Slides
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October 22, 2026
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2Bloom Energy Proprietary & Confidential Forward-looking Statements and Non-GAAP Financial MeasuresThis presentation may contain certain forward-looking statements relating to future events and expectations, including estimates and projections for our business outlook for the 2026 fiscal year, each ofwhich 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 tomanagement 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 theCompany’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 globaleconomic 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, butare not limited to: (1) the emerging nature of distributed energy generation and rapidly evolving market trends; (2) the significant upfront costs of Bloom Energy’s Energy Servers and Bloom Energy’sability to secure financing for its products; (3) Bloom Energy’s ability to drive cost reductions and to successfully mitigate against potential price increases; (4) Bloom Energy’s ability to service itsexisting debt obligations; (5) Bloom Energy’s ability to be successful in new markets; (6) the risk of manufacturing defects; (7) the accuracy of Bloom Energy’s estimates regarding the useful life of itsEnergy Servers, (8) delays in the development and introduction of new products or updates to existing products; (9) supply constraints; (10) the availability of rebates, tax credits and other tax benefits;(11) the impact of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act; (12) changes in the regulatory landscape; (13) Bloom Energy’s lengthy sales and installation cycle, construction,utility interconnection and other delays related to the installation of its Energy Servers; (14) evolution of Bloom’s approach to installation to a consult only model particularly for large load sites; (15)business and economic conditions and growth trends in commercial and industrial energy markets; (16) trade policies including tariffs; (17) the overall electricity generation market; (18) our ability toincrease production capacity for our products in a timely and cost-effective manner; (19) any actual or perceived slowdown in the adoption of AI resulting in a slower expansion of AI data centers; (20)the availability of financing for data center developments, (21) air permitting delays which affect the ability to finance the use of Energy Servers for customers, (22) Bloom Energy’s ability to protect itsintellectual property; (23) the ability of current product and service backlog to ultimately be recognizable as revenue; (24) commodity price volatility; (25) inflationary pressures and/or (26) the risksrelating to forward-looking statements and other “Risk Factors” identified from time to time in our filings with the Securities Exchange Commission (the “SEC”), including our Annual Report on Form10-K for the fiscal year ended December 31, 2025, and subsequently filed reports, including on Form 10-Q, which filings are available from the SEC. Bloom Energy assumes no obligation to, and doesnot currently intend to, update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise.Please see GAAP to non-GAAP reconciliations at the end of this presentation. Refer to “Use of non-GAAP financial measures” in our earnings release for Q3'26 available under the Investor Relationssection of our website at https://investor.bloomenergy .com.The Investor Relations section contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom Energy encourages investors to visit thiswebsite from time to time, as information is updated and new information is posted. The information contained on, or that may be accessed through Bloom Energy's website is not incorporated byreference into, and it not part of, this presentation.
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3Bloom Energy Proprietary & Confidential To Make Clean, ReliableEnergy AffordableforEveryone in the World. Bloom’s Mission
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4Bloom Energy Proprietary & Confidential Financial Performance Note: Dollars in millions, except per share figures and YoY information1. Please reference appendix for GAAP to Non-GAAP reconciliations YoYQ3’25Q3’26$ in millions138%$519.0 $1,235.8Revenue4.1 pts30.4%34.5%Non-GAAP Gross Margin1 ~↑ 6x$46.2 $285.7Non-GAAP Operating Income1 ~↑ 5x$59.0 $299.5Adjusted EBITDA1 ~↑ 6x$0.15$0.94Non-GAAP EPS1
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5Bloom Energy Proprietary & Confidential Raising 2026 Financial Guidance YoY2026 GuidanceMetric122%1$4.4B - $4.6BRevenue~374 bps~34%Non-GAAP Gross Margin2 ~↑4.5x1$960M - $1,030MNon-GAAP Operating Income2 ~↑4.3x1$3.10 - $3.40Non-GAAP EPS21. YoY change based on midpoint of range. EPS is fully dilutive.2. With respect to Bloom’s expectations regarding its 2026 Guidance, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, and non-GAAP EPS measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense.
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6Bloom Energy Proprietary & Confidential2026 Guidance: Revenue Growth >120%1, Gross Margin % +~374 bps Growing Revenue and Expanding MarginsRevenue ($ in billions)2021 22 23 24 25 2026ENon-GAAP Gross Margin2 24 2021 2026E 22 23 25$1.0 $1.2 $1.3 $1.5 $2.0 $4.4B - $4.6B 22%23%26%29%30%34%1. YoY change based on midpoint of range2. Please reference appendix for GAAP to Non-GAAP reconciliations for 2025 and prior. With respect to Bloom’s expectations regarding its 2026 Guidance, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, and non-GAAP EPS measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense.
