01—Abstract
Summary
Summary of the 10-K filed February 9, 2026. Cited figures are marked; the original filing is the authoritative source.
Bloom Energy Corporation (BE) reported strong revenue growth of 37.3%a 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 billionb 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.
02—Key points
Key Highlights
- Total revenue increased by 37.3% to $2,023.99 million in 2025, primarily driven by a 41.1% increase in product revenue.
- The company raised a significant $2.44 billion in net proceeds from the issuance of 0% Convertible Senior Notes in November 2025, substantially improving its liquidity.
- Cash and cash equivalents significantly increased to $2,454.1 million as of December 31, 2025, up from $802.9 million in the prior year.
- Gross profit increased by $182.8 million to $587.4 million in 2025, with product gross profit showing strong growth, although overall product gross margin slightly decreased.
- Operating expenses increased by 34.8%, largely due to higher employee compensation and benefits, and increased consulting costs related to AI data center programs.
- Net loss attributable to common stockholders narrowed to $88.4 million in 2025 from $29.2 million in 2024, indicating improving profitability.
- Strategic partnerships with Brookfield (up to $5.0 billion financing framework) and Oracle are expected to support future growth, particularly in the AI infrastructure market.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2025, Bloom Energy Corp lost $0.04.
- Revenue$2.00B100.0%
- Cost of revenue−$1.41B70.7%
- Gross profit$587.4M29.3%
- Operating costs−$514.6M25.7%
- Operating income$72.8M3.6%
- Interest, other & tax−$159.9M8.0%
- Net income−$87.1M4.4%
Where FY2025 revenue went
$2.00B- Cost of revenue: $1.44B, 72% of revenue
- Other operating costs: $306.2M, 15% of revenue
- Operating income: $72.8M, 3.6% of revenue
- R&D: $186.0M, 9.3% of revenue
Kept 3.6% as operating incomeOperating income $72.8M · 3.6%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 9, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $2.00B$1.47B | +35.8% |
| Cost of Revenue | $1.44B$1.07B | +34.4% |
| Gross Profit | $587.40M$404.65M | +45.2% |
| R&D Expenses | $185.99M$148.63M | +25.1% |
| Operating Expenses | $514.60M$381.74M | +34.8% |
| Operating Income | $72.80M$22.91M | +217.8% |
| Interest Expense | $38.10M$37.20M | +2.4% |
| Net Income | -$87.14M-$27.20M | −220.3% |
| EPS (Basic) | $-0.37$-0.13 | −184.6% |
| EPS (Diluted) | $-0.37$-0.13 | −184.6% |
| Shares Outstanding (Basic) | 240.40M227.37M | +5.7% |
| Shares Outstanding (Diluted) | 240.40M227.37M | +5.7% |
05—Questions
Frequently Asked Questions
What are the primary drivers of Bloom Energy's revenue growth in 2025?
Bloom Energy's revenue growth in 2025 was primarily driven by strong demand for its Energy Server fuel cell systems, a significant increase in product revenue (up 41.1%), and growth in installation revenue (up 66.8%). This demand is largely attributed to the increasing power needs of data centers and AI infrastructure, as well as the ongoing energy transition and grid constraints.
How has Bloom Energy's financial position improved in 2025?
Bloom Energy significantly improved its financial position in 2025, primarily through the issuance of $2.5 billion in 0% Convertible Senior Notes, which provided substantial liquidity. This resulted in a significant increase in cash and cash equivalents to $2.45 billion from $802.9 million in the prior year. The company also repaid a significant portion of its existing debt.
Is Bloom Energy profitable, and what is the outlook for profitability?
Bloom Energy continues to operate at a net loss, reporting a net loss attributable to common stockholders of $88.4 million in 2025, a narrower loss compared to $29.2 million in 2024. While revenue and gross profit have increased, operating expenses also rose significantly. The company is focused on scaling its operations and expects that improved manufacturing efficiencies and continued market demand will contribute to future profitability, though specific timelines are not detailed.
What are the key strategic partnerships that will impact Bloom Energy's future growth?
Key strategic partnerships include a $5.0 billion financing framework with Brookfield Asset Management to accelerate clean energy solutions, particularly for AI infrastructure, and a partnership with Oracle to provide on-site power for AI data centers. The ongoing relationship with SK ecoplant in South Korea also remains a significant channel partner for their Energy Server systems.
06—Continue