Bloom Energy Corp 10-Q for FY2025 Q2

Bloom Energy Corp (BE)

10-Q 2025-07-31 For: 2025-06-30

Added on April 07, 2026

About this 10-Q

Bloom Energy Corp filed this 10-Q on July 31, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $401.24M; up 19.5% from $335.77M a year earlier
Net loss: $42.19M; compared with a net loss of $61.19M a year earlier
Diluted EPS: -$0.18; compared with -$0.27 a year earlier

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(Mark One)
þ			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
or
¨			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________to ____________


Delaware			77-0565408
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

4353 North First Street, San Jose, California			95134
(Address of principal executive offices)			(Zip Code)

(408) 543-1500
(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.0001 par value	BE	New York Stock Exchange


			Page
PART I — FINANCIAL INFORMATION
Item 1 — Financial Statements (unaudited)			3
Condensed Consolidated Balance Sheets			3
Condensed Consolidated Statements of Operations			4
Condensed Consolidated Statements of Comprehensive Loss			5
Condensed Consolidated Statements of Changes in Stockholders’ Equity			6
Condensed Consolidated Statements of Cash Flows			8
Notes to Unaudited Condensed Consolidated Financial Statements			9
Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations			32
Item 3 — Quantitative and Qualitative Disclosures About Market Risk			48
Item 4 — Controls and Procedures			48

PART II — OTHER INFORMATION
Item 1 — Legal Proceedings			49
Item 1A — Risk Factors			49
Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds			51
Item 3 — Defaults Upon Senior Securities			51
Item 4 — Mine Safety Disclosures			52
Item 5 — Other Information			52
Item 6 — Exhibits			53

Signatures			54


	June 30,		December 31,
	2025		2024
Assets
Current assets:
Cash and cash equivalents1	$	574,764	$	802,851
Restricted cash	1,128		110,622
Accounts receivable, less allowance for credit losses of $119 as of June 30, 2025, and December 31, 20241, 2	467,038		335,841
Contract assets3	129,798		145,162
Inventories1	689,963		544,656
Deferred cost of revenue	30,525		58,792
Prepaid expenses and other current assets1, 4	40,070		46,203
Total current assets	1,933,286		2,044,127
Property, plant and equipment, net1	402,880		403,475
Operating lease right-of-use assets1, 5	117,280		122,489
Restricted cash	30,155		37,498
Deferred cost of revenue	1,511		3,629
Other long-term assets1, 6	45,310		46,136
Total assets	$	2,530,422	$	2,657,354
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable1, 7	$	144,781	$	92,704
Accrued warranty8	11,993		16,559
Accrued expenses and other current liabilities1, 9	116,619		138,450
Deferred revenue and customer deposits10	59,964		243,314
Operating lease liabilities1, 11	21,201		19,642
Financing obligations	29,074		11,704
Recourse debt	2,229		114,385
Non-recourse debt1, 12	1,478		—
Total current liabilities	387,339		636,758
Deferred revenue and customer deposits1, 13	47,649		43,105
Operating lease liabilities1, 14	117,452		124,523
Financing obligations	219,894		244,132
Recourse debt	1,126,234		1,010,350
Non-recourse debt1, 15	2,956		4,057
Other long-term liabilities	9,468		9,213
Total liabilities	1,910,992		2,072,138
Commitments and contingencies (Note 11)
Stockholders’ equity:

Common stock: $0.0001 par value; Class A shares — 600,000,000 shares authorized, and 233,661,168 shares and 229,142,474 shares issued and outstanding, and Class B shares — 470,092,742 shares authorized, and no shares issued and outstanding at June 30, 2025, and December 31, 2024, respectively	23		23
Additional paid-in capital	4,560,346		4,462,659
Accumulated other comprehensive loss	(806)		(2,593)
Accumulated deficit	(3,964,982)		(3,897,618)
Total equity attributable to common stockholders	594,581		562,471
Noncontrolling interest	24,849		22,745
Total stockholders’ equity	$	619,430	$	585,216
Total liabilities and stockholders’ equity	$	2,530,422	$	2,657,354


