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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________________
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 27, 2025
___________________________________________

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BLOOM ENERGY CORPORATION
(Exact name of registrant as specified in its charter)

001-38598
(Commission File Number)
___________________________________________
Delaware77-0565408
(State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.)
  
4353 North First Street,San Jose,California95134
(Address of principal executive offices)(Zip Code)
  
408543-1500
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
___________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Class A Common Stock, $0.0001 par value BE New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company   ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨







Item 2.02     Results of Operations and Financial Condition

On February 27, 2025, Bloom Energy Corporation (the “Company”) announced its financial results for the fourth quarter and full year ended December 31, 2024, and issued a press release, a copy of which is attached hereto as Exhibit 99.1. The press release discloses certain non-GAAP financial measures. A reconciliation to the nearest comparable GAAP equivalent of these non-GAAP measures is contained in tabular form in Exhibit 99.1.

The information contained in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.



Item 9.01    Financial Statements and Exhibits
(d) Exhibits

Exhibit No.Description
Press release dated February 27, 2025
104Cover page interactive data file (embedded within the inline XBRL document)



















SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BLOOM ENERGY CORPORATION
     
Date:February 27, 2025By: 
/s/ Daniel Berenbaum
    
Daniel Berenbaum
    
Chief Financial Officer
      (Principal Financial and Accounting Officer)



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Bloom Energy Reports Fourth Quarter and Full Year 2024 Financial Results with Record Full Year Revenues

SAN JOSE, Calif., February 27, 2025 — Bloom Energy Corporation (NYSE: BE) reported today its financial results for the fourth quarter and the full year ended December 31, 2024. The company had record revenue of $1.47 billion for the full year driven by continued growth in product and service revenue.

Fourth Quarter Highlights

•Revenue of $572.4 million in the fourth quarter of 2024, an increase of 60.4% compared to $356.9 million in the fourth quarter of 2023. Product and service revenue of $525.5 million in the fourth quarter of 2024, an increase of 67.2% compared to $314.4 million in the fourth quarter of 2023.
•Gross margin of 38.3% in the fourth quarter of 2024, an increase of 12.4 percentage points year-over-year; Non-GAAP gross margin of 39.3% in the fourth quarter of 2024, an increase of 11.9 percentage points year-over-year.
•Operating income of $104.7 million in the fourth quarter of 2024, an increase of $91.8 million year-over-year; Non-GAAP operating income of $133.4 million in the fourth quarter of 2024, an increase of $106.0 million year-over-year.
•Generated $484.2 million cash flow from operating activities.

Total Year Highlights

•Revenue of $1,473.9 million in 2024, an increase of 10.5% compared to $1,333.5 million in 2023. Product and service revenue of $1,298.7 million in 2024, an increase of 12.1% compared to $1,158.3 million in 2023.
•Gross margin of 27.5% in 2024, an increase of 12.6 percentage points compared to 14.8% in 2023.
•Non-GAAP gross margin of 28.7% in 2024, an increase of 2.9 percentage points compared to 25.8% in 2023.
•Operating income of $22.9 million in 2024, an improvement of $231.8 million compared to operating loss of $208.9 million in 2023.
•Non-GAAP operating income of $107.6 million in 2024, an increase of $88.4 million compared to $19.2 million in 2023.
•Generated $92.0 million cash flow from operating activities.

KR Sridhar, Founder, Chairman, and CEO of Bloom Energy said, “We are the solution of choice for powering AI, whether that’s large data centers that need reliable power now, or businesses that are going to use AI for productivity gains. Our proven solution is ready to be deployed at GW scale starting this year.”

Dan Berenbaum, CFO of Bloom Energy added, “As expected, we closed 2024 with record quarterly results. We expect our commercial momentum to continue into 2025 and beyond. For 2025, at the mid-point of our guidance, we expect revenue to grow 19% year-over-year. We will continue to prudently invest to support accelerating growth, while at the same time increasing profitability and focusing on generating positive cash flow.”
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Summary of Key Financial Metrics

Summary of GAAP Profit and Loss Statements

($000), except EPS dataQ4'24Q3'24Q4'2320242023
Revenue$572,393 $330,399 $356,917 $1,473,856 $1,333,470 
Cost of Revenue353,076 251,665 264,526 1,069,208 1,135,676 
Gross Profit
219,317 78,734 92,391 404,648 197,794 
Gross Margin38.3 %23.8 %25.9 %27.5 %14.8 %
Operating Expenses114,611 88,385 79,452 381,739 406,701 
Operating Income (Loss)
104,706 (9,651)12,939 22,909 (208,907)
Operating Margin18.3%(2.9)%3.6%1.6%(15.7)%
Non-operating Expenses (Income)
(89)5,060 8,428 52,136 93,209 
Net (Loss) Profit to Common Stockholders
$104,795 $(14,711)$4,511 $(29,227)$(302,116)
GAAP EPS, Basic$0.46 $(0.06)$0.02 $(0.13)$(1.42)
GAAP EPS, Diluted$0.38 $(0.06)$0.02 $(0.13)$(1.42)

