Slide 1: Q4'25 Earnings
Q4’25 Earnings February 5, 2026
Slide 2: Forward-looking Statements and Non-GAAP Financial Measures
Forward-looking Statements and Non-GAAP Financial Measures This presentation may contain certain forward-looking statements relating to future events and expectations, including our expectation regarding the increased adoption of onsite power; that the Bloom platform will become the standard for ons
Slide 3: Bloom's Mission
Bloom’s Mission To Make Clean, Reliable Energy Affordable for Everyone in the World. Bloom Energy Proprietary & Confidential 3
Slide 4: 2025 Highlights
2025 Highlights Record annual revenue of $2.024B Financial Record annual non-GAAP1 gross margin of 30.3% Generated full-year positive cash flow from operating activities at $114M Delivered 4Q’25 Services non-GAAP1 gross margin of 20% Strong liquidity position; >$2B cash balance following convertible
Slide 5: Financial Performance
Financial Performance $ in millions Q4’25 Q4’24 YoY 2025 2024 YoY Revenue $777.7 $572.4 35.9% $2,024.0 $1,473.9 37.3% Non-GAAP Gross Margin1 31.9% 39.3% (7.4) pts 30.3% 28.7% 1.6 pts Non-GAAP Operating Income1 $133.0 $133.4 ($0.5) $221.0 $107.6 $113.4 Adjusted EBITDA1 $146.1 $147.3 ($1.2) $271.6 $16
Slide 6: Backlog
Backlog $ in billions Current 2024 YoY Product Backlog1&2 ~$6.0 $2.5 ~↑ 2.5X Service Backlog3 ~$14.0 $9.6 ~↑ 1.5X 1. Product backlog is the revenue attributable to existing contractual commitments for the purchase or use of Energy Servers by a financier or an end customer in the future. Value of Pro
Slide 7: 2026 Guidance
2026 Guidance Metric 2026 Guidance YoY Total Revenue $3.1B - $3.3B >50% Non-GAAP Gross Margin1 ~32% +200 bps Non-GAAP Operating Income1 $425M - $475M ~↑ 2x Adjusted EPS1 $1.33 - $1.48 ~↑ 2x 1. With respect to Bloom’s expectations regarding its 2026 Outlook. Bloom is not able to provide a quantitativ
Slide 8: Growing Revenue and Expanding Margins
Growing Revenue and Expanding Margins Revenue ($ in billions) Non-GAAP Gross Margin1 $3.1 - $3.3 32% 30% 29% $2.0 $1.5 26% $1.2 $1.3 $1.0 23% 22% 2021 22 23 24 25 2026E 2021 2022 2023 2024 2025 2026E 2026 revenue growth >50%, Gross Margin % +2 pts 1. Please reference appendix for GAAP to Non-GAAP re
Slide 9: Demonstrating operating leverage
Demonstrating operating leverage Non-GAAP Operating Expenses as % of sales Non-GAAP Operating Income1 $425 - $475 26% 26% 24% 21% $221 19% $108 15% $19 $(38) $(33) 2021 22 23 24 25 2026E 2021 2022 2023 2024 2025 2026E 1. Please reference appendix for GAAP to Non-GAAP reconciliations for 2025 and pri
Slide 10: Driving Profitability and Generating Cash
Driving Profitability and Generating Cash Adjusted EBITDA1 Cash Flow from Operating Activities $475 - $525 $272 $161 $200 $82 $92 $114 $14 $28 $(61) $(192) $(372) 2021 22 23 24 25 2026E 2021 22 23 24 25 2026E 1. Please reference appendix for GAAP to Non-GAAP reconciliations for 2025 and prior. With
Slide 11: Appendix
Bloom — energy. Appendix Q4 2025
Slide 12: GAAP to Non-GAAP Reconciliation: Gross Profit and Margin
GAAP to Non-GAAP Reconciliation: Gross Profit and Margin $ in millions Q4’25 Q4’24 2025 2024 GAAP revenue $777.7 $572.4 $2,024.0 $1,473.9 GAAP cost of sales 537.8 353.1 1,436.6 1,069.2 GAAP gross profit $239.9 $219.3 $587.4 $404.6 Non-GAAP adjustments: Stock-based compensation expense 7.8 4.9 24.1 1
Slide 13: GAAP to Non-GAAP Reconciliation: Gross Profit and Margin
