Bloom Energy Reports Third Quarter 2025 Financial Results
- Fourth straight quarter of quarterly record revenue
- 2nd consecutive quarter of double-digit non-GAAP profit margin % in services segment
- Commercial Progress Continuing to Accelerate
SAN JOSE, Calif.–(BUSINESS WIRE)–Bloom Energy Corporation (NYSE: BE) reported today its financial results for the third quarter ended September 30, 2025. The company reported revenue of $519.0 million for the third quarter of 2025.
Third Quarter Highlights
- Revenue of $519.0 million in the third quarter of 2025, an increase of 57.1% compared to $330.4 million in the third quarter of 2024. Product and service revenue of $442.9 million in the third quarter of 2025, an increase of 55.7% compared to $284.5 million in the third quarter of 2024.
- Gross margin of 29.2% in the third quarter of 2025, an increase of 5.4 percentage points compared to 23.8% in the third quarter of 2024; non-GAAP gross margin of 30.4% in the third quarter of 2025, an increase of 5.1 percentage points compared to 25.2% in the third quarter of 2024.
- Operating income of $7.8 million in the third quarter of 2025, an improvement of $17.5 million compared to operating loss of $9.7 million in the third quarter of 2024; non-GAAP operating income of $46.2 million in the third quarter of 2025, an increase of $38.1 million compared to $8.1 million in the third quarter of 2024.
- $5 billion strategic AI infrastructure partnership with Brookfield Asset Management.
KR Sridhar, Founder, Chairman, and CEO of Bloom Energy, said: “Bloom is at the center of a once-in-a-generation opportunity to redefine how power is generated and delivered. Powerful tailwinds—surging demand for electricity driven by AI, nation-state priorities, and our relentless pace of innovation—are converging to accelerate our audacious journey to becoming a standard for onsite power globally.”
Maciej Kurzymski, Chief Accounting Officer and Acting Principal Financial Officer of Bloom Energy, added, “I want to thank the Bloom team for delivering its fourth consecutive quarter of record revenue and positive Cash Flow from Operating Activities. While our commercial success has been most visible, the work that our engineering, manufacturing, and support teams have done behind the scenes is evident in our financial results.”
Summary of Key Financial Metrics
|
Summary of GAAP Profit and Loss Statements |
|||||||||||
|
($000), except EPS data |
Q3’25 |
Q2’25 |
Q3’24 |
||||||||
|
Revenue |
$ |
519,048 |
|
$ |
401,242 |
|
$ |
330,399 |
|
||
|
Cost of Revenue |
|
367,373 |
|
|
294,119 |
|
|
251,665 |
|
||
|
Gross Profit |
|
151,675 |
|
|
107,123 |
|
|
78,734 |
|
||
|
Gross Margin |
|
29.2 |
% |
|
26.7 |
% |
|
23.8 |
% |
||
|
Operating Expenses |
|
143,829 |
|
|
110,626 |
|
|
88,385 |
|
||
|
Operating Income (Loss) |
|
7,846 |
|
|
(3,503 |
) |
|
(9,651 |
) |
||
|
Operating Margin |
|
1.5 |
% |
|
(0.9 |
)% |
|
(2.9 |
)% |
||
|
Non-Operating Income |
|
30,939 |
|
|
39,116 |
|
|
5,060 |
|
||
|
Net Loss to Common Stockholders |
$ |
(23,093 |
) |
$ |
(42,619 |
) |
$ |
(14,711 |
) |
||
|
GAAP EPS, Basic |
$ |
(0.10 |
) |
$ |
(0.18 |
) |
$ |
(0.06 |
) |
||
|
GAAP EPS, Diluted |
$ |
(0.10 |
) |
$ |
(0.18 |
) |
$ |
(0.06 |
) |
||
|
Summary of Non-GAAP Financial Information1 |
|||||||||||
|
($000), except EPS data |
Q3’25 |
Q2’25 |
Q3’24 |
||||||||
|
Revenue |
$ |
519,048 |
|
$ |
401,242 |
|
$ |
330,399 |
|
||
|
Cost of Revenue |
|
361,410 |
|
|
287,892 |
|
|
247,066 |
|
||
|
Gross Profit |
|
157,637 |
|
|
113,350 |
|
|
83,332 |
|
||
|
Gross Margin |
|
30.4 |
% |
|
28.2 |
% |
|
25.2 |
% |
||
|
Operating Expenses |
|
111,389 |
|
|
84,708 |
|
|
75,228 |
|
||
|
Operating Income |
|
46,249 |
|
|
28,643 |
|
|
8,104 |
|
||
|
Operating Margin |
|
8.9 |
% |
|
7.1 |
% |
|
2.5 |
% |
||
|
EBITDA |
$ |
59,049 |
|
$ |
41,239 |
|
$ |
21,344 |
|
||
|
Non-GAAP EPS, Basic |
$ |
0.15 |
|
$ |
0.10 |
|
$ |
(0.01 |
) |
||
|
Non-GAAP EPS, Diluted |
$ |
0.15 |
|
$ |
0.10 |
|
$ |
(0.01 |
) |
||
|
1. |
A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release |
Conference Call Details
Bloom will host a conference call today, October 28, 2025, 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 5744085. 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’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 5744085.