Summary of Non-GAAP Financial Information1

($000), except EPS dataQ4'24Q3'24Q4'2320242023
Revenue$572,393 $330,399 $356,917 $1,473,856 $1,333,470 
Cost of Revenue347,299 247,066 259,138 1,051,047 989,464 
Gross Profit225,094 83,332 97,779 422,809 344,006 
Gross Margin39.3 %25.2 %27.4 %28.7 %25.8 %
Operating Expenses91,672 75,229 70,368 315,207 324,825 
Operating Income
133,422 8,104 27,411 107,602 19,181 
Operating Margin23.3%2.5%7.7%7.3%1.4%
EBITDA
$147,316 $21,344 $39,760 $160,651 $81,791 
Non-GAAP EPS, Basic
$0.52 $(0.01)$0.09 $0.28 $(0.10)
Non-GAAP EPS, Diluted
$0.43 $(0.01)$0.07 $0.28 $(0.10)

1.A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release

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Outlook

Bloom provides outlook for the full-year 2025:

•Revenue:                             $1.65B - $1.85B
•Non-GAAP Gross Margin:                        ~29%
•Non-GAAP Operating Income:                  $135M - $165M

Conference Call Details

Bloom will host a conference call today, February 27, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call toll-free dial-in number: +1 (888) 596-4144 and toll-dial-in-number +1 (646) 968-2525. The conference ID is 5744085. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com/. Following the webcast, an archived version will be available on Bloom’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 770-2030 or +1 (609) 800-9909 and entering passcode 5744085.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exchange Commission (SEC). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Bloom urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom’s expectations regarding its 2025 outlook, Bloom is not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating income measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Material changes to reconciling items could have a significant effect on future GAAP results and, as such, we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors.

About Bloom Energy

Bloom Energy empowers businesses and communities to responsibly take charge of their power needs. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon electricity today and a net-zero future. For more information, visit www.BloomEnergy.com.

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Forward-Looking Statements

This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding: innovation and solutions; customer reaction to Bloom’s products; Bloom’s liquidity position; market demand for energy solutions; and Bloom’s 2025 outlook for revenue and profitability. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to: Bloom’s limited operating history; the emerging nature of the distributed generation market and rapidly evolving market trends; the significant losses Bloom has incurred in the past; the significant upfront costs of Bloom’s Energy Servers and Bloom’s ability to secure financing for its products; Bloom’s ability to drive cost reductions and to successfully mitigate against potential price increases; Bloom’s ability to service its existing debt obligations; Bloom’s ability to be successful in new markets; the ability of the Bloom Energy Server to operate on the fuel source a customer will want; the success of the strategic partnership with SK ecoplant in the United States and international markets; timing and development of an ecosystem for the hydrogen market, including in the South Korean market; continued incentives in the South Korean market; adapting to the new government bidding process in the South Korean market; the timing and pace of adoption of hydrogen for stationary power; the risk of manufacturing defects; the accuracy of Bloom’s estimates regarding the useful life of its Energy Servers; delays in the development and introduction of new products or updates to existing products; Bloom’s ability to secure partners in order to commercialize its electrolyzer and carbon capture products; supply constraints; the availability of rebates, tax credits and other tax benefits; impact of the Inflation Reduction Act of 2022 (the "IRA"), including expiration of the Investment Tax Credit ("ITC") with respect to fuel cells running on non-zero carbon fuels and transferability of tax credits on our business; changes in the regulatory landscape; Bloom’s reliance upon a limited number of customers; Bloom’s lengthy sales and installation cycle, construction, utility interconnection and other delays and cost overruns related to the installation of its Energy Servers, including inventories with distributors; business and economic conditions and growth trends in commercial and industrial energy markets; global macroeconomic conditions, including rising interest rates, recession fears and inflationary pressures, or geopolitical events or conflicts; overall electricity generation market; management transitions; Bloom’s ability to protect its intellectual property; and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential factors that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on February 15, 2024 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024, as filed with the SEC on May 9, 2024, August 8, 2024, and November 7, 2024, respectively, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Bloom’s website at www.bloomenergy.com and the SEC’s website at www.sec.gov. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

