# EDGAR Filing Document

**Accession Number:** 0001664703
**File Stem:** 0001628280-25-046745
**Filing Date:** 2025-10
**Character Count:** 68575
**Document Hash:** f803f73d5c43c3b4e3182fa330ab73f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-046745.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001628280-25-046745

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20251028

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bloom Energy Corp
- **CENTRAL INDEX KEY:** 0001664703
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRICAL INDUSTRIAL APPARATUS [3620]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 770565408
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38598
- **FILM NUMBER:** 251424825

**BUSINESS ADDRESS:**
- **STREET 1:** 4353 NORTH FIRST STREET
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95134
- **BUSINESS PHONE:** 408-543-1500

**MAIL ADDRESS:**
- **STREET 1:** 4353 NORTH FIRST STREET
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95134

?xml version='1.0' encoding='ASCII'? be-20251028

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________________________**

**FORM 8-K** 

**______________________**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d)**

**of the Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported): October 28, 2025**

**___________________________________________**

![Bloom_Logo (002).jpg](be-20251028_g1.jpg)

**BLOOM ENERGY CORPORATION**

(Exact name of registrant as specified in its charter)

**001-38598**

(Commission File Number)

**___________________________________________**

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **Delaware** | **77-0565408** |
| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (I.R.S. Employer Identification No.) |
| **4353 North First Street,** | **San Jose,** | **California** | **95134** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| **408** | **408** | **408** | **543-1500** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |
| **Not Applicable** | **Not Applicable** | **Not Applicable** | **Not Applicable** |
| (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) |

---

**___________________________________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br>on which registered |
| **Class A Common Stock, $0.0001 par value** | **BE** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

------

**Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On October 28, 2025, Bloom Energy Corporation (the "Company") announced its financial results for the third quarter ended September 30, 2025, and issued a press release, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K ("Form 8-K") and is incorporated herein by reference.

The information furnished pursuant to Item 2.02 of this Form 8-K, including the accompanying Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

**Item 7.01.&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

A slide presentation to be used by senior management of the Company in connection with its discussions with investors and others regarding the financial results is furnished as Exhibit 99.2.

The information furnished pursuant to Item 7.01 of this Form 8-K, including the accompanying Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[99.1](ex991_q32025financialresul.htm)</u> | Press release of Bloom Energy Corporation, dated October 28, 2025, reporting Bloom Energy Corporation's financial results for the third quarter of 2025 |
| <u>[99.2](q32025supplementalfinanc.htm)</u> | Investor Presentation |
| 104 | Cover page interactive data file (embedded within the inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | **BLOOM ENERGY CORPORATION** |
| Date: | October 28, 2025 | By: | /s/ Maciej Kurzymski |
|  |  |  | Maciej Kurzymski |
|  |  |  | Chief Accounting Officer |
|  |  |  | (Acting Principal Financial Officer) |

---

## Exhibit 99.1

![bloomenergylogoa.jpg](bloomenergylogoa.jpg)

**Bloom Energy Reports Third Quarter 2025 Financial Results**

*• Fourth straight quarter of quarterly record revenue* 

*• 2*<sup>nd</sup> *consecutive quarter of double-digit non-GAAP profit margin % in services segment* 

*• Commercial Progress Continuing to Accelerate* 

**SAN JOSE, Calif.,** October 28, 2025 — Bloom Energy Corporation (NYSE: BE) reported today its financial results for the third quarter ended September 30, 2025. The company reported revenue of $519.0 million for the third quarter of 2025.

**Third Quarter Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $519.0 million in the third quarter of 2025, an increase of 57.1% compared to $330.4 million in the third quarter of 2024. Product and service revenue of $442.9 million in the third quarter of 2025, an increase of 55.7% compared to $284.5 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin of 29.2% in the third quarter of 2025, an increase of 5.4 percentage points compared to 23.8% in the third quarter of 2024; non-GAAP gross margin of 30.4% in the third quarter of 2025, an increase of 5.1 percentage points compared to 25.2% in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating income of $7.8 million in the third quarter of 2025, an improvement of $17.5 million compared to operating loss of $9.7 million in the third quarter of 2024; non-GAAP operating income of $46.2 million in the third quarter of 2025, an increase of $38.1 million compared to $8.1 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $5 billion strategic AI infrastructure partnership with Brookfield Asset Management.

KR Sridhar, Founder, Chairman, and CEO of Bloom Energy, said: "Bloom is at the center of a once-in-a-generation opportunity to redefine how power is generated and delivered. Powerful tailwinds—surging demand for electricity driven by AI, nation-state priorities, and our relentless pace of innovation—are converging to accelerate our audacious journey to becoming a standard for onsite power globally."

Maciej Kurzymski, Chief Accounting Officer and Acting Principal Financial Officer of Bloom Energy, added, "I want to thank the Bloom team for delivering its fourth consecutive quarter of record revenue and positive Cash Flow from Operating Activities. While our commercial success has been most visible, the work that our engineering, manufacturing, and support teams have done behind the scenes is evident in our financial results."

