Bloom Energy (BE) — Business Analyst Dashboard

Section 1 — Business Overview Page 1 of 10

What Bloom Energy Does

Bloom Energy Corporation (NYSE: BE) manufactures and sells solid oxide fuel cell (SOFC) Energy Servers — the world's most commercially deployed stationary fuel cell platform. Founded in 2001 by KR Sridhar (former NASA rocket scientist) and headquartered in San Jose, California, Bloom has deployed 1.8 GW of low-carbon power across 1,100+ sites in 9 countries.

Each Bloom Energy Server is a modular, containerized unit that converts natural gas (or hydrogen) into clean electricity through an electrochemical process — no combustion, no turbines, no noise. The systems operate at 60%+ efficiency vs. ~35% for conventional generators. In 2026, Bloom's Energy Servers are 800V DC-ready, allowing direct plug-in to AI data center rack infrastructure and eliminating the 10-15% energy loss from traditional AC-to-DC conversion.

The company's core value proposition: guaranteed on-site power in 12-18 months versus 5-7 years for new utility grid connections — making Bloom uniquely positioned to solve the AI data center power bottleneck.

Business Model

Product Revenue (~76%): Sale of Energy Server hardware to customers and financiers. Hardware sales are lumpy but accelerating driven by AI data center demand.
Service Revenue (~11%): Long-term O&M (Operation & Maintenance) contracts on deployed Energy Servers, typically 5-20 years. Creates durable recurring revenue (~$14B service backlog).
Installation Revenue (~10%): Engineering, procurement, and construction (EPC) services for deploying Energy Servers at customer sites.
Electricity Revenue (~3%): Power purchase agreements (PPAs) where Bloom sells electricity directly to customers. Declining portion as Bloom transitions to direct sales model.

Key Customers & End Markets

Technology Edge

SOFC Technology: Operates at 800–1,000°C, enabling multi-fuel flexibility (natural gas, hydrogen, biogas) and 60%+ electrical efficiency.
800V DC-Ready: Directly compatible with next-gen AI server racks; eliminates inverter losses.
Proprietary Ceramic Stack: Each Energy Server contains hundreds of proprietary ceramic cells manufactured at Bloom's US facility — extremely difficult to replicate.
SOEC Electrolyzer: Reverse-mode operation for green hydrogen production at 80% electrical-to-hydrogen efficiency (with industrial waste heat).

Competitive Positioning

Bloom Energy has no true direct competitor at commercial scale in SOFC. Plug Power (PLUG) focuses on PEM fuel cells for mobility/forklifts. FuelCell Energy (FCEL) has molten carbonate technology at tiny scale (~$70M revenue). At $2B+ revenue, Bloom is 10-30x larger than any fuel cell peer and the only company with proven hyperscaler-grade fuel cell deployments.

Bloom Energy (NYSE: BE) · Founded 2001 · IPO July 2018 · Manufacturing: Fremont, CA · Employees: 2,000+. This report is for informational purposes only and does not constitute investment advice. Data sourced from SEC filings (8-K, 10-K) and public sources through July 2026.

Section 2 — KPIs & Revenue by Segment & Geography Page 2 of 10

Product (FY2025)

$1,531M

76% of revenue · +41% YoY

Service (FY2025)

$228M

11% of revenue · +7% YoY

Installation (FY2025)

$204M

10% of revenue · +67% YoY

Electricity (FY2025)

$60M

3% of revenue · +14% YoY

Annual Revenue by Segment ($M)

Annual Revenue by Segment — FY2022 to FY2026E

Sources: SEC 8-K filings. FY2026E based on company guidance midpoint ($3.6B). Lighter shading = estimate.

Segment	FY2022	FY2023	FY2024	YoY	FY2025	YoY	TTM	FY2026E	YoY
Product	$881M	$975M	$1,085M	+11.3%	$1,531M	+41.1%	$1,973M	~$2,700M	+76%E
Service	$151M	$183M	$214M	+16.7%	$228M	+6.9%	$237M	~$480M	+110%E
Installation	$92M	$93M	$122M	+31.2%	$204M	+66.8%	$196M	~$290M	+42%E
Electricity	$75M	$82M	$53M	-35.5%	$60M	+14.2%	$43M	~$130M	+117%E
Total Revenue	$1,199M	$1,334M	$1,474M	+10.5%	$2,024M	+37.3%	$2,449M	~$3,600M	+78%E

Quarterly Revenue by Segment ($M)

Quarterly Revenue — Q1 2025 through Q2 2026E

Q1–Q4 2025 and Q1 2026 are actuals from SEC 8-K filings. Q2 2026E is management guidance-implied estimate.