The Investor Relations section of Bloom’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom encourages investors to visit this website from time to time, as information is updated and new information is posted.
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Investor Relations:
Michael Tierney
Bloom Energy
investor@bloomenergy.com
Media:
Katja Gagen
press@bloomenergy.com
Consolidated Balance Sheets
(in thousands, except share data)
December 31,
20242023
Assets
Current assets:
Cash and cash equivalents1
$802,851 $664,593 
Restricted cash1
110,622 46,821 
Accounts receivable, less allowance for credit losses of $119 as of December 31, 2024, and 20231, 2
335,841 340,740 
Contract assets3
145,162 41,366 
Inventories1
544,656 502,515 
Deferred cost of revenue4
58,792 45,984 
Prepaid expenses and other current assets1, 5
46,203 51,148 
Total current assets2,044,127 1,693,167 
Property, plant and equipment, net1
403,475 493,352 
Operating lease right-of-use assets1, 6
122,489 139,732 
Restricted cash1
37,498 33,764 
Deferred cost of revenue3,629 3,454 
Other long-term assets1, 7
46,136 50,208 
Total assets$2,657,354 $2,413,677 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable1, 8
$92,704 $132,078 
Accrued warranty9
16,559 19,326 
Accrued expenses and other current liabilities1, 10
138,450 130,879 
Deferred revenue and customer deposits1, 11
243,314 128,922 
Operating lease liabilities1, 12
19,642 20,245 
Financing obligations11,704 38,972 
Recourse debt114,385 — 
Total current liabilities636,758 470,422 
Deferred revenue and customer deposits1, 13
43,105 19,140 
Operating lease liabilities1, 14
124,523 141,939 
Financing obligations244,132 405,824 
Recourse debt1,010,350 842,006 
Non-recourse debt1, 15
4,057 4,627 
Other long-term liabilities9,213 9,049 
Total liabilities$2,072,138 $1,893,007 
Commitments and contingencies
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December 31,
20242023
Stockholders’ equity:
Common stock: 0.0001 par value; Class A shares — 600,000,000 shares and 600,000,000 shares authorized, and 229,142,474 shares and 224,717,533 shares issued and outstanding, and Class B shares — 470,092,742 shares and 600,000,000 shares authorized, and no shares issued and outstanding at December 31, 2024, and 2023, respectively.
23 21 
Additional paid-in capital4,462,659 4,370,343 
Accumulated other comprehensive loss(2,593)(1,687)
Accumulated deficit(3,897,618)(3,866,599)
Total equity attributable to common stockholders562,471 502,078 
Noncontrolling interest22,745 18,592 
Total stockholders’ equity$585,216 $520,670 
Total liabilities and stockholders’ equity$2,657,354 $2,413,677 

