10-K: Bloom Energy Fuels AI Growth, Secures $5B Brookfield Deal

Sentiment:

Annual Report 9 February 2026 5:16 PM

Bloom Energy reports strong 2025 revenue growth driven by AI data center demand and strategic financing, despite ongoing net losses and supply chain challenges.

Delay expectedSales cycles are typically 8 to 12 months but can vary considerably, with AI and data center customers often experiencing longer sales cycles.Installation of products generally takes between six to twelve months or more from contract entry, due to variables such as permitting, building, and gas infrastructure availability.Extended permitting timelines and supply chain constraints limit transmission additions, and generator interconnection queues at the end of 2024 totaled 2,300 gigawatts, with typical timelines extending multiple years and further delays.Traditional power generation OEMs are experiencing extended delivery timelines, with lead times for turbines, engines, and other conventional equipment spanning multiple years.The timing of the development of hydrogen and the hydrogen market ecosystem has not yet had significant impacts on supply, with only a small fraction of proposed projects reaching the final investment decision stage or deployment.Infrastructure needed to transport hydrogen is currently only sufficient for existing uses and has not begun to be significantly extended for anticipated future uses.Lengthening sales cycles for products are attributed to development size, scale, complexity, permitting, and financing timelines for many projects.Global supply chain tightness continues due to factors such as trade tensions, armed conflicts, and strained international relationships, although no significant component shortages were experienced in 2025.

Capital raiseIssued $2.5 billion in 0% Convertible Senior Notes due November 2030, resulting in net cash proceeds of $2,440.2 million.Entered into a strategic partnership with Brookfield Asset Management for a prospective financing framework of up to $5.0 billion over five years for future Bloom Energy fuel cell projects.Entered into a senior secured multicurrency revolving credit facility with aggregate commitments of $600.0 million, including a $90.0 million letter of credit sub-facility, maturing December 19, 2030.Agreed to issue Oracle Corporation a warrant to purchase up to 3,531,073 shares of Class A common stock in connection with a partnership for AI data centers.Management states that if current cash sources are insufficient, additional equity or debt financing may be required to fund operations, manufacturing capacity, product development, and market expansion initiatives.

Summary

Total revenue increased by 37.3% to $2,023.994 million in 2025, up from $1,473.856 million in 2024.
Product revenue grew by 41.1% to $1,531.281 million, driven by increasing demand from AI data centers.
Installation revenue increased by 66.8% to $204.068 million, and service revenue increased by 6.9% to $228.295 million.
Gross profit increased by $182.8 million, with total gross margin improving from 27% in 2024 to 29% in 2025.
Net loss for 2025 was $87.140 million, an improvement from a net loss of $27.203 million in 2024.
Operating expenses increased by 34.8% to $514.598 million, primarily due to higher employee compensation, consulting for AI data center programs, and expanded research and development activities.
Secured a strategic partnership with Brookfield Asset Management for a prospective financing framework of up to $5.0 billion over five years for future fuel cell projects, focusing on AI infrastructure.
Issued $2.5 billion in 0% Convertible Senior Notes due November 2030, significantly boosting cash and cash equivalents to $2,454.108 million as of December 31, 2025.
Manufacturing capacity at the Fremont facility is planned to double from 1 gigawatt to 2 gigawatts by the end of 2026, with potential for up to 5 gigawatts, supported by federal tax incentives.
The One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, restores the 30% Investment Tax Credit (ITC) for fuel cells under Section 48E for projects beginning construction after December 31, 2025, and reinstitutes accelerated depreciation.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive report, highlighting strong revenue growth and significant strategic financing deals that position the company well for the booming AI data center market and the energy transition. However, continued net losses, rising operating expenses, and persistent supply chain and regulatory challenges temper the overall sentiment.

