Bloom Energy Corporation

Bloom's $20B backlog at end of FY2025 represents approximately 10x annual revenue and provides substantial multi-year installation pipeline, anchored by firm deals including Oracle's 2.45 GW campus and 1.5 GW of utility-financed deployments. However, the backlog accumulated largely within FY2024-FY2025, and product revenue is recognized on project completion, introducing quarter-to-quarter lumpiness acknowledged by management.

Revenue is almost entirely derived from a single product family: the Bloom Energy Server, sold across data center, commercial, industrial, and utility applications. The electrolyzer product line remains nascent with no material revenue contribution as of FY2025.

US customers account for the majority of revenue, with SK ecoplant and SK eternix in South Korea representing approximately 23% of FY2024 revenue. Beyond the US and South Korea, international operations are immaterial, leaving revenue heavily exposed to two markets.

Bloom produces hardware in capital-intensive factories, with manufacturing capacity expanding from roughly 1 GW to 2 GW per year by end-2026. Non-GAAP gross margin is guided toward approximately 34% for FY2026, reflecting improving but still limited operating leverage for a hardware manufacturer at this scale.

Product revenue (approximately 87% of FY2025 total) represents sales of Energy Server hardware recognized on project completion, making it transactional rather than contractual-recurring. Service and O&M revenue (approximately 13%) is recurring under long-term contracts, and the Bloom Electrons model (10-year electricity purchase agreements) adds stickiness to a portion of the installed base.