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures as defined by the Securities and Exchange Commission (“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 has not provided a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating income measures to the corresponding GAAP measures because it is unable to do so 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 fuel cell system provides ultra-resilient, highly scalable onsite electricity generation for Fortune 500 companies around the world, including data centers, semiconductor manufacturing, large utilities, and other commercial and industrial sectors. Headquartered in Silicon Valley, Bloom Energy has deployed 1.5 GW of low-carbon power across more than 1,200 installations globally. For more information, visit www.BloomEnergy.com.
Forward-Looking Statements
This press release contains certain forward-looking statements relating to future events and expectations, including our belief that Bloom is at the center of a once-in-a-generation opportunity to redefine how power is generated and delivered and that we may become the global standard for onsite power generation and our expectations regarding our estimates and projections for our business outlook for the 2025 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 presentation include, but are not limited to: (1) the emerging nature distributed energy generation and hydrogen markets and rapidly evolving market trends; (2) the significant upfront costs of Bloom’s Energy Servers and Bloom’s ability to secure financing for its products; (3) Bloom’s ability to drive cost reductions and to successfully mitigate against potential price increases; (4) Bloom’s ability to service its existing debt obligations; (5) Bloom’s ability to be successful in new markets; (6) the ability of the Bloom Energy Server to operate on a fuel source customers want; (7) the success of the strategic partnership with SK ecoplant in the United States and international markets; (8) timing and development of an ecosystem for the hydrogen market, including in the South Korean market; (9) continued incentives in the South Korean market; (10) adapting to the new government bidding process in the South Korean market; (11) the timing and pace of adoption of hydrogen for stationary power; (12) the risk of manufacturing defects; (13) the accuracy of Bloom’s estimates regarding the useful life of its Energy Servers, including inventories with distributors; (14) delays in the development and introduction of new products or updates to existing products; (15) Bloom’s ability to secure partners in order to commercialize its electrolyzer and carbon capture products; (16) supply constraints; (17) the availability of rebates, tax credits and other tax benefits; (18) the impact of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act; (19) changes in the regulatory landscape; (20) Bloom’s reliance upon a limited number of customers; (21) Bloom’s lengthy sales and installation cycle, construction, utility interconnection and other delays related to the installation of its Energy Servers; (22) business and economic conditions and growth trends in commercial and industrial energy markets; (23) trade policies including tariffs; (24) the overall electricity generation market; (25) our ability to increase production capacity for our products in a timely and cost-effective manner; (26) any actual or perceived slowdown in the adoption of AI resulting in a slower expansion of AI data centers; (27) Bloom’s ability to protect its intellectual property; and/or (28) the risks relating to forward-looking statements and other “Risk Factors” identified from time to time in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequently filed reports, including on Form 10-Q, which filings are available from the SEC. Bloom 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.