------

![bloomenergylogoa.jpg](bloomenergylogoa.jpg)

Summary of Key Financial Metrics

 **Summary of GAAP Profit and Loss Statements**

---

| | | | |
|:---|:---|:---|:---|
| **($000), except EPS data** | **Q3'25** | **Q2'25** | **Q3'24** |
| Revenue | $519048 | $401242 | $330399 |
| Cost of Revenue | 367373 | 294119 | 251665 |
| **Gross Profit** | **151675** | **107123** | **78734** |
| ***Gross Margin*** | ***29.2*** *%*** | ***26.7*** *%*** | ***23.8*** *%*** |
| Operating Expenses | 143829 | 110626 | 88385 |
| **Operating Income (Loss)** | **7846** | **(3503)** | **(9651)** |
| ***Operating Margin*** | ***1.5%*** | ***(0.9)%*** | ***(2.9)%*** |
| Non-Operating Income | 30939 | 39116 | 5060 |
| **Net Loss to Common Stockholders** | $**(23093)** | $**(42619)** | $**(14711)** |
| **GAAP EPS, Basic** | $**(0.10)** | $**(0.18)** | $**(0.06)** |
| **GAAP EPS, Diluted** | $**(0.10)** | $**(0.18)** | $**(0.06)** |

---

 **Summary of Non-GAAP Financial Information**<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **($000), except EPS data** | **Q3'25** | **Q2'25** | **Q3'24** |
| Revenue | $519048 | $401242 | $330399 |
| Cost of Revenue | 361410 | 287892 | 247066 |
| **Gross Profit** | **157637** | **113350** | **83332** |
| ***Gross Margin*** | ***30.4%*** | ***28.2%*** | ***25.2%*** |
| Operating Expenses | 111389 | 84708 | 75228 |
| **Operating Income** | **46249** | **28643** | **8104** |
| ***Operating Margin*** | ***8.9%*** | ***7.1%*** | ***2.5%*** |
| **EBITDA** | $**59049** | $**41239** | $**21344** |
| **Non-GAAP EPS, Basic** | $**0.15** | $**0.10** | $**(0.01)** |
| **Non-GAAP EPS, Diluted** | $**0.15** | $**0.10** | $**(0.01)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release*

------

![bloomenergylogoa.jpg](bloomenergylogoa.jpg)

**Conference Call Details**

Bloom will host a conference call today, October 28, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call toll-free dial-in number: +1 (888) 596-4144 and toll-dial-in-number +1 (646) 968-2525. The conference ID is 5744085. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com. Following the webcast, an archived version will be available on Bloom's website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 770-2030 or +1 (609) 800-9909 and entering passcode 5744085.

**Use of Non-GAAP Financial Measures**

This press release includes certain non-GAAP financial measures as defined the Securities and Exchange Commission ("SEC") rules. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Some numbers may not foot due to rounding. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As required by Regulation G, we have provided reconciliations of our non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release. Bloom has not provided a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating income measures to the corresponding GAAP measures because it is unable to do so without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. The variability of these items could significantly impact our future U.S. GAAP financial results and we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors.

**About Bloom Energy**

Bloom Energy empowers enterprises to meet soaring energy demands and responsibly take charge of their power needs. The company's fuel cell system provides ultra-resilient, highly scalable onsite electricity generation for Fortune 500 companies around the world, including data centers, semiconductor manufacturing, large utilities, and other commercial and industrial sectors. Headquartered in Silicon Valley, Bloom Energy has deployed 1.5 GW of low-carbon power across more than 1,200 installations globally. For more information, visit <u>www.BloomEnergy.com</u>.

------

![bloomenergylogoa.jpg](bloomenergylogoa.jpg)

**Forward-Looking Statements**

This press release contains certain forward-looking statements relating to future events and expectations, including our belief that Bloom is at the center of a once-in-a-generation opportunity to redefine how power is generated and delivered and that we may become the global standard for onsite power generation and our expectations regarding our estimates and projections for our business outlook for the 2025 fiscal year, each of which is based on current expectations, estimates, and projections about our industry, management's beliefs, and certain assumptions made by management based on information currently available to management at the time they are made. These forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company's performance on a going forward basis.

Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results, performance, and/or trends. In addition to general industry and global economic conditions, factors that could cause actual results, performance, and/or trends to differ materially from those discussed in the forward-looking statements made in this presentation include, but are not limited to: (1) the emerging nature distributed energy generation and hydrogen markets and rapidly evolving market trends; (2) the significant upfront costs of Bloom's Energy Servers and Bloom's ability to secure financing for its products; (3) Bloom's ability to drive cost reductions and to successfully mitigate against potential price increases; (4) Bloom's ability to service its existing debt obligations; (5) Bloom's ability to be successful in new markets; (6) the ability of the Bloom Energy Server to operate on a fuel source customers want; (7) the success of the strategic partnership with SK ecoplant in the United States and international markets; (8) timing and development of an ecosystem for the hydrogen market, including in the South Korean market; (9) continued incentives in the South Korean market; (10) adapting to the new government bidding process in the South Korean market; (11) the timing and pace of adoption of hydrogen for stationary power; (12) the risk of manufacturing defects; (13) the accuracy of Bloom's estimates regarding the useful life of its Energy Servers, including inventories with distributors; (14) delays in the development and introduction of new products or updates to existing products; (15) Bloom's ability to secure partners in order to commercialize its electrolyzer and carbon capture products; (16) supply constraints; (17) the availability of rebates, tax credits and other tax benefits; (18) the impact of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act; (19) changes in the regulatory landscape; (20) Bloom's reliance upon a limited number of customers; (21) Bloom's lengthy sales and installation cycle, construction, utility interconnection and other delays related to the installation of its Energy Servers; (22) business and economic conditions and growth trends in commercial and industrial energy markets; (23) trade policies including tariffs; (24) the overall electricity generation market; (25) our ability to increase production capacity for our products in a timely and cost-effective manner; (26) any actual or perceived slowdown in the adoption of AI resulting in a slower expansion of AI data centers; (27) Bloom's ability to protect its intellectual property; and/or (28) the risks relating to forward-looking statements and other "Risk Factors" identified from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequently filed reports, including on Form 10-Q, which filings are available from the SEC. Bloom assumes no obligation to, and does not currently intend to, update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise.

