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BE · Bloom Energy Corp

8 filings

10-K

BE 10-K Annual Reports

Bloom Energy Corp - 8 annual reports

Filing record · 2018–202610-K810-Q278-K106

2025
Bloom Energy Corp Annual Report, Year Ended Dec 31, 2025
Bloom Energy Corporation (BE) reported strong revenue growth of 37.3% year-over-year for the fiscal year ended December 31, 2025, driven primarily by increased demand for its Energy Server fuel cell systems, particularly from the booming data center and AI infrastructure sectors. The company saw a significant 41.1% increase in product revenue, signaling successful market penetration and growing customer adoption. Financially, Bloom Energy significantly bolstered its liquidity position, raising approximately $2.44 billion from its 0% Convertible Senior Notes issuance in late 2025, contributing to a substantial increase in cash and cash equivalents. Despite this strong revenue performance and improved cash position, the company continues to operate at a net loss, though the loss has narrowed compared to the previous year. The company's strategic partnerships, including with Brookfield and SK ecoplant, are key enablers of its growth, providing access to capital and market reach. Bloom Energy is actively investing in expanding its manufacturing capacity to meet anticipated demand.
Feb 9, 2026
2024
Bloom Energy Corp Annual Report, Year Ended Dec 31, 2024
Bloom Energy Corporation (BE) has demonstrated a robust top-line performance in 2024, with total revenue increasing by 10.5% year-over-year, driven primarily by an 11.3% rise in product revenue. This growth is supported by strong demand in key sectors, particularly data centers and those influenced by Artificial Intelligence (AI), as well as utilities seeking reliable distributed energy solutions to address grid strain and interconnection delays. The company's strategy to offer comprehensive energy solutions, beyond just electricity, including combined heat and power (CHP) and carbon capture, utilization, and storage (CCUS) capabilities, positions it well to meet evolving customer needs. Financially, Bloom Energy has improved its cash flow from operations, turning positive in 2024, which is a significant improvement from the prior year. This enhanced liquidity is partly due to strategic debt offerings, including the issuance of Green Convertible Senior Notes. The company continues to manage its costs effectively, with total operating expenses decreasing by 6.1% and a notable improvement in gross profit and gross margin, which expanded from 15% to 27% year-over-year. Despite challenges such as the expiration of certain Investment Tax Credits (ITCs) which could impact future bookings and margins, Bloom Energy's focus on innovation, strategic partnerships, and its fuel-flexible platform provides a solid foundation for continued growth in the expanding distributed energy market.
Feb 27, 2025
2023
Bloom Energy Corp Annual Report, Year Ended Dec 31, 2023
Bloom Energy Corporation's (BE) 2023 Form 10-K highlights a year of growth in total revenue, driven by increases in product, service, and electricity revenue streams. The company saw a significant rise in product acceptances, indicating growing demand for its Energy Servers. Despite revenue growth, Bloom Energy reported a net loss, though it was slightly reduced compared to the previous year. The company's strategic focus remains on expanding its manufacturing capabilities, particularly with its Electrolyzer technology, and leveraging government incentives like the Inflation Reduction Act. The company continues to navigate supply chain challenges and the evolving energy market landscape. Key financial activities in 2023 included the issuance of new convertible senior notes and the repayment of existing debt, strengthening its liquidity position. SK ecoplant remains a significant strategic partner and investor, with their ownership stake increasing. Investors should monitor Bloom Energy's progress in cost reduction, expanding its customer base beyond key large customers, and successfully commercializing its hydrogen electrolyzer technology, while also keeping an eye on regulatory changes and the broader energy transition. The company emphasizes its commitment to sustainability and ESG initiatives, aligning its products with the global transition to net-zero energy systems. While progress in revenue and operational metrics is evident, the path to profitability remains a key focus for investors, alongside the company's ability to manage its debt obligations and operational risks. The filing also details ongoing litigation and risk factors, including competition, product development, and market acceptance, which are crucial considerations for potential investors.
Feb 15, 2024
2022
Bloom Energy Corp Annual Report, Year Ended Dec 31, 2022
Bloom Energy Corporation (BE) reported strong revenue growth of 23.3% in 2022, reaching $1.199 billion, primarily driven by a significant increase in product revenue (up 32.7%). Despite the top-line growth, the company experienced a substantial increase in its net loss, which widened to $301.4 million from $164.4 million in the prior year. This widening loss was influenced by increased operating expenses, particularly in research and development and general and administrative functions, as well as higher cost of revenue, notably in electricity-related costs due to asset write-offs associated with project upgrades. Key strategic developments include expanded manufacturing capacity with a new multi-gigawatt facility in Fremont, California, and continued international expansion into Europe and Asia. The company also highlighted the potential impact of the Inflation Reduction Act (IRA) on its business, expecting it to incentivize demand for its clean energy solutions. Despite the net loss, the company ended the year with a solid cash position of $348.5 million, and management indicated sufficient capital for the next 12 months, though future capital needs may require additional equity or debt financings. Investors should monitor cost management initiatives and the company's ability to translate revenue growth into profitability.
Feb 21, 2023
2021
Bloom Energy Corp Annual Report, Year Ended Dec 31, 2021
