Bloom Energy BE · USD

Segment Information ASC 280, Segment Reporting, (“ASC 280”) establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Based on the criteria established by ASC 280, our chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer. The CODM reviews consolidated results when making decisions about allocating resources and assessing the performance of the Company as a whole and hence, we have only one reportable segment. We do not distinguish between markets or segments for the purpose of internal reporting.Significant segment expenses that are provided to CODM on a regular basis and are included within reported measure of segment profit or loss are:•cost of product revenue, •cost of installation revenue,•cost of service revenue, •cost of electricity revenue,•research and development expenses, •sales and marketing expenses, and;•general and administrative expenses.Other segment items are represented by Interest income, Interest expense, Other income (expense), net, Loss on extinguishment of debt, Debt conversion inducement expense, Loss on revaluation of embedded derivatives, and Income tax provision. Please refer to the consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023, for significant segment expenses and other segment items.The Company’s primary measure of segment profitability is non-GAAP gross profit margin. Non-GAAP gross profit margin is defined by the Company as non-GAAP gross profit divided by total revenue. Non-GAAP gross profit is the difference between total revenue and non-GAAP total cost of revenue, which represents the total cost of revenue adjusted by items that do not contribute directly to management’s evaluation of its operating results. These items include stock-based compensation, impairment charges, restructuring accruals (releases), and other adjustments. This presentation is consistent with how the Company’s CODM evaluates the results of operations and makes strategic decisions about the business. For these reasons, the Company believes that non-GAAP gross profit margin represents the most relevant measure of segment profit and loss.For information on the Company’s geographic risk, please refer to Note 1—Nature of Business, Liquidity and Basis of Presentation, section Concentration of Risk in this Annual Report on Form 10-K.

Revenue RecognitionContract BalancesThe following table provides information about accounts receivables, contract assets, customer deposits and deferred revenue from contracts with customers (in thousands):December 31, 20252024Accounts receivable$371,796 $335,841 Contract assets241,186 145,162 Customer deposits78,207 220,115 Deferred revenue 65,608 66,304 Contract assets relate to contracts for which revenue is recognized upon transfer of control of performance obligations, but where billing milestones have not been reached. Contract liabilities are represented by deferred revenue. Customer deposits and deferred revenue include payments received from customers or invoiced amounts prior to transfer of goods or services. Contract assets and contract liabilities are reported in a net position on an individual contract basis at the end of each reporting period. Contract assets are classified as current in the consolidated balance sheets when the milestones other than the passage of time, are expected to be complete and the customer is invoiced within one year of the balance sheet date, and as long-term when both the above-mentioned milestones are expected to be complete, and the customer is invoiced more than one year from the balance sheet date. Contract liabilities are classified as current in the consolidated balance sheets when the revenue recognition associated with the related customer payments and invoicing is expected to occur within one year of the balance sheet date and as long-term when the revenue recognition associated with the related customer payments and invoicing is expected to occur in more than one year from the balance sheet date.Contract Assets Years Ended December 31,20252024Beginning balance$145,162 $41,366 Transferred to accounts receivable from contract assets recognized at the beginning of the period, net of other adjustments(102,767)(34,314)Revenue recognized and not billed as of the end of the period182,844 128,479 Other Adjustments115,947 9,631 Ending balance$241,186 $145,162 1 2025: Represented by $15.9 million share-based consideration payable to customer’s customer as of December 31, 2025 (refer to section Commitment to Issue Share-Based Consideration Payable to Customer’s Customer below). 2024: Represented by $9.6 million payment to customer’s customer for the year ended December 31, 2024.

Commitments and ContingenciesCommitmentsPurchase Commitments with Suppliers and Contract Manufacturers—In order to reduce manufacturing lead-times for an adequate supply of inventories, we have agreements with our component suppliers and contract manufacturers to allow long lead-time component inventory procurement based on a rolling production forecast. We are contractually obligated to purchase long lead-time component inventory procured by certain manufacturers in accordance with our forecasts. We can generally give notice of order cancellation at least 90 days prior to the delivery date. However, we occasionally issue purchase orders to our component suppliers and third-party manufacturers that may not be cancellable. As of December 31, 2025 and 2024, we had no material open purchase orders with our component suppliers and third-party manufacturers that are expected to be realized within more than a 12-month period and are not cancellable.Performance Guarantees—We guarantee the performance of the Energy Server systems at certain levels of output and efficiency to our customers over the contractual term. We monitor the need for any accruals arising from such guaranties, which are calculated as the difference between committed and actual power output or between natural gas consumption at warranted efficiency levels and actual consumption, multiplied by the contractual rates with the customer. Amounts payable under these guaranties are accrued in periods when the guaranties are not met and are recorded as service revenue in the consolidated statements of operations. For the years ended December 31, 2025, 2024 and 2023, we paid $18.0 million, $21.2 million and $25.9 million for such performance guarantees, respectively.Letters of Credit—In 2019, pursuant to the PPA II repowering of the Energy Server systems, we agreed to indemnify our financing partner for losses that may be incurred in the event of certain regulatory, legal or legislative developments and established a cash-collateralized letter of credit facility for this purpose. As of December 31, 2024, the balance of this cash-collateralized letter of credit was $9.5 million. The entire balance of the cash-collateralized letter of credit related to PPA II was released in the second quarter of the fiscal year 2025 and the balance of the funds returned to us.In December 2024, we issued a $100.