------

![bloomenergylogoa.jpg](bloomenergylogoa.jpg)

The Investor Relations section of Bloom's website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom encourages investors to visit this website from time to time, as information is updated and new information is posted.

---

| | |
|:---|:---|
| **Investor Relations:**<br>Michael Tierney<br>Bloom Energy <br>investor@bloomenergy.com | **Media:**<br>Katja Gagen <br>press@bloomenergy.com |

---

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![bloomenergylogoa.jpg](bloomenergylogoa.jpg)

Condensed Consolidated Balance Sheets (unaudited)

(in thousands, except share data)

---

| | | |
|:---|:---|:---|
| | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents<sup>1</sup> | $595055 | $802851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 8474 | 110622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, less allowance for credit losses of $459 and $119 as of September 30, 2025, and December 31, 2024, respectively<sup>1, 2</sup> | 411653 | 335841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets<sup>3</sup> | 258884 | 145162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories<sup>1</sup> | 704996 | 544656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred cost of revenue | 24091 | 58792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets<sup>1, 4</sup> | 44743 | 46203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2047896 | 2044127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net<sup>1</sup> | 400360 | 403475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated affiliates<sup>14</sup> | 5939 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets<sup>1, 5</sup> | 112677 | 122489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 23486 | 37498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred cost of revenue | 3434 | 3629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets<sup>1, 6</sup> | 44407 | 46136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2638199 | $2657354 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable<sup>1</sup> | $167382 | $92704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued warranty<sup>7</sup> | 14682 | 16559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities<sup>1, 8</sup> | 168404 | 138450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue and customer deposits<sup>9</sup> | 56065 | 243314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities<sup>1, 10</sup> | 21438 | 19642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing obligations | 36556 | 11704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recourse debt |  | 114385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recourse debt<sup>1</sup> | 1424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 465951 | 636758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue and customer deposits<sup>11</sup> | 32254 | 43105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities<sup>1, 12</sup> | 112188 | 124523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing obligations | 209768 | 244132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recourse debt | 1128043 | 1010350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recourse debt<sup>1, 13</sup> | 2849 | 4057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 9667 | 9213 |

---

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![bloomenergylogoa.jpg](bloomenergylogoa.jpg)

---

| | | |
|:---|:---|:---|
| | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $1960720 | $2072138 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock: $0.0001 par value; Class A shares — 600,000,000 shares authorized, and 236,356,829 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 September 30, 2025, and December 31, 2024, respectively | 24 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 4642300 | 4462659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1179) | (2593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (3988075) | (3897618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity attributable to common stockholders | 653070 | 562471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest | 24409 | 22745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | $677479 | $585216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $2638199 | $2657354 |

---

<sup>1</sup> We have variable interest entity related to a joint venture in the Republic of Korea, which represents a portion of the consolidated balances recorded within these financial statement line items.

<sup>2</sup> Including amounts from related parties of $38.5 million and $93.5 million as of September 30, 2025, and as of December 31, 2024, respectively.

<sup>3</sup> Including amounts from related parties of $88.2 million and $0.8 million as of September 30, 2025, and as of December 31, 2024, respectively.

<sup>4</sup> Including amount from related parties of $1.2 million as of December 31, 2024. There was no related party balance as of September 30, 2025.

<sup>5</sup> Including amount from related parties of $1.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025.

<sup>6</sup> Including amount from related parties of $8.8 million as of December 31, 2024. There was no related party balance as of September 30, 2025.

<sup>7</sup> Including amount from related parties of $1.2 million as of December 31, 2024. There was no related party balance as of September 30, 2025.

<sup>8</sup> Including amounts from related parties of $3.5 million and $4.0 million as of September 30, 2025, and as of December 31, 2024, respectively.

<sup>9</sup> Including amount from related parties of $8.9 million as of December 31, 2024. There was no related party balance as of September 30, 2025.

<sup>10</sup> Including amount from related parties of $0.4 million as of December 31, 2024. There was no related party balance as of September 30, 2025.

<sup>11</sup> Including amount from related parties of $3.3 million as of December 31, 2024. There was no related party balance as of September 30, 2025.

<sup>12</sup> Including amount from related parties of $1.0 million as of December 31, 2024. There was no related party balance as of September 30, 2025.

<sup>13</sup> Including amount from related parties of $4.1 million as of December 31, 2024. There was no related party balance as of September 30, 2025.

<sup>14</sup> Represent related party investments in the joint ventures between Brookfield Asset Management and the Company.

------

![bloomenergylogoa.jpg](bloomenergylogoa.jpg)

Condensed Consolidated Statements of Operations (unaudited)

(in thousands, except per share data)

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended September 30, 2024** |
| Revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product | $384314 | $296611 | $233770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installation | 65773 | 37372 | 32052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service | 58607 | 54449 | 50761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricity | 10354 | 12810 | 13816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue<sup>1</sup> | 519048 | 401242 | 330399 |
| Cost of revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product | 249794 | 198746 | 155124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installation | 59921 | 38224 | 35688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service | 51834 | 49408 | 51363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricity | 5824 | 7741 | 9490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenue<sup>2</sup> | 367373 | 294119 | 251665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 151675 | 107123 | 78734 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 48724 | 40768 | 36315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 41995 | 24066 | 14667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative<sup>3</sup> | 53110 | 45792 | 37403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 143829 | 110626 | 88385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | 7846 | (3503) | (9651) |
| Interest income | 5292 | 6623 | 6456 |
| Interest expense<sup>4</sup> | (14390) | (14440) | (16763) |
| Equity in loss of unconsolidated affiliates<sup>5</sup> | (19599) |  |  |
| Other (expense) income, net | (1362) | 2373 | 5821 |
| Loss on extinguishment of debt |  | (32340) |  |
| (Loss) gain on revaluation of embedded derivatives | (411) | 112 | (386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes | (22624) | (41175) | (14523) |
| Income tax provision | 336 | 1017 | 109 |
| Net loss | (22960) | (42192) | (14632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to noncontrolling interest | 133 | 427 | 79 |
| Net loss attributable to common stockholders | $(23093) | $(42619) | $(14711) |
| Net loss per share available to common stockholders, basic and diluted | $(0.10) | $(0.18) | $(0.06) |
| Weighted average shares used to compute net loss per share available to common stockholders, basic and diluted | 234931 | 232542 | 227957 |

---

<sup>1</sup> Including related party revenue of $288.0 million, $27.1 million, and $126.6 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively.