1 We have variable interest entity related to a joint venture in the Republic of Korea, which represents a portion of the consolidated balances recorded within these financial statement line items.
2 Including amounts from related parties of $93.5 million and $262.0 million as of December 31, 2024, and 2023, respectively.
3 Including amounts from related parties of $0.8 million and $6.9 million as of December 31, 2024, and 2023, respectively.
4 Including amounts from related parties of $0.9 million as of December 31, 2023. There were no related party balances as of December 31, 2024.
5 Including amounts from related parties of $1.2 million and $2.3 million as of December 31, 2024, and 2023, respectively.
6 Including amounts from related parties of $1.4 million and $2.0 million as of December 31, 2024, and 2023, respectively.
7 Including amounts from related parties of $8.8 million and $9.1 million as of December 31, 2024, and 2023, respectively.
8 Including amounts from related parties of $0.1 million as of December 31, 2023. There were no related party balances as of December 31, 2024.
9 Including amounts from related parties of $1.2 million and $1.3 million as of December 31, 2024, and 2023, respectively.
10 Including amounts from related parties of $4.0 million and $3.4 million as of December 31, 2024, and 2023, respectively.
11 Including amounts from related parties of $8.9 million and $1.7 million as of December 31, 2024, and 2023, respectively.
12 Including amounts from related parties of $0.4 million and $0.4 million as of December 31, 2024, and 2023, respectively.
13 Including amounts from related parties of $3.3 million and $6.7 million as of December 31, 2024, and 2023, respectively.
14 Including amounts from related parties of $1.0 million and $1.6 million as of December 31, 2024, and 2023, respectively.
15 Including amounts from related parties of $4.1 million and $4.6 million as of December 31, 2024, and 2023, respectively.
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Consolidated Statements of Operations
(in thousands, except per share data)
Q4'24Q3'24Q4'2320242023
Revenue:
Product$471,711 $233,770 $261,819 $1,085,153 $975,245 
Installation36,089 32,052 26,033 122,318 92,796 
Service53,790 50,761 52,569 213,542 183,065 
Electricity10,803 13,816 16,496 52,843 82,364 
Total revenue1
572,393 330,399 356,917 1,473,856 1,333,470 
Cost of revenue:
Product253,634 155,124 172,514 685,847 630,105 
Installation34,107 35,688 27,854 129,446 105,735 
Service54,691 51,363 55,050 214,961 220,927 
Electricity10,644 9,490 9,108 38,954 178,909 
Total cost of revenue2
353,076 251,665 264,526 1,069,208 1,135,676 
Gross profit219,317 78,734 92,391 404,648 197,794 
Operating expenses:
Research and development39,465 36,315 33,556 148,629 155,865 
Sales and marketing21,838 14,667 16,026 68,005 89,961 
General and administrative3
53,308 37,403 29,871 165,105 160,875 
Total operating expenses114,611 88,385 79,452 381,739 406,701 
Income (loss) from operations
104,706 (9,651)12,939 22,909 (208,907)
Interest income4,925 6,456 6,114 25,342 19,885 
Interest expense4
(15,951)(16,763)(14,563)(62,636)(108,299)
Other income (expense), net
12,237 5,821 867 15,904 (2,793)
Loss on extinguishment of debt— — — (27,182)(4,288)
Loss on revaluation of embedded derivatives
(378)(386)(428)(694)(1,641)
(Loss) profit before income taxes105,539 (14,523)4,930 (26,357)(306,043)
Income tax provision382 109 811 846 1,894 
Net (loss) profit105,157 (14,632)4,117 (27,203)(307,937)
Less: Net income (loss) attributable to noncontrolling interest
362 79 (394)2,024 (5,821)
Net (loss) income attributable to common stockholders
$104,795 $(14,711)$4,511 $(29,227)$(302,116)
Net (loss) earnings per share available to common stockholders, basic
$0.46 $(0.06)$0.02 $(0.13)$(1.42)
Net (loss) earnings per share available to common stockholders, diluted
$0.38 $(0.06)$0.02 $(0.13)$(1.42)
Weighted average shares used to compute net (loss) earnings per share available to common stockholders, basic
228,728 227,957 224,204 227,365 212,681 
Weighted average shares used to compute net (loss) earnings per share available to common stockholders, diluted
294,429 227,957 274,366 227,365 212,681 
1 Including related party revenue of $3.0 million, $126.6 million and $126.2 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and $338.6 million and $487.2 million for the years ended December 31, 2024, and 2023, respectively.
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2 Including related party cost of revenue of $0.1 million for the three months ended December 31, 2024, and of $0.2 million and $0.1 million for the years ended December 31, 2024, and 2023, respectively. There was no related party cost of revenue for the three months ended September 30, 2024, and December 31, 2023.
3 Including related party general and administrative expenses of $0.2 million, $0.2 million, and $0.2 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and $0.7 million and $0.8 million for the years ended December 31, 2024, and 2023, respectively.
4 Including related party interest expenses of $0.1 million, $0.1 million and $0.1 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and $0.2 million and $0.1 million for the years ended December 31, 2024, and 2023, respectively.
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Consolidated Statement of Cash Flows
(in thousands)
Q4'24Q3'24Q4'2320242023
Cash flows from operating activities:
Net profit (loss)
$105,157 $(14,632)$4,117 $(27,203)$(307,937)
Adjustments to reconcile net (loss) profit to net cash provided by (used in) operating activities:
Depreciation and amortization13,893 13,240 12,349 53,048 62,609 
Non-cash lease expense8,792 9,175 9,079 35,898 33,619 
Loss (gain) on disposal of property, plant and equipment193 (17)234 161 411 
Revaluation of derivative contracts378 386 428 694 1,641 
Impairment of assets
— — — — 130,088 
Derecognition of loan commitment asset related to SK ecoplant Second Tranche Closing— — — — 52,792 
Stock-based compensation expense27,408 17,689 7,320 82,424 84,480 
Amortization of debt issuance costs
1,861 1,862 1,472 6,797 4,772 
