 0001664703 be:A2018EmployeeStockPurchasePlanMember 2025-01-01 2025-09-30 0001664703 be:A2018EmployeeStockPurchasePlanMember 2026-09-30 0001664703 be:A2018EmployeeStockPurchasePlanMember 2025-12-31 0001664703 be:A2018EmployeeStockPurchasePlanMember 2025-01-01 2025-12-31 0001664703 us-gaap:PerformanceSharesMember be:A2018EmployeeStockPurchasePlanMember 2026-07-01 2026-09-30 0001664703 us-gaap:PerformanceSharesMember be:A2018EmployeeStockPurchasePlanMember 2025-07-01 2025-09-30 0001664703 us-gaap:PerformanceSharesMember be:A2018EmployeeStockPurchasePlanMember 2026-01-01 2026-09-30 0001664703 us-gaap:PerformanceSharesMember be:A2018EmployeeStockPurchasePlanMember 2025-01-01 2025-09-30 0001664703 us-gaap:PerformanceSharesMember be:A2018EmployeeStockPurchasePlanMember srt:MinimumMember 2026-07-01 2026-09-30 0001664703 us-gaap:PerformanceSharesMember be:A2018EmployeeStockPurchasePlanMember srt:MaximumMember 2026-07-01 2026-09-30 0001664703 us-gaap:PerformanceSharesMember be:A2018EmployeeStockPurchasePlanMember srt:MinimumMember 2025-07-01 2025-09-30 0001664703 us-gaap:PerformanceSharesMember be:A2018EmployeeStockPurchasePlanMember srt:MaximumMember 2025-07-01 2025-09-30 0001664703 us-gaap:PerformanceSharesMember be:A2018EmployeeStockPurchasePlanMember srt:MinimumMember 2026-01-01 2026-09-30 0001664703 us-gaap:PerformanceSharesMember be:A2018EmployeeStockPurchasePlanMember srt:MaximumMember 2026-01-01 2026-09-30 0001664703 us-gaap:PerformanceSharesMember be:A2018EmployeeStockPurchasePlanMember srt:MinimumMember 2025-01-01 2025-09-30 0001664703 us-gaap:PerformanceSharesMember be:A2018EmployeeStockPurchasePlanMember srt:MaximumMember 2025-01-01 2025-09-30 0001664703 be:NewHireRestrictedStockUnitsMember be:A2026ExecutiveAwardsMember us-gaap:ShareBasedCompensationAwardTrancheOneMember srt:ChiefFinancialOfficerMember 2026-01-01 2026-09-30 0001664703 us-gaap:EquityMethodInvesteeMember 2026-07-01 2026-09-30 0001664703 us-gaap:EquityMethodInvesteeMember 2026-01-01 2026-09-30 0001664703 be:KoreanJointVentureMember be:SKEcoplantMember 2023-01-01 2023-12-31 0001664703 be:FundJVsMember us-gaap:RelatedPartyMember 2026-01-01 2026-09-30 0001664703 be:FundJVsMember us-gaap:RelatedPartyMember 2026-09-30 0001664703 be:KoreanJVMember 2026-09-30 0001664703 be:KoreanJVMember 2025-12-31 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:PowerPurchaseAgreementCompany2Member 2026-09-30 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:PowerPurchaseAgreementCompany2Member 2025-12-31 0001664703 us-gaap:LetterOfCreditMember 2026-09-30 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:PowerPurchaseAgreementCompany3bMember 2019-12-31 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:PowerPurchaseAgreementCompany3bMember 2019-01-01 2019-12-31 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:PowerPurchaseAgreementCompany5Member 2026-09-30 0001664703 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember be:PowerPurchaseAgreementCompany5Member 2025-12-31 0001664703 be:ConvertibleNotesMember 2025-07-01 2025-09-30 0001664703 be:ConvertibleNotesMember 2025-01-01 2025-09-30 0001664703 us-gaap:EmployeeStockOptionMember 2025-07-01 2025-09-30 0001664703 us-gaap:EmployeeStockOptionMember 2025-01-01 2025-09-30 0001664703 be:Ms.BarbaraBurgerMember 2026-07-01 2026-09-30 0001664703 be:Ms.BarbaraBurgerMember 2026-09-30 0001664703 be:Mr.SatishChitooriMember 2026-07-01 2026-09-30 0001664703 be:Mr.SatishChitooriMember 2026-09-30 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________ FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 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 ________________________________________________________________________ BLOOM ENERGY CORPORATION (Exact name of registrant as specified in its charter) ________________________________________________________________________ Delaware 77-0565408 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 4353 North First Street , San Jose , California 95134 (Address of principal executive offices) (Zip Code) ( 408 ) 543-1500 (Registrant s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.0001 par value BE New York Stock Exchange _______________________________________________________________________________________________________________________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes 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 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 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 