Bloom Energy Corporation · NYSE:BE
Bloom Energy — Q3 2025 Earnings Presentation
16 slides from Bloom Energy's earnings presentation, Oct 28, 2025
Slide 1: Q3'25 Earnings
Q3’25 Earnings October 28, 2025
Slide 2: Forward-looking statements and non-GAAP financial measures
Forward-looking statements and non-GAAP financial measures This presentation contains certain forward-looking statements relating to future events and expectations, including our expectations regarding our estimates and projections for our business outlook for the 2025 fiscal year, each of which is
Slide 3: Bloom's Mission
Bloom's Mission To Make Clean, Reliable Energy Affordable for Everyone in the World.” 3
Slide 4: Financial Performance
Financial Performance $ in millions Q3’25 Q3’24 YoY Revenue $519.0 $330.4 57.1% Non-GAAP Gross Margin1 30.4% 25.2% 5.1 pts Non-GAAP Operating Income1 $46.2 $8.1 $38.1 Adjusted EBITDA1 $59.0 $21.3 $37.7 Non-GAAP EPS1 $0.15 ($0.01) $0.16 Note: Dollars in millions, except per share figures and percenta
Slide 5: Growing Revenue and Expanding Margins
Growing Revenue and Expanding Margins Revenue ($ in billions) Non-GAAP Gross Margin1 See Earnings 2 See Earnings transcript transcript 2 $1.5 29% $1.3 $1.2 26% $1.0 $0.8 23% 23% 22% 2020 21 22 23 24 2025 G 2020 21 22 23 24 2025 G 1. Please reference appendix for U.S. GAAP to non-GAAP reconciliations
Slide 6: Driving Profitability and Generating Cash
Driving Profitability and Generating Cash Non-GAAP Operating Income1 Cash Flow from Operating Activities See Earnings transcript 2 2 $108 Similar to ‘24 $92 $19 $(7) $(38) $(33) $(61) $(99) $(192) $(372) 2020 21 22 23 24 2025 G 2020 21 22 23 24 2025 G 1. Please reference appendix for U.S. GAAP to no
Slide 7: Appendix
Appendix Q3 2025 Bloomenersy
Slide 8: GAAP to Non-GAAP reconciliation: Gross profit and margin
GAAP to Non-GAAP reconciliation: Gross profit and margin $ in millions Q3’25 Q3’24 GAAP revenue $519.0 $330.4 GAAP cost of sales 367.4 251.7 GAAP gross profit $151.7 $78.7 Non-GAAP adjustments: Stock-based compensation expense 5.7 3.8 Restructuring 0.0 0.1 Other 0.2 0.7 Non-GAAP gross profit $157.6
Slide 9: 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 10: GAAP to Non-GAAP reconciliation: Operating income (loss) and margin
GAAP to Non-GAAP reconciliation: Operating income (loss) and margin $ in millions Q3’25 Q3’24 GAAP operating income (loss) $7.8 ($9.7) Non-GAAP adjustments: Stock-based compensation expense 38.2 17.1 Restructuring 0.0 (0.1) Other 0.2 0.8 Non-GAAP operating income (loss) $46.2 $8.1 GAAP operating mar
Slide 11: 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 12: GAAP to Non-GAAP reconciliation: Net income (loss) and EPS
GAAP to Non-GAAP reconciliation: Net income (loss) and EPS Dilutive Dilutive $ in millions, except per share Q3’25 earnings per Q3’24 earnings share 1 per share GAAP net loss to common stockholders ($23.1) ($0.10) ($14.7) ($0.06) Non-GAAP adjustments: Add back: Income attributable to noncontrolling
Slide 13: GAAP to Non-GAAP reconciliation: Adjusted EBITDA
GAAP to Non-GAAP reconciliation: Adjusted EBITDA $ in millions Q3’25 Q3’24 GAAP net loss to common stockholders ($23.1) ($14.7) Non-GAAP adjustments: Add back: Income attributable to noncontrolling interest 0.1 0.1 Equity in loss of unconsolidated affiliates 19.6 - Stock-based compensation expense 3
Slide 14: 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 Q3’25 Q3’24 Numerator for basic earnings per share: GAAP Net income (loss) attributable to common stockholders ($23.1) ($14.7) Non-GAAP Net income (loss) attributable to common stockholders $
Slide 15: GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin
GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin $ in Q3’25 Q3’24 millions Non- Non- Non- GAAP Non- GAAP Non- GAAP GAAP Non- GAAP GAAP GAAP gross GAAP gross Revenue GAAP gross gross Revenue GAAP gross gross gross profit gross profit Adj 1 profit margin Adj 1 profit margin margin (loss
Slide 16: What Powers You
What Bloomenergy | Powers You