Bloom Energy Reports Record Second Quarter 2026 Financial Results and Raises Full Year 2026 Guidance

About this update from Bloom Energy Corporation

Bloom Energy Corporation (NYSE: BE) (“Bloom,” “Bloom Energy,” “We,” or the “Company”) today reported its financial results for the second quarter ended June 30, 2026. Second Quarter 2026 Highlights All comparisons are to the second quarter of 2025. Revenue of $1,065.4 million increased 165.5% compared to $401.2 million. Product revenue of $935.4 million increased 215.4% compared to $296.6 million. Gross margin of 33.4% increased 668 basis points compared to 26.7%. Non-GAAP gross margin of 34.3% increased 604 basis points compared to 28.2%. Operating income of $182.2 million increased $185.7 million compared to $3.5 million operating loss. Non-GAAP operating income of $239.6 million increased $211.0 million compared to $28.6 million. Cash flow from operating activities of $226.4 million increased $439.5 million from a net cash used in operating activities of $213.1 million. EPS of $0.62 increased $0.80 compared to a loss of ($0.18). Non-GAAP EPS of $0.78 increased $0.68 compared to $0.10. KR Sridhar, Founder, Chairman and Chief Executive Officer of Bloom Energy, said, “The demand for Bloom Energy’s solutions keeps accelerating every quarter as customers who traditionally defaulted to combustion technologies are now proactively choosing Bloom as a superior power solution. Today, all the major US hyperscalers and over a dozen US neoclouds, AI labs, and colocation data center operators have validated and approved our power solutions for their AI factories. Bloom is now a standard for AI onsite power.” Simon Edwards, Chief Financial Officer of Bloom Energy, added, “This quarter was the strongest in Bloom’s history, with profitable growth and positive operating cash flow, and we are pleased to raise our full-year outlook. These results reflect disciplined execution while we invest in the capacity and capability to capitalize on the robust demand for Bloom Energy's unique power solutions.” Summary of Key Financial Metrics Summary of GAAP Financial Information ($000), except EPS data Q2'26 Q1'26 Q2'25 Revenue $ 1,065,365   $ 751,054   $ 401,242   Cost of Revenue   709,793     525,510     294,119   Gross Profit   355,572     225,544     107,123   Gross Margin   33.4 %   30.0 %   26.7 % Operating Expenses   173,335     153,354     110,626   Operating Income (Loss)   182,237     72,190     (3,503 ) Operating Margin   17.1 %   9.6 %   (0.9 )% Non-operating (Income) Expenses   (14,053 )   1,537     39,116   Net Profit (Loss) to Common Stockholders $ 196,290   $ 70,653   $ (42,619 ) GAAP EPS, Basic $ 0.68   $ 0.25   $ (0.18 ) GAAP EPS, Diluted $ 0.62   $ 0.23   $ (0.18 ) Summary of Non-GAAP Financial Information 1 ($000), except EPS data Q2'26 Q1'26 Q2'25 Revenue $ 1,065,365   $ 751,054   $ 401,242   Cost of Revenue   700,002     514,750     287,892   Gross Profit   365,363     236,305     113,350   Gross Margin   34.3 %   31.5 %   28.2 % Operating Expenses   125,721     106,595     84,708   Operating Income   239,642     129,710     28,643   Operating Margin   22.5 %   17.3 %   7.1 % Adjusted EBITDA $ 253,388   $ 142,989   $ 41,239   Non-GAAP EPS, Basic $ 0.86   $ 0.49   $ 0.10   Non-GAAP EPS, Diluted $ 0.78   $ 0.44   $ 0.10   A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release   Guidance Bloom Energy is increasing its financial guidance for full-year 2026 as follows: Revenue: $3.9B - $4.2B Non-GAAP Gross Margin: ~34% Non-GAAP Operating Income: $800M - $900M Non-GAAP EPS: $2.55 - $2.85 Investor Conference Call/ Webcast Details Bloom Energy will host a conference call today, July 28, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call toll-free dial-in number: +1 (888) 596-4144 and toll-dial-in-number +1 (646) 968-2525. The conference ID is 4454050. