Bloom Energy Corp 10-Q for FY2026 Q3

Bloom Energy Corp (BE)

10-Q 2026-10-22 For: 2026-09-30

Added on October 22, 2026

About this 10-Q

Bloom Energy Corp filed this 10-Q on October 22, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Bloom Energy reported unrestricted cash and cash equivalents of $2,486.7 million as of September 30, 2026 and operating cash flow of $272.9 million for the nine months ended September 30, 2026. It expects cash and operating cash flow to meet anticipated needs for at least the next 12 months. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.24B; up 138.1% from $519.05M a year earlier
Net income: $248.98M; compared with a net loss of $22.96M a year earlier
Diluted EPS: $0.78; compared with -$0.10 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 September 30, 2026
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
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 Income (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			39
Item 3—Quantitative and Qualitative Disclosures About Market Risk			54
Item 4—Controls and Procedures			54

PART II—OTHER INFORMATION
Item 1—Legal Proceedings			55
Item 1A—Risk Factors			55
Item 2—Unregistered Sales of Equity Securities and Use of Proceeds			55
Item 3—Defaults Upon Senior Securities			55
Item 4—Mine Safety Disclosures			55
Item 5—Other Information			55
Item 6—Exhibits			56

Signatures			57


	September 30,		December 31,
	2026		2025

Assets
Current assets:
Cash and cash equivalents1	$	2,486,702	$	2,454,108
Restricted cash	852		1,973
Accounts receivable, less allowance for credit losses of $2,998 and $460 as of September 30, 2026 and December 31, 2025, respectively1, 2	634,743		371,796
Contract assets3	792,833		178,928
Inventories1	927,670		643,306
Deferred cost of revenue10	95,743		30,651
Customer consideration asset13	90,967		—
Prepaid expenses and other current assets1, 4	178,244		49,805
Total current assets	5,207,754		3,730,567
Property, plant and equipment, net1	539,726		398,507
Investments in unconsolidated affiliates11	28,236		10,037
Operating lease right-of-use assets1	99,947		108,541
Restricted cash	20,592		25,499
Contract assets5	65,813		62,258
Deferred cost of revenue	21,867		4,099
Customer consideration asset13	215,533		—
Other long-term assets1, 6	372,115		57,203
Total assets	$	6,571,583	$	4,396,711
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable1	$	493,033	$	203,129
Accrued warranty7	70,267		20,013
Accrued expenses and other current liabilities1, 8	479,782		222,254
Deferred revenue and customer deposits9	278,985		100,975
Operating lease liabilities1	24,022		22,000
Financing obligations	42,783		51,308

Non-recourse debt1	2,950		4,153
Total current liabilities	1,391,822		623,832
Deferred revenue and customer deposits	475,395		42,840
Operating lease liabilities1	96,509		106,935
Financing obligations	142,212		192,460
Recourse debt	2,473,499		2,613,726

Deferred profit in transactions with unconsolidated affiliates12	20,062		13,928
Other long-term liabilities	8,974		10,027
Total liabilities	$	4,608,473	$	3,603,748
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock: 0.0001 par value; 600,000,000 shares authorized, and 295,537,217 shares and 280,045,459 shares issued and outstanding, at September 30, 2026 and December 31, 2025, respectively14	30		28
Additional paid-in capital	5,403,998		4,755,965
Accumulated other comprehensive loss	(457)		(369)
Accumulated deficit	(3,470,694)		(3,986,983)
Total stockholders’ equity attributable to common stockholders	1,932,877		768,641
Noncontrolling interest	30,233		24,322
Total stockholders’ equity	$	1,963,110	$	792,963
Total liabilities and stockholders’ equity	$	6,571,583	$	4,396,711


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025

Revenue:
Product	$	1,073,610	$	384,314	$	2,662,371	$	892,794
Installation	84,855		65,773		161,764		136,796
Service	67,557		58,607		198,459		166,604
Electricity	9,815		10,354		29,662		50,117
Total revenue1	1,235,837		519,048		3,052,256		1,246,311
Cost of revenue:
Product	666,978		249,794		1,690,167		588,113
Installation	88,954		59,921		176,863		131,460
Service	55,508		51,834		165,320		154,100
Electricity	7,293		5,824		21,686		25,133
Total cost of revenue	818,733		367,373		2,054,036		898,806
Gross profit	417,104		151,675		998,220		347,505
Operating expenses:
Research and development	64,146		48,724		179,868		130,104
Sales and marketing	52,409		41,995		133,893		88,326
General and administrative2	75,100		53,110		204,583		143,802
Total operating expenses	191,655		143,829		518,344		362,232
Income (loss) from operations	225,449		7,846		479,876		(14,727)
Interest income	22,129		5,292		63,611		20,468
Interest expense3	(7,525)		(14,390)		(25,035)		(43,241)
Equity in loss of unconsolidated affiliates4	(2,897)		(19,599)		(15,553)		(19,599)
Other income (expense), net	12,627		(1,362)		21,131		3,059
Loss on extinguishment of debt	—		—		—		(32,340)