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

Revenue:
Product	$	296,611	$	226,308	$	508,480	$	379,672
Installation	37,372		42,733		71,023		54,177
Service	54,449		52,531		107,997		108,991
Electricity	12,810		14,195		39,763		28,225
Total revenue1	401,242		335,767		727,263		571,065
Cost of revenue:
Product	198,746		161,332		338,319		277,089
Installation	38,224		44,298		71,539		59,651
Service	49,408		52,401		102,266		108,907
Electricity	7,741		9,214		19,309		18,820
Total cost of revenue2	294,119		267,245		531,433		464,467
Gross profit	107,123		68,522		195,830		106,598
Operating expenses:
Research and development	40,768		37,364		81,380		72,849
Sales and marketing	24,066		17,901		46,331		31,500
General and administrative3	45,792		36,385		90,692		74,394
Total operating expenses	110,626		91,650		218,403		178,743
Loss from operations	(3,503)		(23,128)		(22,573)		(72,145)
Interest income	6,623		6,430		15,176		13,961
Interest expense4	(14,440)		(15,376)		(28,851)		(29,922)
Other income (expense), net	2,373		(985)		4,421		(2,155)
Loss on extinguishment of debt	(32,340)		(27,182)		(32,340)		(27,182)
Gain (loss) on revaluation of embedded derivatives	112		(88)		9		70
Loss before income taxes	(41,175)		(60,329)		(64,158)		(117,373)
Income tax provision	1,017		856		1,448		355
Net loss	(42,192)		(61,185)		(65,606)		(117,728)
Less: Net income attributable to noncontrolling interest	427		602		827		1,583
Net loss attributable to common stockholders	$	(42,619)	$	(61,787)	$	(66,433)	$	(119,311)
Net loss per share available to common stockholders, basic and diluted	$	(0.18)	$	(0.27)	$	(0.29)	$	(0.53)
Weighted average shares used to compute net loss per share available to common stockholders, basic and diluted	232,542		227,167		231,383		226,377


	Three Months Ended June 30, 2025
		Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Equity Attributable to Common Stockholders		Noncontrolling Interest		Total Stockholders’ Equity
		Shares	Amount
Balances at March 31, 2025		231,969,446	$	23	$	4,502,881	$	(2,270)	$	(3,922,363)	$	578,271	$	23,184	$	601,455
Issuance of restricted stock awards		1,679,509	—		—		—		—		—		—		—
Exercise of stock options		12,213	—		30		—		—		30		—		30
Stock-based compensation expense		—	—		29,188		—		—		29,188		—		29,188
Premium on convertible debt (Note 7)		—	—		28,247		—		—		28,247		—		28,247
Foreign currency translation adjustment		—	—		—		1,464		—		1,464		1,238		2,702
Net (loss) income		—	—		—		—		(42,619)		(42,619)		427		(42,192)
Balances at June 30, 2025		233,661,168	$	23	$	4,560,346	$	(806)	$	(3,964,982)	$	594,581	$	24,849	$	619,430


	Three Months Ended June 30, 2024
		Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Equity Attributable to Common Stockholders		Noncontrolling Interest		Total Stockholders’ Equity
		Shares	Amount
Balances at March 31, 2024		226,933,763	$	21	$	4,394,148	$	(2,139)	$	(3,925,915)	$	466,115	$	23,035	$	489,150
Issuance of restricted stock awards		604,077	2		—		—		—		2		—		2

Exercise of stock options		18,754	—		157		—		—		157		—		157
Stock-based compensation expense		—	—		18,928		—		—		18,928		—		18,928
Foreign currency translation adjustment		—	—		—		(162)		—		(162)		(340)		(502)
Net (loss) income		—	—		—		—		(61,787)		(61,787)		602		(61,185)
Balances at June 30, 2024		227,556,594	$	23	$	4,413,233	$	(2,301)	$	(3,987,702)	$	423,253	$	23,297	$	446,550


	Six Months Ended June 30, 2025
		Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Equity Attributable to Common Stockholders		Noncontrolling Interest		Total Stockholders’ Equity
		Shares	Amount
Balances at December 31, 2024		229,142,474	$	23	$	4,462,659	$	(2,593)	$	(3,897,618)	$	562,471	$	22,745	$	585,216
Issuance of restricted stock awards		3,723,916	—		—		—		—		—		—		—
ESPP purchase		630,607	—		6,417		—		—		6,417		—		6,417
Exercise of stock options		164,171	—		1,264		—		—		1,264		—		1,264
Stock-based compensation		—	—		61,759		—		—		61,759		—		61,759
Accrued dividend		—	—		—		—		(1,024)		(1,024)		—		(1,024)
Legal reserve		—	—		—		—		93		93		—		93
Premium on convertible debt (Note 7)		—	—		28,247		—		—		28,247		—		28,247
Foreign currency translation adjustment		—	—		—		1,787		—		1,787		1,277		3,064
Net (loss) income		—	—		—		—		(66,433)		(66,433)		827		(65,606)
Balances at June 30, 2025		233,661,168	$	23	$	4,560,346	$	(806)	$	(3,964,982)	$	594,581	$	24,849	$	619,430