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com . Following the webcast, an archived version will be available on Bloom Energy’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 770-2030 or +1 (609) 800-9909 and entering passcode 4454050. Additional Information and Where to Find It The Investor Relations section of Bloom Energy’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom Energy encourages investors to visit this website from time to time, as information is updated and new information is posted. The information contained on, or that may be accessed through Bloom Energy's website is not incorporated by reference into, and it not part of, this press release. Forward-Looking Statements This press release contains certain forward-looking statements relating to future events and expectations, including with respect to the continued acceleration of demand, community reaction to our projects, our expectations that Bloom Energy will become the standard for on-site power and will continue to scale and grow and estimates and projections for our business outlook for the 2026 fiscal year, each of which is based on current expectations, estimates, and projections about our industry, management’s beliefs, and certain assumptions made by management based on information currently available to management at the time they are made. These forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going forward basis. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results, performance, and/or trends. In addition to general industry and global economic conditions, factors that could cause actual results, performance, and/or trends to differ materially from those discussed in the forward-looking statements made in this press release include, but are not limited to: (1) the emerging nature of distributed energy generation and rapidly evolving market trends; (2) the significant upfront costs of Bloom Energy’s Energy Servers and Bloom Energy’s ability to secure financing for its products; (3) Bloom Energy’s ability to drive cost reductions and to successfully mitigate against potential price increases; (4) Bloom Energy’s ability to service its existing debt obligations; (5) Bloom Energy’s ability to be successful in new markets; (6) the risk of manufacturing defects; (7) the accuracy of Bloom Energy’s estimates regarding the useful life of its Energy Servers, (8) delays in the development and introduction of new products or updates to existing products; (9) supply constraints; (10) the availability of rebates, tax credits and other tax benefits; (11) the impact of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act; (12) changes in the regulatory landscape; (13) Bloom Energy’s lengthy sales and installation cycle, construction, utility interconnection and other delays related to the installation of its Energy Servers; (14) evolution of Bloom’s approach to installation to a consult only model particularly for large load sites; (15) business and economic conditions and growth trends in commercial and industrial energy markets; (16) trade policies including tariffs; (17) the overall electricity generation market; (18) our ability to increase production capacity for our products in a timely and cost-effective manner; (19) any actual or perceived slowdown in the adoption of AI resulting in a slower expansion of AI data centers; (20) Bloom Energy’s ability to protect its intellectual property; (21) the ability of current product and service backlog to ultimately be recognizable as revenue; (22) commodity price volatility; (23) inflationary pressures and/or (24) the risks relating to forward-looking statements and other “Risk Factors” identified from time to time in our filings with the Securities Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequently filed reports, including on Form 10-Q, which filings are available from the SEC. Bloom Energy assumes no obligation to, and does not currently intend to, update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise. Use of Non-GAAP Financial Measures This press release includes certain non-GAAP financial measures as defined in the SEC rules. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Some numbers may not foot due to rounding. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As required by Regulation G, we have provided reconciliations of our non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release. Bloom Energy urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom Energy’s expectations regarding its 2026 outlook, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP operating income, and non-GAAP EPS measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. The variability of these items could significantly impact our future U.S. GAAP financial results and we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors. About Bloom Energy Bloom Energy empowers enterprises to meet soaring energy demands and responsibly take charge of their power needs. The company’s solid oxide fuel cell systems provide ultra-resilient, highly scalable onsite electricity for Fortune 500 customers around the world, including data centers, semiconductor manufacturing, large utilities, and other commercial and industrial sectors as well as mission-critical organizations in local communities, such as hospitals, college campuses and retailers. Headquartered in Silicon Valley, Bloom Energy employs more than 2,000 people worldwide and manufactures its systems in the United States. For more information, visit BloomEnergy.com .   