<sup>2</sup> Related party cost of revenue for the three months ended September 30, 2024, was inconsequential. There were no related party cost of revenue for the three months ended September 30, 2025, and the three months ended June 30, 2025.

<sup>3</sup> Including related party general and administrative expenses of $0.1 million, $0.2 million, and $0.2 million, for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively.

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<sup>4</sup> Including related party interest expense of $0.1 million and $0.1 million, for the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively. Related party interest expense for the three months ended September 30, 2025, was inconsequential.

<sup>5</sup> Represent related party equity in loss of the joint ventures between Brookfield Asset Management and the Company.

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Condensed Consolidated Statement of Cash Flows (unaudited)

(in thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended September 30, 2024** |
| **Cash flows from operating activities:** | | | |
| &nbsp;&nbsp;&nbsp;Net loss | $(22960) | $(42192) | $(14632) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 12800 | 12596 | 13240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 8057 | 8384 | 9175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in loss of unconsolidated affiliates, net of distributions | 19599 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on disposal of property, plant and equipment | 1 | (22) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revaluation of derivative contracts | 411 | (112) | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 37255 | 29284 | 17689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 1814 | 1864 | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 32340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on failed sale-and-leaseback transactions |  | (60) | (5003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses | 340 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory reserve and other assets impairment | 21846 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency exchange loss (gain) | 2703 | (2587) | (1496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (5) |  | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable<sup>1</sup> | 54223 | (132161) | (67064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets<sup>2</sup> | (129086) | 13821 | (30687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (36562) | (77025) | (64141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred cost of revenue<sup>3</sup> | 4310 | 34600 | 7796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | (4673) | 11236 | (8716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets<sup>4</sup> | 902 | (1430) | 4646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets and operating lease liabilities<sup>5</sup> | (8481) | (8419) | (9325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing lease liabilities | 206 | 531 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable<sup>6</sup> | 23385 | 226 | 23882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued warranty<sup>7</sup> | 2689 | 1710 | 2621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities<sup>8</sup> | 50309 | 12295 | 13819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue and customer deposits<sup>9</sup> | (19293) | (108005) | 36231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | (121) | 15 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 19669 | (213111) | (69469) |
| **Cash flows from investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment | (12301) | (7245) | (14292) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property, plant and equipment |  | 33 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated affiliates | (24570) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (36871) | (7212) | (14278) |
| **Cash flows from financing activities:** |  |  |  |

---

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---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended September 30, 2024** |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of debt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of debt issuance costs |  | (3348) | (438) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of debt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from financing obligations |  |  | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of financing obligations | (2939) | (2794) | (9767) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 42354 | 30 | 4141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend paid |  | (947) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 39415 | (7059) | (5600) |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash, cash equivalent, and restricted cash | (1245) | 2071 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents, and restricted cash | 20968 | (225311) | (88653) |
| **Cash, cash equivalents, and restricted cash:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 606047 | 831358 | 637804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $627015 | $606047 | $549151 |

---

<sup>1</sup> Including changes in related party balances of $52.4 million, $9.5 million, and $1.4 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively.

<sup>2</sup> Including changes in related party balances of $88.2 million, $0.7 million, and $0.1 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively.

<sup>3</sup> Including changes in related party balances of $1.0 million, $0.6 million, and $0.2 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively.

<sup>4</sup> Including changes in related party balances of $8.7 million, $0.3 million, and $0.4 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively.

<sup>5</sup> Including changes in related party balances of $0.2 million for the three months ended June 30, 2025. There were no changes in related party balances for the three months ended September 30, 2025, and the three months ended September 30, 2024.

<sup>6</sup> Including changes in related party balances of $0.04 million and $0.04 million for the three months ended September 30, 2025, and the three months ended June 30, 2025, respectively. There were no changes in related party balances for the three months ended September 30, 2024.

<sup>7</sup> Including changes in related party balances of $1.3 million, $0.1 million, and $0.2 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively.

<sup>8</sup> Including changes in related party balances of $4.0 million, $1.8 million, and $1.8 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively.

<sup>9</sup> Including changes in related party balances of $8.1 million, $0.5 million, and $0.5 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively.