GAAP to Non-GAAP Reconciliation: Gross Profit and Margin $ in millions 2024 2023 2022 2021 2020 GAAP revenue $1,473.9 $1,333.5 $1,199.1 $972.2 $794.2 GAAP cost of sales 1,069.2 1,135.7 1,050.8 774.6 628.5 GAAP gross profit $404.6 $197.8 $148.3 $197.6 $165.8 Non-GAAP adjustments: Stock-based compensa
Slide 14: GAAP to Non-GAAP Reconciliation: Operating Income and Margin
GAAP to Non-GAAP Reconciliation: Operating Income and Margin $ in millions Q4’25 Q4’24 2025 2024 GAAP operating income $87.5 $104.7 $72.8 $22.9 Non-GAAP adjustments: Stock-based compensation expense 44.5 27.7 145.0 83.0 Restructuring 0.8 0.2 2.4 (0.4) Other 0.2 0.9 0.8 2.1 Non-GAAP operating income
Slide 15: GAAP to Non-GAAP Reconciliation: Operating Income (Loss) and Margin
GAAP to Non-GAAP Reconciliation: Operating Income (Loss) and Margin $ in millions 2024 2023 2022 2021 2020 GAAP operating income (loss) $22.9 ($208.9) ($261.0) ($114.5) ($80.8) Non-GAAP adjustments: Stock-based compensation expense 83.0 87.1 114.0 76.1 73.9 Restructuring (0.4) 9.2 - - - Impairment o
Slide 16: GAAP to Non-GAAP Reconciliation: Net Income and EPS
GAAP to Non-GAAP Reconciliation: Net Income and EPS Dilutive earnings Dilutive earnings $ in millions, except per share Q4’25 Q4’24 per share1 per share GAAP net income to common stockholders $1.1 $0.00 $104.8 $0.38 Non-GAAP adjustments: Add back: Income attributable to noncontrolling interest 0.3 0
Slide 17: GAAP to Non-GAAP Reconciliation: Net Income (Loss) and EPS
GAAP to Non-GAAP Reconciliation: Net Income (Loss) and EPS Dilutive earnings Dilutive earnings $ in millions, except per share 2025 2024 per share1 per share GAAP net loss to common stockholders ($88.4) ($0.37) ($29.2) ($0.13) Non-GAAP adjustments: Add back: Income attributable to noncontrolling int
Slide 18: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA $ in millions Q4’25 Q4’24 2025 2024 GAAP net income (loss) to common stockholders $1.1 $104.8 ($88.4) ($29.2) Non-GAAP adjustments: Add back: Income attributable to noncontrolling interest 0.3 0.4 1.3 2.0 Equity in loss of unconsolidated affiliates 20
Slide 19: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA $ in millions 2024 2023 2022 2021 2020 GAAP net loss to common stockholders ($29.2) ($302.1) ($301.4) ($164.4) ($157.6) Non-GAAP adjustments: Add back: (Loss)/Gain attributable to noncontrolling interest 2.0 (5.8) (13.7) (28.9) (21.5) Stock-based comp
Slide 20: GAAP to Non-GAAP Reconciliation: Diluted Earnings (loss) Per Share
GAAP to Non-GAAP Reconciliation: Diluted Earnings (loss) Per Share $ and count in millions, except per share Q4’25 Q4’24 2025 2024 Numerator for basic earnings per share: GAAP Net income (loss) attributable to common stockholders $1.1 $104.8 ($88.4) ($29.2) Non-GAAP Net income attributable to common
Slide 21: GAAP to Non-GAAP Reconciliation: Gross Profit (loss) and Margin
GAAP to Non-GAAP Reconciliation: Gross Profit (loss) and Margin Q4’25 Q4’24 GAAP Other Non- Non-GAAP GAAP Non-GAAP GAAP Other Non- Non-GAAP GAAP Non-GAAP $ in Revenue gross profit SBC1 GAAP gross profit gross gross Revenue gross profit GAAP gross profit gross gross SBC1 Millions (loss) Adj 1 (loss)
Slide 22: GAAP to Non-GAAP Reconciliation: Gross Profit (loss) and Margin
GAAP to Non-GAAP Reconciliation: Gross Profit (loss) and Margin 2025 2024 GAAP Other Non- Non-GAAP GAAP Non-GAAP GAAP Other Non- Non-GAAP GAAP Non-GAAP $ in Revenue gross profit SBC 1 GAAP gross profit gross gross Revenue gross profit SBC 1 GAAP gross profit gross gross Millions (loss) Adj 1 (loss)
Slide 23: Thank You
Bloom energy Thank Yo