Positives

Achieved significant total revenue growth of 37.3% year-over-year, reaching over $2 billion.
Experienced strong product revenue growth of 41.1%, primarily driven by increasing demand from AI data centers.
Improved total gross margin from 27% in 2024 to 29% in 2025, with service gross profit improving by $24.3 million.
Secured a substantial $5.0 billion financing framework with Brookfield Asset Management to accelerate deployment of clean energy solutions, particularly for AI infrastructure.
Successfully issued $2.5 billion in 0% Convertible Senior Notes due November 2030, significantly enhancing liquidity with cash and cash equivalents reaching $2,454.108 million.
Generated positive net cash from operating activities of $113.949 million in 2025, an increase from $91.998 million in 2024.
Planned doubling of Fremont manufacturing capacity from 1 GW to 2 GW by the end of 2026, with potential for up to 5 GW, supported by federal tax incentives.
The OBBBA legislation provides long-term clarity and stability for the 30% Investment Tax Credit (ITC) for fuel cell property and reinstitutes accelerated depreciation.
Fuel cell fleet availability for systems installed after 2020 is approximately 99.9% for non-redundant installations, improving to nearly 99.999% with redundancy.
Entered into a strategic partnership with American Electric Power (AEP) for expected procurement of up to 1 GW of solid oxide fuel cells.
Achieved cost savings of $29.4 million in service revenue due to a reduction in the deployment of field replacement units.
Increased employee participation in the 401(k) plan from 57% to 64% in fiscal year 2025.
Granted a special recognition in Restricted Stock Units to all worldwide employees below director-level with one year or more tenure, making them shareholders in 2026.

Negatives

Continued to incur a net loss of $87.140 million in 2025, despite being an improvement from the prior year.
Operating expenses increased significantly by 34.8% year-over-year, driven by higher compensation, consulting for AI programs, and R&D.
Product gross margin slightly decreased from 37% in 2024 to 35% in 2025, partly due to inventory reserve and asset impairments totaling $21.9 million related to Electrolyzer assets and a $12.7 million impairment charge for construction-in-progress.
Incurred a $32.3 million loss on early extinguishment of debt and a $66.2 million debt conversion inducement expense in 2025.
Inventory increased by $119.2 million to support anticipated 2026 demand, potentially tying up significant capital.
Accounts receivable and contract assets increased by $69.3 million, which could indicate delays in cash collection.
The OBBBA legislation excluded fuel cells from domestic-content and energy-communities bonus credits, potentially limiting certain incentive benefits.
Experienced increased repair and overhaul costs of $11.1 million and maintenance material costs of $6.4 million for service revenue, attributed to an aging fleet and fleet degradation.