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Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

(in thousands, except percentages)

---

| | | | |
|:---|:---|:---|:---|
| | **Q3'25** | **Q2'25** | **Q3'24** |
| GAAP revenue | $519048 | $401242 | $330399 |
| GAAP cost of sales | 367373 | 294119 | 251665 |
| **GAAP gross profit** | 151675 | 107123 | 78734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 5719 | 5714 | 3778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring | 31 | 336 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 213 | 177 | 731 |
| **Non-GAAP gross profit** | $**157637** | $**113350** | $**83332** |
| **GAAP gross margin %** | **29.2%** | **26.7%** | **23.8%** |
| Non-GAAP adjustments | 1.1% | 1.6% | 1.4% |
| **Non-GAAP gross margin %** | **30.4%** | **28.2%** | **25.2%** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Q3'25** | **Q2'25** | **Q3'24** |
| **GAAP income (loss) from operations** | $**7846** | $**(3503)** | $**(9651)** |
| Non-GAAP adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 38153 | 30177 | 17057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring |  | 1755 | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 250 | 214 | 768 |
| **Non-GAAP income from operations** | $**46249** | $**28643** | $**8104** |
| **GAAP operating margin %** | **1.5%** | **(0.9)%** | **(2.9)%** |
| Non-GAAP adjustments | 7.4% | 8.0% | 5.4% |
| **Non-GAAP operating margin %** | **8.9%** | **7.1%** | **2.5%** |

---

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Reconciliation of GAAP Net Loss to non-GAAP Net Profit (Loss) and Computation of non-GAAP Net Earnings (Loss) per Share (EPS)

(unaudited)

(in thousands, except share data)

---

| | | | |
|:---|:---|:---|:---|
| | **Q3'25** | **Q2'25** | **Q3'24** |
| **Net loss to Common Stockholders** | $**(23093)** | $**(42619)** | $**(14711)** |
| Non-GAAP adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Add back: Net income attributable to noncontrolling interest | 133 | 427 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on derivative liabilities | 411 | (112) | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 32340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 38153 | 30177 | 17057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in loss of unconsolidated affiliates | 19599 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effects of assets buyout and repowering |  | (60) | (4991) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring |  | 1755 | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 250 | 214 | 768 |
| **Adjusted Net Profit (Loss)** | $**35453** | $**22122** | $**(1481)** |
| **Adjusted net earnings (loss) per share (EPS), Basic and Diluted** | $**0.15** | $**0.10** | $**(0.01)** |
| **Adjusted net earnings (loss) per share (EPS), Diluted** | $**0.15** | $**0.10** | $**(0.01)** |
| Weighted average shares outstanding attributable to common stockholders, Basic | 234931 | 232542 | 227957 |
| Weighted average shares outstanding attributable to common stockholders, Diluted | 312479 | 232542 | 227957 |

---

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Reconciliation of GAAP Net Loss to Adjusted EBITDA

(unaudited)

(in thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Q3'25** | **Q2'25** | **Q3'24** |
| **Net Loss to Common Stockholders** | $**(23093)** | $**(42619)** | $**(14711)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Add back: Net income attributable to noncontrolling interest | 133 | 427 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on derivative liabilities | 411 | (112) | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 32340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 38153 | 30177 | 17057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in loss of unconsolidated affiliates | 19599 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effects of assets buyout and repowering |  | (60) | (4991) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring |  | 1755 | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 250 | 214 | 768 |
| **Adjusted Net Profit (Loss)** | **35453** | **22122** | **(1481)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation & amortization | 12800 | 12596 | 13240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | 336 | 1017 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, Other income, net | 10460 | 5504 | 9476 |
| **Adjusted EBITDA** | $**59049** | $**41239** | $**21344** |

---

**Use of non-GAAP financial measures**

To supplement Bloom Energy condensed consolidated financial statement information presented on a GAAP basis, Bloom Energy provides financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (loss) (non-GAAP net earnings (loss)), non-GAAP basic and diluted earnings (loss) per share and Adjusted EBITDA. Bloom Energy also provides forecasts of non-GAAP gross margin and non-GAAP operating margin.

These non-GAAP financial measures are not computed in accordance with, or as an alternative to, GAAP in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The GAAP measure most directly comparable to non-GAAP gross profit is gross profit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The GAAP measure most directly comparable to non-GAAP gross margin is gross margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The GAAP measure most directly comparable to non-GAAP operating income (non-GAAP earnings from operations) is operating income (loss) (earnings (loss) from operations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The GAAP measure most directly comparable to non-GAAP operating margin is operating margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The GAAP measure most directly comparable to non-GAAP net profit (loss) (non-GAAP net earnings (loss)) is net profit (loss) (net earnings (loss)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The GAAP measure most directly comparable to non-GAAP diluted earnings (loss) per share is diluted earnings (loss) per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The GAAP measure most directly comparable to Adjusted EBITDA is net loss.

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Reconciliations of each of these non-GAAP financial measures to GAAP information are included in the tables above or elsewhere in the materials accompanying this news release.

