Bloom Energy Corp
bloomenergy.comWhat Do They Do?
Sells fuel-cell systems that generate onsite electricity and electrolyzers that produce hydrogen to data centers, utilities, and industrial customers.
10-K for FY2025, filed Feb 9, 2026Bloom Energy is a global leader in onsite power generation, delivering a foundational platform purpose-built for the digital era and the…View ↗
We design, manufacture, distribute, and operate the Bloom Energy Server to provide resilient, distributed power for critical operations.…View ↗
Across our markets for the Energy Server, the key macro trends described above are shaping the adoption of onsite power generation for our…View ↗
How Do They Make Money?
Most revenue comes from Energy Server product sales, counted when the customer accepts the system—at delivery, when it is ready for startup, or once it is operating, depending on the contract. Installation revenue is earned as work progresses; maintenance customers generally pay at the start of each service year, while electricity is billed as supplied.
10-K for FY2025, filed Feb 9, 2026Product Revenue—All of our product revenue is generated from the sale of our products to direct purchase customers, including financing…View ↗
Installation Revenue—Nearly all of our installation revenue relates to the installation of the Energy Server systems sold to the customers…View ↗
Payments from customers for the extended maintenance contracts are generally received at the beginning of each service year. Accordingly…View ↗
We recognize revenue from the satisfaction of performance obligations under our PPAs and Managed Services Financings to provide electricity…View ↗
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10-K for FY2025, filed Feb 9, 2026
FY2025 revenue by product or service ↗
$2B
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10-K for FY2025, filed Feb 9, 2026
$2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product
Sold outright
10-K for FY2025, filed Feb 9, 2026 |
76%
FY2022: 73%
|
Product, FY2025
$1.5B Sources
|
Sold outright |
|
Installation
Sold outright
10-K for FY2025, filed Feb 9, 2026 |
10%
FY2022: 7.7%
|
Installation, FY2025
$204.1M Sources
|
Sold outright |
|
Service
Recurring
10-K for FY2025, filed Feb 9, 2026 |
11%
FY2022: 13%
|
Service, FY2025
$228.3M Sources
|
Recurring |
|
Electricity
Usage-based
|
3.0%
FY2022: 6.3%
|
Electricity, FY2025
$60.4M Sources
|
Usage-based |
Who Are Their Customers?
Data center operators, utilities, and commercial and industrial businesses use Bloom’s systems. Bloom sells directly through its U.S. sales force and also to financiers, strategic partners, and distributors, some of whom provide systems to end users.
10-K for FY2025, filed Feb 9, 2026AI workloads are increasing demand for reliable, continuously available electricity, and operators are increasingly evaluating onsite…View ↗
C&I demand spans a diverse set of sectors—including advanced manufacturing, healthcare, retail, education, telecom and other critical…View ↗
As demand for power continues to grow, and time to power becomes increasingly important, utilities are exploring alternative means of…View ↗
We sell our products through a combination of direct and indirect sales channels. At present, most of our U.S. sales are through our direct…View ↗
We sell to financiers, strategic partners, distributors and directly to end user customers, all of whom we consider to be a customer. We…View ↗
10-K for FY2025, filed Feb 9, 2026
Customer Risk—During the year ended December 31, 2025, revenue from three customers*, the first of which is our related party (see Note…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $87.1M in FY2025, but brought in more cash than it spent: $57.1M of free cash flow.
10-K for FY2025, filed Feb 9, 2026
$72.8MView ↗
10-K for FY2025, filed Feb 9, 2026
−$87.1MView ↗
10-K for FY2025, filed Feb 9, 2026
$57.1MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Oct 22, 2026
$249MView ↗
- ▲ Now profitable
- vs −$23M in Q3 FY2025
10-Q for Q3 FY2026, filed Oct 22, 2026
Open tableView ↗
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Jul 28, 2026
Raises 2026 revenue guidance
Full-year guidance rises to $3.9B–$4.2B.
Sources
8-K, filed Jul 28, 2026
$3.9B - $4.2BView ↗
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Apr 28, 2026
Raises full-year 2026 revenue guidance
The revenue guidance range is $3.4B–$3.8B.
Sources
8-K, filed Apr 28, 2026
$3.4B - $3.8BView ↗
-
Mar 26, 2026
Appoints Simon Edwards as CFO
He is effective April 13, 2026.
Sources
8-K, filed Mar 26, 2026
On March 26, 2026, Bloom Energy Corporation (the “Company” or “Bloom”) issued a press release announcing that Simon Edwards has been…View ↗
Growing. Revenue grew 2.1x in 4 years, from $972.2M in FY2021 to $2B in FY2025, about 20% a year.
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