Risks

Distributed energy generation and hydrogen production are emerging markets that may not receive widespread acceptance or demand may be lower than expected.
Products involve a lengthy sales and installation cycle, and failure to close sales on a regular, timely basis could harm the business.
Products have significant upfront costs, requiring the attraction of financiers to help customers, and inability to secure funding could harm financial condition.
Slower expansion of AI data centers due to actual or perceived deceleration in AI adoption or other factors could adversely impact business, financial condition, and results of operations.
Economic benefits of solutions depend on the price and availability of gas and electricity, which are subject to change and external factors.
Inability to reduce costs or meet service performance expectations with respect to products could impair profitability.
Deployment of fuel cell products can be affected by interconnection requirements, export tariff arrangements, and utility tariff requirements that are each subject to change.
Deployment of Energy Server systems relies on fuel supply and specification requirements, which are subject to change.
Faces significant competition from traditional energy suppliers, other distributed generation providers, and alternative technologies.
Future growth depends on expanding and diversifying products and market opportunities, which may not be successful.
Ability to develop new solutions and enter new markets could be negatively impacted by regulatory restrictions, market acceptance, or inability to engage with partners.
Products may not be successful if unable to maintain alignment with evolving industry standards and requirements.
Future success depends in part on the ability to increase production capacity for products in a timely or cost-effective manner.
Products may contain manufacturing defects, which could harm business and financial results.
Performance of products may be affected by factors outside of control, such as fuel supply quality and environmental factors.
Inaccurate estimates of useful life for products or failure to meet performance warranties and guarantees could harm business and financial results.
Business is subject to project execution risks, including construction, utility interconnection, fuel supply, cost overruns, and delays in obtaining government permits.
Failure of suppliers or other third parties to deliver necessary raw materials or components in a timely manner and to specification could prevent timely delivery of solutions.
Certain features of supply agreements (long-term commitments, fixed/inflation-adjusted pricing, prepayments) could expose to risks like excess/insufficient inventory or above-market pricing.
Supply chain competition from businesses in other industries could result in insufficient inventory.
Reliance on sole suppliers for capital equipment used in manufacturing; damage or unavailability could disrupt production.
Trade tariffs could have a material adverse effect on business costs.
Failure to properly comply with foreign trade zone laws and regulations could increase the cost of duties and tariffs.
Significant disruption to operations at headquarters or manufacturing facilities could delay product production.
Introduction and promotion of new technologies not yet proven at commercial scale may not work as intended or be well-received by customers.
Limited history of manufacturing new products makes it difficult to evaluate future prospects and challenges.
Business currently benefits from government rebates, tax credits, and other financial programs; changes to these benefits could cause revenue to decline.
Reliance on tax equity financing arrangements to realize federal tax benefits; termination of these programs could harm financial results.
Subject to laws and regulations that could impose substantial costs and cause delays in product delivery and installation.
Operates in an unsettled regulatory and legal environment with compliance complexity and costs.
Expansion into international markets may be subject to local content requirements or pressures.
Products running on fossil fuel may be subject to heightened regulation, loss of incentives, and changes in customer energy procurement policies.
Existing and changes to regulations may create technical, regulatory, and economic barriers, reducing demand for products.
May become subject to product liability claims, which could harm financial condition and liquidity.
Litigation or administrative proceedings could have a material adverse effect on business.
Inability to effectively protect and enforce intellectual property rights may undermine competitive position, and litigation may be costly.
Patent applications may not result in issued patents, and issued patents may be successfully challenged.
May need to defend against intellectual property claims from others, which may be time-consuming and costly.
Incurred significant losses in the past and may not be profitable in future periods.
Financial condition and results of operations are likely to fluctuate, potentially causing results to fall below expectations.
Failure to manage growth effectively could harm business and operating results.
Failure to maintain effective internal controls could adversely affect financial reporting.
Ability to use deferred tax assets to offset future taxable income may be subject to limitations.
Must maintain customer confidence in liquidity, including ability to timely service debt obligations and grow long-term.
Indebtedness and restrictions imposed by debt agreements may limit financial and operating activities and ability to incur additional debt.
May not be able to generate sufficient cash to meet debt service obligations or growth plans.
Expanding operations internationally could expose to additional risks.
Internal computer systems and those of third-party providers may fail or suffer cybersecurity events, compromising information or disrupting operations.
Increasing reliance on data requires strong data governance; failure could result in investigations, fines, and reputational risks.
Inability to attract and retain key employees and qualified management, technical, engineering, finance, and sales personnel.
Intense competition for manufacturing employees.
Stock price of common stock has been and may continue to be volatile.
Issuance of additional shares of common stock in connection with future conversions of outstanding convertible notes may dilute existing stockholders.
Future sales of common stock by current or potential future significant holders could adversely affect market price.
Does not intend to pay dividends for the foreseeable future.
Provisions in charter documents and Delaware law could make an acquisition more difficult, limit stockholders' rights, and limit market price of common stock.
Scrutiny regarding ESG practices and disclosures could result in additional costs and adversely impact business, brand, and reputation.
Geopolitical events and conditions (e.g., U.S.-China trade tensions, Taiwan tensions, Russia-Ukraine conflict, Middle East conflicts, health epidemics) could adversely affect business.

Future Outlook

The company expects to continue making substantial capital investments over the next few quarters to expand production capacity at its Fremont, California manufacturing facility to approximately 2 gigawatts by the end of 2026, with potential for further expansion up to 5 gigawatts. These investments are anticipated to be funded from cash on hand and expected cash flow from operations, with potential for equipment lease financing. Management believes current liquidity is sufficient for at least the next 12 months. The company plans to continue expanding operations domestically and internationally, investing in manufacturing, sales and marketing, research and development, staffing, and infrastructure. The One Big Beautiful Bill Act (OBBBA) is expected to have a favorable impact on the continued adoption of Energy Server systems and financial results due to the restored 30% Investment Tax Credit (ITC) for fuel cell projects. Substantive findings by FERC during 2026 regarding rule changes to expedite interconnection of large load and co-located generation are also anticipated.