The Investor Relations section of Bloom’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom encourages investors to visit this website from time to time, as information is updated and new information is posted.
|
Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share data) |
||||||||
|
|
|
September 30, |
|
December 31, |
||||
|
|
|
|
2025 |
|
|
|
2024 |
|
|
Assets |
|
|
|
|
||||
|
Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents1 |
|
$ |
595,055 |
|
|
$ |
802,851 |
|
|
Restricted cash |
|
|
8,474 |
|
|
|
110,622 |
|
|
Accounts receivable, less allowance for credit losses of $459 and $119 as of September 30, 2025, and December 31, 2024, respectively1, 2 |
|
|
411,653 |
|
|
|
335,841 |
|
|
Contract assets3 |
|
|
258,884 |
|
|
|
145,162 |
|
|
Inventories1 |
|
|
704,996 |
|
|
|
544,656 |
|
|
Deferred cost of revenue |
|
|
24,091 |
|
|
|
58,792 |
|
|
Prepaid expenses and other current assets1, 4 |
|
|
44,743 |
|
|
|
46,203 |
|
|
Total current assets |
|
|
2,047,896 |
|
|
|
2,044,127 |
|
|
Property, plant and equipment, net1 |
|
|
400,360 |
|
|
|
403,475 |
|
|
Investments in unconsolidated affiliates14 |
|
|
5,939 |
|
|
|
— |
|
|
Operating lease right-of-use assets1, 5 |
|
|
112,677 |
|
|
|
122,489 |
|
|
Restricted cash |
|
|
23,486 |
|
|
|
37,498 |
|
|
Deferred cost of revenue |
|
|
3,434 |
|
|
|
3,629 |
|
|
Other long-term assets1, 6 |
|
|
44,407 |
|
|
|
46,136 |
|
|
Total assets |
|
$ |
2,638,199 |
|
|
$ |
2,657,354 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|
||||
|
Current liabilities: |
|
|
|
|
||||
|
Accounts payable1 |
|
$ |
167,382 |
|
|
$ |
92,704 |
|
|
Accrued warranty7 |
|
|
14,682 |
|
|
|
16,559 |
|
|
Accrued expenses and other current liabilities1, 8 |
|
|
168,404 |
|
|
|
138,450 |
|
|
Deferred revenue and customer deposits9 |
|
|
56,065 |
|
|
|
243,314 |
|
|
Operating lease liabilities1, 10 |
|
|
21,438 |
|
|
|
19,642 |
|
|
Financing obligations |
|
|
36,556 |
|
|
|
11,704 |
|
|
Recourse debt |
|
|
— |
|
|
|
114,385 |
|
|
Non-recourse debt1 |
|
|
1,424 |
|
|
|
— |
|
|
Total current liabilities |
|
|
465,951 |
|
|
|
636,758 |
|
|
Deferred revenue and customer deposits11 |
|
|
32,254 |
|
|
|
43,105 |
|
|
Operating lease liabilities1, 12 |
|
|
112,188 |
|
|
|
124,523 |
|
|
Financing obligations |
|
|
209,768 |
|
|
|
244,132 |
|
|
Recourse debt |
|
|
1,128,043 |
|
|
|
1,010,350 |
|
|
Non-recourse debt1, 13 |
|
|
2,849 |
|
|
|
4,057 |
|
|
Other long-term liabilities |
|
|
9,667 |
|
|
|
9,213 |
|
|
Total liabilities |
|
$ |
1,960,720 |
|
|
$ |
2,072,138 |
|
|
Commitments and contingencies |
|
|
|
|
||||
|
Stockholders’ equity: |
|
|
|
|
||||
|
Common stock: $0.0001 par value; Class A shares — 600,000,000 shares authorized, and 236,356,829 shares and 229,142,474 shares issued and outstanding, and Class B shares — 470,092,742 shares authorized, and no shares issued and outstanding at September 30, 2025, and December 31, 2024, respectively |
|
|
24 |
|
|
|
23 |
|
|
Additional paid-in capital |
|
|
4,642,300 |
|
|
|
4,462,659 |
|
|
Accumulated other comprehensive loss |
|
|
(1,179 |
) |
|
|
(2,593 |
) |
|
Accumulated deficit |
|
|
(3,988,075 |
) |
|
|
(3,897,618 |
) |
|
Total equity attributable to common stockholders |
|
|
653,070 |
|
|
|
562,471 |
|
|
Noncontrolling interest |
|
|
24,409 |
|
|
|
22,745 |
|
|
Total stockholders’ equity |
|
$ |
677,479 |
|
|
$ |
585,216 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
2,638,199 |
|
|
$ |
2,657,354 |
|
|
1 |
We have 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 $38.5 million and $93.5 million as of September 30, 2025, and as of December 31, 2024, respectively. |
|
3 |
Including amounts from related parties of $88.2 million and $0.8 million as of September 30, 2025, and as of December 31, 2024, respectively. |