Condensed Consolidated Balance Sheets (in thousands, except share data)     June 30,   December 31,       2026       2025   Assets         Current assets:         Cash and cash equivalents 1   $ 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, respectively 1, 2     458,126       371,796   Contract assets 3     365,461       178,928   Inventories 1     758,188       643,306   Deferred cost of revenue     67,273       30,651   Customer consideration asset 12     90,967       —   Prepaid expenses and other current assets 1, 4     182,138       49,805   Total current assets     4,590,062       3,730,567   Property, plant and equipment, net 1     443,388       398,507   Investments in unconsolidated affiliates 10     28,090       10,037   Operating lease right-of-use assets 1     106,475       108,541   Restricted cash     20,599       25,499   Contract assets 5     62,837       62,258   Deferred cost of revenue     7,675       4,099   Customer consideration asset 12     215,533       —   Other long-term assets 1, 6     153,742       57,203   Total assets   $ 5,628,401     $ 4,396,711   Liabilities and stockholders’ equity         Current liabilities:         Accounts payable 1   $ 309,929     $ 203,129   Accrued warranty 7     77,797       20,013   Accrued expenses and other current liabilities 1, 8     315,919       222,254   Deferred revenue and customer deposits 9     327,145       100,975   Operating lease liabilities 1     23,094       22,000   Financing obligations     62,034       51,308   Recourse debt     4,686       —   Non-recourse debt 1     2,583       4,153   Total current liabilities     1,123,187       623,832   Deferred revenue and customer deposits     117,901       42,840   Operating lease liabilities 1     102,730       106,935   Financing obligations     144,446       192,460   Recourse debt     2,470,704       2,613,726   Deferred profit in transactions with unconsolidated affiliates 11     19,560       13,928   Other long-term liabilities     9,202       10,027   Total liabilities   $ 3,987,730     $ 3,603,748   Commitments and contingencies         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, respectively 13     29       28   Additional paid-in capital     5,332,587       4,755,965   Accumulated other comprehensive income (loss)     347       (369 ) Accumulated deficit     (3,720,965 )     (3,986,983 ) Total stockholders’ equity attributable to common stockholders     1,611,998       768,641   Noncontrolling interest     28,673       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, 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 the joint ventures between Brookfield Asset Management and the Company. 11 Represent the excess of unrealized profit from sales to the joint ventures between Brookfield Asset Management and the Company over the carrying value of the related equity‑method investments. 12 Represent related party upfront share‑based consideration payable to a customer’s customer. 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.   Condensed Consolidated Statements of Operations (in thousands, except per share data)   Three Months Ended June 30, 2026   Three Months Ended March 31, 2026   Three Months Ended June 30, 2025             Revenue:           Product $ 935,413     $ 653,348     $ 296,611   Installation   50,978       25,931       37,372   Service   69,023       61,879       54,449   Electricity   9,951       9,896       12,810   Total revenue 1   1,065,365       751,054       401,242   Cost of revenue:           Product   593,957       429,232       198,746   Installation   52,829       35,080       38,224   Service   56,148       53,664       49,408   Electricity   6,859       7,534       7,741   Total cost of revenue   709,793       525,510       294,119   Gross profit   355,572       225,544       107,123   Operating expenses:           Research and development   58,873       56,849       40,768   Sales and marketing   43,045       38,439       