	Six Months Ended June 30, 2024
		Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Equity Attributable to Common Stockholders		Noncontrolling Interest		Total Stockholders’ Equity
		Shares	Amount
Balances at December 31, 2023		224,717,533	$	21	$	4,370,343	$	(1,687)	$	(3,866,599)	$	502,078	$	18,592	$	520,670
Issuance of restricted stock awards		2,087,979	2		—		—		—		2		—		2
ESPP purchase		632,688	—		6,297		—		—		6,297		—		6,297
Exercise of stock options		118,394	—		676		—		—		676		—		676
Stock-based compensation		—	—		35,917		—		—		35,917		—		35,917
Contributions from noncontrolling interest		—	—		—		—		—		—		3,958		3,958
Accrued dividend		—	—		—		—		(1,620)		(1,620)		—		(1,620)
Legal reserve		—	—		—		—		147		147		—		147
Subsidiary liquidation		—	—		—		—		(319)		(319)		—		(319)
Foreign currency translation adjustment		—	—		—		(614)		—		(614)		(836)		(1,450)
Net (loss) income		—	—		—		—		(119,311)		(119,311)		1,583		(117,728)
Balances at June 30, 2024		227,556,594	$	23	$	4,413,233	$	(2,301)	$	(3,987,702)	$	423,253	$	23,297	$	446,550


	Fair Value Measured at Reporting Date Using
June 30, 2025	Level 1		Level 2		Level 3		Total

Assets
Cash equivalents:
Money market funds	$	520,552	$	—	$	—	$	520,552
	$	520,552	$	—	$	—	$	520,552
Liabilities
Derivatives:
Embedded EPP derivatives	$	—	$	—	$	5,061	$	5,061
	$	—	$	—	$	5,061	$	5,061


	Fair Value Measured at Reporting Date Using
December 31, 2024	Level 1		Level 2		Level 3		Total

Assets
Cash equivalents:
Money market funds	$	749,358	$	—	$	—	$	749,358
	$	749,358	$	—	$	—	$	749,358
Liabilities
Derivatives:
Embedded EPP derivatives	$	—	$	—	$	5,070	$	5,070
	$	—	$	—	$	5,070	$	5,070


	Embedded EPP Derivative Liability

Liabilities at December 31, 2024	$	5,070
Changes in fair value	(9)
Liabilities at June 30, 2025	$	5,061


	June 30, 2025				December 31, 2024
	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value

Debt instruments
Recourse:
3.0% Green Convertible Senior Notes due June 2029	$	505,165	$	693,955	$	391,239	$	532,789
3.0% Green Convertible Senior Notes due June 2028	621,069		945,651		619,111		872,344
2.5% Green Convertible Senior Notes due August 2025	2,229		3,308		114,385		163,875
Non-recourse:
4.6% Term Loan due October 2026	$	2,956	$	3,085	$	2,705	$	2,856
4.6% Term Loan due April 2026	1,478		1,596		1,352		1,482


Balances at December 31, 2024	$	16,559
Accrued warranty, net and product performance liabilities	9,985
Product performance expenditures during the period	(14,551)
Balances at June 30, 2025	$	11,993


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

Beginning balance	$	143,619	$	33,788	$	145,162	$	41,366
Transferred to accounts receivable from contract assets recognized at the beginning of the period	(63,017)		(3,148)		(85,069)		(21,295)
Revenue recognized and not billed as of the end of the period	49,196		59,748		69,705		70,317
Ending balance	$	129,798	$	90,388	$	129,798	$	90,388


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024

Beginning balance	$	59,008	$	59,468	$	66,304	$	72,328
Additions	321,035		229,429		530,920		405,914
Revenue recognized	(323,871)		(232,932)		(541,052)		(422,277)
Ending balance	$	56,172	$	55,965	$	56,172	$	55,965


	June 30,		December 31,
	2025		2024

Raw materials	$	318,127	$	315,735
Work-in-progress	89,681		79,601
Finished goods	282,155		149,320
	$	689,963	$	544,656