Management Comments

Our mission is to make clean, reliable energy affordable, giving enterprises control over cost, resilience, and sustainability.
We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.
Bloom's strategy is to scale our onsite power platform designed for an era in which electricity availability, deployment speed, and energy economics are becoming defining constraints across industries.
We believe the long-term clarity and stability of the revised ITC for fuel cell property enhances our competitive position, although the phasedown beginning after 2033 and future legislative or regulatory changes could still impact customer economics and our growth.
We believe that, together, we can create a brighter, more sustainable future while tackling the most pressing challenges of the 21st century.
In the opinion of management, the combination of our cash and cash equivalents and cash flow to be generated by our operations is expected to be sufficient to meet our anticipated cash flow needs for at least the next 12 months from the date of issuance of this Annual Report on Form 10-K.

Industry Context

StockSavvy.ai notes that Bloom Energy is strategically positioned to capitalize on the surging demand for power driven by AI and cloud data centers, a major industry trend. The company's focus on onsite, distributed generation directly addresses critical industry challenges like grid constraints, reliability issues, and extended permitting timelines, which are increasingly impacting traditional power infrastructure. The partnerships with major players like Brookfield and AEP demonstrate strong alignment with the industry's shift towards more resilient and rapidly deployable energy solutions, especially as traditional OEMs face extended delivery timelines. The emphasis on hydrogen production and carbon capture also aligns with the broader global energy transition and decarbonization goals, positioning Bloom within the evolving clean energy landscape.

Comparison to Industry Standards

Bloom Energy Server systems offer higher efficiency, lower emissions, higher reliability, and better flexibility to adapt to load fluctuations compared to gas reciprocating engines.
Bloom Energy Server systems have higher efficiency, lower emissions, and higher reliability than small gas turbines, which typically require greater redundancy for similar availability.
Bloom Energy Server systems can achieve similar efficiencies as combined cycle plants when accounting for transmission and distribution losses for onsite deployment.
The Energy Server can be deployed rapidly (weeks/months vs. years for traditional grid infrastructure), providing a competitive advantage, especially against supply-constrained major turbine OEMs.
The Energy Server system has a negligible impact on air quality, no noise pollution, and minimal water usage, differentiating it from combustion-based competitors.
Bloom's fuel cells fleet availability (post-2020) is approximately 99.9% for non-redundant installations, improving to nearly 99.999% with redundancy, exceeding typical grid-level reliability.
In AI load conditions, the Energy Server can respond at least twice as fast as turbines and engines, and instantaneously with supercapacitors, reducing reliance on battery systems.
The Bloom Electrolyzer is designed to produce hydrogen more efficiently than lower-temperature PEM and alkaline electrolyzers, consuming less electricity due to higher operating temperatures (700-900 degrees Celsius).
Photovoltaic solar installations typically require 125 times more space to provide the same energy output as Bloom's Energy Server systems, limiting their applicability for space-constrained commercial and industrial customers.
Advanced small modular nuclear reactors (SMRs) have protracted deployment timelines, with some designs not expected until after 2030, giving Bloom's rapidly deployable solutions an advantage in the near term.
Bloom's non-combustion platform offers superior electrical efficiencies, less complex deployment, superior availability, and reliability compared to traditional co-generation systems.
Bloom's 24x7 combustion-free power can prevent the need for traditional backup equipment like diesel generators, offering a more integrated, reliable, cleaner, and more cost-effective solution.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Board Structure	The Certificate of Incorporation establishes a classified board of directors, divided into three classes with staggered three-year terms, with only one class elected at each annual meeting.	N/A	Promotes continuity of management and makes it more difficult and time-consuming for stockholders to replace a majority of directors, potentially discouraging takeover bids.
Director Vacancies	Only the board of directors is authorized to fill vacant directorships, including newly created seats, and the number of directors can only be set by a majority vote of the entire board.	N/A	Prevents stockholders from increasing board size to gain control by filling vacancies with their nominees, making changes to board composition more difficult.
Stockholder Action	Stockholders may not take action by written consent, but only at annual or special meetings. Special meetings can only be called by a majority of the board, the chairperson, CEO, or Lead Independent Director.	N/A	Delays the ability of stockholders to force consideration of proposals or remove directors without holding a meeting called in accordance with bylaws.
Stockholder Proposals and Nominations	Bylaws provide advance notice procedures for stockholders seeking to bring business or nominate directors at annual meetings.	N/A	Might preclude stockholders from bringing matters or making nominations if proper procedures are not followed, potentially discouraging proxy contests or takeover attempts.
Voting Rights	Stockholders do not have cumulative voting rights in the election of directors.	N/A	Limits the ability of minority shareholders to elect directors.
Director Removal	Stockholders may remove directors only for cause.	N/A	Increases the difficulty for stockholders to remove directors, enhancing board stability.
Charter and Bylaw Amendments	Amendment of certain charter provisions requires approval by holders of at least two-thirds of the voting power of outstanding common stock. Bylaw amendments require approval by a majority of authorized directors or two-thirds of voting power of outstanding common stock.	N/A	Makes it more difficult to amend key governance documents, providing stability but potentially hindering rapid adaptation.
Preferred Stock Issuance	The board has authority to issue up to 20,000,000 shares of undesignated preferred stock with rights and preferences designated by the board, without further stockholder action.	N/A	Enables the board to render more difficult or discourage attempts to obtain control by merger, tender offer, or proxy contest.
Choice of Forum	Certificate of Incorporation and Bylaws designate the Court of Chancery of the State of Delaware as the exclusive forum for certain actions, and federal district courts for Securities Act claims.	N/A	May limit stockholders' ability to bring claims in a judicial forum they find favorable, potentially discouraging lawsuits.
Delaware Law Anti-Takeover	Subject to Section 203 of the Delaware General Corporation Law, which generally prohibits business combinations with interested stockholders (15% or more voting stock) for three years unless certain conditions are met.	N/A	Discourages, delays, or prevents a change in control of the company.
Cybersecurity Oversight	The Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity and other information technology risks. The Audit Committee receives periodic reports from management.	N/A	Enhances oversight of critical cybersecurity risks, integrating it into enterprise risk management and governance processes.