24,066   General and administrative 2   71,417       58,066       45,792   Total operating expenses   173,335       153,354       110,626   Income (loss) from operations   182,237       72,190       (3,503 ) Interest income   20,881       20,601       6,623   Interest expense 3   (8,906 )     (8,604 )     (14,440 ) Equity in earnings (loss) of unconsolidated affiliates 4   4,346       (17,002 )     —   Other income, net   2,307       6,197       2,373   Loss on extinguishment of debt   —       —       (32,340 ) (Loss) gain on revaluation of embedded derivatives   (539 )     754       112   Profit (loss) before income taxes   200,326       74,136       (41,175 ) Income tax provision   1,470       445       1,017   Net profit (loss)   198,856       73,691       (42,192 ) Less: Net income attributable to noncontrolling interest   2,566       3,038       427   Net income (loss) attributable to common stockholders $ 196,290     $ 70,653     $ (42,619 ) Net earnings (loss) per share available to common stockholders:           Basic $ 0.68     $ 0.25     $ (0.18 ) Diluted $ 0.62     $ 0.23     $ (0.18 ) Weighted average shares used to compute net earnings (loss) per share available to common stockholders:           Basic   287,288       281,719       232,542   Diluted   323,331       319,708       232,542     1 Including related party revenue of $2.8 million, $373.3 million and $27.1 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. 2 Including related party general and administrative expenses of $0.2 million for the three months ended June 30, 2025. There was no related party general and administrative expenses for the three months ended June 30, 2026, and March 31, 2026. 3 Including related party interest expenses of $0.1 million for the three months ended June 30, 2025. There was no related party interest expense for the three months ended June 30, 2026, and March 31, 2026. 4 Represent related party equity in earnings (loss) of the joint ventures between Brookfield Asset Management and the Company. Condensed Consolidated Statement of Cash Flows (in thousands)   Three Months Ended June 30, 2026   Three Months Ended March 31, 2026   Three Months Ended June 30, 2025 Cash flows from operating activities:           Net income (loss) $ 198,856     $ 73,691     $ (42,192 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:           Depreciation and amortization   13,746       13,279       12,596   Non-cash lease expense   8,024       8,002       8,384   Equity in (earnings) loss of unconsolidated affiliates, net of distributions   (4,346 )     17,002       —   Stock-based compensation expense   52,217       48,215       29,284   Amortization of debt issuance costs   3,372       3,426       1,864   Loss on extinguishment of debt   —       —       32,340   Net gain on failed sale-and-leaseback transactions   (4,122 )     (9,405 )     (60 ) Share-based consideration payable to customer’s customer 13   5,012       (3,090 )     —   Allowance for credit losses   3,080       —       —   Unrealized foreign currency exchange (gain) loss   (353 )     2,827       (2,587 ) Other 12   869       (782 )     (134 ) Changes in operating assets and liabilities:           Accounts receivable 1   (101,372 )     11,782       (132,161 ) Contract assets 2   (122,964 )     (64,690 )     13,821   Inventories   (26,473 )     (88,584 )     (77,025 ) Deferred cost of revenue   (47,168 )     7,122       34,600   Prepaid expenses and other current assets 3   (78,178 )     (54,155 )     11,236   Other long-term assets 4   (70,647 )     (25,993 )     (1,430 ) Operating lease right-of-use assets and operating lease liabilities 5   (8,545 )     (8,526 )     (8,419 ) Financing lease liabilities   166       89       531   Accounts payable 6   63,460       36,962       226   Accrued warranty 7   39,432       18,352       1,710   Accrued expenses and other current liabilities 8   90,758       (1,367 )     12,295   Deferred revenue and customer deposits 9   211,693       89,539       (108,005 ) Deferred profit with equity method investees and other long-term liabilities 10   (85 )     (86 )     15   Net cash provided by (used in) operating activities   226,432       73,610       (213,111 ) Cash flows from investing activities:           Purchase of property, plant and equipment   (51,641 )     (26,182 )     (7,245 ) Proceeds from sale of property, plant and equipment   36       91       33   Investments in unconsolidated affiliates 