BE · 10-Q · 2026Q1

Bloom Energy Corp

Filed 2026-04-29 · Technology

Ranked Events

• Partnerships and Joint Ventures (Brookfield)Importance 96 · Surprise 100
  Bloom made a $19.8 million investment in joint ventures formed with Brookfield (referenced in Note 7) during the period and the Company and Brookfield entered into JV structures during 2025. Projects executed through…
• Brookfield Joint Ventures and Project RevenueImportance 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.…
• Product revenue surgeImportance 88 · Surprise 82
  Product revenue grew $441.5 million (208.4%) year-over-year, driven by strong demand for Bloom Energy Server systems. Management attributes the increase largely to multiple projects executed through the joint venture…
• Gross Margin DriversImportance 88 · Surprise 82
  Total gross profit for Q1 2026 increased $136.8 million to $225.5 million, driven principally by a $151.8 million increase in product gross profit. Product gross profit improvement reflects higher Energy Server volumes…
• Revenue Performance and MixImportance 88 · Surprise 82
  Total revenue for the three months ended March 31, 2026 was $751.1 million, an increase of $425.0 million or 130.4% year-over-year. Product revenue grew $441.5 million (208.4% YoY) driven largely by demand for Bloom…
• Operating Cash Flow ImprovementImportance 82 · Surprise 82
  Net cash provided by operating activities in Q1 2026 was $73.6 million, a year‑over‑year improvement of $184.3 million from a use of $110.7 million in Q1 2025. The improvement was driven by working capital movements…
• Performance guarantees and service exposureImportance 79 · Surprise 66
  O&M agreements carry performance guarantees capped at approximately $583.3 million in aggregate, of which the company’s remaining potential payment exposure was approximately $470.9 million as of March 31, 2026. For…
• Manufacturing efficiency and automationImportance 78 · Surprise 74
  Product gross profit rose $151.8 million, aided not only by demand but by ongoing manufacturing efficiency and automation initiatives that reduced material, labor, and overhead costs. Management cites enhanced…
• Inventory build to manage lead timesImportance 78 · Surprise 66
  Inventory increased $88.6 million as Bloom built additional units to support anticipated 2026 demand and to manage supplier lead times. Management views the inventory build as strategic to support expected system…
• R&D and GTM investment in AI programsImportance 77 · Surprise 82
  Quarterly R&D expense rose $16.2 million (40.0%) and sales & marketing rose $16.2 million (72.6%), with management attributing part of the increase to consulting and professional services tied to AI data center power…
• Stock-Based CompensationImportance 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…
• Interest Income and Refinancing ImpactImportance 71 · Surprise 82
  Interest income for Q1 2026 increased by $12.0 million year‑over‑year to $20.6 million, primarily from investment earnings on higher cash and money market fund balances. The filing attributes the gain mainly to…
• Operating Expense TrendsImportance 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…
• Performance Guarantees and Underperformance RiskImportance 69 · Surprise 50
  Bloom discloses aggregate caps on performance guarantees under O&M agreements of approximately $583.3 million (including $473.2 million related to portfolio financing entities and $110.1 million related to all other…
• Commodity Pricing VolatilityImportance 64 · Surprise 56
  The Company reports commodity input pricing volatility in Q1 2026 across steel alloys, specialty metals, electronic components, natural gas‑linked inputs, and rare earth‑dependent materials, noting supplier pricing may…
• Performance Guarantee ExposureImportance 64 · Surprise 42
  Bloom’s O&M agreements include performance guarantees capped at approximately $583.3 million in aggregate, comprised of $473.2 million related to portfolio financing entities and $110.1 million related to other…
• Interest Rate and Refinancing ExposureImportance 60 · Surprise 60
  Interest income for Q1 2026 increased by $12.0 million versus prior year largely due to refinancing debt to a 0% coupon to 2030, which added $2.4 billion to average cash balances in money market funds. The Company…
• Liquidity and Cash PositionImportance 60 · Surprise 24
  As of March 31, 2026 Bloom Energy reported unrestricted cash and cash equivalents of $2,491.4 million (money market funds of $2,431.0 million) and recourse debt of $2,598.7 million. Management states the combination of…
• Electricity revenue decline and managed servicesImportance 59 · Surprise 82
  Electricity revenue decreased $17.1 million (63.3%) year-over-year for the quarter. Management attributes the decline primarily to a one‑time settlement of a customer contract after redeploying assets for a partner in…
• Working capital build / backlogImportance 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…

Revenue by Product (in thousands)