Legal Proceedings

An ongoing arbitration with Plansee SE/Global Tungsten & Powders Corp. (Plansee/GTP) was initiated in February 2022, with Plansee/GTP alleging infringement of U.S. Patent Nos. 8,802,328, 8,753,785, and 9,434,003.
Bloom Energy filed a complaint against Plansee/GTP in the Eastern District of Texas in April 2022, seeking correction of inventorship, declaratory judgment of invalidity, unenforceability, and non-infringement of the Patents-in-Suit, and damages for unfair competition, tortious interference, breach of contract, RICO Act violations, and Clayton Antitrust Act violations.
The district court action was stayed in April 2023 pending arbitrability determinations by the arbitrator in the WIPO proceeding.
In October 2023, the WIPO arbitrator ruled all claims arbitrable, and in November 2023, the arbitration was bifurcated into a first phase focusing on inventorship and defective product claims.
An evidentiary hearing for the first phase took place from July 21, 2025, through August 1, 2025, with post-hearing briefs submitted on October 3, 2025.
There is no set timeframe for a decision from the Arbitrator on the first phase, and the ultimate outcome of the arbitration is currently unpredictable.
No other legal proceedings are presently considered to have a material adverse effect on the business, operating results, financial condition, or cash flows.

Related Party Transactions

SK ecoplant was a related party from September 23, 2023, through July 10, 2025, due to its ownership interest.
On July 10, 2025, SK ecoplant sold 10,000,000 shares of Class A common stock, reducing its ownership to 5.8%, and consequently ceased to be a related party as defined in ASC 850.
As of December 31, 2025, SK ecoplant's ownership interest in Bloom was 2.5%.
During 2025, Bloom and Brookfield Asset Management established Fund Joint Ventures (JVs), which qualify as related parties under ASC 850.
Recognized $809.8 million of product revenue and $52.3 million of installation revenue from sales of Energy Server systems and other products to the Fund JVs in 2025, transacted at arm's-length and prevailing market terms.
Accounts receivable due from the Fund JVs were $151.9 million as of December 31, 2025.
Recognized $40.4 million in equity in loss of unconsolidated affiliates related to the Fund JVs for the year ended December 31, 2025.
Contributions of $36.5 million were made to the Fund JVs during 2025, with a total funding commitment of $58.2 million as of December 31, 2025.
The Korean JV, a consolidated variable interest entity with SK ecoplant, is SK ecoplant's primary customer for assembled products.
The Korean JV entered into two three-year credit agreements with SK ecoplant in April and October 2023 for KRW2.0 billion and KRW4.0 billion (approximately $1.4 million and $2.8 million, respectively), bearing a fixed interest rate of 4.6%.
No related party revenue was recognized from the Korean JV for the year ended December 31, 2025 (compared to $40.2 million in 2024).
No related party balances related to the Korean JV were outstanding as of December 31, 2025 (compared to $2.5 million in accounts receivable and $4.1 million in non-recourse debt in 2024).

