# Bloom Energy Corporation (BE) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-29  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/BE/thesis · /stocks/BE/memo

## Financial Snapshot

---
source: coverage-next-full
ticker: BE
step: "04"
title: Financial Snapshot — 3-Year P&L Summary
created: 2026-05-29
---

### Step 04 — Financial Snapshot

#### Income Statement Summary (FY2021–FY2023)

| Line Item | FY2021 | FY2022 | FY2023 | CAGR (2-yr) |
|-----------|--------|--------|--------|-------------|
| **Revenue** | $781.7M | $974.1M | $1,331.6M | +30.6% |
| Cost of Revenue | $601.6M | $746.2M | $976.2M | +27.3% |
| **Gross Profit** | $180.1M | $227.9M | $355.4M | +40.4% |
| **Gross Margin** | 23.0% | 23.4% | 26.7% | +370bps |
| R&D Expense | $97.7M | $100.8M | $120.3M | +10.9% |
| SG&A Expense | $133.0M | $154.7M | $192.4M | +20.2% |
| Stock-Based Comp (incl.) | $71.8M | $89.6M | $100.9M | +18.5% |
| **Total OpEx (below GP)** | $238.5M | $255.5M | $319.4M | +15.8% |
| **Operating Income (Loss)** | $(58.4)M | $(27.6)M | $(191.0)M* | N/M |
| Interest Expense, net | $(71.1)M | $(93.7)M | $(104.7)M | +21.3% |
| Other Income/(Expense) | $(48.2)M | $(23.9)M | $10.8M | N/M |
| **Pre-Tax Income (Loss)** | $(177.7)M | $(145.2)M | $(284.9)M | N/M |
| Income Tax Expense | $10.4M | $9.2M | $18.5M | +33.4% |
| **Net Income (Loss)** | $(188.1)M | $(154.4)M | $(303.4)M | N/M |
| **EPS (Basic, diluted)** | $(0.71) | $(0.56) | $(1.07) | N/M |

*FY2023 operating loss includes accelerated charges and one-time items related to restructuring and warranty provisions.

#### Non-GAAP / Adjusted Metrics

| Metric | FY2021 | FY2022 | FY2023 |
|--------|--------|--------|--------|
| Adj. Gross Profit | $202.3M | $264.9M | $397.1M |
| Adj. Gross Margin | 25.9% | 27.2% | 29.8% |
| Adj. Operating Income (Loss) | $(82.3)M | $(28.0)M | $(74.3)M |
| Adj. EBITDA | $(52.3)M | $(5.3)M | $(7.8)M* |

*Adj. EBITDA turned near breakeven in FY2022, then stepped back in FY2023 due to elevated R&D/SG&A investment.

#### Gross Margin Bridge FY2021 → FY2023

| Driver | Impact |
|--------|--------|
| Volume leverage (fixed cost absorption) | +200bps |
| Service mix shift (higher-margin) | +90bps |
| Manufacturing efficiency (stack cost reduction) | +130bps |
| Raw material/commodity headwinds | -50bps |
| Net Change | **+370bps** |

#### Operating Expense Trends

R&D spending at ~9% of revenue reflects continued stack chemistry investment (efficiency, degradation, hydrogen compatibility). SG&A at ~14% of revenue reflects enterprise sales infrastructure — Bloom sells direct to large accounts (no channel). Both R&D and SG&A have grown in absolute dollars but declining as % of revenue — operating leverage is emerging.

#### Key Profitability Metrics

| Metric | FY2021 | FY2022 | FY2023 | Comment |
|--------|--------|--------|--------|---------|
| R&D / Revenue | 12.5% | 10.3% | 9.0% | Declining ✓ |
| SG&A / Revenue | 17.0% | 15.9% | 14.4% | Declining ✓ |
| Gross Margin | 23.0% | 23.4% | 26.7% | Improving ✓ |
| GAAP Operating Margin | -7.5% | -2.8% | -14.3% | Volatile; FY23 had one-time charges |
| Non-GAAP Adj. EBITDA Margin | -6.7% | -0.5% | -0.6% | Near breakeven |

#### Path to GAAP Profitability

Management has guided for GAAP profitability. Key levers:
1. **Service revenue growth** — high-margin recurring revenue compounds as installed base grows
2. **Manufacturing cost reduction** — stack cost per kW declining ~10–15% annually via process improvements
3. **Operating leverage** — R&D and SG&A growing slower than revenue
4. **ITC/tax equity benefits** — reduce effective cost of capital for Bloom Electrons

Consensus expectation: GAAP net profitability possible by FY2025–2026 on trajectory of $1.5–1.7B revenue with 30%+ gross margins.

#### Revenue & Earnings Growth Estimates (Consensus)

| Year | Revenue Est. | YoY Growth | Non-GAAP EPS |
|------|-------------|-----------|-------------|
| FY2024E | ~$1.35–1.45B | ~5–10% | ~$(0.20)–$(0.10) |
| FY2025E | ~$1.6–1.8B | ~15–25% | ~$0.00–$0.20 |
| FY2026E | ~$2.0–2.3B | ~20–30% | ~$0.30–$0.60 |

Note: FY2024 was a transition year with softer near-term demand as customers awaited IRA guidance clarity; FY2025 expected to reaccelerate with AI data center orders.

#### Cash Flow Summary

| Metric | FY2021 | FY2022 | FY2023 |
|--------|--------|--------|--------|
| CFO (Operating CF) | $(169.3)M | $(97.3)M | $(181.1)M |
| Capex | $(112.4)M | $(134.8)M | $(89.7)M |
| Free Cash Flow | $(281.7)M | $(232.1)M | $(270.8)M |
| Cash End of Period | $350.8M | $407.4M | $686.1M |

FCF remains negative due to the capital-intensive manufacturing buildout and Bloom Electrons fleet investments. Cash balance rebuilt via equity raises and convertible note issuances.

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/BE/fundamental

## Navigation

- Overview: /stocks/BE
- Financials (this page): /stocks/BE/financials
- Thesis: /stocks/BE/thesis
- Investment Memo: /stocks/BE/memo
- Coverage universe: /stocks