Gain (loss) on revaluation of embedded derivatives	10		(411)		225		(402)
Income (loss) before income taxes	249,793		(22,624)		524,255		(86,782)
Income tax provision	817		336		2,732		1,784
Net income (loss)	248,976		(22,960)		521,523		(88,566)
Less: Net (loss) income attributable to noncontrolling interest	(1,295)		133		4,309		960
Net income (loss) attributable to common stockholders	$	250,271	$	(23,093)	$	517,214	$	(89,526)
Net earnings (loss) per share available to common stockholders:
Basic	$	0.85	$	(0.10)	$	1.80	$	(0.38)
Diluted	$	0.78	$	(0.10)	$	1.64	$	(0.38)
Weighted average shares used to compute net earnings (loss) per share available to common stockholders:
Basic	294,757		234,931		287,970		232,579
Diluted	324,289		234,931		323,307		232,579


	Three Months Ended September 30, 2026
	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Accumulated Deficit		Total Equity Attributable to Common Stockholders		Noncontrolling Interest		Total Stockholders’ Equity
	Shares	Amount
Balances at June 30, 2026	293,354,001	$	29	$	5,332,587	$	347	$	(3,720,965)	$	1,611,998	$	28,673	$	1,640,671
Issuance of restricted stock awards	816,783	1		—		—		—		1		—		1
ESPP purchase	166,063	—		8,971		—		—		8,971		—		8,971
Exercise of stock options	81,125	—		1,810		—		—		1,810		—		1,810
Stock-based compensation	—	—		56,300		—		—		56,300		—		56,300


Conversions of the Green Notes (Note 8)	1,119,245	—		4,850		—		—		4,850		—		4,850
Share-based consideration payable to customer’s customer (Note 3)	—	—		(520)		—		—		(520)		—		(520)

Foreign currency translation adjustment	—	—		—		(804)		—		(804)		2,855		2,051
Net income (loss)	—	—		—		—		250,271		250,271		(1,295)		248,976
Balances at September 30, 2026	295,537,217	$	30	$	5,403,998	$	(457)	$	(3,470,694)	$	1,932,877	$	30,233	$	1,963,110



	Three Months Ended September 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 June 30, 2025	233,661,168	$	23	$	4,560,346	$	(806)	$	(3,964,982)	$	594,581	$	24,849	$	619,430
Issuance of restricted stock awards	634,737	1		—		—		—		1		—		1
ESPP purchase	443,322	—		4,937		—		—		4,937		—		4,937
Exercise of stock options	1,479,996	—		37,416		—		—		37,416		—		37,416
Stock-based compensation	—	—		37,371		—		—		37,371		—		37,371
Conversion of 2.5% Green Convertible Senior Notes due August 2025 to common stock	137,606	—		2,230		—		—		2,230		—		2,230
Foreign currency translation adjustment	—	—		—		(373)		—		(373)		(573)		(946)
Net (loss) income	—	—		—		—		(23,093)		(23,093)		133		(22,960)
Balances at September 30, 2025	236,356,829	$	24	$	4,642,300	$	(1,179)	$	(3,988,075)	$	653,070	$	24,409	$	677,479


	Nine Months Ended September 30, 2026
	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, 2025	280,045,459	$	28	$	4,755,965	$	(369)	$	(3,986,983)	$	768,641	$	24,322	$	792,963
Issuance of restricted stock awards	3,849,222	1		—		—		—		1		—		1
ESPP purchase	810,714	—		17,044		—		—		17,044		—		17,044
Exercise of stock options	881,422	—		16,896		—		—		16,896		—		16,896
Stock-based compensation	—	—		156,710		—		—		156,710		—		156,710
Accrued dividend	—	—		—		—		(994)		(994)		—		(994)
Legal reserve	—	—		—		—		92		92		—		92
Conversions of the Green Notes (Note 8)	7,796,169	1		149,481		—		—		149,482		—		149,482
Share-based consideration payable to customer’s customer (Note 3)	—	—		307,902		—		—		307,902		—		307,902
Issuance of common stock upon warrant exercise, including incremental shares (cashless) (Note 3)	2,154,231	—		—		—		—		—		—		—
Foreign currency translation adjustment	—	—		—		(88)		(23)		(111)		1,602		1,491
Net income	—	—		—		—		517,214		517,214		4,309		521,523
Balances at September 30, 2026	295,537,217	$	30	$	5,403,998	$	(457)	$	(3,470,694)	$	1,932,877	$	30,233	$	1,963,110