Quarter	Product	Installation	Service	Electricity	Total	YoY
Q1 2025	$211.9M	$33.7M	$53.5M	$27.0M	$326.0M	+38.6%
Q2 2025	$296.6M	$37.3M	$54.5M	$12.8M	$401.2M	+19.5%
Q3 2025	$384.3M	$65.8M	$58.6M	$10.4M	$519.0M	+57.1%
Q4 2025	$638.5M	$67.3M	$61.7M	$10.2M	$777.7M	+35.9%
Q1 2026	$653.3M	$25.9M	$61.9M	$9.9M	$751.1M	+130.4%
Q2 2026E	~$750M	~$55M	~$75M	~$20M	~$900M	~+124%E

Annual Revenue by Geography ($M)

Revenue by Geography — FY2022 to TTM

South Korea revenue includes related-party SK ecoplant JV and Brookfield JV. US includes commercial, industrial, utility, and AI data center customers.

Region	FY2022	FY2023	FY2024	FY2025	TTM
United States	$1,039M	$1,133M	$1,100M	$1,098M	$1,200M
South Korea	$132M	$173M	$339M	$892M	$1,200M
Rest of World	$28M	$28M	$35M	$34M	$49M
Total	$1,199M	$1,334M	$1,474M	$2,024M	$2,449M

Geographic split estimated based on related-party revenue disclosures. FY2025 South Korea of $892M = related-party revenue per 8-K (SK ecoplant JV + Brookfield JV). Remaining is primarily US-based.

Key Financial Metrics — Annual

Metric	FY2022	FY2023	FY2024	FY2025	TTM	FY2026E
Revenue ($M)	$1,199	$1,334	$1,474	$2,024	$2,449	$3,400–3,800
Revenue Growth	n.a.	+11.2%	+10.5%	+37.3%	—	+78%E
GAAP Gross Margin	26.2%	25.2%	27.5%	29.0%	~30.1%	~33%E
Non-GAAP Gross Margin	n.a.	n.a.	28.7%	30.3%	~31.4%	~34%E
Non-GAAP Op Income ($M)	n.a.	n.a.	$107.6	$221.0	~$400	$600–750E
Non-GAAP Op Margin	n.a.	n.a.	7.3%	10.9%	~16.3%	~19%E
Adj. EBITDA ($M)	n.a.	n.a.	$160.7	$271.6	~$413	$650–800E
Non-GAAP EPS (Diluted)	n.a.	n.a.	$0.28	$0.76	~$1.17	$1.85–2.25E
GAAP Net Income ($M)	n.a.	n.a.	($29.2)	($88.4)	~($41)	n.a.
Free Cash Flow ($M)	n.a.	n.a.	$33.1	$57.1	~$220	>$100E

Key Financial Metrics — Quarterly

Metric	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026E
Revenue ($M)	$326.0	$401.2	$519.0	$777.7	$751.1	~$900E
YoY Growth	+38.6%	+19.5%	+57.1%	+35.9%	+130.4%	+124%E
GAAP Gross Margin	27.2%	~28.5%	29.2%	30.8%	30.0%	~32%E
Non-GAAP Gross Margin	28.7%	~30.0%	30.4%	31.9%	31.5%	~33%E
Non-GAAP Op Income ($M)	$13.2	~$30	$46.2	$133.0	$129.7	~$175E
Adj. EBITDA ($M)	$25.2	~$45	$59.3	$146.1	$143.0	~$195E
Non-GAAP EPS (Diluted)	$0.03	~$0.13	$0.15	$0.45	$0.44	~$0.55E

Free Cash Flow ($M) — Annual

Green = positive FCF. FY2022–FY2023 FCF was negative. FY2024-FY2025 are first two years of positive FCF.

Non-GAAP Gross Margin Trend (%)

Non-GAAP GM expanding from 28.7% (2024) toward ~34% (2026E) as product costs fall and service margins recover.