**Use and economic substance of non-GAAP financial measures used by Bloom Energy**

Non-GAAP gross profit and non-GAAP gross margin are defined to exclude charges relating to stock-based compensation expense, restructuring charges, and other charges. Non-GAAP net profit (loss) (non-GAAP net earnings (loss)) and non-GAAP diluted earnings (loss) per share consist of net loss or diluted net loss per share excluding charges relating to net income attributable to noncontrolling interest, loss (gain) on derivative liabilities, loss on extinguishment of debt, charges relating to stock-based compensation expense, investments in loss of unconsolidated affiliates, effects of assets buyout and repowering, restructuring (expense reversals) charges, and other charges. Adjusted EBITDA is defined as net loss before interest income (expense), income tax provision, depreciation and amortization expense, net income attributable to noncontrolling interest, loss on extinguishment of debt, investments in loss of unconsolidated affiliates, charges relating to stock-based compensation expense, restructuring (expense reversals) charges, and other charges. Bloom Energy management uses these non-GAAP financial measures for purposes of evaluating Bloom Energy's historical and prospective financial performance, as well as Bloom Energy's performance relative to its competitors. Bloom Energy believes that excluding the items mentioned above from these non-GAAP financial measures allows Bloom Energy management to better understand Bloom Energy's consolidated financial performance as management does not believe that the excluded items are reflective of ongoing operating results. More specifically, Bloom Energy management excludes each of those items mentioned above for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to noncontrolling interest represents allocation to the noncontrolling interests under the hypothetical liquidation at book value (HLBV) method and are associated with the joint venture in the Republic of Korea.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loss (gain) on derivatives liabilities represents non-cash adjustments to the fair value of the embedded derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loss on debt extinguishment for the three months ended June 30, 2025, was $32.3 million, which was recognized as a result of the debt exchange between the 2.5% Green Convertible Senior Notes due August 2025 and the 3% Green Convertible Senior Notes due June 2029, that settled on May 13, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock-based compensation expense consists of equity awards granted based on the estimated fair value of those awards at grant date. Although stock-based compensation is a key incentive offered to our employees, Bloom Energy excludes these charges for the purpose of calculating these non-GAAP measures, primarily because they are non-cash expenses and such an exclusion facilitates a more meaningful evaluation of Bloom Energy current operating performance and comparisons to Bloom Energy operating performance in other periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity-method investment adjustment — primarily include the proportionate share of gains and/or losses from investments accounted for by the equity method of accounting. Equity-method investment adjustments are excluded from non-GAAP financial measures because these generally are non-cash, represent non-operating activity during the period of adjustment, relate to activity in entities outside of the operational control of the Company, and excluding such expense/gain provides meaningful supplemental information regarding core operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effects of assets buyout and repowering of $5.0 million for the three months ended September 30, 2024, as a result of termination of four Managed Services sites. Effects of assets buyout and repowering for the three months ended June 30, 2025, was immaterial.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restructuring charges and reversals are represented by severance expense, facility closure costs, and other costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other represents (1) site termination costs of $0.2 million, $0.2 million and $0.7 million for the three months ended September 30, 2025, the three months ended June 30, 2025, and the three months ended September 30, 2024, respectively, and (2) immaterial amounts of quarterly amortization of acquired intangible assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA is defined as Adjusted Net Profit (Loss) before depreciation and amortization expense, income tax provision, interest income (expense), other income, net. We use Adjusted EBITDA to measure the operating performance of our business, excluding specifically identified items that we do not believe directly reflect our core operations and may not be indicative of our recurring operations.

For more information about these non-GAAP financial measures, please see the tables captioned "Reconciliation of GAAP to Non-GAAP Financial Measures," "Reconciliation of GAAP Net Loss to non-GAAP Net Profit (Loss) and Computation of non-GAAP Net Earnings (Loss) per Share (EPS)," and "Reconciliation of GAAP Net Loss to Adjusted EBITDA" set forth in this release, which should be read together with the preceding financial statements prepared in accordance with GAAP.

**Material limitations associated with use of non-GAAP financial measures**

These non-GAAP financial measures have limitations as analytical tools, and these measures should not be considered in isolation or as a substitute for analysis of Bloom Energy results as reported under GAAP. Some of the limitations in relying on these non-GAAP financial measures are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Items such as stock-based compensation expense that is excluded from non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (loss) (non-GAAP net earnings (loss)), and non-GAAP diluted earnings (loss) per share can have a material impact on the equivalent GAAP earnings measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income attributable to noncontrolling interest and loss (gain) on derivatives liabilities, though not directly affecting Bloom Energy's cash position, represent the (gain) loss in value of certain assets and liabilities. The expense associated with this (gain) loss in value is excluded from non-GAAP net earnings (loss), and non-GAAP diluted earnings (loss) per share and can have a material impact on the equivalent GAAP earnings measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other companies may calculate non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating profit (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (loss) (non-GAAP net earnings (loss)), non-GAAP diluted earnings (loss) per share and Adjusted EBITDA differently than Bloom Energy does, limiting the usefulness of those measures for comparative purposes.

**Compensation for limitations associated with use of non-GAAP financial measures**

Bloom Energy compensates for the limitations on its use of non-GAAP financial measures by relying primarily on its GAAP results and using non-GAAP financial measures only as a supplement. Bloom Energy also provides a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP measure within this news release and in other written materials that include these non-GAAP financial measures, and Bloom Energy encourages investors to review those reconciliations carefully.

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**Usefulness of non-GAAP financial measures to investors**

Bloom Energy believes that providing financial measures including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (non-GAAP earnings from operations), non-GAAP operating margin, non-GAAP net profit (loss) (non-GAAP net earnings (loss)), non-GAAP diluted earnings (loss) per share in addition to the related GAAP measures provides investors with greater transparency to the information used by Bloom Energy management in its financial and operational decision making and allows investors to see Bloom Energy's results "through the eyes" of management. Bloom Energy further believes that providing this information better enables Bloom Energy investors to understand Bloom Energy's operating performance and to evaluate the efficacy of the methodology and information used by Bloom Energy management to evaluate and measure such performance. Disclosure of these non-GAAP financial measures also facilitates comparisons of Bloom Energy's operating performance with the performance of other companies in Bloom Energy's industry that supplement their GAAP results with non-GAAP financial measures that may be calculated in a similar manner.