	Nine Months Ended September 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	4,358,653	1		—		—		—		1		—		1
ESPP purchase	1,073,929	—		11,354		—		—		11,354		—		11,354
Exercise of stock options	1,644,167	—		38,680		—		—		38,680		—		38,680
Stock-based compensation	—	—		99,130		—		—		99,130		—		99,130
Accrued dividend	—	—		—		—		(1,024)		(1,024)		—		(1,024)
Legal reserve	—	—		—		—		93		93		—		93
Premium on convertible debt	—	—		28,247		—		—		28,247		—		28,247
Conversion of 2.5% Green Convertible Senior Notes due August 2025 to common stock	137,606	—		2,230		—		—		2,230		—		2,230
Foreign currency translation adjustment	—	—		—		1,414		—		1,414		704		2,118
Net (loss) income	—	—		—		—		(89,526)		(89,526)		960		(88,566)
Balances at September 30, 2025	236,356,829	$	24	$	4,642,300	$	(1,179)	$	(3,988,075)	$	653,070	$	24,409	$	677,479


	April 9,	December 31,
	2026	2025

Risk-free interest rate	3.7%	3.6%
Expected term (years)	0.5	0.5
Expected dividend yield	—	—
Expected volatility	115.0%	96.2%


	Fair Value Measured at Reporting Date Using
September 30, 2026	Level 1		Level 2		Level 3		Total

Assets
Cash equivalents:
Money market funds	$	2,367,804	$	—	$	—	$	2,367,804
Liabilities
Derivatives:
Embedded EPP derivatives	$	—	$	—	$	4,889	$	4,889


	Fair Value Measured at Reporting Date Using
December 31, 2025	Level 1		Level 2		Level 3		Total

Assets
Cash equivalents:
Money market funds	$	2,386,583	$	—	$	—	$	2,386,583
Liabilities
Derivatives:
Embedded EPP derivatives	$	—	$	—	$	5,607	$	5,607


	Embedded EPP Derivative Liability

Liabilities at December 31, 2025	$	5,607
EPP liability settlement	(493)
Changes in fair value	(225)
Liabilities at September 30, 2026	$	4,889


	September 30, 2026				December 31, 2025
	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value

Debt instruments
Recourse:
0% Convertible Senior Notes due November 20301	$	2,450,891	$	4,155,551	$	2,442,091	$	2,140,536
3.0% Green Convertible Senior Notes due June 20291	22,608		304,704		73,473		313,740
3.0% Green Convertible Senior Notes due June 20281	—		—		98,162		456,764
Non-recourse:
4.6% Term Loan due October 2026	2,950		3,355		2,769		3,009
4.6% Term Loan due April 2026	$	—	$	—	$	1,384	$	1,550


	Nine Months Ended
	September 30,
	2026		2025


Cash flows from operating activities:
Net income (loss)	$	521,523	$	(88,566)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	40,830		37,382
Non-cash lease expense	25,888		24,509
Equity in loss of unconsolidated affiliates	15,553		19,599




Stock-based compensation expense	157,641		96,593
Amortization of debt issuance costs	9,978		5,537
Loss on extinguishment of debt	—		32,340

Net gain on failed sale-and-leaseback transactions	(22,927)		(827)
Share-based consideration payable to customer’s customer (Note 3)12	1,402		—
Allowance for credit losses	3,080		340
Inventory reserve and asset impairments	3,143		21,846
Unrealized foreign currency exchange loss (gain)	1,391		(2,092)
Other11	879		452
Changes in operating assets and liabilities:
Accounts receivable1	(264,825)		(75,681)
Contract assets2	(618,002)		(113,722)
Inventories	(285,458)		(179,162)
Deferred cost of revenue3	(82,697)		34,409
Prepaid expenses and other current assets4	(128,439)		1,461

Other long-term assets5	(274,668)		1,728
Operating lease right-of-use assets and operating lease liabilities	(25,699)		(25,235)
Financing lease liabilities	469		1,188
Accounts payable	285,086		76,175
Accrued warranty6	50,254		(1,877)
Accrued expenses and other current liabilities7	248,149		27,723
Deferred revenue and customer deposits8	610,565		(198,100)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025

Beginning balance	$	428,298	$	129,798	$	241,186	$	145,162
Transferred to accounts receivable from contract assets recognized at the beginning of the period	(33,539)		(31,638)		(108,584)		(99,699)
Revenue recognized and not billed as of the end of the period	463,887		160,724		726,044		213,421

Ending balance	$	858,646	$	258,884	$	858,646	$	258,884


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025

Beginning balance	$	84,478	$	56,172	$	65,608	$	66,304
Additions	1,147,259		331,487		2,447,700		862,407
Revenue recognized	(1,138,711)		(333,984)		(2,420,282)		(875,036)
Ending balance	$	93,026	$	53,675	$	93,026	$	53,675