Section 3 — Revenue Outlook & Demand Drivers Page 3 of 10

FY2026 Guidance (Raised April 28, 2026): Revenue $3.4B–$3.8B · Non-GAAP Gross Margin ~34% · Non-GAAP Op Income $600M–$750M · Non-GAAP EPS $1.85–$2.25 · Adj. EBITDA $650M–$800M · OCF >$200M

Structural Demand Drivers

AI Data Center Power Crisis: AI hyperscalers (Oracle, Microsoft, Google, AWS) need tens of GW of new power by 2027. Grid interconnection wait times of 5-7 years make on-site generation the only viable near-term solution. Bloom's Energy Servers can be deployed in 12-18 months.
800V DC Integration: Bloom's Q4 2025 announcement that all Energy Servers are now 800V DC-ready allows direct connection to next-gen GPU server racks without inverter losses — a unique competitive advantage vs. diesel generators or solar+battery.
$20B Backlog: Product backlog of ~$6B (up ~2.5x YoY) and service backlog of ~$14B provide exceptional revenue visibility. Oracle's 2.8 GW deal adds additional multi-year commitments.
Manufacturing Ramp: Bloom is doubling production capacity at Fremont, CA from 1 GW to 2 GW by end of 2026, enabling revenue to match backlog conversion rate.

Revenue Outlook by Segment (FY2026E)

Segment	FY2025	FY2026E	Growth
Product	$1,531M	~$2,700M	+76%E
Service	$228M	~$480M	+110%E
Installation	$204M	~$290M	+42%E
Electricity	$60M	~$130M	+117%E
Total	$2,024M	$3,400–3,800M	+78%E

Management Commentary (Q1 2026)

"We at Bloom are ushering in the era of digital power for the digital age. Bloom is rapidly becoming the standard and 'go-to choice' for on-site power." — KR Sridhar, CEO, April 2026

"Bloom is a generational company with differentiated technology, a compelling strategy, and a mission-driven team focused on disciplined execution." — Simon Edwards, CFO, April 2026

Competitor Revenue Comparison ($M)

Bloom Energy vs. Peers — Annual Revenue

Bloom Energy (BE) vs Plug Power (PLUG) and FuelCell Energy (FCEL). Bloom dwarfs peers — FCEL ~$70M, PLUG ~$600M in 2025. BE is 3-30x larger by revenue.

Section 4 — Valuation Analysis Page 4 of 10

TTM P/E (Non-GAAP)

264x

$309 / ~$1.17 TTM EPS

Forward P/E (FY2026E mid)

~150x

$309 / $2.05 FY2026E EPS

Price / TTM Revenue

29.3x

$71.7B / $2.45B TTM

Market Cap

$71.7B

As of late June 2026

EV/Adj. EBITDA (TTM)

~174x

EV ~$72.1B / $413M EBITDA

EV/EBITDA (FY2026E)

~98x

$72.1B EV / $725M midpoint

Valuation vs. Peers

Company	Ticker	Mkt Cap	FY2025 Rev	Rev Growth	Fwd P/E	P/S (TTM)	Profitable?
Bloom Energy	BE	$71.7B	$2.02B	+78%E	~150x	29.3x	Yes (Non-GAAP)
Plug Power	PLUG	~$1.5B	~$600M	~+5%E	NM	2.5x	No
FuelCell Energy	FCEL	~$150M	~$70M	~flat	NM	2.1x	No
Ceres Power	CPWR.L	~$200M	~$30M	—	NM	6.7x	No
NextEra Energy	NEE	~$155B	~$23B	+7%E	~22x	6.7x	Yes (utility)

Valuation Context: BE trades at a massive premium to all peers, reflecting market pricing of the AI data center power bottleneck thesis. The stock is priced for perfection — at $309, investors are paying for FY2027-FY2028 earnings. Any execution miss or AI capex slowdown could compress the multiple sharply. However, the $20B backlog provides 10-year revenue coverage at FY2025 levels, offering a fundamental floor to the story.

Historical Multiple Analysis

Bloom Energy's valuation has undergone a dramatic re-rating in 2025-2026. The stock traded at $12-18 in 2023-2024 (when it was viewed as a struggling clean energy company), and has surged to $309 (+219% YTD 2026) as the AI data center power narrative emerged. The transition from "clean energy niche player" to "AI infrastructure backbone" has been the core valuation catalyst.

Note: NM = Not Meaningful (company not profitable on GAAP basis). All EPS figures are non-GAAP. Stock price and market cap data as of late June 2026.