## Exhibit 99.2

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Q3'25 Earnings October 28, 2025

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2 Forward-looking statements and non-GAAP financial measures This presentation contains certain forward-looking statements relating to future events and expectations, including our expectations regarding our estimates and projections for our business outlook for the 2025 fiscal year, each of which is based on current expectations, estimates, and projections about our industry, management's beliefs, and certain assumptions made by management based on information currently available to management at the time they are made. The forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company's performance on a going forward basis. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results, performance, and/or trends. In addition to general industry and global economic conditions, factors that could cause actual results, performance, and/or trends to differ materially from those discussed in the forward-looking statements made in this presentation include, but are not limited to: (1) the emerging nature distributed energy generation and hydrogen markets and rapidly evolving market trends; (2) the significant upfront costs of Bloom's Energy Servers and Bloom's ability to secure financing for its products; (3) Bloom's ability to drive cost reductions and to successfully mitigate against potential price increases; (4) Bloom's ability to service its existing debt obligations; (5) Bloom's ability to be successful in new markets; (6) the ability of the Bloom Energy Server to operate on a fuel source customers want; (7) the success of the strategic partnership with SK ecoplant in the United States and international markets; (8) timing and development of an ecosystem for the hydrogen market, including in the South Korean market; (9) continued incentives in the South Korean market; (10) adapting to the new government bidding process in the South Korean market; (11) the timing and pace of adoption of hydrogen for stationary power; (12) the risk of manufacturing defects; (13) the accuracy of Bloom's estimates regarding the useful life of its Energy Servers, includ ing inventories with distributors; (14) delays in the development and introduction of new products or updates to existing products; (15) Bloom's ability to secure partners in order to commercialize its electrolyzer and carbon capture products; (16) supply constraints; (17) the availability of rebates, tax credits and other tax benefits; (18) the impact of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act; (19) changes in the regulatory landscape; (20) Bloom's reliance upon a limited number of customers; (21) Bloom's lengthy sales and installation cycle, construction, utility interconnection and other delays related to the installation of its Energy Servers; (22) business and economic conditions and growth trends in commercial and industrial energy markets; (23) trade policies including tariffs; (24) the overall electricity generation market; (25) our ability to increase production capacity for our products in a timely and cost-effective manner; (26) any actual or perceived slowdown in the adoption of AI resulting in a slower expansion of AI data centers; (27) Bloom's ability to protect its intellectual property; and/or (28) the risks relating to forward-looking statements and other "Risk Factors" identified from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequently filed reports, including on Form 10-Q, which filings are available from the SEC. Bloom assumes no obligation to, and does not currently intend to, update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise. Unless otherwise indicated in this presentation, all information in this presentation is as of October 28, 2025. This presentation includes certain non-GAAP financial measures as defined by SEC rules. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Some numbers may not foot due to rounding. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest U.S. GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As required by Regulation G, we have provided reconciliations of our non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures in the Appendix to this presentation. Bloom has not provided a quantitative reconciliation of forward-looking non-GAAP gross margin and non-GAAP operating income measures to the corresponding U.S. GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. The variability of these items could significantly impact our future U.S. GAAP financial results and we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors.

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3 Bloom's Mission To Make Clean, Reliable Energy Affordable for Everyone in the World."

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4 Financial Performance $ in millions Q3'25 Q3'24 YoY Revenue $519.0 $330.4 57.1% Non-GAAP Gross Margin1 30.4% 25.2% 5.1 pts Non-GAAP Operating Income1 $46.2 $8.1 $38.1 Adjusted EBITDA1 $59.0 $21.3 $37.7 Non-GAAP EPS1 $0.15 ($0.01) $0.16 Note: Dollars in millions, except per share figures and percentages 1. Please reference appendix for U.S. GAAP to non-GAAP reconciliations

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5 Growing Revenue and Expanding Margins 1. Please reference appendix for U.S. GAAP to non-GAAP reconciliations. 2. Previously guided range depicted above. Refer Q3'25 earnings for updated guidance. Revenue ($ in billions) Non-GAAP Gross Margin1 23% 22% 23% 26% 29% 232020 2025 G21 22 24 $0.8 $1.0 $1.2 $1.3 $1.5 232020 2025 G21 22 24 See Earnings transcript 2 2 See Earnings transcript

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6 Driving Profitability and Generating Cash $(7) $(38) $(33) $19 $108 See Earnings transcript Non-GAAP Operating Income1 $(99) $(61) $(192) $(372) $92 Cash Flow from Operating Activities 232020 2025 G21 22 232020 2025 G21 2224 24 Similar to '24 2 2 1. Please reference appendix for U.S. GAAP to non-GAAP reconciliations. 2. Previously guided range depicted above. Refer Q3'25 earnings for updated guidance.

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7 Q3 2025 Appendix

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8 GAAP to Non-GAAP reconciliation: Gross profit and margin $ in millions Q3'25 Q3'24 GAAP revenue $519.0 $330.4 GAAP cost of sales 367.4 251.7 GAAP gross profit $151.7 $78.7 Non-GAAP adjustments: Stock-based compensation expense 5.7 3.8 Restructuring 0.0 0.1 Other 0.2 0.7 Non-GAAP gross profit $157.6 $83.3 GAAP gross margin 29.2% 23.8% Non-GAAP adjustments 1.1% 1.4% Non-GAAP gross margin 30.4% 25.2%

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9 GAAP to Non-GAAP reconciliation: Gross profit and margin $ in millions 2024 2023 2022 2021 2020 GAAP revenue $1,473.9 $1,333.5 $1,199.1 $972.2 $794.2 GAAP cost of sales 1,069.2 1,135.7 1,050.8 774.6 628.5 GAAP gross profit $404.6 $197.8 $148.3 $197.6 $165.8 Non-GAAP adjustments: Stock-based compensation expense 16.6 17.5 19.0 13.8 17.5 Restructuring (0.4) 3.4 - - - Impairment of assets - 123.7 108.8 - - Other 2.0 1.6 - - - Non-GAAP gross profit $422.8 $344.0 $276.1 $211.4 $183.3 GAAP gross margin 27.5% 14.8% 12.4% 20.3% 20.9% Non-GAAP adjustments 1.2% 11.0% 10.7% 1.4% 2.2% Non-GAAP gross margin 28.7% 25.8% 23.0% 21.7% 23.1%