Income TaxesThe components of loss before the provision for income taxes are as follows (in thousands): Years EndedDecember 31,202520242023United States$(91,633)$(29,969)$(310,243)Foreign7,229 3,612 4,200 Total$(84,404)$(26,357)$(306,043)The provision for income taxes consists of the following (in thousands): Years EndedDecember 31,202520242023 Current:Federal$— $— $— State241 (13)246 Foreign2,387 1,182 1,640 Total current2,628 1,169 1,886 Deferred:Federal— — — State— — — Foreign108 (323)8 Total deferred108 (323)8 Total provision for income taxes$2,736 $846 $1,894 A reconciliation of the U.S. federal statutory income tax rate to our effective tax rate is as follows (in thousands): Years EndedDecember 31,202520242023Amounts%Amounts%Amounts%U.S. federal statutory income tax rate$(17,725)21.0 %$(5,534)21.0 %$(64,270)21.0 %Domestic federalTax credits Nontaxable or nondeductible itemsNon-deductible compensation15,113 (17.9)%4,654 (17.7)%6,295 (2.1)%ISO/ESPP disqualifying dispositions(6,544)7.8 %(221)0.8 %(316)0.1 %Loss on debt borrowings 16,724 (19.8)%5,458 (20.7)%— — %Loss on SK Equity Transaction— — %— — %11,811 (3.9)%Other nontaxable or nondeductible items601 (0.7)%403 (1.5)%654 (0.2)%Excess tax (benefits)/deficits of stock-based compensation(31,552)37.4 %5,992 (22.7)%1,828 (0.6)%Cross-border tax lawsGlobal intangible low-taxed income— — %428 (1.6)%86 — %Changes in valuation allowance25,008 (29.6)%(10,288)39.0 %43,271 (14.1)%OtherTax on noncontrolling interest (272)0.3 %(425)1.6 %1,222 (0.4)%Domestic state and local income taxes, net of federal effect241 (0.3)%(13)— %246 (0.1)%Foreign tax effectsIndiaStatutory tax rate difference between India and U.S. 182 (0.2)%290 (1.1)%18 — %Prior Year return-to-provision true-up375 (0.4)%56 (0.2)%239 (0.1)%Other 14 — %(68)0.3 %(58)— %JapanChange in valuation allowance(407)0.5 %(1,090)4.1 %240 (0.1)%Prior Year return-to-provision true-up367 (0.4)%1,034 (3.9)%— — %Other51 (0.1)%188 (0.7)%13 — %KoreaStatutory tax rate difference between Korea and U.S.496 (0.6)%329 (1.2)%243 (0.1)%Prior Year return-to-provision true-up(56)0.1 %(287)1.1 %(222)0.1 %Other51 (0.1)%(25)0.1 %26 — %Other foreign jurisdictions69 (0.1)%(35)0.1 %568 (0.2)%Provision for income taxes/Effective tax rate$2,736 (3.2)%$846 (3.2)%$1,894 (0.6)%1 For the year ended December 31, 2025, state taxes in Massachusetts and West Virginia comprise the majority of the state and local income taxes, net of federal effect category.

Stock-Based Compensation and Employee Benefit PlansShare-based grants are designed to reward employees for their long-term contributions to us and provide incentives for them to remain with us. 2012 Equity Incentive PlanOur 2012 Equity Incentive Plan (the “2012 Plan”) was approved in August 2012. The 2012 Plan provided for the grant of incentive stock options, non-statutory stock options, stock appreciation rights and RSUs, all of which may be granted to employees, including officers, and to non-employee directors and consultants except we may grant incentive stock options only to employees.Grants under the 2012 Plan generally vest ratably over a four-year period from the vesting commencement date and expire ten years from the grant date. As of December 31, 2025 and 2024, stock options to purchase of 2,110,523 and 3,691,919 shares of Class A common stock were outstanding with a weighted average exercise price of $25.67 and $27.38 per share, respectively, and no shares were available for future grant. The 2012 Equity Incentive Plan has been canceled but continues to govern outstanding option grants under the 2012 Plan.2018 Equity Incentive PlanThe 2018 Equity Incentive Plan (the “2018 Plan”) was approved in April 2018. The 2018 Plan became effective upon our initial public offering (“IPO”) and serves as the successor to the 2012 Plan. The 2018 Plan authorizes the award of stock options, restricted stock awards, stock appreciation rights, RSUs, PSUs and stock bonuses. The 2018 Plan provides for the grant of awards to employees, directors, consultants, independent contractors and advisors provided the consultants, independent contractors, directors and advisors render services not in connection with the offer and sale of securities in a capital-raising transaction. The exercise price of stock options is at least equal to the fair market value of Class A common stock on the date of grant. Grants under the 2018 Plan generally vest ratably over three or four years from the vesting commencement date and expire ten years from the grant date. The 2018 Plan allows for an annual increase on January 1, of each of 2019 through 2028, by the lesser of (a) four percent (4%) of the number of Class A common stock and common stock equivalents (including options, RSUs, warrants and preferred stock on an as-converted basis) issued and outstanding on each December 31 immediately prior to the date of increase, and (b) such number of shares determined by the Board of Directors.