Stakeholder Impact

Shareholders: Face potential dilution from future conversions of convertible notes and the Oracle warrant. The stock price has been volatile, and the company does not intend to pay dividends in the foreseeable future. Anti-takeover provisions in charter documents limit shareholder influence on control changes.
Employees: The workforce increased by 4% in 2025, with investments in development opportunities, competitive compensation, and benefits. A special RSU grant was provided to employees below director level. Competition for talented individuals remains intense.
Customers: Benefit from resilient, distributed power solutions, particularly for AI data centers, and access to financing options through third-party partnerships like Brookfield. Risks include lengthy sales and installation cycles, potential product defects, and changes in government incentives or regulations that could affect costs.
Suppliers: The company relies on a limited number of suppliers, some of which are sole-source, exposing them to supply chain disruptions and trade tariffs. The company is actively working to expand its supply chain base.
Creditors: The company has substantial indebtedness, with total recourse debt of $2.6 billion. Debt agreements contain covenants that limit financial and operating activities, making the company's ability to generate sufficient cash to meet debt obligations crucial.

Next Steps

Continue substantial capital investments to expand production capacity at the Fremont, California manufacturing facility to approximately 2 GW by the end of 2026.
Fund capital expenditures from cash on hand and expected cash flow from operations, potentially evaluating equipment lease financing.
Align development and sourcing strategies with the new credit framework introduced by the OBBBA.
Actively work with partners and policymakers to support continued momentum for clean, reliable distributed energy solutions.
Expand cohort-based management and leadership development programs in 2026.
Launch an enhanced Be University experience in February 2026, open to all employees.
FERC is expected to make substantive findings during 2026 regarding rule changes to expedite interconnection of large load and co-located generation.
The DOE has requested FERC issue an order in April 2026, with further proceedings likely, regarding standardizing procedures for interconnecting large loads directly to the transmission system.
Complete the remaining repowering of old Energy Server systems from the Assets Buyout and Repowering by the end of fiscal year 2026.

