BE · 10-Q · 2026Q1 · Full report

Brookfield Joint Ventures and Project Revenue

Bloom Energy Corp · 2026-04-29 · Importance 96 · Surprise 100

Bloom entered joint venture structures with Brookfield (formed during 2025) and multiple projects executed through these JVs, including a major hyperscaler project, materially drove product revenue growth in Q1 2026. The company recorded increased product shipments and recognized revenue associated with JV-executed multi‑megawatt deployments that contributed to the $441.5 million product revenue increase. Bloom also records an equity pickup and elimination of intra‑entity profit related to sales to these Brookfield JVs under ASC 323 and the HLBV method, which appears in equity in loss of unconsolidated affiliates. The filing directs readers to Note 7—Investments in Unconsolidated Affiliates for JV accounting and operational details.

Key facts

• Net income attributable to noncontrolling interests for the three months ended March 31, 2026: $3,038 thousand (increase of $2,638 thousand, or 659.5% versus prior year)
• Investments in joint ventures between the Company and Brookfield during the three months ended March 31, 2026: $19.8 million
• Increase in product gross profit was attributed in part to multiple projects executed through the joint venture with Brookfield, including a major hyperscaler project
• Equity in loss of unconsolidated affiliates for the three months ended March 31, 2026: $(17,002) thousand

Impact estimates