LeasesFacilities, Energy Server Systems, and VehiclesWe lease our facilities, the Energy Server systems, and vehicles under operating and finance leases that expire at various dates through November 2037. We lease various manufacturing facilities in California and Delaware. We lease additional office space as field offices in the U.S. and around the world.Some of the lease arrangements have free rent periods or escalating rent payment provisions. We recognize lease cost under such arrangements on a straight-line basis over the life of the leases. For the years ended December 31, 2025, 2024 and 2023, rent expenses for all occupied facilities were $21.2 million, $22.4 million and $23.0 million, respectively.At inception of the contract, we assess whether a contract is a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Lease classification, measurement, and recognition are determined at lease commencement, which is the date the underlying asset is available for use by us. The accounting classification of a lease is based on whether the arrangement is effectively a financed purchase of the underlying asset (financing lease) or not (operating lease). Our operating leases are comprised primarily of leases for facilities, the Energy Server systems, office buildings, and vehicles, and our financing leases are comprised primarily of vehicles.Our leases have lease terms ranging from less than 1 year to 15 years, some of which include options to extend the leases. The lease term is the non-cancelable period of the lease and includes options to extend the lease when it is reasonably certain that an option will be exercised.Lease liabilities are measured at the lease commencement date as the present value of future lease payments. Lease right-of-use assets are measured as the lease liability plus unamortized initial direct costs and prepaid (accrued) lease payments less unamortized balance lease incentives received. In measuring the present value of the future lease payments, the discount rate for the lease is the rate implicit in the lease unless that rate cannot be readily determined. In that case, the lessee is required to use its IBR. In computing our lease liabilities, we use the IBR based on the information available on the commencement date using an estimate of company-specific rate in the U.S.

Cybersecurity Risk Management and StrategyWe have developed and implemented a cybersecurity risk management program designed to assess, identify, and manage risks from potential unauthorized occurrences on or through our information technology systems that may result in adverse effects on the confidentiality, integrity, or availability of our information technology systems or any information residing therein. Our cybersecurity risk management program includes a cybersecurity incident response plan.We design and assess our program based on the Center for Internet Security (“CIS”) 18 Framework. This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the CIS 18 Framework as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.Our cybersecurity risk management program includes:•Periodic risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT environment.•A security team principally responsible for managing our cybersecurity risk assessment processes, security controls, and response to cybersecurity incidents, led by our Chief Information Security Officer.•The use of external service providers, where appropriate, to assess, test, or otherwise assist with aspects of our security controls.•Our Internal Audit department, which monitors certain IT systems controls that are integrated into our larger Sarbanes-Oxley control environment.•Periodic cybersecurity awareness training for our employees and contractors with access to our information technology systems.•A cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents, including incidents that could be indicators of attack against availability, integrity and confidentiality of information systems.•A third-party risk management process for service providers, suppliers, and vendors that includes examining their security postures and assessing their data and system protection controls.

Fair ValueOur accounting policy for the fair value measurement of cash equivalents is described in Note 2—Summary of Significant Accounting Policies in this Annual Report on Form 10-K.Financial Assets and Liabilities Measured at Fair Value on a Recurring BasisThe tables below set forth, by level, our financial assets and liabilities that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands):Fair Value Measured at Reporting Date UsingDecember 31, 2025Level 1Level 2Level 3TotalAssetsCash equivalents:Money market funds$2,386,583 $— $— $2,386,583 LiabilitiesDerivatives:Embedded EPP derivatives$— $— $5,607 $5,607 Fair Value Measured at Reporting Date UsingDecember 31, 2024Level 1Level 2Level 3TotalAssetsCash equivalents:Money market funds$749,358 $— $— $749,358 LiabilitiesDerivatives:Embedded EPP derivatives$— $— $5,070 $5,070 Money Market Funds—Money market funds are valued using quoted market prices for identical securities and are therefore classified as Level 1 financial assets.Embedded Escalation Protection Plan Derivative Liability in Sales Contracts—We estimate the fair value of the embedded EPP derivatives in certain sales contracts using a Monte Carlo simulation model, which considers various potential electricity price curves over the sales contracts’ terms. We use historical grid prices and available forecasts of future electricity prices to estimate future electricity prices. We have classified these derivatives as Level 3 financial liability. The changes in the Level 3 financial liabilities during the years ended December 31, 2025, 2024 and 2023, were as follows (in thousands):Embedded EPP Derivative LiabilityLiabilities at December 31, 2023$4,376 Changes in fair value694 Liabilities at December 31, 20245,070 Changes in fair value537 Liabilities at December 31, 2025$5,607 To estimate the liabilities related to the EPP contracts, an option pricing method was implemented through a Monte Carlo simulation, which considers various potential electricity price forward curves over the sales contracts’ terms. We use historical grid prices and available forecasts to estimate future electricity prices.