|
4 |
Including amount from related parties of $1.2 million as of December 31, 2024. There was no related party balance as of September 30, 2025. |
|
5 |
Including amount from related parties of $1.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025. |
|
6 |
Including amount from related parties of $8.8 million as of December 31, 2024. There was no related party balance as of September 30, 2025. |
|
7 |
Including amount from related parties of $1.2 million as of December 31, 2024. There was no related party balance as of September 30, 2025. |
|
8 |
Including amounts from related parties of $3.5 million and $4.0 million as of September 30, 2025, and as of December 31, 2024, respectively. |
|
9 |
Including amount from related parties of $8.9 million as of December 31, 2024. There was no related party balance as of September 30, 2025. |
|
10 |
Including amount from related parties of $0.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025. |
|
11 |
Including amount from related parties of $3.3 million as of December 31, 2024. There was no related party balance as of September 30, 2025. |
|
12 |
Including amount from related parties of $1.0 million as of December 31, 2024. There was no related party balance as of September 30, 2025. |
|
13 |
Including amount from related parties of $4.1 million as of December 31, 2024. There was no related party balance as of September 30, 2025. |
|
14 |
Represent related party investments in the joint ventures between Brookfield Asset Management and the Company. |
|
Condensed Consolidated Statements of Operations (unaudited) (in thousands, except per share data) |
||||||||||||
|
|
|
|
||||||||||
|
|
|
Three Months Ended September |
|
Three Months Ended June |
|
Three Months Ended September |
||||||
|
Revenue: |
|
|
|
|
|
|
||||||
|
Product |
|
$ |
384,314 |
|
|
$ |
296,611 |
|
|
$ |
233,770 |
|
|
Installation |
|
|
65,773 |
|
|
|
37,372 |
|
|
|
32,052 |
|
|
Service |
|
|
58,607 |
|
|
|
54,449 |
|
|
|
50,761 |
|
|
Electricity |
|
|
10,354 |
|
|
|
12,810 |
|
|
|
13,816 |
|
|
Total revenue1 |
|
|
519,048 |
|
|
|
401,242 |
|
|
|
330,399 |
|
|
Cost of revenue: |
|
|
|
|
|
|
||||||
|
Product |
|
|
249,794 |
|
|
|
198,746 |
|
|
|
155,124 |
|
|
Installation |
|
|
59,921 |
|
|
|
38,224 |
|
|
|
35,688 |
|
|
Service |
|
|
51,834 |
|
|
|
49,408 |
|
|
|
51,363 |
|
|
Electricity |
|
|
5,824 |
|
|
|
7,741 |
|
|
|
9,490 |
|
|
Total cost of revenue2 |
|
|
367,373 |
|
|
|
294,119 |
|
|
|
251,665 |
|
|
Gross profit |
|
|
151,675 |
|
|
|
107,123 |
|
|
|
78,734 |
|
|
Operating expenses: |
|
|
|
|
|
|
||||||
|
Research and development |
|
|
48,724 |
|
|
|
40,768 |
|
|
|
36,315 |
|
|
Sales and marketing |
|
|
41,995 |
|
|
|
24,066 |
|
|
|
14,667 |
|
|
General and administrative3 |
|
|
53,110 |
|
|
|
45,792 |
|
|
|
37,403 |
|
|
Total operating expenses |
|
|
143,829 |
|
|
|
110,626 |
|
|
|
88,385 |
|
|
Income (loss) from operations |
|
|
7,846 |
|
|
|
(3,503 |
) |
|
|
(9,651 |
) |
|
Interest income |
|
|
5,292 |
|
|
|
6,623 |
|
|
|
6,456 |
|
|
Interest expense4 |
|
|
(14,390 |
) |
|
|
(14,440 |
) |
|
|
(16,763 |
) |
|
Equity in loss of unconsolidated affiliates5 |
|
|
(19,599 |
) |
|
|
— |
|
|
|
— |
|
|
Other (expense) income, net |
|
|
(1,362 |
) |
|
|
2,373 |
|
|
|
5,821 |
|
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
(32,340 |
) |
|
|
— |
|
|
(Loss) gain on revaluation of embedded derivatives |
|
|
(411 |
) |
|
|
112 |
|
|
|
(386 |
) |
|
Loss before income taxes |
|
|
(22,624 |
) |
|
|
(41,175 |
) |
|
|
(14,523 |
) |
|
Income tax provision |
|
|
336 |
|
|
|
1,017 |
|
|
|
109 |
|
|
Net loss |
|
|
(22,960 |
) |
|
|
(42,192 |
) |
|
|
(14,632 |
) |
|
