BE · 10-Q · 2026Q1 · Full report

Operating Expense Trends

Bloom Energy Corp · 2026-04-29 · Importance 71 · Surprise 82

Total stock‑based compensation expense increased $24.8 million in Q1 2026 versus prior year, driven principally by $14.4 million higher PSUs and RSUs and $2.0 million higher costs related to the 2018 ESPP, partially offset by a $0.1 million decrease in stock option expense. Management attributes the increase to new awards for executive officers, an increase in Bloom's share price, and higher employee participation in the ESPP, and capitalized a portion of the expense. The Company also identifies higher employee compensation and benefits as a driver of increases in R&D, sales and marketing, and G&A expense, citing hiring and activity to support AI data-center programs and expanded operations. These expense trends materially increased total operating expenses by $45.6 million (42.3%) year-over-year for the quarter.

Key facts

• Sales and marketing expense increased $16,174 thousand, or 72.6%, for the three months ended March 31, 2026 versus prior year
• Total operating expenses increased $45,577 thousand, or 42.3%, for the three months ended March 31, 2026 versus prior year
• Research and development expense increased $16,237 thousand, or 40.0%, for the three months ended March 31, 2026 versus prior year
• Total operating expenses for the three months ended March 31, 2026: $153,354 thousand
• Total operating expenses for the three months ended March 31, 2025: $107,777 thousand
• General and administrative expense increased $13,166 thousand, or 29.3%, for the three months ended March 31, 2026 versus prior year
• Increase in employee compensation and benefits across operating expenses was $28.9 million for the three months ended March 31, 2026, largely reflecting increased stock-based compensation
• Research and development expense for the three months ended March 31, 2026: $56,849 thousand

Impact estimates