Bloom Energy Corporation (BE) reported a 22.4% increase in total revenue for the year ended December 31, 2021, reaching $972.2 million, primarily driven by a 41.7% rise in product acceptances and growth in service revenue. The company achieved significant progress in cost reduction for its Energy Servers, with product costs per kilowatt decreasing by 2.1%. However, the company continues to operate at a net loss, with a net loss of $193.4 million in 2021. A key strategic development was the $255 million investment from SK ecoplant, strengthening the company's liquidity and partnership in the Korean market and the burgeoning hydrogen sector. Bloom Energy is focused on expanding its product offerings, including its electrolyzer technology for hydrogen production, and managing supply chain challenges and rising material costs. Despite revenue growth, Bloom Energy's path to profitability remains a key focus for investors. The company's ability to scale its manufacturing, manage its long sales cycles, and navigate the evolving energy landscape, including government incentives and regulations, will be crucial for its future success. The significant investment from SK ecoplant provides financial flexibility and strategic alignment, particularly in pursuing the hydrogen economy, which could be a significant future growth driver. Investors should monitor the company's progress in reducing costs and achieving profitability while managing its debt obligations and supply chain risks.
Feb 25, 2022
2020
Bloom Energy Corp Annual Report, Year Ended Dec 31, 2020
Bloom Energy Corporation (BE) reported its 2020 fiscal year results in this 10-K filing, reflecting continued efforts to scale its clean energy technology despite the backdrop of the COVID-19 pandemic. The company's core offering, the Bloom Energy Server, provides clean, resilient, and efficient power generation using a fuel-flexible solid oxide fuel cell technology. Key developments during the year included efforts to improve liquidity and manage debt, while also navigating operational challenges and market shifts. The company's financial performance in 2020 showed an increase in total revenue driven by higher installation and service revenues, although product revenue saw a decrease. This was accompanied by a significant reduction in operating expenses, largely due to lower stock-based compensation, and improvements in product costs per kilowatt. Despite these operational and cost efficiencies, Bloom Energy continued to operate at a net loss, consistent with its growth-stage profile. The company highlighted its ongoing investment in R&D for next-generation technologies, including hydrogen fuel cells, and its strategic partnerships, particularly in South Korea. Investors should note Bloom Energy's significant progress in reducing its cost structure and increasing product acceptances, signaling operational improvements. However, the company's reliance on financing for customer purchases and the potential impact of government incentives and regulations remain key factors for investors to monitor. The company's ability to manage its substantial debt and achieve profitability in the future will be critical to its long-term success.
Feb 26, 2021
2019
Bloom Energy Corp Annual Report, Year Ended Dec 31, 2019
Bloom Energy's FY2019 10-K, filed March 31, 2020, is dominated by a restatement and a liquidity scramble. Management restated FY2018 and revised FY2017 after finding that Managed Services Agreements had been booked as upfront sales when they should have been accounted for as financing transactions under lease accounting. The restatement cut cumulative revenue by $192.1 million through September 30, 2019, and the company disclosed a material weakness in internal control over financial reporting, so investors should treat historical revenue and margin trends with caution. Reported FY2019 results show revenue of $785.2 million (up 24.1%), product acceptances of 1,194 systems (up 47.6%), and a gross margin of 12%, but an operating loss of $232.8 million and a net loss attributable to common stockholders of $306.9 million. Cash and equivalents fell to $202.8 million, and working capital was negative $101.3 million. Current debt of $337.6 million, which the company said would require $353.5 million in payments within 12 months, exceeded available liquidity at year-end. Management addressed the near-term maturity wall on March 31, 2020 by extending most of the 6% Convertible Notes to December 2021, raising the coupon to 10%, and cutting the conversion price to $8.00. It also agreed to a $70 million senior secured note placement (subject to a rating) and a $30 million convertible note issuance to affiliates. These steps leave a $70 million repayment due September 1, 2020, and the company flagged COVID-19 as a source of uncertainty for installations, supply chain, and financing partners. Going-concern-style pressure is evident even though management concluded the next 12 months were covered.
Mar 31, 2020
2018
Bloom Energy Corp Annual Report, Year Ended Dec 31, 2018
Bloom Energy Corporation's (BE) 2018 10-K filing reveals significant revenue growth of 97.4%, reaching $742 million, driven by a substantial increase in product acceptances and the reinstatement of the Investment Tax Credit (ITC). Despite this top-line growth, the company reported a net loss of $241.8 million for the year, though this was an improvement from the prior year's net loss of $262.6 million. The company's strategy relies heavily on financing solutions like Power Purchase Agreements (PPAs) to facilitate customer adoption of its fuel cell technology. The reinstatement of the ITC in February 2018 significantly boosted billings and revenue, but also led to increased product costs due to supplier repayments. Key operational highlights include a 30.1% increase in product accepted (809 systems) and a growing service revenue stream from its expanding installed base. However, the company continues to invest heavily in R&D and sales/marketing, leading to a significant increase in operating expenses, particularly driven by stock-based compensation following its IPO. The company ended 2018 with $220.7 million in cash and cash equivalents, indicating a strong liquidity position, but also carrying substantial debt of $741.3 million, with significant covenants that could impact future financial flexibility.
Mar 22, 2019