11   (2,948 )     (19,848 )     —   Net cash used in investing activities   (54,553 )     (45,939 )     (7,212 ) Cash flows from financing activities:           Payment of debt issuance costs   19       (806 )     (3,348 ) Repayment of debt   (1,347 )     —       —   Proceeds from financing obligations   4       —       —   Repayment of financing obligations   (3,844 )     (7,972 )     (2,794 ) Proceeds from issuance of common stock   7,324       15,835       30   Dividend paid   (925 )     —       (947 ) Other   (5 )     —       —   Net cash provided by financing activities   1,226       7,057       (7,059 ) Effect of exchange rate changes on cash, cash equivalent, and restricted cash   (2,881 )     1,976       2,071   Net increase (decrease) in cash, cash equivalents, and restricted cash   170,224       36,704       (225,311 ) Cash, cash equivalents, and restricted cash:           Beginning of period   2,518,284       2,481,580       831,358   End of period $ 2,688,508     $ 2,518,284     $ 606,047       1 Including changes in related party balances of $75.5 million, $151.3 million and $9.5 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. 2 Including changes in related party balances of $31.0 million, $70.4 million and $0.7 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. 3 Including changes in related party balances of $0.9 million, $0.3 million and $0.6 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. 4 Including changes in related party balances of $5.3 million, $0.7 million and $0.3 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. 5 Including changes in related party balance of $0.2 million for the three months ended June 30, 2025. There were no related party balances as of June 30, 2026, March 31, 2026, and December 31, 2025. 6 Including changes in related party balance of $0.04 million for the three months ended June 30, 2025. There were no related party balances as of June 30, 2026, March 31, 2026, and December 31, 2025. 7 Including changes in related party balances of $4.5 million, $3.3 million and $0.1 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. 8 Including changes in related party balances of $0.7 million, $1.7 million and $1.8 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. 9 Including changes in related party balances of $1.1 million, $1.2 million and $0.5 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. 10 Including changes in related party balances of $3.2 million and $8.8 million for the three months ended June 30, 2026, and March 31, 2026, respectively. There were no related party balances as of March 31, 2025, and June 30, 2025. 11 Represent related party investments in the joint ventures between Brookfield Asset Management and the Company. 12 Includes $0.1 million related party distributions received from the joint ventures between Brookfield Asset Management and the Company for the three months ended March 31, 2026. 13 Represent related party non-cash consideration payable to customer’s customer.   Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) (in thousands, except percentages)   Q2'26 Q1'26 Q2'25 GAAP revenue $ 1,065,365   $ 751,054   $ 401,242   GAAP cost of revenue   709,793     525,510     294,119   GAAP gross profit   355,572     225,544     107,123   Non-GAAP adjustments:       Stock-based compensation expense   9,675     10,405     5,714   Restructuring   —     181     336   Other   116     175     177   Non-GAAP gross profit $ 365,363   $ 236,305   $ 113,350   GAAP gross margin %   33.4 %   30.0 %   26.7 % Non-GAAP adjustments   0.9 %   1.4 %   1.6 % Non-GAAP gross margin %   34.3 %   31.5 %   28.2 %   Q2'26 Q1'26 Q2'25 GAAP operating income (loss) $ 182,237   $ 72,190   $ (3,503 ) Non-GAAP adjustments:       Stock-based compensation expense   56,402     57,004     30,177   Restructuring   848     306     1,755   Other   153     211     214   Non-GAAP operating income $ 239,642   $ 129,710   $ 28,643   GAAP operating margin %   17.1 %   9.6 %   (0.9 )% Non-GAAP adjustments   5.4 %   7.7 %   8.0 % Non-GAAP operating margin %   22.5 %   17.3 %   7.1 % Reconciliation of GAAP Net Income (Loss) to non-GAAP Net Profit and Computation of non-GAAP Net Earnings per Share (EPS) (unaudited) (in thousands, except share data)   Q2'26 Q1'26 Q2'25 Net Income (loss) to Common Stockholders $ 196,290   $ 70,653   $ (42,619 ) Non-GAAP adjustments:       Add back: Net income attributable to noncontrolling interest   2,566     