Loss on extinguishment of debt— — — 27,182 4,288 
Net (gain) loss on failed sale-and-leaseback transactions
(12,387)(5,003)403 (17,390)403 
Unrealized foreign currency exchange loss (gain)3,698 (1,496)(2,411)3,756 618 
Other54 105 1 69 47 
Changes in operating assets and liabilities:
Accounts receivable1
257,469 (67,064)(6,037)7,133 (89,888)
Contract assets2
(24,088)(30,687)102,509 (103,796)5,361 
Inventories38,717 (64,141)(25,374)(44,527)(231,689)
Deferred cost of revenue3
(18,275)7,796 17,569 (13,070)1,655 
Prepaid expenses and other assets4
1,460 (8,716)15,095 3,790 (5,754)
Other long-term assets5
3,381 4,646 (17,000)4,072 (3,366)
Operating lease right-of-use assets and operating lease liabilities(9,327)(9,325)(8,922)(36,675)(32,801)
Financing lease liabilities1,151 173 104 1,644 1,011 
Accounts payable6
(35,262)23,882 (23,385)(36,629)(29,080)
Accrued warranty7
1,550 2,621 2,789 (2,767)1,994 
Accrued expenses and other liabilities8
8,050 13,819 17,152 8,662 (13,785)
Deferred revenue and customer deposits9
111,078 36,231 14,406 139,868 (42,635)
Other long-term liabilities(723)(13)(65)(1,143)(1,385)
Net cash provided by (used in) operating activities
484,228 (69,469)121,833 91,998 (372,531)
Cash flows from investing activities:
Purchase of property, plant and equipment(11,106)(14,292)(16,254)(58,852)(83,739)
Proceeds from sale of property, plant and equipment34 14 11 70 14 
Net cash used in investing activities(11,072)(14,278)(16,243)(58,782)(83,725)
Cash flows from financing activities:
Proceeds from issuance of debt10
— — 3,144 402,500 637,127 
Payment of debt issuance costs
— (438)(197)(12,761)(19,736)
Repayment of debt
— — — (140,990)(191,390)
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Q4'24Q3'24Q4'2320242023
Purchase of capped call options related to convertible notes— — — — (54,522)
Proceeds from financing obligations— 464 2,291 1,798 4,993 
Repayment of financing obligations(70,431)(9,767)(4,970)(90,197)(18,445)
Distributions and payments to noncontrolling interest— — — — (2,265)
Proceeds from issuance of common stock1,251 4,141 942 12,367 16,945 
Payment of public share offering costs— — — — (35)
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— — (22)— (395)
Dividend paid— — — (1,468)— 
Contributions from noncontrolling interest— — — 3,958 6,979 
Net cash provided by (used in) financing activities(69,180)(5,600)1,188 175,207 683,349 
Effect of exchange rate changes on cash, cash equivalent, and restricted cash
(2,156)694 704 (2,630)(281)
Net increase (decrease) in cash, cash equivalents, and restricted cash
401,820 (88,653)107,482 205,793 226,812 
Cash, cash equivalents, and restricted cash:
Beginning of period549,151 637,804 637,696 745,178 518,366 
End of period$950,971 $549,151 $745,178 $950,971 $745,178 
1 Including changes in related party balances of $81.0 million, $1.4 million, and $14.2 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and changes in related party balances of $168.5 million and $257.8 million for the years ended December 31, 2024, and 2023, respectively.
2 Including changes in related party balances of $0.1 million and $3.5 million for the three months ended September 30, 2024, and December 31, 2023, respectively, and changes in related party balances of $6.1 million and $6.9 million for the years ended December 31, 2024, and 2023, respectively. There were no associated changes in related party balances for the three months ended December 31, 2024.
3 Including changes in related party balances of $22.5 million for the three months ended December 31, 2023, and changes in related party balances of $0.9 million and $0.9 million for the years ended December 31, 2024, and 2023, respectively. There were no associated changes in related party balances for the three months ended December 31, 2024, and September 30, 2024.
4 Including changes in related party balances of $0.2 million, $0.2 million, and $7.6 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and changes in related party balances of $1.0 million and $2.3 million for the years ended December 31, 2024, and 2023, respectively.
5 Including changes in related party balances of $0.3 million, $0.4 million, and $7.1 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and changes in related party balances of $0.3 million and $9.1 million for the years ended December 31, 2024, and 2023, respectively.
6 Including changes in related party balances of $0.1 million for the three months ended December 31, 2023, and related party balances of $0.1 million and $0.1 million for the years ended December 31, 2024, and 2023, respectively. There were no associated changes in related party balances for the three months ended December 31, 2024, and September 30, 2024.
7 Including changes in related party balances of $1.4 million and $0.2 million for the three months ended December 31, 2024, and September 30, 2024, respectively, and changes in related party balances of $0.1 million and $1.3 million for the years ended December 31, 2024, and 2023, respectively. There were no associated related party balance for the three months ended December 31, 2023.
8 Including changes in related party balances of $3.6 million, $1.8 million, and $2.3 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and changes in related party balances of $0.6 million and $3.4 million for the years ended December 31, 2024, and 2023, respectively.
9 Including changes in related party balances of $1.1 million, $0.5 million, and $2.7 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and changes in related party balances of $3.8 million and $8.4 million for the years ended December 31, 2024, and 2023, respectively.
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10 Including changes in related party balances of $0.5 million, $0.2 million, and $4.6 million for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively, and changes in related party balances of $0.6 million and $4.6 million for the years ended December 31, 2024, and 2023, respectively.
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Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
(in thousands, except percentages)

