Bloom Energy Corp
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
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Consolidated Balance Sheets
(in thousands, except share data)
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents1 | $664,593 | $348,498 |
| Restricted cash1 | 46,821 | 51,515 |
| Accounts receivable less allowance for credit losses of $119 as of December 31, 2023 and $119 as of December 31, 20221, 2 | 340,740 | 250,995 |
| Contract assets3 | 41,366 | 46,727 |
| Inventories1 | 502,515 | 268,394 |
| Deferred cost of revenue4 | 45,984 | 46,191 |
| Prepaid expenses and other current assets1, 5 | 51,148 | 43,643 |
| Total current assets | 1,693,167 | 1,055,963 |
| Property, plant and equipment, net1 | 493,352 | 600,414 |
| Operating lease right-of-use assets1, 6 | 139,732 | 126,955 |
| Restricted cash1 | 33,764 | 118,353 |
| Deferred cost of revenue | 3,454 | 4,737 |
| Other long-term assets1, 7 | 50,208 | 40,205 |
| Total assets | $2,413,677 | $1,946,627 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable1, 8 | $132,078 | $161,770 |
| Accrued warranty | 19,326 | 17,332 |
| Accrued expenses and other current liabilities1, 9 | 130,879 | 144,183 |
| Deferred revenue and customer deposits1, 10 | 128,922 | 159,048 |
| Operating lease liabilities1, 11 | 20,245 | 16,227 |
| Financing obligations | 38,972 | 17,363 |
| Recourse debt | — | 12,716 |
| Non-recourse debt1 | — | 13,307 |
| Total current liabilities | 470,422 | 541,946 |
| Deferred revenue and customer deposits1, 12 | 19,140 | 56,392 |
| Operating lease liabilities1, 13 | 141,939 | 132,363 |
| Financing obligations | 405,824 | 442,063 |
| Recourse debt | 842,006 | 273,076 |
| Non-recourse debt1, 14 | 4,627 | 112,480 |
| Other long-term liabilities | 9,049 | 9,491 |
| Total liabilities | $1,893,007 | $1,567,811 |
| Commitments and contingencies (Note 13) | ||
| Stockholders’ equity: | ||
| Common stock: $0.0001 par value; Class A shares — 600,000,000 shares authorized, and 224,717,533 shares and 189,864,722 shares issued and outstanding and Class B shares — 600,000,000 shares authorized, and no shares and 15,799,968 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively. | 21 | 20 |
| Additional paid-in capital | 4,370,343 | 3,906,491 |
| Accumulated other comprehensive loss | (1,687) | (1,251) |
| Accumulated deficit | (3,866,599) | (3,564,483) |
| Total stockholders’ equity attributable to common stockholders | 502,078 | 340,777 |
| Noncontrolling interest | 18,592 | 38,039 |
| Total stockholders’ equity | $520,670 | $378,816 |
| Total liabilities and stockholders’ equity | $2,413,677 | $1,946,627 |
1 We have variable interest entities related to the PPA* V (see Note 10 —Portfolio Financings) and a joint venture in the Republic of Korea (see Note 17 —SK ecoplant Strategic Investment), which represent a portion of the consolidated balances recorded within these financial statement line items.
In August 2023, we sold the PPA V as a result of the PPA V Repowering of the Energy Servers (see Note 10 —Portfolio Financings), as such the consolidated balances recorded within these financial statement line items as of December 31, 2023 exclude the PPA V balances.
2 Including amounts from related parties of $262.0 million and $4.3 million as of December 31, 2023 and December 31, 2022, respectively.
3 Including amounts from related parties of $6.9 million as of December 31, 2023. There wereno respective related party amounts as of December 31, 2022.
4 Including amounts from related parties of $0.9 million as of December 31, 2023. There wereno respective related party amounts as of December 31, 2022.
5 Including amounts from related parties of $2.3 million as of December 31, 2023. There wereno respective related party amounts as of December 31, 2022.
6 Including amounts from related parties of $2.0 million as of December 31, 2023. There wereno respective related party amounts as of December 31, 2022.
7 Including amounts from related parties of $9.1 million as of December 31, 2023. There wereno respective related party amounts as of December 31, 2022.
8 Including amounts from related parties of $0.1 million as of December 31, 2023. There wereno respective related party amounts as of December 31, 2022.
9 Including amounts from related parties of $3.4 million as of December 31, 2023. There wereno respective related party amounts as of December 31, 2022.
10 Including amounts from related parties of $1.7 million as of December 31, 2023. There wereno respective related party amounts as of December 31, 2022.
11 Including amounts from related parties of $0.4 million as of December 31, 2023. There wereno respective related party amounts as of December 31, 2022.
12 Including amounts from related parties of $6.7 million as of December 31, 2023. There wereno respective related party amounts as of December 31, 2022.
13 Including amounts from related parties of $1.6 million as of December 31, 2023. There wereno respective related party amounts as of December 31, 2022.
14 Including amounts from related parties of $4.6 million as of December 31, 2023. There wereno respective related party amounts as of December 31, 2022.
*Power Purchase Agreement
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