Key Dates

Date	Description
April 4, 2018	Original Net Lease Agreement entered into.
April 18, 2018	First Amendment to Net Lease Agreement.
June 24, 2019	Second Amendment to Net Lease Agreement.
September 2019	Joint venture agreement with SK ecoplant established for light-assembly facility in South Korea.
July 2020	Korean JV facility became operational.
August 11, 2020	Issued 2.5% Green Convertible Senior Notes due August 2025.
October 2021	Expanded relationship with SK ecoplant, amended Preferred Distribution Agreement (Restated PDA), and entered new Commercial Cooperation Agreement (CCA).
October 23, 2021	Amended and Restated Preferred Distributor Agreement.
October 23, 2021	Securities Purchase Agreement with SK ecoplant Co., Ltd.
December 29, 2021	Closing of sale of 10,000,000 shares of Series A RCPS to SK ecoplant (Initial Investment).
December 29, 2021	Investor Agreement with SK ecoplant Co., Ltd.
June 2022	Sold PPA IIIa.
July 2022	Opened new research and technical center and global hydrogen development facility in Fremont, California.
November 2022	Sold PPA IV.
November 8, 2022	Each share of Series A RCPS converted into Class A common stock.
February 9, 2023	Magistrate Judge Payne issued report to stay district court action pending arbitrability determination in Plansee/GTP case.
February 15, 2023	Granted RSU and PSU awards (2023 Executive Awards) to certain executive staff.
March 20, 2023	SK ecoplant entered Amended SPA and Shareholders Loan Agreement.
March 23, 2023	Issued and sold 13,491,701 shares of non-voting Series B RCPS to SK ecoplant.
April 3, 2023	Filed complaint against Plansee/GTP in Eastern District of Texas.
April 11, 2023	Korean JV entered three-year credit agreement with SK ecoplant for KRW2.0 billion.
April 26, 2023	Judge Gilstrap stayed district court action pending arbitrability determinations by the arbitrator in the WIPO proceeding for Plansee/GTP case.
May 11, 2023	Entered into privately negotiated capped call transactions.
May 16, 2023	Issued 3.0% Green Convertible Senior Notes due June 2028 in an aggregate principal amount of $632.5 million.
June 1, 2023	Used approximately $60.9 million of net proceeds to redeem all outstanding principal amount of 10.25% Senior Secured Notes due March 2027.
July 11, 2023	Granted RSU and PSU awards (2023 Executive Awards) to certain executive staff.
July 27, 2023	Each share of Class B common stock automatically converted into one share of Class A common stock.
August 10, 2023	Acquired all of Solar TC Corp's (Intel) interest in PPA V for $6.9 million.
August 24, 2023	Entered into a Membership Interest Purchase Agreement (MIPA) with a financier for PPA V.
August 25, 2023	Sold 100% interest in the Project Company (PPA V) to the financier.
September 15, 2023	Amended and Restated Joint Venture Agreement with SK ecoplant Co., Ltd.
September 23, 2023	All 13,491,701 shares of Series B RCPS automatically converted into shares of Class A common stock; SK ecoplant became a related party.
September 29, 2023	First Amendment to the Amended and Restated Preferred Distributor Agreement.
October 2, 2023	Arbitrator in the WIPO proceeding issued a ruling concluding that all claims in the Plansee/GTP case were arbitrable.
October 5, 2023	Korean JV entered three-year credit agreement with SK ecoplant for KRW4.0 billion.
November 7, 2023	Filed a Certificate of Retirement of Class B common stock.
November 18, 2023	Arbitrator bifurcated the arbitration in the Plansee/GTP case into a first phase focusing on inventorship and defective product claims.
December 21, 2023	Second Amendment to the Amended and Restated Preferred Distributor Agreement, extending the term to December 31, 2027, and increasing purchase commitments.
December 21, 2023	Submitted application for qualifying advanced energy project credit allocation under Internal Revenue Code Section 48C(e).
January 2024	SK ecoplant made a capital contribution of $4.0 million to the Korean JV.
March 27, 2024	Third Amendment to the Amended and Restated Preferred Distribution Agreement.
March 29, 2024	Received notification from the IRS of the acceptance of application for a Qualifying Advanced Energy Project Credit of up to $75.3 million.
May 6, 2024	Granted RSUs and PSUs to new executive hires, including the new Chief Financial Officer.
May 29, 2024	Issued 3.0% Green Convertible Senior Notes due June 2029 in an aggregate principal amount of $402.5 million.
May 29, 2024	Repurchased $115.0 million of the outstanding principal amount of 2.5% Green Convertible Senior Notes due August 2025.
August 29, 2024	Granted additional performance-based stock option awards to the Chief Commercial Officer.
November 2024	Bloom Energy and American Electric Power (AEP) entered into a strategic partnership under a landmark supply agreement for up to 1 GW of solid oxide fuel cells.
December 2024	Terminated certain legacy Managed Services Agreements and bought back old Energy Server systems.
December 18, 2024	Board of Directors cancelled 1,150,000 PSU awards for the CEO and granted Replacement Awards.