3,038     427   Stock-based compensation expense   56,402     57,004     30,177   Equity in (earnings) loss of unconsolidated affiliates   (4,346 )   17,002     —   Effect of Assets Buyout and Repowering   (4,243 )   (9,405 )   (60 ) Restructuring   848     306     1,755   Loss (gain) on derivative liabilities   539     (754 )   (112 ) Loss on extinguishment of debt   —     —     32,340   Other   153     211     214   Adjusted Net Profit $ 248,209   $ 138,055   $ 22,122           Adjusted net earnings per share (EPS), Basic $ 0.86   $ 0.49   $ 0.10   Adjusted net earnings per share (EPS), Diluted $ 0.78   $ 0.44   $ 0.10   Weighted average shares outstanding attributable to common stockholders, Basic   287,288     281,719     232,542   Weighted-average shares outstanding attributable to common stockholders, Diluted   323,331     319,708     232,542   Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (unaudited) (in thousands)   Q2'26 Q1'26 Q2'25 Net Income (loss) to Common Stockholders $ 196,290   $ 70,653   $ (42,619 ) Add back: Net income attributable to noncontrolling interest   2,566     3,038     427   Stock-based compensation expense   56,402     57,004     30,177   Equity in (earnings) loss of unconsolidated affiliates   (4,346 )   17,002     —   Effect of Assets Buyout and Repowering   (4,243 )   (9,405 )   (60 ) Restructuring   848     306     1,755   Loss (gain) on derivative liabilities   539     (754 )   (112 ) Loss on extinguishment of debt   —     —     32,340   Other   153     211     214   Adjusted Net Profit   248,209     138,055     22,122           Depreciation & amortization   13,746     13,279     12,596   Income tax provision   1,470     445     1,017   Interest expense, Other (income) expense, net   (10,039 )   (8,790 )   5,504   Adjusted EBITDA $ 253,388   $ 142,989   $ 41,239   Reconciliation of GAAP to non-GAAP Gross Profit (Loss) and Margin (unaudited) (in thousands, except percentages)         Q2'26         Revenue GAAP gross profit (loss) Stock-based compensation expense Other Non-GAAP adj. Non-GAAP gross profit (loss) GAAP Gross Margin Non-GAAP gross margin % Product $ 935,413 $ 341,456   $ 6,388 $ —   $ 347,844   36.5 % 37.2 % Install   50,978   (1,851 )   1,118   1     (732 ) (3.6 )% (1.4 )% Service   69,023   12,875     2,169   116     15,160   18.7 % 22.0 % Electricity   9,951   3,092     —   (1 )   3,091   31.1 % 31.1 % Total $ 1,065,365 $ 355,572   $ 9,675 $ 116   $ 365,363   33.4 % 34.3 %         Q1'26         Revenue GAAP gross profit (loss) Stock-based compensation expense Other Non-GAAP adj. Non-GAAP gross profit (loss) GAAP Gross Margin Non-GAAP gross margin % Product $ 653,348 $ 224,116   $ 6,160 $ 82 $ 230,358   34.3 % 35.3 % Install   25,931   (9,149 )   1,446   69   (7,634 ) (35.3 )% (29.4 )% Service   61,879   8,215     2,800   145   11,160   13.3 % 18.0 % Electricity   9,896   2,362     —   60   2,422   23.9 % 24.5 % Total $ 751,054 $ 225,544   $ 10,405 $ 356 $ 236,305   30.0 % 31.5 %         Q2'25         Revenue GAAP gross profit (loss) Stock-based compensation expense Other Non-GAAP adj. Non-GAAP gross profit (loss) GAAP Gross Margin Non-GAAP gross margin % Product $ 296,611 $ 97,865   $ 3,569 $ 232   $ 101,666   33.0 % 34.3 % Install   37,372   (852 )   831   (1 )   (22 ) (2.3 )% (0.1 )% Service   54,449   5,041     1,314   283     6,638   9.3 % 12.2 % Electricity   12,810   5,069     —   (1 )   5,068   39.6 % 39.6 % Total $ 401,242 $ 107,123   $ 5,714 $ 513   $ 113,350   26.7 % 28.2 % Use of non-GAAP financial measures To supplement Bloom Energy condensed consolidated financial statement information presented on a GAAP basis, Bloom Energy provides financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (non-GAAP net earnings), non-GAAP basic and diluted earnings per share and Adjusted EBITDA. Bloom Energy also provides forecasts of non-GAAP gross margin and non-GAAP operating margin. These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States. The GAAP measure most directly comparable to non-GAAP gross profit is gross profit. The GAAP measure most directly comparable to non-GAAP gross margin is gross margin. The GAAP measure most directly comparable to non-GAAP service gross margin is service gross margin. The GAAP measure most directly comparable to non-GAAP operating income (non-GAAP earnings from operations) is operating income (loss) (earnings (loss) from operations). The GAAP measure most directly comparable to non-GAAP