	June 30,		December 31,
	2025		2024

Tax receivables	$	6,379	$	4,981
Prepaid hardware and software maintenance	5,267		7,972
Prepaid managed services	3,338		5,230
Prepaid corporate insurance	3,283		6,774
Receivables from employees	1,951		3,259
Interest receivable	1,781		1,316
Prepaid deferred commissions	1,113		1,123
Deferred expenses	961		1,215
Prepaid medical insurance	389		177
Deposits made	300		348
Prepaid workers compensation	172		620
Other prepaid expenses and other current assets	15,136		13,188
	$	40,070	$	46,203


	Unpaid Principal Balance		Net Carrying Value						Interest Rate	Maturity Dates	Entity
			Current		Long- Term		Total

3.0% Green Convertible Senior Notes due June 2029	$	518,225	$	—	$	505,165	$	505,165	3.0%	June 2029	Company
3.0% Green Convertible Senior Notes due June 2028	632,500		—		621,069		621,069		3.0%	June 2028	Company
2.5% Green Convertible Senior Notes due August 2025	2,231		2,229		—		2,229		2.5%	August 2025	Company
Total recourse debt	1,152,956		2,229		1,126,234		1,128,463
4.6% Term Loan due October 2026	2,956		—		2,956		2,956		4.6%	October 2026	Korean JV
4.6% Term Loan due April 2026	1,478		1,478		—		1,478		4.6%	April 2026	Korean JV
Total non-recourse debt	4,434		1,478		2,956		4,434
Total debt	$	1,157,390	$	3,707	$	1,129,190	$	1,132,897


Remainder of 2025	$	2,231
2026	4,434
2027	—
2028	632,500
2029	518,225
Thereafter	—
	$	1,157,390


	Operating Leases		Finance Leases


Remainder of 2025	$	17,122	$	738
2026	34,091		1,293
2027	33,622		1,139
2028	27,784		810
2029	21,080		500
2030	18,832		19
Thereafter	41,083		—
Total minimum lease payments	193,614		4,499
Less: amounts representing interest or imputed interest	(54,961)		(649)
Present value of lease liabilities	$	138,653	$	3,850


	Financing Obligations

Remainder of 2025	$	12,501
2026	23,448
2027	17,577
2028	11,913
2029	7,267
Thereafter	19,647
Total minimum lease payments	92,353
Less: imputed interest	(45,304)
Present value of net minimum lease payments	47,049
Less: current financing obligations	(29,060)
Long-term financing obligations	$	17,989


	Outstanding Options
	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value
	(in thousands)
Balances at December 31, 2024	7,432,821	$	18.72	4.1	$	53,453
Granted	100,000	20.33
Exercised	(164,171)	7.82
Forfeited / Expired	(141,261)	30.52
Balances at June 30, 2025	7,227,389	18.71		3.8	58,370
Vested and expected to vest at June 30, 2025	7,004,275	18.96		3.7	55,427
Exercisable at June 30, 2025	6,148,785	$	20.14	3.0	$	43,908


	Number of Awards Outstanding	Weighted Average Grant Date Fair Value

Unvested Balance at December 31, 2024	12,896,465	$	16.29
Granted	4,519,482	20.30
Vested	(3,723,916)	14.38
Forfeited	(1,762,198)	14.06
Unvested Balance at June 30, 2025	11,929,833	$	18.27


						Plan Shares Available for Grant

Balances at December 31, 2024						35,263,475
Added to plan						9,978,870
Granted						(4,638,480)
Cancelled/Forfeited						1,921,841
Expired						(145,506)
Balances at June 30, 2025						42,380,200


	Three Months Ended				Change				Six Months Ended				Change
	June 30,								June 30,
	2025		2024		Amount		%		2025		2024		Amount		%
	(dollars in thousands)								(dollars in thousands)
Product	$	296,611	$	226,308	$	70,303	31.1	%	$	508,480	$	379,672	$	128,808	33.9	%
Installation	37,372		42,733		(5,361)		(12.5)	%	71,023		54,177		16,846		31.1	%
Service	54,449		52,531		1,918		3.7	%	107,997		108,991		(994)		(0.9)	%
Electricity	12,810		14,195		(1,385)		(9.8)	%	39,763		28,225		11,538		40.9	%
Total revenue	$	401,242	$	335,767	$	65,475	19.5	%	$	727,263	$	571,065	$	156,198	27.4	%


*			The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.