Short answer
Bloom Energy Corp (BE) filed its fiscal 2025 10-K annual report with the SEC on Feb 9, 2026. It reported revenue of $2.0B (+38.9% year over year) and net income of −$87M.
- Top risk flagged: Loss of California Fuel Cell Net Energy Metering (FC NEM) tariff as of end 2023 may increase costs, impacting new sales and customer economics
FY2025 key financial metrics · XBRL
- Revenue
- $2.0B
- +38.9% YoY
- Net income
- −$87M
- −220.3% YoY
- Operating margin
- 3.6%
- +2.0 pp YoY
- Gross margin
- 29.3%
- +1.3 pp YoY
- EPS (diluted)
- −$0.37
- −184.6% YoY
- ROE
- -11.3%
- −6.5 pp YoY
- Operating cash flow
- $114M
- +23.9% YoY
Source: XBRL data from the Bloom Energy Corp (BE) FY2025 10-K on SEC EDGAR. USD.
Bloom Energy Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Manufacture and operation of modular onsite solid oxide fuel cell power systems primarily for commercial, data center, industrial, and utility customers
- New emphasis on Bloom Electrolyzer for hydrogen production alongside mature Energy Server, signaling entry into clean hydrogen market with international focus
- Strategic shift toward rapid deployment onsite power amid rising AI-driven power demand and grid capacity limits; leveraging faster time to power vs traditional OEMs
- Employee count over 2,000 globally; deployed systems at ~1,100 sites across 9 countries; 682 MW installed capacity in South Korea as second-largest market
- Unique capability of Energy Server to deliver near-zero emissions electricity from multiple fuels with availability ~99.9% post-2020 and rapid output modulation tuned for AI workloads
Management Discussion & Analysis
- Revenue $2.02B, up 37.3% YoY driven by product ($1.53B, +41.1%) and installation ($204M, +66.8%) growth
- Total gross margin 29% vs 27%; product margin 35% vs 37%; electricity margin best at 46% vs 26%
- Best segment: Product revenue $1.53B (+$446.1M) with $538.4M gross profit; worst segment: Installation gross loss narrowed ($1.9M) vs ($7.1M) loss
- Operating expenses $514.6M, up 34.8%; R&D $186M (+25.1%), sales & marketing $130.2M (+91.5%), G&A $198.4M (+20.2%)
- Forward outlook notes growth driven by AI data-center power programs, joint venture expansions with Brookfield, and enhanced manufacturing automation reducing costs
Risk Factors
- Loss of California Fuel Cell Net Energy Metering (FC NEM) tariff as of end 2023 may increase costs, impacting new sales and customer economics
- AI data center demand concentration risk; slower AI adoption or permit delays could reduce revenue from this growing customer segment
- Single and sole-source suppliers risk for capital equipment may disrupt timely product delivery and production schedules
- Increasing competition risks from grid electricity, nuclear, geothermal, solar+storage, and alternative hydrogen generation technologies
- Indebtedness and debt covenants may restrict financial flexibility and limit ability to raise additional capital for growth
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