operating margin is operating margin. The GAAP measure most directly comparable to non-GAAP net profit (non-GAAP net earnings) is net income (loss) (net earnings (loss)). The GAAP measure most directly comparable to non-GAAP diluted earnings per share is diluted earnings (loss) per share. The GAAP measure most directly comparable to Adjusted EBITDA is net income (loss). Reconciliations of each of these non-GAAP financial measures to GAAP information are included in the tables above or elsewhere in the materials accompanying this news release. Use and economic substance of non-GAAP financial measures used by Bloom Energy Non-GAAP gross profit and non-GAAP gross margin, including non-GAAP service gross margin, are defined to exclude charges relating to stock-based compensation expense, restructuring charges, and other charges. Non-GAAP net profit (non-GAAP net earnings) and non-GAAP diluted earnings per share consist of net income (loss) or diluted net income (loss) per share excluding charges relating to net income attributable to noncontrolling interest, charges relating to stock-based compensation expense, equity in earnings (loss) of unconsolidated affiliates, effects of assets buyout and repowering, restructuring charges, loss (gain) on derivative liabilities, loss on extinguishment of debt, and other charges. Adjusted EBITDA is defined as net income (loss) before interest income (expense), income tax provision, depreciation and amortization expense, net income attributable to noncontrolling interest, loss on extinguishment of debt, equity in earnings (loss) of unconsolidated affiliates, charges relating to stock-based compensation expense, restructuring charges, and other charges. Bloom Energy management uses these non-GAAP financial measures for purposes of evaluating Bloom Energy’s historical and prospective financial performance, as well as Bloom Energy’s performance relative to its competitors. Bloom Energy believes that excluding the items mentioned above from these non-GAAP financial measures allows Bloom Energy management to better understand Bloom Energy’s consolidated financial performance as management does not believe that the excluded items are reflective of ongoing operating results. More specifically, Bloom Energy management excludes each of those items mentioned above for the following reasons: Net income attributable to noncontrolling interest represents allocation to the noncontrolling interests under the hypothetical liquidation at book value (“HLBV”) method and is associated with the joint venture in the Republic of Korea and the ventures between Brookfield Asset Management and the Company. Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date. Although stock-based compensation is a key incentive offered to our employees, Bloom Energy excludes these charges for the purpose of calculating these non-GAAP measures, primarily because they are non-cash expenses and such an exclusion facilitates a more meaningful evaluation of Bloom Energy current operating performance and comparisons to Bloom Energy operating performance in other periods. Loss on extinguishment of debt for the three months ended June 30, 2025, was $32.3 million, which was recognized as a result of the debt exchange between the 2.5% Green Convertible Senior Notes due August 2025 and the 3% Green Convertible Senior Notes due June 2029, that settled on May 13, 2025. Equity-method investment adjustment—include (i) elimination of intra‑entity profit on sales to joint ventures formed with Brookfield Asset Management—deferred and recognized over the assets’ depreciable lives—and (ii) the Company’s equity pickup of those joint ventures’ net results under HLBV method. Equity-method investment adjustments are excluded from non-GAAP financial measures because these generally are non-cash, represent non-operating activity during the period of adjustment, relate to activity in entities outside of the operational control of the Company, and excluding such expense/gain provides meaningful supplemental information regarding core operations. Loss (gain) on derivatives liabilities represents non-cash adjustments to the fair value of the embedded derivatives. Restructuring charges are represented by severance expense and other costs. Effects of Assets Buyout and Repowering represents net gain on failed sale-and-leaseback transactions due to termination of multiple Managed Services sites, consisting of loss on impairment of related