BE · 10-Q · 2026Q1 · Full report
Working Capital Movements
Bloom Energy Corp · 2026-04-29 · Importance 59 · Surprise 48
Q1 2026 operating cash flows were materially affected by working capital changes totaling $41.3 million in the period, including a $93.1 million increase in deferred revenue and customer deposits and an $88.6 million increase in inventory to build units for anticipated 2026 demand. Prepaid expenses and other current assets rose $54.2 million due to upfront service payments aligned with expanding field service activity, and accounts receivable and contract assets increased $51.9 million from milestone billing timing and customer acceptance cycles. These were partially offset by a $53.9 million timing benefit from vendor payments and a $7.3 million decrease in deferred cost of revenue as systems reached acceptance milestones.
Key facts
- Deferred revenue and customer deposits increased by $93.1 million for the three months ended March 31, 2026
- For the three months ended March 31, 2026, business-driven changes in working capital totaled $41.3 million
- Prepaid expenses and other current assets increased by $54.2 million for the three months ended March 31, 2026
- Accounts receivable and contract assets increased by $51.9 million for the three months ended March 31, 2026
- Timing of vendor payments benefited cash by $53.9 million for the three months ended March 31, 2026
- Contract assets increased by $63.1 million year-over-year in working capital variances for the three months ended March 31, 2026
- Prepaid expenses and other current assets increased by $49.1 million year-over-year in working capital variances for the three months ended March 31, 2026
- Accounts payable and accrued expenses increased by $37.0 million year-over-year in working capital variances for the three months ended March 31, 2026
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -2.0% | Deferred revenue and customer deposits increased by $93.1 million for the three months ended March 31, 2026 |
| assets | positive | realized | +1.4% | Contract assets increased by $63.1 million year-over-year in working capital variances for the three months ended March 31, 2026 |
| assets | positive | realized | +1.2% | Prepaid expenses and other current assets increased by $54.2 million for the three months ended March 31, 2026 |
| assets | positive | realized | +1.1% | Accounts receivable and contract assets increased by $51.9 million for the three months ended March 31, 2026 |
| assets | positive | realized | +1.1% | Prepaid expenses and other current assets increased by $49.1 million year-over-year in working capital variances for the three months… |
| cash | positive | realized | +0.9% | For the three months ended March 31, 2026, business-driven changes in working capital totaled $41.3 million |