Less: Net income attributable to noncontrolling interest |
|
|
133 |
|
|
|
427 |
|
|
|
79 |
|
|
Net loss attributable to common stockholders |
|
$ |
(23,093 |
) |
|
$ |
(42,619 |
) |
|
$ |
(14,711 |
) |
|
Net loss per share available to common stockholders, basic and diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.06 |
) |
|
Weighted average shares used to compute net loss per share available to common stockholders, basic and diluted |
|
|
234,931 |
|
|
|
232,542 |
|
|
|
227,957 |
|
|
1 |
Including related party revenue of $288.0 million, $27.1 million, and $126.6 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively. |
|
2 |
Related party cost of revenue for the three months ended September 30, 2024, was inconsequential. There were no related party cost of revenue for the three months ended September 30, 2025, and the three months ended June 30, 2025. |
|
3 |
Including related party general and administrative expenses of $0.1 million, $0.2 million, and $0.2 million, for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively. |
|
4 |
Including related party interest expense of $0.1 million and $0.1 million, for the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively. Related party interest expense for the three months ended September 30, 2025, was inconsequential. |
|
5 |
Represent related party equity in loss of the joint ventures between Brookfield Asset Management and the Company. |
|
Condensed Consolidated Statement of Cash Flows (unaudited) (in thousands) |
||||||||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
Three Months Ended September |
|
Three Months Ended June |
|
Three Months Ended September |
||||||
|
Cash flows from operating activities: |
|
|
|
|
|
|
||||||
|
Net loss |
|
$ |
(22,960 |
) |
|
$ |
(42,192 |
) |
|
$ |
(14,632 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
||||||
|
Depreciation and amortization |
|
|
12,800 |
|
|
|
12,596 |
|
|
|
13,240 |
|
|
Non-cash lease expense |
|
|
8,057 |
|
|
|
8,384 |
|
|
|
9,175 |
|
|
Equity in loss of unconsolidated affiliates, net of distributions |
|
|
19,599 |
|
|
|
— |
|
|
|
— |
|
|
Loss (gain) on disposal of property, plant and equipment |
|
|
1 |
|
|
|
(22 |
) |
|
|
(17 |
) |
|
Revaluation of derivative contracts |
|
|
411 |
|
|
|
(112 |
) |
|
|
386 |
|
|
Stock-based compensation expense |
|
|
37,255 |
|
|
|
29,284 |
|
|
|
17,689 |
|
|
Amortization of debt issuance costs |
|
|
1,814 |
|
|
|
1,864 |
|
|
|
1,862 |
|
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
32,340 |
|
|
|
— |
|
|
Net gain on failed sale-and-leaseback transactions |
|
|
— |
|
|
|
(60 |
) |
|
|
(5,003 |
) |
|
Allowance for credit losses |
|
|
340 |
|
|
|
— |
|
|
|
— |
|
|
Inventory reserve and other assets impairment |
|
|
21,846 |
|
|
|
— |
|
|
|
— |
|
|
Unrealized foreign currency exchange loss (gain) |
|
|
2,703 |
|
|
|
(2,587 |
) |
|
|
(1,496 |
) |
|
Other |
|
|
(5 |
) |
|
|
— |
|
|
|
105 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||||||
|
Accounts receivable1 |
|
|
54,223 |
|
|
|
(132,161 |
) |
|
|
(67,064 |
) |
|
Contract assets2 |
|
|
(129,086 |
) |
|
|
13,821 |
|
|
|
(30,687 |
) |
|
Inventories |
|
|
(36,562 |
) |
|
|
(77,025 |
) |
|
|
(64,141 |
) |
|
Deferred cost of revenue3 |
|
|
4,310 |
|
|
|
34,600 |
|
|
|
7,796 |
|
|
Prepaid expenses and other |
|
|
(4,673 |
) |
|
|
11,236 |
|
|
|
(8,716 |
) |
|
Other long-term assets4 |
|
|
902 |
|
|
|
(1,430 |
) |
|
|
4,646 |
|
|
Operating lease right-of-use assets and operating lease liabilities5 |
|
|
(8,481 |
) |
|
|
(8,419 |
) |
|
|
(9,325 |
) |
|
Financing lease liabilities |
|
|
206 |
|
|
|
531 |
|
|
|
173 |
|
|
Accounts payable6 |
|
|
23,385 |
|
|
|
226 |
|
|
|
23,882 |
|
|
Accrued warranty7 |
|
|
2,689 |
|
|
|
