Bloom Energy Corporation · NYSE:BE
Bloom Energy — Q1 2026 Earnings Presentation
20 slides from Bloom Energy's earnings presentation, Apr 28, 2026
Slide 1: Q1'26 Earnings
Q1’26 Earnings April 28, 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 estimates and projections for our business outlook for the 2026 fiscal year, each of which is based on current expectation
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: Financial Performance
Financial Performance $ in millions Q1’26 Q1’25 YoY Revenue $751.1 $326.0 130.4% Non-GAAP Gross Margin1 31.5% 28.7% 2.8 pts Non-GAAP Operating Income1 $129.7 $13.2 ~↑ 10x Adjusted EBITDA1 $143.0 $25.2 ~↑ 6x Non-GAAP EPS1 $0.44 $0.03 ~↑ 15x Note: Dollars in millions, except per share figures and YoY
Slide 5: Raising 2026 Financial Guidance
Raising 2026 Financial Guidance Metric 2026 Guidance YoY Revenue $3.4B - $3.8B ~80%1 Non-GAAP Gross Margin2 ~34% ~4 pts Non-GAAP Operating Income2 $600M - $750M ~↑ 3.1x Non-GAAP EPS2 $1.85 - $2.25 ~↑ 2.7x 1. YoY change based on midpoint of range 2. With respect to Bloom’s expectations regarding its
Slide 6: Growing Revenue and Expanding Margins
Growing Revenue and Expanding Margins Revenue ($ in billions) Non-GAAP Gross Margin2 $3.4 - $3.8 34% 30% 29% $2.0 $1.5 26% $1.2 $1.3 $1.0 23% 22% 2021 22 23 24 25 2026E 2021 22 23 24 25 2026E 2026 Guidance: Revenue Growth ~80% 1, Gross Margin % +~4 pts 1. YoY change based on midpoint of range 2. Ple
Slide 7: Demonstrating Operating Leverage
Demonstrating Operating Leverage Non-GAAP Operating Expenses as % of Revenue1 Non-GAAP Operating Income1 $600 - $750 26% 26% 24% 21% 19% $221 $108 15% $19 $(38) $(33) 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. W
Slide 8: Driving Profitability and Generating Cash
Driving Profitability and Generating Cash Adjusted EBITDA1 Cash Flow from Operating Activities $650 - $800 $272 $161 > $200 $82 $92 $114 $14 $30 $(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. Wit
Slide 9: Appendix: Q1 2026
Bloom — energy. Appendix: Q1 2026
Slide 10: GAAP to Non-GAAP Reconciliation: Gross Profit and Margin
GAAP to Non-GAAP Reconciliation: Gross Profit and Margin $ in millions Q1’26 Q1’25 GAAP revenue $751.1 $326.0 GAAP cost of sales 525.5 237.3 GAAP gross profit $225.5 $88.7 Non-GAAP adjustments: Stock-based compensation expense 10.4 4.8 Restructuring 0.2 (0.2) Other 0.2 0.2 Non-GAAP gross profit $236
Slide 11: GAAP to Non-GAAP Reconciliation: Gross Profit and Margin
GAAP to Non-GAAP Reconciliation: Gross Profit and Margin $ in millions 2025 2024 2023 2022 2021 GAAP revenue $2,024.0 $1,473.9 $1,333.5 $1,199.1 $972.2 GAAP cost of sales 1,436.6 1,069.2 1,135.7 1,050.8 774.6 GAAP gross profit $587.4 $404.6 $197.8 $148.3 $197.6 Non-GAAP adjustments: Stock-based comp
Slide 12: GAAP to Non-GAAP Reconciliation: Operating Income (Loss) and Margin
GAAP to Non-GAAP Reconciliation: Operating Income (Loss) and Margin $ in millions Q1’26 Q1’25 GAAP operating income (loss) $72.2 ($19.1) Non-GAAP adjustments: Stock-based compensation expense 57.0 32.2 Restructuring 0.3 (0.2) Other 0.2 0.2 Non-GAAP operating income $129.7 $13.2 GAAP operating margin
Slide 13: GAAP to Non-GAAP Reconciliation: Operating Income (Loss) and Margin
GAAP to Non-GAAP Reconciliation: Operating Income (Loss) and Margin $ in millions 2025 2024 2023 2022 2021 GAAP operating income (loss) $72.8 $22.9 ($208.9) ($261.0) ($114.5) Non-GAAP adjustments: Stock-based compensation expense 145.0 83.0 87.1 114.0 76.1 Restructuring 2.4 (0.4) 9.2 - - Impairment
Slide 14: GAAP to Non-GAAP Reconciliation: Non-GAAP Operating Expenses as % of Revenue
GAAP to Non-GAAP Reconciliation: Non-GAAP Operating Expenses as % of Revenue $ in millions 2025 2024 2023 2022 2021 GAAP operating expenses $514.6 $381.7 $406.7 $409.3 $312.1 Non-GAAP adjustments: Stock-based compensation expense 120.9 66.4 69.6 95.0 62.3 Restructuring 2.1 (0.0) 5.7 - - Other 0.1 0.
Slide 15: 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 Q1’26 Q1’25 per share per share GAAP net income (loss) to common stockholders $70.7 $0.23 ($23.8) ($0.10) Non-GAAP adjustments: Add back: Income for non-controlling interest
Slide 16: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA $ in millions Q1’26 Q1’25 GAAP net income (loss) to common stockholders $70.7 ($23.8) Non-GAAP adjustments: Add back: Income for non-controlling interests 3.0 0.4 Stock-based compensation expense 57.0 32.2 Restructuring 0.3 (0.2) (Gain) loss on deriva
Slide 17: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA $ in millions 2025 2024 2023 2022 2021 GAAP net loss to common stockholders ($88.4) ($29.2) ($302.1) ($301.4) ($164.4) Non-GAAP adjustments: Add back: Income (loss) for non-controlling interests 1.3 2.0 (5.8) (13.7) (28.9) Equity in loss of unconsolid
Slide 18: 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 Q1’26 Q1’25 Numerator for basic earnings per share: GAAP Net income (loss) attributable to common stockholders $70.7 ($23.8) Non-GAAP Net income attributable to common stockholders $138.1 $6.
Slide 19: GAAP to Non-GAAP Reconciliation: Gross Profit (Loss) and Margin
GAAP to Non-GAAP Reconciliation: Gross Profit (Loss) and Margin Q1’26 Q1’25 GAAP Other Non- Non-GAAP GAAP Non-GAAP Other Non- Non-GAAP GAAP Non-GAAP $ in Revenue gross profit SBC1 GAAP gross profit gross gross GAAP Revenue gross GAAP gross profit gross gross profit SBC1 Millions (loss) Adj 1 (loss)
Slide 20: Thank You
Bloom energy Thank Yo