fixed assets offset against gain on extinguishment of debt as a result of derecognition of respective financing obligations adjusted by cash paid for assets buyback. Other represents: (1) site termination costs of $0.1 million, $0.1 million, and $0.2 million for three months ended June 30, 2026, three months ended March 31, 2026, and three months ended June 30, 2025, respectively, (2) sales property tax of $0.1 million for March 31, 2026, and (3) immaterial amounts of amortization of acquired intangible assets. Adjusted EBITDA is defined as Adjusted Net Profit before depreciation and amortization expense, income tax provision, interest income (expense), other income, net. We use Adjusted EBITDA to measure the operating performance of our business, excluding specifically identified items that we do not believe directly reflect our core operations and may not be indicative of our recurring operations. For more information about these non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP to Non-GAAP Financial Measures,” “Reconciliation of GAAP Net Income (Loss) to non-GAAP Net Profit and Computation of non-GAAP Net Earnings per Share (EPS),” “Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA,” and “Reconciliation of GAAP to non-GAAP Gross Profit (Loss) and Margin” set forth in this release, which should be read together with the preceding financial statements prepared in accordance with GAAP. Material limitations associated with use of non-GAAP financial measures These non-GAAP financial measures have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of Bloom Energy results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are: Items such as stock-based compensation expense that is excluded from non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (non-GAAP net earnings), and non-GAAP diluted earnings per share can have a material impact on the equivalent GAAP earnings measure. Income attributable to noncontrolling interest and (gain) loss on derivatives liabilities, though not directly affecting Bloom Energy’s cash position, represent the (gain) loss in value of certain assets and liabilities. The expense associated with this (gain) loss in value is excluded from non-GAAP net earnings, and non-GAAP diluted earnings per share and can have a material impact on the equivalent GAAP earnings measure. Other companies may calculate non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating profit (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP service gross margin, non-GAAP net profit (non-GAAP net earnings), non-GAAP diluted earnings per share and Adjusted EBITDA differently than Bloom Energy does, limiting the usefulness of those measures for comparative purposes. Compensation for limitations associated with use of non-GAAP financial measures Bloom Energy compensates for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only as a supplement. Bloom Energy also provides a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP measure within this press release and in other written materials that include these non-GAAP financial measures, and Bloom Energy encourages investors to review those reconciliations carefully. Usefulness of non-GAAP financial measures to investors Bloom Energy believes that providing financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP service gross margin, non-GAAP operating income (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (non-GAAP net earnings), non-GAAP diluted earnings per share in addition to the related GAAP measures provides investors with greater transparency to the information used by Bloom Energy management in its financial and operational decision making and allows investors to see Bloom Energy’s results “through the eyes” of management. Bloom Energy further believes that providing this information better enables Bloom Energy investors to understand Bloom Energy’s operating performance and to evaluate the efficacy of the methodology and information used by Bloom Energy management to evaluate and measure such performance. Disclosure of these non-GAAP financial measures also facilitates comparisons of Bloom Energy’s operating performance with the performance of other companies in Bloom Energy’s industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner. View source version on businesswire.com: https://www.businesswire.com/news/home/20260728460825/en/

View stock analysis, news, and events for Bloom Energy Corporation