Bloom Energy Corp
For the period ended Dec 31, 2025. Filed Feb 9, 2026.
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FY2025 · Filed Feb 9, 2026
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Consolidated Statements of Operations
(in thousands, except per share data)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenue: | |||
| Product | $1,531,281 | $1,085,153 | $975,245 |
| Installation | 204,068 | 122,318 | 92,796 |
| Service | 228,295 | 213,542 | 183,065 |
| Electricity | 60,350 | 52,843 | 82,364 |
| Total revenue1 | 2,023,994 | 1,473,856 | 1,333,470 |
| Cost of revenue: | |||
| Product | 992,841 | 685,847 | 630,105 |
| Installation | 205,946 | 129,446 | 105,735 |
| Service | 205,389 | 214,961 | 220,927 |
| Electricity | 32,418 | 38,954 | 178,909 |
| Total cost of revenue2 | 1,436,594 | 1,069,208 | 1,135,676 |
| Gross profit | 587,400 | 404,648 | 197,794 |
| Operating expenses: | |||
| Research and development | 185,993 | 148,629 | 155,865 |
| Sales and marketing | 130,228 | 68,005 | 89,961 |
| General and administrative3 | 198,377 | 165,105 | 160,875 |
| Total operating expenses | 514,598 | 381,739 | 406,701 |
| Income (loss) from operations | 72,802 | 22,909 | (208,907) |
| Interest income | 34,070 | 25,342 | 19,885 |
| Interest expense4 | (53,888) | (62,636) | (108,299) |
| Equity in loss of unconsolidated affiliates5 | (40,421) | — | — |
| Other income (expense), net | 2,151 | 15,904 | (2,793) |
| Loss on extinguishment of debt | (32,340) | (27,182) | (4,288) |
| Debt conversion inducement expense | (66,241) | — | — |
| Loss on revaluation of embedded derivatives | (537) | (694) | (1,641) |
| Loss before income taxes | (84,404) | (26,357) | (306,043) |
| Income tax provision | 2,736 | 846 | 1,894 |
| Net loss | (87,140) | (27,203) | (307,937) |
| Less: Net income (loss) attributable to noncontrolling interest | 1,294 | 2,024 | (5,821) |
| Net loss attributable to common stockholders | $(88,434) | $(29,227) | $(302,116) |
| Net loss per share available to common stockholders, basic and diluted | $(0.37) | $(0.13) | $(1.42) |
| Weighted average shares used to compute net loss per share available to common stockholders, basic and diluted | 240,402 | 227,365 | 212,681 |
1 Including related party revenue of $892.0 million, $338.6 million and $487.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.
2 Including related party cost of revenue of $0.2 million and $0.1 million for the years ended December 31, 2024 and 2023, respectively. There wasno related party cost of revenue for the year ended December 31, 2025.
3 Including related party general and administrative expenses of $0.4 million, $0.7 million and $0.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.
4 Including related party interest expense of $0.1 million, $0.2 million and $0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
5 Represent related party equity in loss of the Fund JVs (see Note 7—Investments in Unconsolidated Affiliatesin this Annual Report on Form 10-K).
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