Slides
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Investor Presentation November 2025
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2 Bloom’s Mission To Make Clean, Reliable Energy Affordable for Everyone in the World
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Leadership Team & Board of Directors 3 Natalie Sunderland Chief Marketing Officer Aaron Hoover Head of Business and Corporate Development Maciej Kurzymski Interim Principal Financial Officer Michael J. Boskin Former Member of President’s Council of Economic Advisers & Chair Professor at Stanford Eddy Verzigon Former Managing Director Morgan Stanley Cynthia Warner Board of Directors Chevron & Sempra Jim Snabe Chairman of Siemens AG The Honorable Mary K. Bush Former IMF Representative & Board Director of T. Rowe Price Gary Pinkus Former Chairman of North America, McKinsey & Company Barbara Burger, PhD Former President of Chevron Technology Ventures John Chambers Former CEO of Cisco Jeff Immelt Lead Director & Former CEO of GE KR Sridhar, PhD Founder, Chairman & CEO KR Sridhar, PhD Founder, Chairman & CEO Sonja Wilkerson Chief People Officer Satish Chitoori Chief Operations Officer Shawn Soderberg Chief Legal Officer & Corporate Secretary Ravi Prasher, PhD Chief Technology Officer Aman Joshi Chief Commercial Officer “Can-Do” Servant Leaders Experienced, Complementary & Engaged
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Bloom Energy at a Glance 4 >500 Patents3 ~1,200 Sites3 ~1.5 GW Deployed2 >$26B Market capitalization1 Data Centers Largest market segment, Fastest growing Global Headcount3: ~2,200 FTE Global Footprint3: >1,300,000 Sq Ft. 1. As of market close October 29, 2025. 2. As of the quarter ended September 30, 2025. This reflects 1.5 gigawatts of low-carbon power deployed across ~1,200 sites worldwide. 3. As of the quarter ended September 30, 2025. 4. As of the quarter ended September 30, 2025. This reflects the cumulative non-GAAP R&D spend since company inception. >$1.2B Cumulative R&D4 Singapore
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What We Do Bloom Energy Proprietary & Confidential 2025 5 We produce onsite power by converting natural gas to electricity, without combustion. Natural Gas
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Diverse Customer Footprint. Growing Concentration in AI Ecosystem. Commercial & Industrial Customers include1: Data Center Customers include1: 6 Partner with Electricity Providers 1GW framework agreement Partner with AI Infrastructure $5B partnership Geographies Deployed include1: S o u t h K o r e a India Taiwan UKSouth Korea Japan Italy 1. As of the quarter ended September 30, 2025.
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Grid Power Cannot Support Massive Demand for Electricity Powell says that, unlike the dotcom boom, AI spending isn’t a bubble. “We need to add 100 GW of new firm capacity in the next five years.” Big Tech, power grids take action to reign in surging demand Power plant developers and network operators are scrambling to keep up with the demands of new data centers that need electricity day and night” 7 - Chris Wright, Energy Secretary Aug/2025 Oct/2025 Meta kicked things off, conveying its expectation of “notably” larger 2026 capex dollar growth, citing infrastructure and power capacity as a primary driver. Microsoft followed, with its expectation for its FY26 growth rate to be higher than FY25. Google rounded out the hyperscaler commentary increasing its FY25 capex expectation by ~$7B… ...we are still in the very early innings of the AI/data center infrastructure build out both on the IT hardware and related power infrastructure side. Oct/2025 Oct/2025
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Drivers for Commercial Acceleration A secular shift in power demand — led by AI — has created extremely favorable market conditions. 8 Explosive power demand Power not available Policy incentives Renewables can’t provide dispatchable power AFTER Power demand is flat Paris Accord + Scope I/II/III Renewables are “in” Fossil Fuels are “out” BEFORE
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Recognized Need for Onsite Power 9 April 2024 Survey of U.S. data center decision- makers April 2025 1% 27% Q: What percent of data center sites will have 100% onsite power generation in 2030? Source: Double-blind survey of data center decision makers (n=30 in April 2024, n=100 in April 2025). Includes: Hyperscalers Colocation providers Utilities
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How Fuel Cell Technology Provides Electric Power at Scale 10 2 How it Scales Modular building blocks come together to meet small or large-scale power needs Fuel Cell 1 How it Works Solid-oxide fuel cells convert fuel into electricity without combustion. NATURAL GAS Anode Cathode Electrolyte AMBIENT AIR Alternative fuels: Hydrogen Biogas HIGH CONCENTRATION CO 2 STREAM HIGH EFFICIENCY ELECTRICITY HIGH TEMPERATURE AIR Outputs Power Module Energy Server® System Power Stamp Power Block ~65 kW ~65 kW 325 kW 3.25 MW + MWs
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Fuel Cells = Fastest Path to 1 GW Power (vs. other electric power technologies) 11 0 5 10 15 20 25 30 35 40 45 50 55 60 65 Years from first commercial launch to 1 GW Wind Recip Engine Gas Turbine Storage Solar Fuel cell Data from the following sources: GT: The American Society of Mechanical Engineers (ASME), Re-Designated a Historic Mechanical Engineering Landmark April 26, 2014 by General Electric Company, EIA; RICE: U.S. Energy Information Administration (EIA); Storage: BloombergNEF; Wind and Solar: International Renewable Energy Agency (IRENA)
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12 The Bloom Value Proposition Price Performance Cost-competitive Clean Low emissions, near zero emissions of NOx/SOx Reliability Guaranteed availability from 99.9% up to 99.999% Fast Power Delivery in as little as 90 days Modular & Scalable Plug and play solution, ramps to scale Load Following Real-time response for AI loads The Bloom Value Proposition
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Key Competitive Advantage: Bloom’s Time to Power Capability Faster & Simpler Permitting (Often Exempt) Modular “Plug & Play” Design Scalable Manufacturing Capacity 13
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We Expect Existing Factories to Ramp to 2GW Capacity by YE 2026 Current facilities scalable to 5 GW as needed. 14 Fremont, CA, USA Cell Printing and Column Manufacturing Opened July 2022 164,000 sq. ft. Final Assembly and Integration Opened October 2013 210,000 sq. ft. Newark, DE, USA
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Many More Markets to Capture 15 Heat Capture (CHP) Carbon Capture 800V Data Center Standard DC DC CO2 Positioned to become industry standard for onsite power.
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The Bloom Box: One Size Fits All Mega SitesSmall Sites 16
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17 Bloom Energy Deployment
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Financial Overview
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19 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) $0.16 Note: Dollars in millions, except per share figures and percentages 1. Please reference appendix for U.S. GAAP to non-GAAP reconciliations
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20 Growing Revenue and Expanding Margins 1. Please reference appendix for U.S. GAAP to non-GAAP reconciliations. 2. Previously guided range depicted above. Refer Q3’25 earnings for updated guidance. Revenue ($ 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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21 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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What Powers You .