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7Bloom Energy Proprietary & Confidential$(38)$(33)$19 $108 $221 $960- $1,030Demonstrating Operating LeverageNon-GAAP Operating Expenses as % of Revenue12021 22 23 24 25 2026ENon-GAAP Operating Income1 24 2021 2026E 22 23 2526%26%24%21%19%12%1. Please reference appendix for GAAP to Non-GAAP reconciliations for 2025 and prior. With respect to Bloom’s expectations regarding its 2026 Guidance, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP Operating Expenses, non-GAAP operating income, and non-GAAP EPS measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Non-GAAP Operating Expenses as % of revenue figure reflects midpoint of the guidance range
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Q3 2026
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9Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Gross Profit and Margin Q3’25Q3’26$ in millions$519.0$1,235.8GAAP revenue367.4818.7GAAP cost of sales$151.7$417.1GAAP gross profit Non-GAAP adjustments:5.79.0Stock-based compensation expense0.0-Restructuring0.20.1Other$157.6$426.2Non-GAAP gross profit29.2%33.8%GAAP gross margin1.1%0.7%Non-GAAP adjustments30.4%34.5%Non-GAAP gross margin
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10Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Operating Income and Margin Q3’25Q3’26$ in millions$7.8$225.4GAAP operating incomeNon-GAAP adjustments:38.260.1Stock-based compensation expense0.00.0Restructuring0.20.1Other$46.2$285.7Non-GAAP operating income1.5%18.2%GAAP operating margin7.4%4.9%Non-GAAP adjustments8.9%23.1%Non-GAAP operating margin
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11Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Gross Profit and Margin 20212022202320242025$ in millions$972.2$1,199.1$1,333.5$1,473.9$2,024.0GAAP revenue774.61,050.81,135.71,069.21,436.6GAAP cost of sales$197.6$148.3$197.8$404.6$587.4GAAP gross profit Non-GAAP adjustments:13.819.017.516.624.1Stock-based compensation expense--3.4(0.4)0.2Restructuring-108.8123.7--Impairment of assets--1.62.00.7Other$211.4$276.1$344.0$422.8$612.4Non-GAAP gross profit20.3%12.4%14.8%27.5%29.0%GAAP gross margin1.4%10.7%11.0%1.2%1.2%Non-GAAP adjustments21.7%23.0%25.8%28.7%30.3%Non-GAAP gross margin
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12Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Non-GAAP Operating Expenses as % of Revenue 20212022202320242025$ in millions$312.1$409.3$406.7$381.7$514.6GAAP operating expensesNon-GAAP adjustments:62.395.069.666.4120.9Stock-based compensation expense--5.7(0.0)2.1Restructuring-4.86.60.10.1Other$249.8$309.5$324.8$315.2$391.4Non-GAAP operating expenses$972.2$1,199.1$1,333.5$1,473.9$2,024.0GAAP Revenue25.7%25.8%24.4%21.4%19.3%Non-GAAP operating expenses as % of Revenue
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13Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Operating Income (Loss) and Margin 20212022202320242025$ in millions($114.5)($261.0)($208.9)$22.9$72.8GAAP operating income (loss)Non-GAAP adjustments:76.1114.087.183.0145.0Stock-based compensation expense--9.2(0.4)2.4Restructuring-113.3130.1--Impairment of assets0.00.21.72.10.8Other($38.4)($33.5)$19.2$107.6$221.0Non-GAAP operating income (loss)(11.8%)(21.8%)(15.7%)1.6%3.6%GAAP operating margin7.8%19.0%17.1%5.7%7.3%Non-GAAP adjustments(3.9%)(2.8%)1.4%7.3%10.9%Non-GAAP operating margin
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14Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Net Income (Loss) and EPS Dilutive earnings per share1Q3’25Dilutive earningsper shareQ3’26$ in millions, except per share($0.10)($23.1)$0.78$250.3GAAP net income (loss) to common stockholdersNon-GAAP adjustments:0.000.1(0.00)(1.3)Add back: (Loss)Income for non-controlling interests0.000.4(0.00)(0.0)(Gain) loss on derivative liabilities0.000.00.000.0Restructuring0.0619.60.012.9Equity in loss of unconsolidated affiliates0.1238.20.1960.1Stock-based compensation expense--(0.03)(9.3)Effect of Assets Buyout and Repowering0.000.20.000.1Other $0.15$35.5$0.94$302.8Non-GAAP net income to common stockholders1. The dilutive earnings per share does not foot due to difference in basis between GAAP and Non-GAAP. Refer slide #17 for details.