Section 5 — Key M&A & Corporate Events Page 5 of 10

Oracle Corporation — 2.8 GW Fuel Cell Deployment Agreement

April 2026 · Value: Not disclosed (largest single SOFC contract in history) · Status: Active

Bloom Energy expanded its strategic agreement with Oracle to deploy up to 2.8 gigawatts of Energy Server systems at Oracle Cloud Infrastructure data centers globally. This is the single largest fuel cell deployment commitment in history and will be executed over multiple years. Oracle requires guaranteed reliable power for its AI cloud services, and Bloom's 800V DC-ready Energy Servers provide the most compatible solution available at scale. This deal de-risks Bloom's FY2026-FY2028 revenue visibility substantially.

Brookfield Asset Management — $5 Billion AI Data Center JV

October 2025 · Partnership Value: $5B · Status: Generating Revenue (JV in operation)

Bloom Energy and Brookfield Asset Management formed a joint venture to deploy Bloom's Energy Servers at AI data centers globally. Brookfield provides project financing and customer access (its global real estate and infrastructure portfolio includes major data center REITs), while Bloom provides the technology and manufacturing. The JV was a major driver of the FY2025 revenue acceleration — related-party revenue reached $892M in FY2025 (from $339M in FY2024). As of Q1 2026, the JV contributed $373M in related-party revenue in a single quarter.

American Electric Power (AEP) — 20-Year Offtake Agreement

Originally Nov 2024, Converted to Definitive Agreement 2025 · Value: $2.65 billion (20-year) · Status: Active

AEP, one of the largest US electric utilities, signed a definitive 20-year offtake agreement to procure up to 1 GW of Bloom Energy Servers. This is the first utility-scale fuel cell procurement of this magnitude and legitimizes fuel cells as a mainstream power solution. Initial 100 MW order has been placed. The 20-year contract structure mirrors a power purchase agreement (PPA) model, providing Bloom with long-term service and electricity revenue.

SK ecoplant — Preferred Distributor Extension (South Korea)

Extended 2023 · 500 MW commitment through 2027 · Status: Active JV

SK ecoplant (part of South Korea's SK Group conglomerate) serves as Bloom's Preferred Distributor in South Korea and holds a JV stake. SK ecoplant committed to purchase 500 MW of Energy Servers through 2027. This relationship has been central to Bloom's international growth — South Korea generated $339M in revenue in FY2024, surging to $892M in FY2025 as the AI data center build-out accelerated in Korea. The JV includes manufacturing co-operation and local installation services.

Manufacturing Capacity Expansion — Fremont, CA

2025–2026 · Capital Investment: $100M+ · Status: In Progress

Bloom Energy is expanding its flagship manufacturing facility in Fremont, California from 1 GW to 2 GW annual production capacity. The expansion is on track for completion by end of 2026. This is the critical bottleneck to fulfilling the $20B backlog. US-based manufacturing enables IRA Section 48 investment tax credit qualification (30-40% cost reduction for customers). Upon completion, Bloom will have the largest SOFC manufacturing capacity in the world by a wide margin.

Section 6 — Growth Strategy Page 6 of 10

Pillar 1: AI Data Center Power Dominance

Bloom's primary growth engine is becoming the preferred on-site power solution for AI hyperscalers. The structural tailwind: AI data centers require power NOW — grid interconnection queues span 5-7 years, while Bloom can deploy systems in 12-18 months. With the Oracle 2.8 GW deal and Brookfield JV in place, Bloom has locked in multi-GW commitments that underpin its $3.6B+ revenue guidance for 2026.

All Energy Servers now 800V DC-ready (since Q4 2025) — direct AI rack integration
Targeted expansion to Microsoft, Google, Amazon AWS, Meta data centers
Geographic expansion: US (primary), South Korea, Europe, Japan

Pillar 2: Manufacturing Scale & Cost Reduction

Doubling Fremont capacity to 2 GW unlocks volume manufacturing cost savings. Bloom is targeting product gross margin improvement from 36% (FY2025) toward 42%+ by FY2027 through ceramic stack efficiency gains, supply chain optimization, and economies of scale. Lower unit cost also expands the addressable market to smaller commercial customers.