	September 30,		December 31,
	2026		2025

Raw materials	$	613,086	$	351,757
Work-in-progress	104,271		125,036
Finished goods	210,313		166,513
	$	927,670	$	643,306


Balances at December 31, 2025	$	20,013
Accrued warranty, net1 and product performance liabilities	71,601
Product performance expenditures during the period	(21,347)
Balances at September 30, 2026	$	70,267


Balances at December 31, 2025	$	10,037
Current period investment in unconsolidated affiliates	28,015
Equity in loss of unconsolidated affiliates	(15,553)
Cash distributions received	(989)
Deferred profit in transactions with unconsolidated affiliates	6,134
Accrued expenses and other current liabilities	592
Balances at September 30, 2026	$	28,236


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

0% Convertible Senior Notes due November 2030	$	2,500,000	$	—	$	2,450,891	$	2,450,891	0.0%	November 2030	Company
3.0% Green Convertible Senior Notes due June 2029	22,771		—		22,608		22,608		3.0%	June 2029	Company

Total recourse debt	2,522,771		—		2,473,499		2,473,499
4.6% Term Loan due October 2026	2,950		2,950		—		2,950		4.6%	October 2026	Korean JV

Total non-recourse debt	2,950		2,950		—		2,950
Total debt	$	2,525,721	$	2,950	$	2,473,499	$	2,476,449


Remainder of 2026	$	2,950
2027	—
2028	—
2029	22,771
2030	2,500,000
2031	—
Thereafter	—
	$	2,525,721


	Operating Leases		Finance Leases


Remainder of 2026	$	8,650	$	441
2027	35,204		1,707
2028	29,912		1,432
2029	23,294		1,117
2030	21,240		585
2031	15,337		47
Thereafter	28,078		—
Total minimum lease payments	161,715		5,329
Less: amounts representing interest or imputed interest	(41,184)		(710)
Present value of lease liabilities	$	120,531	$	4,619


	Financing Obligations

Remainder of 2026	$	5,456
2027	17,930
2028	12,270
2029	7,642
2030	5,889
2031	4,063
Thereafter	9,946
Total minimum lease payments	63,196
Less: imputed interest	(27,502)
Present value of net minimum lease payments	35,694
Less: current financing obligations	(8,539)
Long-term financing obligations	$	27,155


	Outstanding Options
	Number of Shares	Weighted Average Exercise Price		Remaining Contractual Life (Years)	Aggregate Intrinsic Value
					(in thousands)
Balances at December 31, 2025	5,741,283	$	15.92	4.5	$	406,957
Exercised	(881,422)	18.92

PSOs adjustment	119,970	—
Forfeited / Expired	(246)	30.96
Balances at September 30, 2026	4,979,585	15.44		4.2	1,286,171
Vested and expected to vest at September 30, 2026	4,808,004	15.53		4.1	1,257,071
Exercisable at September 30, 2026	3,595,498	$	17.28	2.9	$	933,766


	Three Months Ended September 30,	Nine Months Ended September 30,
	2025	2025

Risk-free interest rate	3.9%	3.9%—4.1%
Expected term (years)	6.1	6.1
Expected dividend yield	—	—
Expected volatility	93.9%	93.4%—93.9%


	Number of Awards Outstanding	Weighted Average Grant Date Fair Value

Unvested Balance at December 31, 2025	12,292,948	$	25.74
Granted	1,248,007	180.13
Vested	(3,849,222)	19.91
Forfeited	(372,418)	34.75

Unvested Balance at September 30, 2026	9,319,315	$	48.46


						Plan Shares Available for Grant

Balances at December 31, 2025						39,709,996
Added to plan						11,934,957
Granted						(1,248,007)
Cancelled/Forfeited						580,359
Expired						(313)
Balances at September 30, 2026						50,976,992


	Three Months Ended				Change				Nine Months Ended				Change
	September 30,								September 30,
	2026		2025		Amount		%		2026		2025		Amount		%
	(dollars in thousands)
Product	$	1,073,610	$	384,314	$	689,296	179.4	%	$	2,662,371	$	892,794	$	1,769,577	198.2	%
Installation	84,855		65,773		19,082		29.0	%	161,764		136,796		24,968		18.3	%
Service	67,557		58,607		8,950		15.3	%	198,459		166,604		31,855		19.1	%
Electricity	9,815		10,354		(539)		(5.2)	%	29,662		50,117		(20,455)		(40.8)	%
Total revenue	$	1,235,837	$	519,048	$	716,789	138.1	%	$	3,052,256	$	1,246,311	$	1,805,945	144.9	%


*			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.
#			Portions of the exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The registrant hereby undertakes to provide an unredacted copy of the exhibit and a materiality and privacy and confidentiality analysis upon request by the Securities and Exchange Commission.