The number of shares of the registrant s com mon stock outstanding as of October 19, 2026 was as follows: Common Stock, $0.0001 par value, 295,656,689 shar es 1 Bloom Energy Corporation Quarterly Report on Form 10-Q for the Three and Nine Months Ended September 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 55 Item 5 Other Information 55 Item 6 Exhibits 56 Signatures 57 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) September 30, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents 1 $ 2,486,702 $ 2,454,108 Restricted cash 852 1,973 Accounts receivable, less allowance for credit losses of $ 2,998 and $ 460 as of September 30, 2026 and December 31, 2025, respectively 1, 2 634,743 371,796 Contract assets 3 792,833 178,928 Inventories 1 927,670 643,306 Deferred cost of revenue 10 95,743 30,651 Customer consideration asset 13 90,967 Prepaid expenses and other current assets 1, 4 178,244 49,805 Total current assets 5,207,754 3,730,567 Property, plant and equipment, net 1 539,726 398,507 Investments in unconsolidated affiliates 11 28,236 10,037 Operating lease right-of-use assets 1 99,947 108,541 Restricted cash 20,592 25,499 Contract assets 5 65,813 62,258 Deferred cost of revenue 21,867 4,099 Customer consideration asset 13 215,533 Other long-term assets 1, 6 372,115 57,203 Total assets $ 6,571,583 $ 4,396,711 Liabilities and stockholders equity Current liabilities: Accounts payable 1 $ 493,033 $ 203,129 Accrued warranty 7 70,267 20,013 Accrued expenses and other current liabilities 1, 8 479,782 222,254 Deferred revenue and customer deposits 9 278,985 100,975 Operating lease liabilities 1 24,022 22,000 Financing obligations 42,783 51,308 Non-recourse debt 1 2,950 4,153 Total current liabilities 1,391,822 623,832 Deferred revenue and customer deposits 475,395 42,840 Operating lease liabilities 1 96,509 106,935 Financing obligations 142,212 192,460 Recourse debt 2,473,499 2,613,726 Deferred profit in transactions with unconsolidated affiliates 12 20,062 13,928 Other long-term liabilities 8,974 10,027 Total liabilities $ 4,608,473 $ 3,603,748 Commitments and contingencies (Note 12) Stockholders equity: Common stock: 0.0001 par value; 600,000,000 shares authorized, and 295,537,217 shares and 280,045,459 shares issued and outstanding, at September 30, 2026 and December 31, 2025, respectively 14 30 28 Additional paid-in capital 5,403,998 4,755,965 Accumulated other comprehensive loss ( 457 ) ( 369 ) Accumulated deficit ( 3,470,694 ) ( 3,986,983 ) Total stockholders equity attributable to common stockholders 1,932,877 768,641 Noncontrolling interest 30,233 24,322 Total stockholders equity $ 1,963,110 $ 792,963 Total liabilities and stockholders equity $ 6,571,583 $ 4,396,711 1 We have a variable interest entity related to a joint venture in the Republic of Korea (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 $ 195.5 million and $ 151.9 million as of September 30, 2026, and December 31, 2025, respectively. 3 Including amounts from related parties of $ 73.7 million and $ 3.0 million as of September 30, 2026, and December 31, 2025, respectively. 4 There was no related party balance as of September 30, 2026. Including amount from related parties of $ 1.2 million as of December 31, 2025. 5 Including amounts from related parties of $ 51.7 million and $ 48.8 million as of September 30, 2026, and December 31, 2025, respectively. 6 There was no related party balance as of September 30, 2026. Including amount from related parties of $ 6.0 million as of December 31, 2025. 7 Including amounts from related parties of $ 5.0 million and $ 0.8 million as of September 30, 2026, and December 31, 2025, respectively. 8 Including amounts from related parties of $ 2.1 million and $ 0.04 million as of September 30, 2026, and December 31, 2025, respectively. 9 Including amounts from related parties of $ 8.1 million and $ 6.9 million as of September 30, 2026, and December 31, 2025, respectively. 10 Including amount from related parties of $ 20.5 million as of September 30, 2026. There was no related party balance as of December 31, 2025. 11 Represent related party investments in Fund JVs (see Note 7 Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q) . 12 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). 13 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). 