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Bloom Energy Corp

For the period ended Dec 31, 2025. Filed Feb 9, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 9, 2026

BE$185.42-4.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

(in thousands)

Years Ended December 31,
202520242023
Cash flows from operating activities:
Net loss$(87,140)$(27,203)$(307,937)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization50,56653,04862,609
Non-cash lease expense32,52035,89833,619
Equity in loss of unconsolidated affiliates, net of distributions40,421——
Loss on disposal of property, plant and equipment436161411
Revaluation of derivative contracts5376941,641
Impairment of assets12,669—130,088
Derecognition of loan commitment asset related to SK ecoplant Second Tranche Closing (Note 17)——52,792
Stock-based compensation expense139,40682,42484,480
Amortization of debt issuance costs8,2486,7974,772
Loss on extinguishment of debt32,34027,1824,288
Debt conversion inducement expense (Note 8)66,241——
Net (gain) loss on failed sale-and-leaseback transactions(827)(17,390)403
Share-based consideration payable to customer’s customer (Note 3)1215,947——
Allowance for credit losses340——
Inventory reserve and other assets impairment21,877——
Unrealized foreign currency exchange (gain) loss(2,290)3,756618
Other(57)6947
Changes in operating assets and liabilities:
Accounts receivable1(35,525)7,133(89,888)
Contract assets2(96,024)(103,796)5,361
Inventories(119,212)(44,527)(231,689)
Deferred cost of revenue327,172(13,070)1,655
Prepaid expenses and other assets4(3,601)3,790(5,754)
Other long-term assets5(11,092)4,072(3,366)
Operating lease right-of-use assets and operating lease liabilities6(33,447)(36,675)(32,801)
Financing lease liabilities2,5981,6441,011
Accounts payable7110,911(36,629)(29,080)
Accrued warranty83,454(2,767)1,994
Accrued expenses and other current liabilities980,3378,662(13,785)
Deferred revenue and customer deposits10(142,605)139,868(42,635)
Deferred profit with equity method investees and other long-term liabilities(251)(1,143)(1,385)
Net cash provided by (used in) operating activities113,94991,998(372,531)
Cash flows from investing activities:
Purchase of property, plant and equipment(56,759)(58,852)(83,739)
Proceeds from sale of property, plant and equipment1317014
Investments in unconsolidated affiliates11(36,491)——
Net cash used in investing activities(93,119)(58,782)(83,725)
Cash flows from financing activities:
Proceeds from issuance of debt2,500,000402,500637,127
Payment of debt issuance costs(62,712)(12,761)(19,736)
Repayment of debt(975,945)(140,990)(191,390)
Purchase of capped call options related to convertible notes——(54,522)
Proceeds from financing obligations—1,7984,993
Repayment of financing obligations(11,267)(90,197)(18,445)
Distributions and payments to noncontrolling interest——(2,265)
Proceeds from issuance of common stock59,12312,36716,945
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——(395)
Dividend paid(947)(1,468)—
Contributions from noncontrolling interest—3,9586,979
Other150—(35)
Net cash provided by financing activities1,508,402175,207683,349
Effect of exchange rate changes on cash, cash equivalent, and restricted cash1,377(2,630)(281)
Net increase in cash, cash equivalents, and restricted cash1,530,609205,793226,812
Cash, cash equivalents, and restricted cash:
Beginning of period950,971745,178518,366
End of period$2,481,580$950,971$745,178
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$49,533$55,699$49,929
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases33,44736,41632,538
Operating cash flows from finance leases3562591,097
Cash paid during the period for income taxes1,7061,4241,455
Non-cash investing and financing activities:
Liabilities recorded for property, plant and equipment, net3,7231,6479,297
Recognition of operating lease right-of-use asset during the year-to-date period4,4092,93629,823
Recognition of finance lease right-of-use asset during the year-to-date period2,9271,6441,011
Conversion of 2.5% Green Notes to common stock (Note 8)2,230——
Premium on convertible debt (Note 8)28,247——
Face value of 2.5% Green Notes exchanged (Note 8)112,769——
Face value of additional 3.0% Green Notes due June 2029 issued in the Debt Exchange (Note 8)115,725——
Induced Conversion of 3.0% Green Notes due June 2029 and 3.0% Green Notes due June 2028 (Note 8)47,542——
Write-off of debt issuance costs upon induced conversion (Note 8)18,699——
Derecognition of financing obligations—101,683—
Conversion of redeemable convertible preferred stock——310,484
Derecognition of the pre-modified forward contract fair value——76,242
Equity component of redeemable convertible preferred stock——16,145

1 Including changes in related party balances of $58.4 million, $168.5 million and $257.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.

2 Including changes in related party balances of $51.0 million, $6.1 million and $6.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.

3 Including changes in related party balances of $0.9 million and $0.9 million for the years ended December 31, 2024 and 2023, respectively. There wereno changes in related party balances for the year ended December 31, 2025.

4 Including changes in related party balances of $1.0 million and $2.3 million for the years ended December 31, 2024 and 2023, respectively. There wereno changes in related party balances for the year ended December 31, 2025.

5 Including changes in related party balances of $2.8 million, $0.3 million and $9.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.

6 The change in related party balances for the years ended December 31, 2025, 2024 and 2023, were inconsequential.

7 Including changes in related party balances of $0.1 million and $0.1 million for the years ended December 31, 2024 and 2023, respectively. There wereno changes in related party balances for the year ended December 31, 2025.

8 Including changes in related party balances of $0.4 million, $0.1 million and $1.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

9 Including changes in related party balances of $4.0 million, $0.6 million and $3.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

10 Including changes in related party balances of $5.3 million, $3.8 million and $8.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

11 Represent related party investments in unconsolidated affiliates (see Note 7—Investments in Unconsolidated Affiliatesin this Annual Report on Form 10-K).

12 Represent related party non-cash consideration payable to customer’s customer (see Note 3—Revenue Recognitionin this Annual Report on Form 10-K).

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