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15Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Adjusted EBITDA Q3’25Q3’26 $ in millions($23.1)$250.3GAAP net income (loss) to common stockholdersNon-GAAP adjustments:0.1(1.3)Add back: (Loss) Income for non-controlling interests38.260.1Stock-based compensation expense0.00.0Restructuring0.4(0.0)(Gain) loss on derivative liabilities-(9.3)Effect of Assets Buyout and Repowering19.62.9Equity in loss of unconsolidated affiliates12.813.8Depreciation & amortization0.30.8Income tax provision10.5(18.0)Interest (income) expense / other misc.0.20.1Other$59.0$299.5Adjusted EBITDA
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16Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Adjusted EBITDA 2021202220232024 2025$ in millions($164.4)($301.4)($302.1)($29.2)($88.4)GAAP net loss to common stockholdersNon-GAAP adjustments:(28.9)(13.7)(5.8)2.01.3Add back: Income (loss) for non-controlling interests----40.4Equity in loss of unconsolidated affiliates76.1114.087.183.0145.0Stock-based compensation expense--9.2(0.4)2.4Restructuring15.0(0.6)1.60.70.5Loss (gain) on derivative liabilities--0.4(21.0)(2.6)Effects of assets buyout and repowering-9.04.327.298.6Loss on debt extinguishment and conversion inducement expenses53.561.662.653.050.6Depreciation & amortization(1.1)115.3130.1--Impairment charge (PPA V , PPA IIIa, PPA IV and Goodwill)1.01.11.90.82.7Income tax provision55.643.290.842.220.2Interest expense / other misc.7.31.61.72.30.8Other$14.0$30.1$81.8$160.7$271.6Adjusted EBITDA
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17Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Diluted Earnings (Loss) Per Share Q3’251Q3’26$ and count in millions, except per shareNumerator for basic earnings per share:($23.1)$250.3GAAP Net income (loss) attributable to common stockholders$35.5$302.8Non-GAAP Net income attributable to common stockholdersNumerator for diluted earnings per share:($12.6)$253.8GAAP Net income (loss), adjusted numerator$46.0 $306.4 Non-GAAP Net income, adjusted numeratorDenominator for GAAP and non-GAAP basic earnings per share:234.9294.8Weighted average common shares outstandingDenominator for GAAP and non-GAAP diluted earnings per share:312.5324.3Weighted average common shares outstandingGAAP net earnings (loss) per share($0.10)$0.85Basic($0.10) $0.78DilutedNon-GAAP net earnings (loss) per share$0.15$1.03Basic$0.15$0.94Diluted1.In cases of a net loss, the weighted average number of common shares outstanding is the same as the basic weighted average number of common shares outstanding.
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18Bloom Energy Proprietary & Confidential GAAP to Non-GAAP Reconciliation: Gross Profit (Loss) and Margin 1. Please reference section “GAAP to Non-GAAP reconciliation: Gross profit and margin” of the appendix for detailed GAAP to Non-GAAP reconciliations Q3’25Q3’26Non-GAAP gross marginGAAP gross marginNon-GAAP gross profit Other Non-GAAPAdj 1SBC1GAAP gross profit RevenueNon-GAAP gross marginGAAP gross marginNon-GAAP gross profit (loss)Other Non-GAAPAdj 1SBC1GAAP gross profit (loss)Revenue$ in Millions35.9%35.0%$138.0 $0.0 $3.5 $134.5 $384.3 38.4%37.9%$412.2 $0.0 $5.6 $406.6 $1,073.6 Product10.0%8.9%$6.6$0.0 $0.8 $5.9$65.8 (3.5%)(4.8%)($3.0)$0.0 $1.1 ($4.1)$84.9 Install14.4%11.6%$8.5 $0.2 $1.5 $6.8 $58.6 21.4%17.8%$14.5 $0.1 $2.4 $12.0 $67.6 Service43.8%43.8%$4.5 $0.0 $0.0 $4.5 $10.4 25.7%25.7%$2.5 $0.0 $0.0 $2.5 $9.8 Electricity30.4%29.2%$157.6 $0.2 $5.7 $151.7 $519.0 34.5%33.8%$426.2 $0.1 $9.0 $417.1 $1,235.8 Total