14 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 Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Revenue: Product $ 1,073,610 $ 384,314 $ 2,662,371 $ 892,794 Installation 84,855 65,773 161,764 136,796 Service 67,557 58,607 198,459 166,604 Electricity 9,815 10,354 29,662 50,117 Total revenue 1 1,235,837 519,048 3,052,256 1,246,311 Cost of revenue: Product 666,978 249,794 1,690,167 588,113 Installation 88,954 59,921 176,863 131,460 Service 55,508 51,834 165,320 154,100 Electricity 7,293 5,824 21,686 25,133 Total cost of revenue 818,733 367,373 2,054,036 898,806 Gross profit 417,104 151,675 998,220 347,505 Operating expenses: Research and development 64,146 48,724 179,868 130,104 Sales and marketing 52,409 41,995 133,893 88,326 General and administrative 2 75,100 53,110 204,583 143,802 Total operating expenses 191,655 143,829 518,344 362,232 Income (loss) from operations 225,449 7,846 479,876 ( 14,727 ) Interest income 22,129 5,292 63,611 20,468 Interest expense 3 ( 7,525 ) ( 14,390 ) ( 25,035 ) ( 43,241 ) Equity in loss of unconsolidated affiliates 4 ( 2,897 ) ( 19,599 ) ( 15,553 ) ( 19,599 ) Other income (expense), net 12,627 ( 1,362 ) 21,131 3,059 Loss on extinguishment of debt ( 32,340 ) Gain (loss) on revaluation of embedded derivatives 10 ( 411 ) 225 ( 402 ) Income (loss) before income taxes 249,793 ( 22,624 ) 524,255 ( 86,782 ) Income tax provision 817 336 2,732 1,784 Net income (loss) 248,976 ( 22,960 ) 521,523 ( 88,566 ) Less: Net (loss) income attributable to noncontrolling interest ( 1,295 ) 133 4,309 960 Net income (loss) attributable to common stockholders $ 250,271 $ ( 23,093 ) $ 517,214 $ ( 89,526 ) Net earnings (loss) per share available to common stockholders: Basic $ 0.85 $ ( 0.10 ) $ 1.80 $ ( 0.38 ) Diluted $ 0.78 $ ( 0.10 ) $ 1.64 $ ( 0.38 ) Weighted average shares used to compute net earnings (loss) per share available to common stockholders: Basic 294,757 234,931 287,970 232,579 Diluted 324,289 234,931 323,307 232,579 1 Including related party revenue of $ 321.6 million and $ 697.7 million for the three and nine months ended September 30, 2026, respectively, and $ 288.0 million and $ 317.8 million for the three and nine months ended September 30, 2025, respectively. 2 There were no related party general and administrative expenses for the three and nine months ended September 30, 2026. Including related party general and administrative expenses of $ 0.1 million and $ 0.4 million for the three and nine months ended September 30, 2025, respectively. 3 There were no related party interest expense for the three and nine months ended September 30, 2026. Including related party interest expense of $ 0.1 million for the nine months ended September 30, 2025. Related party interest expense for the three months ended September 30, 2025, was inconsequential. 4 Represent related party equity in loss of the Fund JVs (see Note 7 Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q) . The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Bloom Energy Corporation Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net income (loss) $ 248,976 $ ( 22,960 ) $ 521,523 $ ( 88,566 ) Other comprehensive income (loss), net of taxes: Foreign currency translation adjustment 2,051 ( 946 ) 1,491 2,118 Other comprehensive income (loss), net of taxes 2,051 ( 946 ) 1,491 2,118 Comprehensive income (loss) 251,027 ( 23,906 ) 523,014 ( 86,448 ) Less: Comprehensive income (loss) attributable to noncontrolling interest 1,560 ( 440 ) 5,911 1,664 Comprehensive income (loss) attributable to common stockholders $ 249,467 $ ( 23,466 ) $ 517,103 $ ( 88,112 ) 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 September 30, 2026 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Equity Attributable to Common Stockholders Noncontrolling Interest Total Stockholders Equity Shares Amount Balances at June 30, 2026 293,354,001 $ 29 $ 5,332,587 $ 347 $ ( 3,720,965 ) $ 1,611,998 $ 28,673 $ 1,640,671 Issuance of restricted stock awards 816,783 1 1 1 ESPP purchase 166,063 8,971 8,971 8,971 Exercise of stock options 81,125 1,810 1,810 1,810 Stock-based compensation 56,300 56,300 56,300 Conversions of the Green Notes (Note 8) 1,119,245 4,850 4,850 4,850 Share-based consideration payable to customer s customer (Note 3) ( 520 ) ( 520 ) ( 520 ) Foreign currency translation adjustment ( 804 ) ( 804 ) 2,855 2,051 Net income (loss) 250,271 250,271 ( 1,295 ) 248,976 Balances at September 30, 2026 295,537,217 $ 30 $ 5,403,998 $ ( 457 ) $ ( 3,470,694 ) $ 1,932,877 $ 30,233 $ 1,963,110 Three Months Ended September 30, 2025 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total