Pillar 3: Service Revenue Flywheel

Every Energy Server sale creates 20-25 years of service revenue. With 1.8 GW installed and 2.8+ GW coming from Oracle alone, Bloom's service backlog will compound significantly. Service gross margin has recovered from negative territory in 2023-2024 to 13-19% in 2025-2026, with a target of 25%+ at scale. Service revenue is the highest-quality, most predictable portion of Bloom's revenue mix.

Pillar 4: SOEC Hydrogen Opportunity

Bloom's Solid Oxide Electrolyzer Cell (SOEC) technology operates in reverse mode to produce green hydrogen at 80% electrical efficiency (when paired with industrial waste heat). This positions Bloom in the emerging green hydrogen market:

Shell partnership: studying SOEC for large-scale industrial hydrogen production
Japanese utility partnerships for hydrogen energy security
Carbon capture integration (pilot projects, making natural gas fuel cells near carbon-neutral)
Long-term optionality as hydrogen economy scales post-2027

Pillar 5: International Expansion

South Korea has emerged as Bloom's second-largest market ($892M in FY2025, ~44% of total revenue). Future international expansion targets:

Europe: Energy security concerns post-Russia/Ukraine drive demand for domestic power solutions; Bloom's EU manufacturing partnership exploration underway
Japan: Government energy security mandates favor on-site generation; potential utility partnerships
India: Data center boom + grid instability creates demand for reliable on-site power
Middle East: Sovereign AI data center investments create large-scale demand

Pillar 6: Next-Generation Products

Bloom's R&D pipeline targets further efficiency improvements in Energy Server units, potential multi-fuel flexibility enhancements, and deeper integration with data center power management systems. R&D spend was $186M in FY2025 (+25% YoY), reflecting commitment to long-term technology leadership.

Section 7 — Business Risks Page 7 of 10

HIGH Extreme Valuation — 150x Forward P/E

At $71.7B market cap and 150x forward P/E, Bloom is priced for perfect execution. The stock has risen +219% YTD in 2026. Any guidance miss, delay in Oracle deployments, or AI capex slowdown could trigger a severe de-rating to historical multiples (8-12x revenue). Analysts at 24/7 Wall St. and others have flagged that the current valuation "looks unsustainable even against a $20B backlog."

HIGH Customer Concentration — Brookfield/Oracle JV

Brookfield JV and Oracle together may represent 50-60%+ of FY2026 revenue. Related-party revenue from the Brookfield JV was $892M in FY2025 and $373M in Q1 2026 alone. Loss of either relationship, JV restructuring, or Oracle deployment delays would materially reduce revenue. Single-customer dependence is extreme at these concentration levels.

HIGH Natural Gas Dependency & Regulatory Risk

Bloom's Energy Servers primarily run on natural gas. Mounting regulatory pressure to phase out natural gas infrastructure (California SB 1477, proposed federal emissions rules) could restrict Bloom's addressable market in key US states. The company's "clean energy" narrative is challenged by the fact that natural gas combustion-free SOFC still produces CO₂ as a byproduct.

MEDIUM Manufacturing Scale-Up Execution Risk

Doubling production from 1 GW to 2 GW at Fremont by end of 2026 involves significant capital investment and engineering execution risk. If the expansion is delayed or faces quality issues, Bloom may be unable to convert its $20B backlog into revenue at the rate implied by FY2026 guidance.

MEDIUM AI Capex Cycle Uncertainty

Bloom's hypergrowth is entirely dependent on sustained hyperscaler AI infrastructure investment. If AI model efficiency improves dramatically (DeepSeek-style compression of compute requirements) or macroeconomic conditions slow enterprise capex, the AI data center power demand could decelerate materially, putting Bloom's backlog conversion at risk.

MEDIUM High Debt Load — $2.6B Recourse Debt

Bloom raised $2.5B in debt in Q4 2025, pushing recourse debt to $2.6B. While the cash position is $2.5B (roughly matched), the annual interest expense is meaningful. If revenue growth slows or margins disappoint, servicing this debt while maintaining R&D investment will be challenging. The debt is Green Convertible Notes due 2029, with potential dilution risk if converted.

LOW IRA Tax Credit Policy Risk

Section 48 IRA investment tax credits reduce customer acquisition costs by 30-40%. The One Big Beautiful Bill Act creates some policy uncertainty around clean energy credits. However, Bloom's manufacturing jobs in California and bipartisan political support for energy security reduce the risk of credit elimination. Near-term, existing project commitments are protected by safe harbor mechanisms.