Q4'24Q3'24Q4'2320242023
GAAP revenue$572,393 $330,399 $356,917 $1,473,856 $1,333,470 
GAAP cost of sales353,076 251,665 264,526 1,069,208 1,135,676 
GAAP gross profit
219,317 78,734 92,391 404,648 197,794 
Non-GAAP adjustments:
Stock-based compensation expense4,877 3,778 2,693 16,579 17,504 
Restructuring
54 90 2,695 (403)3,420 
Impairment of assets
— — — — 123,700 
Other846 731 — 1,985 1,588 
Non-GAAP gross profit$225,094 $83,332 $97,779 $422,809 $344,006 
GAAP gross margin %38.3 %23.8 %25.9 %27.5 %14.8 %
Non-GAAP adjustments1.0 %1.4 %1.5 %1.2 %11.0 %
Non-GAAP gross margin %39.3 %25.2 %27.4 %28.7 %25.8 %

Q4'24Q3'24Q4'2320242023
GAAP income (loss) from operations
$104,706 $(9,651)$12,939 $22,909 $(208,907)
Non-GAAP adjustments:
Stock-based compensation expense27,655 17,057 7,500 82,995 87,095 
Restructuring
179 (70)6,940 (434)9,166 
Impairment of assets
— — — — 130,088 
Other882 768 34 2,132 1,739 
Non-GAAP earnings from operations
$133,422 $8,104 $27,411 $107,602 $19,181 
GAAP operating margin %18.3 %(2.9)%3.6 %1.6 %(15.7)%
Non-GAAP adjustments5.0 %5.4 %4.1 %5.7 %17.1 %
Non-GAAP operating margin %23.3 %2.5 %7.7 %7.3 %1.4 %

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Reconciliation of GAAP Net Profit (Loss) to non-GAAP Net Profit (Loss) and Computation of non-GAAP Net Earnings (Loss) per Share (EPS)
(unaudited)
(in thousands, except share data)

Q4'24Q3'24Q4'2320242023
Net (loss) income to Common Stockholders
$104,795 $(14,711)$4,511 $(29,227)$(302,116)
Non-GAAP adjustments:
Add back: Income (loss) attributable to noncontrolling interest
362 79 (394)2,024 (5,821)
Stock-based compensation expense27,655 17,057 7,500 82,995 87,095 
Effects of Assets Buyout and Repowering
(15,971)(4,991)403 (20,975)403 
Loss on derivative liabilities
378 386 428 694 1,641 
Restructuring179 (70)6,940 (434)9,166 
Loss on extinguishment of debt— — — 27,182 4,288 
Impairment of assets— — — — 130,088 
Interest expense on SK loan commitment— — — — 52,792 
Other1,088 768 34 2,340 1,739 
Adjusted Net Profit (Loss)
$118,486 $(1,481)$19,421 $64,599 $(20,724)
Adjusted net earnings (loss) per share (EPS), Basic$0.52 $(0.01)$0.09 $0.28 $(0.10)
Adjusted net earnings (loss) per share (EPS), Diluted
$0.43 $(0.01)$0.07 $0.28 $(0.10)
Weighted average shares outstanding attributable to common stockholders, Basic228,728 227,957 224,204 227,365 212,681 
Weighted-average shares outstanding attributable to common stockholders, Diluted
294,429 227,957 274,366 227,365 212,681 

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Reconciliation of GAAP Net Profit (loss) to Adjusted EBITDA
(unaudited)
(in thousands)

Q4'24Q3'24Q4'2320242023
Net (loss) income to Common Stockholders
$104,795 $(14,711)$4,511 $(29,227)$(302,116)
Add back: Income (loss) attributable to noncontrolling interest
362 79 (394)2,024 (5,821)
Stock-based compensation expense27,655 17,057 7,500 82,995 87,095 
Effects of Assets Buyout and Repowering
(15,971)(4,991)403 (20,975)403 
Loss on derivative liabilities378 386 428 694 1,641 
Restructuring179 (70)6,940 (434)9,166 
Loss on extinguishment of debt— — — 27,182 4,288 
Impairment of assets
— — — — 130,088 
Interest expense on SK loan commitment— — — — 52,792 
Other1,088 768 34 2,340 1,739 
Adjusted Net Profit (Loss)118,486 (1,481)19,421 64,599 (20,724)
Depreciation & amortization13,893 13,240 12,349 53,048 62,609 
Income tax provision382 109 811 846 1,894 
Interest expense, Other expense (income), net14,555 9,476 7,179 42,158 38,012 
Adjusted EBITDA$147,316 $21,344 $39,760 $160,651 $81,791 

Use of non-GAAP financial measures

To supplement Bloom Energy consolidated financial statement information presented on a GAAP basis, Bloom Energy provides financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss) (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (loss) (non-GAAP net earnings), non-GAAP basic and diluted earnings per share and Adjusted EBITDA. Bloom Energy also provides forecasts of non-GAAP gross margin and non-GAAP operating margin.

