Bloom Energy Corp
For the period ended Dec 31, 2025. Filed Feb 9, 2026.
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FY2025 · Filed Feb 9, 2026
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Consolidated Balance Sheets
(in thousands, except share data)
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents1 | $2,454,108 | $802,851 |
| Restricted cash | 1,973 | 110,622 |
| Accounts receivable, less allowance for credit losses of $460 and $119 as of December 31, 2025 and 2024, respectively1, 2 | 371,796 | 335,841 |
| Contract assets3 | 178,928 | 145,162 |
| Inventories1 | 643,306 | 544,656 |
| Deferred cost of revenue | 30,651 | 58,792 |
| Prepaid expenses and other current assets1, 4 | 49,805 | 46,203 |
| Total current assets | 3,730,567 | 2,044,127 |
| Property, plant and equipment, net1 | 398,507 | 403,475 |
| Investments in unconsolidated affiliates15 | 10,037 | — |
| Operating lease right-of-use assets1, 5 | 108,541 | 122,489 |
| Restricted cash | 25,499 | 37,498 |
| Contract assets6 | 62,258 | — |
| Deferred cost of revenue | 4,099 | 3,629 |
| Other long-term assets1, 7 | 57,203 | 46,136 |
| Total assets | $4,396,711 | $2,657,354 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable1 | $203,129 | $92,704 |
| Accrued warranty8 | 20,013 | 16,559 |
| Accrued expenses and other current liabilities1, 9 | 222,254 | 138,450 |
| Deferred revenue and customer deposits10 | 100,975 | 243,314 |
| Operating lease liabilities1, 11 | 22,000 | 19,642 |
| Financing obligations | 51,308 | 11,704 |
| Recourse debt | — | 114,385 |
| Non-recourse debt1 | 4,153 | — |
| Total current liabilities | 623,832 | 636,758 |
| Deferred revenue and customer deposits12 | 42,840 | 43,105 |
| Operating lease liabilities1, 13 | 106,935 | 124,523 |
| Financing obligations | 192,460 | 244,132 |
| Recourse debt | 2,613,726 | 1,010,350 |
| Non-recourse debt1, 14 | — | 4,057 |
| Deferred profit in transactions with unconsolidated affiliates16 | 13,928 | — |
| Other long-term liabilities | 10,027 | 9,213 |
| Total liabilities | $3,603,748 | $2,072,138 |
| Commitments and contingencies (Note 13) | ||
| Stockholders’ equity: | ||
| Common stock: 0.0001 par value; Class A shares—600,000,000 shares authorized, and 280,045,459 shares and 229,142,474 shares issued and outstanding, and Class B shares—470,092,742 shares authorized, and no shares issued and outstanding at December 31, 2025 and 2024, respectively. | 28 | 23 |
| Additional paid-in capital | 4,755,965 | 4,462,659 |
| Accumulated other comprehensive loss | (369) | (2,593) |
| Accumulated deficit | (3,986,983) | (3,897,618) |
| Total stockholders’ equity attributable to common stockholders | 768,641 | 562,471 |
| Noncontrolling interest | 24,322 | 22,745 |
| Total stockholders’ equity | $792,963 | $585,216 |
| Total liabilities and stockholders’ equity | $4,396,711 | $2,657,354 |
1 We have variable interest entity related to a joint venture in the Republic of Korea (see Note 12—Related Party Transactionsin this Annual Report on Form 10-K), which represents a portion of the consolidated balances recorded within these financial statement line items.
2 Including amounts from related parties of $151.9 million and $93.5 million as of December 31, 2025 and 2024, respectively.
3 Including amounts from related parties of $3.0 million and $0.8 million as of December 31, 2025 and 2024, respectively.
4 Including amount from related parties of $1.2 million and $1.2 million as of December 31, 2025 and 2024, respectively.
5 Including amount from related parties of $1.4 million as of December 31, 2024. There wasno related party balance as of December 31, 2025.
6 Including amount from related parties of $48.8 million as of December 31, 2025. There wasno related party balance as of December 31, 2024.
7 Including amounts from related parties of $6.0 million and$8.8 million as of December 31, 2025 and 2024, respectively.
8 Including amounts from related parties of $0.8 million and $1.2 million as of December 31, 2025 and 2024, respectively.
9 Including amounts from related parties of $0.04 million and $4.0 million as of December 31, 2025 and 2024, respectively.
10 Including amounts from related parties of $6.9 million and $8.9 million as of December 31, 2025 and 2024, respectively.
11 Including amounts from related parties of $0.4 million as of December 31, 2024. There wasno related party balance as of December 31, 2025.
12 Including amounts from related parties of $3.3 million as of December 31, 2024. There wasno related party balance as of December 31, 2025.
13 Including amounts from related parties of $1.0 million as of December 31, 2024. There wasno related party balance as of December 31, 2025.
14 Including amounts from related parties of $4.1 million as of December 31, 2024. There wasno related party balance as of December 31, 2025.
15 Represent related party investments in Fund JVs (see Note 7—Investments in Unconsolidated Affiliatesin this Annual Report on Form 10-K).
16 Represent the excess of unrealized profit from sales to the Fund JVs over the carrying value of the related equity‑method investments (see Note 7—Investments in Unconsolidated Affiliates in this Annual Report on Form 10-K).
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