LOW Supply Chain — Specialty Materials

Bloom's Energy Server manufacturing requires specialty materials including yttria-stabilized zirconia (ceramic electrolyte), nickel-based anodes, and other high-purity materials. While US-based supply chains are strengthening post-IRA, any global supply disruption or tariff escalation affecting these inputs could raise manufacturing costs. Current supply chain appears stable.

Section 8 — Bull & Bear Analysis Page 8 of 10

BULL CASE — The AI Power Standard

1 Unmatched AI Data Center Positioning: Bloom's 800V DC-ready SOFC systems are the only commercial solution that can deliver guaranteed on-site power at scale within the deployment timelines hyperscalers need. Oracle's 2.8 GW and Brookfield's $5B JV represent institutional validation at the highest level.

2 Hypergrowth Backed by $20B Backlog: Q1 2026 revenue of $751M (+130% YoY) and FY2026 guidance of $3.4-$3.8B (+78%) make Bloom one of the fastest-growing industrial companies in the US. The $20B backlog (10x FY2025 revenue) provides multi-year revenue visibility with minimal churn risk.

3 Margin Expansion to 34%+ in 2026: Non-GAAP gross margin improving 5-6pp from 28.7% (FY2024) to ~34% (FY2026E). At $3.6B revenue, this translates to ~$1.2B gross profit — a step-change in earnings power that fully justifies the premium valuation on a PEG basis.

4 $14B Service Backlog = Durable Annuity: Each Energy Server sale generates 20+ years of service revenue. Existing installed base of 1.8 GW already creates multi-decade recurring cash flows. Service gross margin is recovering from negative to 13-19%+, creating compounding earnings leverage.

5 US Manufacturing + IRA Moat: Bloom's Fremont facility qualifies all customers for IRA Section 48 tax credits (30-40% cost reduction). This creates a structural cost advantage that South Korean, European, or Chinese fuel cell manufacturers cannot replicate in the US market.

BEAR CASE — Priced for a Perfect World

1 150x Forward P/E at $71.7B Mkt Cap: Even if Bloom executes perfectly and achieves $2.05 EPS in 2026, the stock is trading at 150x forward earnings. To justify the current price at a normalized 40x multiple, Bloom would need FY2030+ EPS of ~$8 — implying the market has already capitalized 4-5 years of future earnings growth at a high multiple.

2 Natural Gas Is Not Green: Bloom's systems still emit CO₂ — roughly 30-50% less than the grid, but not zero-emission. As data center operators face scope 3 emissions scrutiny from ESG investors and potential carbon pricing legislation, the "clean" narrative for natural gas fuel cells may face pushback.

3 Dangerous Customer Concentration: Related-party revenue from the Brookfield/Oracle JV and SK ecoplant may represent 60%+ of FY2026 revenue. If Oracle delays deployments or Brookfield restructures its JV, Bloom's revenue could collapse by half in a single quarter.

4 AI Compute Efficiency Risk: If next-gen AI models require dramatically less compute (DeepSeek-style compression), hyperscaler power demand could plateau earlier than expected. Bloom's backlog conversion assumes sustained AI infrastructure build-out through 2027-2028 — any deceleration creates significant downside.

5 Negative GAAP EPS & Heavy SBC: Despite $2B+ in revenue, Bloom reported a GAAP net loss of $88.4M in FY2025. Stock-based compensation was $145M/year. The gap between GAAP and non-GAAP earnings is wide and growing. If analysts shift to GAAP earnings focus, the fundamental multiple picture looks far less attractive.

Section 9 — Fund Holdings & Institutional Ownership Page 9 of 10

Top 10 Institutional Shareholders (Q1 2026)

Vanguard Group

~19.4M sh

8.38%

BlackRock Inc

~15.1M sh

6.50%

State Street Corp

~9.7M sh

4.20%

Ameriprise Financial

~7.2M sh

3.10%

Goldman Sachs Group

~6.5M sh

2.80%

Morgan Stanley

~5.8M sh

2.50%

Capital Research Global

~4.9M sh

2.10%

Geode Capital Mgmt

~4.2M sh

1.80%

T. Rowe Price

~3.5M sh

1.50%

JPMorgan Chase

~2.8M sh

1.20%

Ownership Structure

Category	Ownership %
Mutual Funds & ETFs	~41%
Retail / Public	~35%
Other Institutions	~11%
Insiders & Officers	~7%
Strategic Partners	~6%

