Bloom Energy Corp Reports Increased Revenue but Remains Unprofitable in 2025
Bloom Energy Corporation (NYSE: BE) released its 10-K filing, reporting a significant increase in revenue for the fiscal year ended December 31, 2025, reaching $2.02 billion, a 37.3% increase from $1.47 billion in 2024. This growth was primarily driven by a surge in product revenue, which increased by 41.1% to $1.53 billion, reflecting strong demand for the company's Energy Server systems. Installation revenue also saw substantial growth, increasing by 66.8% to $204.1 million, while service revenue rose by 6.9% to $228.3 million, and electricity revenue increased by 14.2% to $60.4 million.
Despite the revenue growth, Bloom Energy continued to operate at a net loss, reporting a net loss attributable to common stockholders of $88.4 million, compared to a net loss of $29.2 million in the previous year. The company attributed the increased loss to higher operating expenses, including increased spending on research and development, sales and marketing, and general and administrative activities. Research and development expenses increased by 25.1% to $186.0 million, while sales and marketing expenses surged by 91.5% to $130.2 million, and general and administrative expenses rose by 20.2% to $198.4 million.
Operationally, Bloom Energy highlighted several key developments, including the expansion of its manufacturing capacity and strategic partnerships aimed at capitalizing on the growing demand for on-site power generation, particularly from data centers and the artificial intelligence sector. The company emphasized its partnership with Brookfield Asset Management, which established a prospective financing framework of up to $5.0 billion over five years for future Bloom Energy fuel cell projects. As of December 31, 2025, the company employed 2,214 full-time employees worldwide, a 4% increase from the previous year, reflecting its continued expansion.
Looking ahead, Bloom Energy expressed optimism about its growth prospects, citing increasing demand for reliable and resilient power solutions, driven by factors such as the expansion of AI infrastructure and grid constraints. The company plans to continue investing in research and development, manufacturing capacity, and strategic partnerships to capitalize on these opportunities. However, Bloom Energy also acknowledged potential challenges, including supply chain disruptions, trade tariffs, and regulatory changes, which could impact its financial performance. The company's backlog, representing future revenue from existing contractual commitments, remains a key indicator of its future performance.
About Bloom Energy Corp
Bloom Energy Corporation develops and manufactures advanced solid oxide fuel cell technology for clean, reliable, and resilient distributed power generation. Its core products include the Bloom Energy Server, delivering on-site electricity with high efficiency and low emissions, and the Bloom Electrolyzer for cost-effective hydrogen production. Serving utilities, data centers, and critical infrastructure globally, Bloom offers modular, fuel-flexible energy solutions that support decarbonization and energy transition through scalable, rapidly deployable systems.
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