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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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net loss | $(87,140) | $(27,203) | $(307,937) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 50,566 | 53,048 | 62,609 |
| Non-cash lease expense | 32,520 | 35,898 | 33,619 |
| Equity in loss of unconsolidated affiliates, net of distributions | 40,421 | — | — |
| Loss on disposal of property, plant and equipment | 436 | 161 | 411 |
| Revaluation of derivative contracts | 537 | 694 | 1,641 |
| Impairment of assets | 12,669 | — | 130,088 |
| Derecognition of loan commitment asset related to SK ecoplant Second Tranche Closing (Note 17) | — | — | 52,792 |
| Stock-based compensation expense | 139,406 | 82,424 | 84,480 |
| Amortization of debt issuance costs | 8,248 | 6,797 | 4,772 |
| Loss on extinguishment of debt | 32,340 | 27,182 | 4,288 |
| Debt conversion inducement expense (Note 8) | 66,241 | — | — |
| Net (gain) loss on failed sale-and-leaseback transactions | (827) | (17,390) | 403 |
| Share-based consideration payable to customer’s customer (Note 3)12 | 15,947 | — | — |
| Allowance for credit losses | 340 | — | — |
| Inventory reserve and other assets impairment | 21,877 | — | — |
| Unrealized foreign currency exchange (gain) loss | (2,290) | 3,756 | 618 |
| Other | (57) | 69 | 47 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable1 | (35,525) | 7,133 | (89,888) |
| Contract assets2 | (96,024) | (103,796) | 5,361 |
| Inventories | (119,212) | (44,527) | (231,689) |
| Deferred cost of revenue3 | 27,172 | (13,070) | 1,655 |
| Prepaid expenses and other assets4 | (3,601) | 3,790 | (5,754) |
| Other long-term assets5 | (11,092) | 4,072 | (3,366) |
| Operating lease right-of-use assets and operating lease liabilities6 | (33,447) | (36,675) | (32,801) |
| Financing lease liabilities | 2,598 | 1,644 | 1,011 |
| Accounts payable7 | 110,911 | (36,629) | (29,080) |
| Accrued warranty8 | 3,454 | (2,767) | 1,994 |
| Accrued expenses and other current liabilities9 | 80,337 | 8,662 | (13,785) |
| Deferred revenue and customer deposits10 | (142,605) | 139,868 | (42,635) |
| Deferred profit with equity method investees and other long-term liabilities | (251) | (1,143) | (1,385) |
| Net cash provided by (used in) operating activities | 113,949 | 91,998 | (372,531) |
| Cash flows from investing activities: | |||
| Purchase of property, plant and equipment | (56,759) | (58,852) | (83,739) |
| Proceeds from sale of property, plant and equipment | 131 | 70 | 14 |
| Investments in unconsolidated affiliates11 | (36,491) | — | — |
| Net cash used in investing activities | (93,119) | (58,782) | (83,725) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of debt | 2,500,000 | 402,500 | 637,127 |
| Payment of debt issuance costs | (62,712) | (12,761) | (19,736) |
| Repayment of debt | (975,945) | (140,990) | (191,390) |
| Purchase of capped call options related to convertible notes | — | — | (54,522) |
| Proceeds from financing obligations | — | 1,798 | 4,993 |
| Repayment of financing obligations | (11,267) | (90,197) | (18,445) |
| Distributions and payments to noncontrolling interest | — | — | (2,265) |
| Proceeds from issuance of common stock | 59,123 | 12,367 | 16,945 |
| Buyout of noncontrolling interest | — | — | (6,864) |
| Proceeds from issuance of redeemable convertible preferred stock | — | — | 310,957 |
| Payment of issuance costs related to redeemable convertible preferred stock | — | — | (395) |
| Dividend paid | (947) | (1,468) | — |
| Contributions from noncontrolling interest | — | 3,958 | 6,979 |
| Other | 150 | — | (35) |
| Net cash provided by financing activities | 1,508,402 | 175,207 | 683,349 |
| Effect of exchange rate changes on cash, cash equivalent, and restricted cash | 1,377 | (2,630) | (281) |
| Net increase in cash, cash equivalents, and restricted cash | 1,530,609 | 205,793 | 226,812 |
| Cash, cash equivalents, and restricted cash: | |||
| Beginning of period | 950,971 | 745,178 | 518,366 |
| End of period | $2,481,580 | $950,971 | $745,178 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the period for interest | $49,533 | $55,699 | $49,929 |
| Cash paid for amounts included in the measurement of lease liabilities: | |||
| Operating cash flows from operating leases | 33,447 | 36,416 | 32,538 |
| Operating cash flows from finance leases | 356 | 259 | 1,097 |
| Cash paid during the period for income taxes | 1,706 | 1,424 | 1,455 |
| Non-cash investing and financing activities: | |||
| Liabilities recorded for property, plant and equipment, net | 3,723 | 1,647 | 9,297 |
| Recognition of operating lease right-of-use asset during the year-to-date period | 4,409 | 2,936 | 29,823 |
| Recognition of finance lease right-of-use asset during the year-to-date period | 2,927 | 1,644 | 1,011 |
| Conversion of 2.5% Green Notes to common stock (Note 8) | 2,230 | — | — |
| Premium on convertible debt (Note 8) | 28,247 | — | — |
| Face value of 2.5% Green Notes exchanged (Note 8) | 112,769 | — | — |
| Face value of additional 3.0% Green Notes due June 2029 issued in the Debt Exchange (Note 8) | 115,725 | — | — |
| Induced Conversion of 3.0% Green Notes due June 2029 and 3.0% Green Notes due June 2028 (Note 8) | 47,542 | — | — |
| Write-off of debt issuance costs upon induced conversion (Note 8) | 18,699 | — | — |
| Derecognition of financing obligations | — | 101,683 | — |
| Conversion of redeemable convertible preferred stock | — | — | 310,484 |
| Derecognition of the pre-modified forward contract fair value | — | — | 76,242 |
| Equity component of redeemable convertible preferred stock | — | — | 16,145 |
1 Including changes in related party balances of $58.4 million, $168.5 million and $257.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.
2 Including changes in related party balances of $51.0 million, $6.1 million and $6.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.
3 Including changes in related party balances of $0.9 million and $0.9 million for the years ended December 31, 2024 and 2023, respectively. There wereno changes in related party balances for the year ended December 31, 2025.
4 Including changes in related party balances of $1.0 million and $2.3 million for the years ended December 31, 2024 and 2023, respectively. There wereno changes in related party balances for the year ended December 31, 2025.
5 Including changes in related party balances of $2.8 million, $0.3 million and $9.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
6 The change in related party balances for the years ended December 31, 2025, 2024 and 2023, were inconsequential.
7 Including changes in related party balances of $0.1 million and $0.1 million for the years ended December 31, 2024 and 2023, respectively. There wereno changes in related party balances for the year ended December 31, 2025.
8 Including changes in related party balances of $0.4 million, $0.1 million and $1.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
9 Including changes in related party balances of $4.0 million, $0.6 million and $3.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
10 Including changes in related party balances of $5.3 million, $3.8 million and $8.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.
11 Represent related party investments in unconsolidated affiliates (see Note 7—Investments in Unconsolidated Affiliatesin this Annual Report on Form 10-K).
12 Represent related party non-cash consideration payable to customer’s customer (see Note 3—Revenue Recognitionin this Annual Report on Form 10-K).
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