1,710 |
|
|
|
2,621 |
|
|
Accrued expenses and other liabilities8 |
|
|
50,309 |
|
|
|
12,295 |
|
|
|
13,819 |
|
|
Deferred revenue and customer deposits9 |
|
|
(19,293 |
) |
|
|
(108,005 |
) |
|
|
36,231 |
|
|
Other long-term liabilities |
|
|
(121 |
) |
|
|
15 |
|
|
|
(13 |
) |
|
Net cash provided by (used in) operating activities |
|
|
19,669 |
|
|
|
(213,111 |
) |
|
|
(69,469 |
) |
|
Cash flows from investing activities: |
|
|
|
|
|
|
||||||
|
Purchase of property, plant and equipment |
|
|
(12,301 |
) |
|
|
(7,245 |
) |
|
|
(14,292 |
) |
|
Proceeds from sale of property, plant and equipment |
|
|
— |
|
|
|
33 |
|
|
|
14 |
|
|
Investments in unconsolidated affiliates |
|
|
(24,570 |
) |
|
|
— |
|
|
|
— |
|
|
Net cash used in investing activities |
|
|
(36,871 |
) |
|
|
(7,212 |
) |
|
|
(14,278 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
||||||
|
Proceeds from issuance of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Payment of debt issuance costs |
|
|
— |
|
|
|
(3,348 |
) |
|
|
(438 |
) |
|
Repayment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Proceeds from financing obligations |
|
|
— |
|
|
|
— |
|
|
|
464 |
|
|
Repayment of financing obligations |
|
|
(2,939 |
) |
|
|
(2,794 |
) |
|
|
(9,767 |
) |
|
Proceeds from issuance of common stock |
|
|
42,354 |
|
|
|
30 |
|
|
|
4,141 |
|
|
Dividend paid |
|
|
— |
|
|
|
(947 |
) |
|
|
— |
|
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net cash provided by (used in) financing activities |
|
|
39,415 |
|
|
|
(7,059 |
) |
|
|
(5,600 |
) |
|
Effect of exchange rate changes on cash, cash equivalent, and restricted cash |
|
|
(1,245 |
) |
|
|
2,071 |
|
|
|
694 |
|
|
Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
20,968 |
|
|
|
(225,311 |
) |
|
|
(88,653 |
) |
|
Cash, cash equivalents, and restricted cash: |
|
|
|
|
|
|
||||||
|
Beginning of period |
|
|
606,047 |
|
|
|
831,358 |
|
|
|
637,804 |
|
|
End of period |
|
$ |
627,015 |
|
|
$ |
606,047 |
|
|
$ |
549,151 |
|
|
1 |
Including changes in related party balances of $52.4 million, $9.5 million, and $1.4 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively. |
|
2 |
Including changes in related party balances of $88.2 million, $0.7 million, and $0.1 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively. |
|
3 |
Including changes in related party balances of $1.0 million, $0.6 million, and $0.2 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively. |
|
4 |
Including changes in related party balances of $8.7 million, $0.3 million, and $0.4 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively. |
|
5 |
Including changes in related party balances of $0.2 million for the three months ended June 30, 2025. There were no changes in related party balances for the three months ended September 30, 2025, and the three months ended September 30, 2024. |
|
6 |
Including changes in related party balances of $0.04 million and $0.04 million for the three months ended September 30, 2025, and the three months ended June 30, 2025, respectively. There were no changes in related party balances for the three months ended September 30, 2024. |
|
7 |
Including changes in related party balances of $1.3 million, $0.1 million, and $0.2 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively. |
|
8 |
Including changes in related party balances of $4.0 million, $1.8 million, and $1.8 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively. |
|
9 |
Including changes in related party balances of $8.1 million, $0.5 million, and $0.5 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively. |
Contacts
Investor Relations:
Michael Tierney
Bloom Energy
investor@bloomenergy.com
Media:
Katja Gagen
press@bloomenergy.com
