BE · 10-Q · 2026Q1 · Full report

Stock-Based Compensation

Bloom Energy Corp · 2026-04-29 · Importance 77 · Surprise 82

Total stock-based compensation expense for Q1 2026 increased $24.8 million (77.0% YoY) to $57.0 million. The increase included $14.4 million from PSUs and RSUs and $2.0 million from the 2018 ESPP, with approximately $8.5 million capitalized or recorded in cash components. Stock-based compensation rose across cost of revenue ($10.4 million), R&D ($13.2 million), sales and marketing ($13.5 million), and G&A ($20.0 million). Management attributes the increase to new executive awards, a higher Bloom share price, and greater ESPP participation.

Key facts

• Total stock-based compensation increased $24,803 thousand, or 77.0%, for the three months ended March 31, 2026 versus prior year
• Stock-based compensation expense total for the three months ended March 31, 2026: $57,004 thousand
• Increase in stock-based compensation was predominantly related to an increase of $14.4 million for PSUs and RSUs and $2.0 million related to the 2018 ESPP for the three months ended March 31, 2026
• Stock-based compensation expense total for the three months ended March 31, 2025: $32,201 thousand
• Stock-based compensation in cost of revenue for the three months ended March 31, 2026: $10,405 thousand (increase of $5,576 thousand versus prior year)
• Stock-based compensation in research and development for the three months ended March 31, 2026: $13,158 thousand (increase of $5,331 thousand versus prior year)
• Stock-based compensation in sales and marketing for the three months ended March 31, 2026: $13,464 thousand (increase of $8,954 thousand versus prior year)
• Stock-based compensation in general and administrative for the three months ended March 31, 2026: $19,977 thousand (increase of $4,942 thousand versus prior year)

Impact estimates