These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States.

•The GAAP measure most directly comparable to non-GAAP gross profit (loss) is gross profit (loss).
•The GAAP measure most directly comparable to non-GAAP gross margin is gross margin.
•The GAAP measure most directly comparable to non-GAAP operating income (loss) (non-GAAP earnings from operations) is operating income (loss) (earnings from operations).
•The GAAP measure most directly comparable to non-GAAP operating margin is operating margin.
•The GAAP measure most directly comparable to non-GAAP net profit (loss) (non-GAAP net earnings) is net profit (loss) (net earnings).
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•The GAAP measure most directly comparable to non-GAAP diluted earnings per share is diluted earnings per share.
•The GAAP measure most directly comparable to Adjusted EBITDA is net profit (loss) (net earnings).

Reconciliations of each of these non-GAAP financial measures to GAAP information are included in the tables above or elsewhere in the materials accompanying this news release.

Use and economic substance of non-GAAP financial measures used by Bloom Energy

Non-GAAP gross profit and non-GAAP gross margin are defined to exclude charges relating to stock-based compensation expense, impairment of assets, restructuring (expense reversals) charges, and other charges. Non-GAAP net profit (loss) (non-GAAP net earnings) and non-GAAP diluted earnings per share consist of net earnings or diluted net earnings per share excluding charges relating to income (loss) attributable to noncontrolling interest, charges relating to stock-based compensation expense, effects of assets buyout and repowering, loss on derivative liabilities, restructuring (expense reversals) charges, loss on debt extinguishment, impairment of assets, interest expense on SK loan commitment, and other charges. Adjusted EBITDA is defined as net profit (loss) before interest expense, provision for income tax, depreciation and amortization expense, income (loss) attributable to noncontrolling interest, charges relating to stock-based compensation expense, restructuring (expense reversals) charges, impairment of assets, and other charges. Bloom Energy management uses these non-GAAP financial measures for purposes of evaluating Bloom Energy’s historical and prospective financial performance, as well as Bloom Energy’s performance relative to its competitors. Bloom Energy believes that excluding the items mentioned above from these non-GAAP financial measures allows Bloom Energy management to better understand Bloom Energy’s consolidated financial performance as management does not believe that the excluded items are reflective of ongoing operating results. More specifically, Bloom Energy management excludes each of those items mentioned above for the following reasons:

•Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date. Although stock-based compensation is a key incentive offered to our employees, Bloom Energy excludes these charges for the purpose of calculating these non-GAAP measures, primarily because they are non-cash expenses and such an exclusion facilitates a more meaningful evaluation of Bloom Energy current operating performance and comparisons to Bloom Energy operating performance in other periods.
•Income (loss) attributable to noncontrolling interest represents allocation to the non-controlling interests under the hypothetical liquidation at book value (HLBV) method and are associated with our legacy PPA entity and the joint venture in the Republic of Korea.
•Effects of Assets Buyout and Repowering consists of two components:
(i)    Net gain (loss) on failed sale-and-leaseback transactions as a result of termination of multiple Managed Services sites, consisting of loss on impairment of related fixed assets offset against gain on extinguishment of debt as a result of derecognition of respective financing obligations adjusted by cash paid for assets buyback; and
(ii)    Selling profit on sales-type lease of $3.6 million as a result of derecognition of the old Energy Server systems, incurred as a result of the difference between the partial amount of $5.1 million customer deposit previously paid by the financier and the carrying amount of the old Energy Server systems determined at the time of the buyout of $1.5 million.
•Loss on derivatives liabilities represents non-cash adjustments to the fair value of the embedded derivatives.
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•Restructuring charges and reversals are represented by severance expense, facility closure costs, and other costs.
•Loss on debt extinguishment for the year ended December 31, 2024, related to the partial repurchase of the 2.5% Green Convertible Senior Notes due August 2025 and consisted of 22.6% premium upon partial repurchase of $26.0 million and $1.2 million of debt issuance cost write-off. Loss on extinguishment of debt for the year ended December 31, 2023, of $4.3 million consisted of: (1) $1.4 million recognized as a result of the repayment on August 24, 2023, of 3.04% Senior Secured Notes due June 2031 as part of our legacy PPA entity repowering, and represented in its entirety derecognition of debt issuance costs; and (2) $2.9 million effect of redemption on July 1, 2023 of 10.25% senior secured notes due March 2027 and consisted of 4% premium upon redemption of $2.3 million and $0.6 million of debt issuance cost write-off.
•Impairment of assets represents non-cash impairment charge on old Energy Server systems decommissioned upon repowering of our legacy PPA entity of $123.7 million and non-cash impairment charge on non-recoverable production insurance of $6.4 million.
•Interest expense on SK loan commitment recognized as a result of automatic conversion of 13.5 million shares of our Series B redeemable convertible preferred stock to shares of our Class A common stock.
•Other represents (1) site termination costs of $1.3 million, $0.7 million, and $0.2 million for the year ended December 31, 2024, three months ended September 30, 2024, and the three months ended December 31, 2024, respectively; (2) sales property tax of $1.6 million, $0.7 million, and $0.7 million for the years ended December 31, 2023, and 2024, and three months ended December 31, 2024, respectively; (3) loss on termination of lease agreement of $0.2 million for the three months ended December 31, 2024; and (4) immaterial amounts of quarterly amortization of acquired intangible assets.
•Adjusted EBITDA is defined as Adjusted Net Profit (Loss) before depreciation and amortization expense, provision for income tax, interest expense, other expense (income), net. We use Adjusted EBITDA to measure the operating performance of our business, excluding specifically identified items that we do not believe directly reflect our core operations and may not be indicative of our recurring operations.

