BE · 10-Q · 2026Q1 · Full report

Working capital build / backlog

Bloom Energy Corp · 2026-04-29 · Importance 59 · Surprise 48

Operating cash flow benefited from business-driven changes in working capital totaling $41.3 million, including sizable increases in deferred revenue/customer deposits and inventories. Deferred revenue and customer deposits rose $93.1 million, while accounts receivable and contract assets increased $51.9 million due to milestone billing timing and customer acceptance cycles. These movements indicate higher upfront billings and an order mix with more projects requiring deposits, implying a larger near-term backlog and staged revenue recognition. The company also noted increases in prepaid expenses tied to expanded field service activity.

Key facts

• Inventories increased by $23.0 million year-over-year in working capital variances for the three months ended March 31, 2026