Institutional Activity Notes

1,069 institutional filers reported BE holdings as of Q1 2026 — broad institutional coverage
Stock has risen +219% YTD 2026, attracting significant momentum and growth fund inflows
Vanguard Total Stock Market ETF (VTI): 2.98% stake; Vanguard Small-Cap ETF: 1.08%
Insider ownership of ~7% (KR Sridhar holds meaningful stake) aligns founder interests with shareholders
No significant new activist positions reported in 2025-2026

Source: MarketBeat, Fintel, TipRanks, SEC EDGAR 13F filings as of Q1 2026. Share counts are approximate based on reported 13F holdings. Subject to quarterly changes.

Section 10 — Why Buy Bloom Energy (BE)? Page 10 of 10

1

Solving the AI Power Bottleneck — The Only Proven Commercial Solution at Scale

AI hyperscalers need gigawatts of guaranteed on-site power within 18 months — grid interconnection takes 5-7 years. Bloom's Energy Servers are the only commercially proven, mass-deployable solution. Oracle's 2.8 GW deal (April 2026) and Brookfield's $5B JV are institutional confirmation at the highest level that Bloom is the de facto standard for AI data center on-site power.

2

Hypergrowth Trajectory — +130% Q1 Revenue Growth, FY2026E +78%

Q1 2026 revenue of $751M surged 130% YoY — one of the fastest-growing quarters of any large-cap US industrial company. Full-year 2026 guidance of $3.4-$3.8B implies ~$10M of revenue per day. At this velocity, Bloom crosses $5B+ revenue by 2027-2028. Very few companies of this size grow this fast.

3

Margin Expansion Creates Dramatic Earnings Leverage

Non-GAAP gross margin expanding from 28.7% (FY2024) to ~34% (FY2026E). With revenue nearly doubling, gross profit approximately triples — from $422M (FY2024) to ~$1.2B (FY2026E). Non-GAAP EPS could exit 2026 at $2.00+ annualized and approach $4-5 by 2027. The operating leverage story is just beginning.

4

$20B Backlog = 10 Years of Revenue Coverage

The $20B backlog (product + service) represents over 10x FY2025 revenue. Product backlog of $6B alone is up 2.5x YoY. This means Bloom's revenue is effectively "sold" years in advance — execution risk, not demand risk, is the primary challenge. Even in a severe AI capex slowdown, multi-year contracts protect near-term revenue.

5

$14B Service Backlog Creates a Durable Annuity Business

Each Energy Server sale begins 20-25 years of service and maintenance revenue. With 1.8 GW deployed and the Oracle/Brookfield pipeline adding GWs more, Bloom's service backlog will compound for decades. Service gross margin has recovered from negative to 13-19% in 2025-2026 and is targeted at 25%+ at scale — ultimately becoming the highest-margin segment.

6

US Manufacturing + IRA Tax Credits = Structural Competitive Moat

Bloom manufactures 100% of its Energy Servers in Fremont, California, qualifying customers for 30-40% IRA Section 48 investment tax credits. This effectively reduces the total cost of ownership by $300-400M per GW deployed for US customers — a subsidy that foreign competitors cannot access. The 2 GW manufacturing expansion makes Bloom the largest SOFC producer in the world.

7

Founder-Led with 25-Year Technology Head Start

KR Sridhar (former NASA scientist, helped design Mars habitat power systems) founded Bloom in 2001 — giving the company a 25-year technology development advantage in solid oxide fuel cells. The proprietary ceramic stack technology is protected by hundreds of patents and years of manufacturing know-how. No new entrant can replicate Bloom's reliability data, customer relationships, or manufacturing scale in a reasonable timeframe.

Investment Disclaimer: This Business Analyst Report is produced by True Value Research for informational and educational purposes only. It does not constitute investment advice, a solicitation to buy or sell securities, or a guarantee of future performance. Balaji N, CFP is a Certified Financial Planner; opinions expressed are personal views and not professional financial advice. Data sourced from SEC filings (10-K, 10-Q, 8-K), company press releases, and public databases through July 14, 2026. Always consult a qualified financial advisor before making investment decisions. Past performance is not indicative of future results.