December 31, 2024	The Investment Tax Credit (ITC) for fuel cells operating on non-zero carbon fuels expired.
January 1, 2025	Adopted ASU 2023-05, ASU 2023-08, ASU 2023-09, ASU 2024-01, ASU 2024-02.
February 2025	FERC launched a review of whether PJM needs to better address how onsite generation and co-located loads can interconnect and participate in markets.
April 2025	Released 2024 Impact Report, 'Energy for the Digital Revolution'.
May 7, 2025	Entered into privately negotiated exchange agreements with certain holders of 2.5% Green Notes.
July 4, 2025	The One, Big, Beautiful Bill Act (OBBBA) was enacted into law.
July 10, 2025	SK ecoplant sold 10,000,000 shares of Class A common stock, ceasing to be a related party.
July 21, 2025	Evidentiary hearing with witness testimony commenced in the Plansee/GTP arbitration, continuing through August 1, 2025.
August 2025	Entered into a strategic partnership with Brookfield to support long-term growth and accelerate deployment of clean energy solutions, with a financing framework of up to $5.0 billion.
August 14, 2025	SK ecoplant sold another 2,608,000 shares of Class A common stock.
August 15, 2025	Maturity date of the remaining $2.2 million aggregate principal amount of 2.5% Green Notes, settled through issuance of Class A common stock.
September 29, 2025	SK ecoplant sold another 3,912,000 shares of Class A common stock.
October 3, 2025	Post hearing briefs were submitted in the first phase of the Plansee/GTP arbitration.
October 2025	The DOE Secretary issued a proposed rulemaking to standardize procedures for interconnecting large loads directly to the transmission system.
October 28, 2025	Agreed to issue Oracle Corporation a warrant to purchase up to 3,531,073 shares of Class A common stock.
October 30, 2025	Entered into privately negotiated exchange agreements with certain holders of Existing Notes.
November 4, 2025	Issued 0% Convertible Senior Notes in an aggregate principal amount of $2,500.0 million due November 2030.
November 26, 2025	Aman Joshi, Chief Commercial Officer, terminated and adopted new Rule 10b5-1 trading arrangements.
November 26, 2025	Shawn Soderberg, Chief Legal Officer and Corporate Secretary, adopted a Rule 10b5-1 trading arrangement.
November 26, 2025	KR Sridhar, Chief Executive Officer, terminated a Rule 10b5-1 trading arrangement.
November 28, 2025	Satish Chitoori, Chief Operations Officer, adopted a Rule 10b5-1 trading arrangement.
December 2025	FERC directed comprehensive reforms to establish rates, terms, and conditions for onsite generation and co-located load in PJM.
December 19, 2025	Entered into a senior secured multicurrency revolving credit facility with aggregate commitments of $600.0 million.
December 31, 2025	Fiscal year end.
January 2026	FERC approved SPP's High Impact Large Load Generation Assessment (HILLGA) proposal.
February 2, 2026	280,548,215 shares of Class A common stock outstanding.
February 9, 2026	Date of Annual Report on Form 10-K filing.
February 2026	Launched an enhanced Be University experience, open to all employees.
April 2026	DOE has requested FERC issue an order on large load interconnection.
December 31, 2026	Lease terms for Repair & Overhaul (R&O) manufacturing facilities expire.
December 31, 2027	Preferred Distributor Agreement (PDA) with SK eternix expires.
December 31, 2028	Deadline for satisfaction of Section 48C(e) credit allocation certification requirements.
December 31, 2033	The 30% ITC for fuel cell projects under OBBBA begins phasing out after this date.
December 31, 2035	The 30% ITC for fuel cell projects under OBBBA phases out after this date.
February 2036	Lease for 164,000 square-foot manufacturing facility in Fremont, California, expires.
November 2037	Latest lease expiration date mentioned in the filing.

Recommendation

hold

Bloom Energy demonstrates strong revenue growth and has secured significant strategic financing deals, particularly in the high-demand AI data center market, indicating positive momentum and strategic execution. Favorable legislative changes like the OBBBA provide a clearer path for future tax credits. However, the company continues to operate at a net loss, and significant increases in operating expenses, coupled with persistent supply chain and regulatory uncertainties, present notable risks. The stock has also shown considerable volatility. A 'Hold' recommendation reflects the balance between strong growth prospects and persistent profitability challenges and operational risks, suggesting investors monitor execution on cost reduction and sustained profitability before making further investment decisions.

Keywords

Fuel Cell, Energy Server, Hydrogen, Electrolyzer, AI Infrastructure, Data Centers, Distributed Generation, Clean Energy, Renewable Energy, Solid Oxide Fuel Cell, Power Generation, SEC Filing, 10-K, Financial Report, Corporate Governance, Risk Management, Strategic Partnerships, Brookfield, Oracle, SK ecoplant, Investment Tax Credit, OBBBA, Manufacturing Capacity, Supply Chain, ESG

Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.