Equity Attributable to Common Stockholders Noncontrolling Interest Total Stockholders Equity Shares Amount Balances at June 30, 2025 233,661,168 $ 23 $ 4,560,346 $ ( 806 ) $ ( 3,964,982 ) $ 594,581 $ 24,849 $ 619,430 Issuance of restricted stock awards 634,737 1 1 1 ESPP purchase 443,322 4,937 4,937 4,937 Exercise of stock options 1,479,996 37,416 37,416 37,416 Stock-based compensation 37,371 37,371 37,371 Conversion of 2.5 % Green Convertible Senior Notes due August 2025 to common stock 137,606 2,230 2,230 2,230 Foreign currency translation adjustment ( 373 ) ( 373 ) ( 573 ) ( 946 ) Net (loss) income ( 23,093 ) ( 23,093 ) 133 ( 22,960 ) Balances at September 30, 2025 236,356,829 $ 24 $ 4,642,300 $ ( 1,179 ) $ ( 3,988,075 ) $ 653,070 $ 24,409 $ 677,479 6 Nine Months Ended September 30, 2026 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total Equity Attributable to Common Stockholders Noncontrolling Interest Total Stockholders Equity Shares Amount 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 awards 3,849,222 1 1 1 ESPP purchase 810,714 17,044 17,044 17,044 Exercise of stock options 881,422 16,896 16,896 16,896 Stock-based compensation 156,710 156,710 156,710 Accrued dividend ( 994 ) ( 994 ) ( 994 ) Legal reserve 92 92 92 Conversions of the Green Notes (Note 8) 7,796,169 1 149,481 149,482 149,482 Share-based consideration payable to customer s customer (Note 3) 307,902 307,902 307,902 Issuance of common stock upon warrant exercise, including incremental shares (cashless) (Note 3) 2,154,231 Foreign currency translation adjustment ( 88 ) ( 23 ) ( 111 ) 1,602 1,491 Net income 517,214 517,214 4,309 521,523 Balances at September 30, 2026 295,537,217 $ 30 $ 5,403,998 $ ( 457 ) $ ( 3,470,694 ) $ 1,932,877 $ 30,233 $ 1,963,110 Nine Months Ended September 30, 2025 Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total Equity Attributable to Common Stockholders Noncontrolling Interest Total Stockholders Equity Shares Amount 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 awards 4,358,653 1 1 1 ESPP purchase 1,073,929 11,354 11,354 11,354 Exercise of stock options 1,644,167 38,680 38,680 38,680 Stock-based compensation 99,130 99,130 99,130 Accrued dividend ( 1,024 ) ( 1,024 ) ( 1,024 ) Legal reserve 93 93 93 Premium on convertible debt 28,247 28,247 28,247 Conversion of 2.5 % Green Convertible Senior Notes due August 2025 to common stock 137,606 2,230 2,230 2,230 Foreign currency translation adjustment 1,414 1,414 704 2,118 Net (loss) income ( 89,526 ) ( 89,526 ) 960 ( 88,566 ) Balances at September 30, 2025 236,356,829 $ 24 $ 4,642,300 $ ( 1,179 ) $ ( 3,988,075 ) $ 653,070 $ 24,409 $ 677,479 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) Nine Months Ended September 30, 2026 2025 Cash flows from operating activities: Net income (loss) $ 521,523 $ ( 88,566 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 40,830 37,382 Non-cash lease expense 25,888 24,509 Equity in loss of unconsolidated affiliates 15,553 19,599 Stock-based compensation expense 157,641 96,593 Amortization of debt issuance costs 9,978 5,537 Loss on extinguishment of debt 32,340 Net gain on failed sale-and-leaseback transactions ( 22,927 ) ( 827 ) Share-based consideration payable to customer s customer (Note 3 ) 12 1,402 Allowance for credit losses 3,080 340 Inventory reserve and asset impairments 3,143 21,846 Unrealized foreign currency exchange loss (gain) 1,391 ( 2,092 ) Other 11 879 452 Changes in operating assets and liabilities: Accounts receivable 1 ( 264,825 ) ( 75,681 ) Contract assets 2 ( 618,002 ) ( 113,722 ) Inventories ( 285,458 ) ( 179,162 ) Deferred cost of revenue 3 ( 82,697 ) 34,409 Prepaid expenses and other current assets 4 ( 128,439 ) 1,461 Other long-term assets 5 ( 274,668 ) 1,728 Operating lease right-of-use assets and operating lease liabilities ( 25,699 ) ( 25,235 ) Financing lease liabilities 469 1,188 Accounts payable 285,086 76,175 Accrued warranty 6 50,254 ( 1,877 ) Accrued expenses and other current liabilities 7 248,149 27,723 Deferred revenue and customer deposits 8 610,565 ( 198,100 ) Deferred profit with equity method investees and other long-term liabilities 9 ( 221 ) ( 144 ) Net cash provided by (used in) operating activities 272,895 ( 304,124 ) Cash flows from investing activities: Purchase of property, plant and equipment ( 231,310 ) ( 33,805 ) Proceeds from sale of property, plant and equipment 187 76 Investments in unconsolidated affiliates 10 ( 26,577 ) ( 24,570 ) Net c