For more information about these non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP to Non-GAAP Financial Measures,” “Reconciliation of GAAP Net Profit (Loss) to non-GAAP Net Profit (Loss) and Computation of non-GAAP Net Earnings (Loss) per Share (EPS),” and “Reconciliation of GAAP Net Profit (Loss) to Adjusted EBITDA” set forth in this release, which should be read together with the preceding financial statements prepared in accordance with GAAP.

Material limitations associated with use of non-GAAP financial measures

These non-GAAP financial measures have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of Bloom Energy results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:

•Items such as stock-based compensation expense that is excluded from non-GAAP gross profit (loss), non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (loss) (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (loss) (non-GAAP net earnings), and non-GAAP diluted earnings per share can have a material impact on the equivalent GAAP earnings measure.
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•Income (loss) attributable to noncontrolling interest and loss on derivatives liabilities, though not directly affecting Bloom Energy’s cash position, represent the loss (gain) in value of certain assets and liabilities. The expense associated with this loss (gain) in value is excluded from non-GAAP net earnings, and non-GAAP diluted earnings per share and can have a material impact on the equivalent GAAP earnings measure.
•Other companies may calculate non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating profit (non-GAAP earnings from operations), non-GAAP operating profit margin, non-GAAP net profit (loss) (non-GAAP net earnings), non-GAAP diluted earnings per share and Adjusted EBITDA differently than Bloom Energy does, limiting the usefulness of those measures for comparative purposes.

Compensation for limitations associated with use of non-GAAP financial measures

Bloom Energy compensates for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only as a supplement. Bloom Energy also provides a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP measure within this news release and in other written materials that include these non-GAAP financial measures, and Bloom Energy encourages investors to review those reconciliations carefully.

Usefulness of non-GAAP financial measures to investors

Bloom Energy believes that providing financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss) (non-GAAP earnings from operations), non-GAAP operating profit margin, non-GAAP net profit (loss) (non-GAAP net earnings), non-GAAP diluted earnings per share in addition to the related GAAP measures provides investors with greater transparency to the information used by Bloom Energy management in its financial and operational decision making and allows investors to see Bloom Energy’s results “through the eyes” of management. Bloom Energy further believes that providing this information better enables Bloom Energy investors to understand Bloom Energy’s operating performance and to evaluate the efficacy of the methodology and information used by Bloom Energy management to evaluate and measure such performance. Disclosure of these non-GAAP financial measures also facilitates comparisons of Bloom Energy’s operating performance with the performance of other companies in Bloom Energy’s industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.
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v3.25.0.1
Cover
Feb. 27, 2025
Feb. 15, 2024
Cover [Abstract]    
Document Type 8-K  
Entity Registrant Name BLOOM ENERGY CORPORATION  
Entity File Number   001-38598
Entity Tax Identification Number 77-0565408  
Entity Incorporation, State or Country Code DE  
Entity Address, Postal Zip Code 95134  
Entity Address, State or Province CA  
Entity Address, City or Town San Jose,  
Entity Address, Address Line One 4353 North First Street,  
Local Phone Number 543-1500  
City Area Code 408  
Written Communications false  
Soliciting Material false  
Pre-commencement Tender Offer false  
Pre-commencement Issuer Tender Offer false  
Title of 12(b) Security Class A Common Stock, $0.0001 par value  
Trading Symbol BE  
Security Exchange Name NYSE  
Entity Emerging Growth Company   false
Amendment Flag false  
Entity Central Index Key 0001664703  
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