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10 GAAP to Non-GAAP reconciliation: Operating income (loss) and margin $ in millions Q3'25 Q3'24 GAAP operating income (loss) $7.8 ($9.7) Non-GAAP adjustments: Stock-based compensation expense 38.2 17.1 Restructuring 0.0 (0.1) Other 0.2 0.8 Non-GAAP operating income (loss) $46.2 $8.1 GAAP operating margin 1.5% (2.9%) Non-GAAP adjustments 7.4% 5.4% Non-GAAP operating margin 8.9% 2.5%

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11 GAAP to Non-GAAP reconciliation: Operating income (loss) and margin $ in millions 2024 2023 2022 2021 2020 GAAP operating income (loss) $22.9 ($208.9) ($261.0) ($114.5) ($80.8) Non-GAAP adjustments: Stock-based compensation expense 83.0 87.1 114.0 76.1 73.9 Restructuring (0.4) 9.2 - - - Impairment of assets - 130.1 113.3 - - Other 2.1 1.7 0.2 0.0 - Non-GAAP operating income (loss) $107.6 $19.2 ($33.5) ($38.4) ($6.9) GAAP operating margin 1.6% (15.7%) (21.8%) (11.8%) (10.2%) Non-GAAP adjustments 5.7% 17.1% 19.0% 7.8% 9.3% Non-GAAP operating margin 7.3% 1.4% (2.8%) (3.9%) (0.9%)

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12 GAAP to Non-GAAP reconciliation: Net income (loss) and EPS $ in millions, except per share Q3'25 Dilutive earnings per share 1 Q3'24 Dilutive earnings per share GAAP net loss to common stockholders ($23.1) ($0.10) ($14.7) ($0.06) Non-GAAP adjustments: Add back: Income attributable to noncontrolling interest 0.1 0.00 0.1 0.00 Effects of Assets Buyout and Repowering - - (5.0) (0.02) Equity in loss of unconsolidated affiliates 19.6 0.06 - - Stock-based compensation expense 38.2 0.12 17.1 0.07 Restructuring 0.0 0.00 (0.1) (0.0) Loss on derivative liabilities 0.4 0.00 0.4 0.00 Other 0.2 0.00 0.8 0.00 Non-GAAP net income (loss) to common stockholders $35.5 $0.15 ($1.5) ($0.01) 1. The dilutive earnings per share does not foot due to difference in basis between GAAP and Non-GAAP. Refer slide #14 for details.

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13 GAAP to Non-GAAP reconciliation: Adjusted EBITDA $ in millions Q3'25 Q3'24 GAAP net loss to common stockholders ($23.1) ($14.7) Non-GAAP adjustments: Add back: Income attributable to noncontrolling interest 0.1 0.1 Equity in loss of unconsolidated affiliates 19.6 - Stock-based compensation expense 38.2 17.1 Restructuring 0.0 (0.1) Loss on derivative liabilities 0.4 0.4 Interest expense / other misc. 10.5 9.5 Effects of Assets Buyout and Repowering - (5.0) Depreciation & amortization 12.8 13.2 Income tax provision 0.3 0.1 Other 0.2 0.8 Adjusted EBITDA $59.0 $21.3

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14 GAAP to Non-GAAP reconciliation: Diluted earnings (loss) per share $ and count in millions, except per share Q3'25 Q3'24 Numerator for basic earnings per share: GAAP Net income (loss) attributable to common stockholders ($23.1) ($14.7) Non-GAAP Net income (loss) attributable to common stockholders $35.5 ($1.5) Numerator for diluted earnings per share: GAAP Net income (loss), adjusted numerator ($12.6) ($4.4) Non-GAAP Net income (loss), adjusted numerator $46.0 $8.8 Denominator for GAAP and non-GAAP basic earnings per share: Weighted average common shares outstanding 234.9 228.0 Denominator for GAAP and non-GAAP diluted earnings per share:1 Weighted average common shares outstanding 312.5 228.0 GAAP net loss per share Basic ($0.10) ($0.06) Diluted ($0.10) ($0.06) Non-GAAP net earnings (loss) per share Basic $0.15 ($0.01) Diluted $0.15 ($0.01) 1.In cases of a net loss, the weighted average number of common shares outstanding is the same as the basic weighted average number of common shares outstanding.

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15 GAAP to Non-GAAP reconciliation: Gross profit (loss) and margin 1. Please reference section "GAAP to Non-GAAP reconciliation: Gross profit and margin" of the appendix for detailed U.S. GAAP to non-GAAP reconciliations $ in millions Q3'25 Q3'24 Revenue GAAP gross profit (loss) Non- GAAP Adj 1 Non- GAAP gross profit (loss) GAAP gross margin Non- GAAP gross margin Revenue GAAP gross profit (loss) Non- GAAP Adj 1 Non- GAAP gross profit (loss) GAAP gross margin Non- GAAP gross margin Product $384.3 $134.5 $3.5 $138.0 35.0% 35.9% $233.8 $78.6 $2.2 $80.8 33.6% 34.6% Install 65.8 5.9 0.8 6.6 8.9% 10.0% 32.1 (3.6) 0.6 (3.0) (11.3%) (9.3%) Service 58.6 6.8 1.7 8.5 11.6% 14.4% 50.8 (0.6) 1.8 1.2 (1.2%) 2.4% Electricity 10.4 4.5 0.0 4.5 43.8% 43.8% 13.8 4.3 0.0 4.3 31.3% 31.3% Total $519.0 $151.7 $5.9 $157.6 29.2% 30.4% $330.4 $78.7 $4.6 $83.3 23.8% 25.2%

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What Powers You

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