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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________
FORM 10-Q
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from ____________to ____________
 Commission File Number 001-38598 
________________________________________________________________________
be-20220930_g1.jpg

BLOOM ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
________________________________________________________________________
Delaware77-0565408
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
4353 North First Street, San Jose, California
95134
(Address of principal executive offices)(Zip Code)
(408) 543-1500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class(1)
Trading SymbolName of each exchange on which registered
Class A Common Stock, $0.0001 par valueBENew York Stock Exchange
(1) Our Class B Common Stock is not registered but is convertible into shares of Class A Common Stock at the election of the holder.
________________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  þ    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  þ    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  
Large accelerated filer þ     Accelerated filer   ¨      Non-accelerated filer   ¨      Smaller reporting company        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.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  þ
The number of shares of the registrant’s common stock outstanding as of November 1, 2022 was as follows:
Class A Common Stock, $0.0001 par value, 179,378,926 shares
Class B Common Stock, $0.0001 par value, 15,800,568 shares
1


Bloom Energy Corporation
Quarterly Report on Form 10-Q for the Three and Nine Months Ended September 30, 2022
Table of Contents
 Page
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements (unaudited)
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Comprehensive Loss
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit)
Condensed Consolidated Statements of Cash Flows
Notes to Unaudited Condensed Consolidated Financial Statements
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
Signatures

Unless the context otherwise requires, the terms “Company”, “we,” us,” our,” and Bloom Energy,” each refer to Bloom Energy Corporation and all of its subsidiaries.


2

Part I
ITEM 1 - FINANCIAL STATEMENTS

Bloom Energy Corporation
Condensed Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)

September 30,December 31,
20222021
Assets
Current assets:
Cash and cash equivalents1
$492,120 $396,035 
Restricted cash1
42,104 92,540 
Accounts receivable less allowance for doubtful accounts of $119 as of September 30, 2022 and December 31, 20211
71,184 87,789 
Contract assets25,768 25,201 
Inventories254,895 143,370 
Deferred cost of revenue31,812 25,040 
Customer financing receivable1
 5,784 
Prepaid expenses and other current assets1
46,489 30,661 
Total current assets964,372 806,420 
Property, plant and equipment, net1
646,768 604,106 
Operating lease right-of-use assets114,053 106,660 
Customer financing receivable1
 39,484 
Restricted cash1
135,098 126,539 
Deferred cost of revenue3,462 1,289 
Other long-term assets1
38,316 41,073 
Total assets$1,902,069 $1,725,571 
Liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders’ equity (deficit)
Current liabilities:
Accounts payable$120,444 $72,967 
Accrued warranty13,344 11,746 
Accrued expenses and other current liabilities1
102,010 114,138 
Deferred revenue and customer deposits1
98,841 89,975 
Operating lease liabilities12,671 13,101 
Financing obligations16,682 14,721 
Recourse debt12,792 8,348 
Non-recourse debt1
15,943 17,483 
Total current liabilities392,727 342,479 
Deferred revenue and customer deposits1
68,727 90,310 
Operating lease liabilities122,412 106,187 
Financing obligations443,665 461,900 
Recourse debt274,742 283,483 
Non-recourse debt1
179,955 217,416 
Other long-term liabilities8,917 16,772 
Total liabilities1,491,145 1,518,547 
Commitments and contingencies (Note 13)
Redeemable convertible preferred stock, Series A: 10,000,000 shares authorized and 10,000,000 shares and no shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively.
208,551 208,551 
Redeemable noncontrolling interest 300 
Stockholders’ equity (deficit):
Common stock: $0.0001 par value; Class A shares - 600,000,000 shares authorized and 179,165,539 shares and 160,627,544 shares issued and outstanding and Class B shares - 600,000,000 shares authorized and 15,802,146 shares and 15,832,863 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively.
19 18 
Additional paid-in capital3,691,715 3,219,081 
Accumulated other comprehensive loss(1,531)(350)
Accumulated deficit(3,517,311)(3,263,075)
Total equity (deficit) attributable to Class A and Class B common stockholders172,892 (44,326)
Noncontrolling interest29,481 42,499 
Total stockholders' equity (deficit)$202,373 $(1,827)
Total liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders' equity (deficit)$1,902,069 $1,725,571 

1We have variable interest entities related to PPAs, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 11 - Portfolio Financings).


The accompanying notes are an integral part of these condensed consolidated financial statements.
3


Bloom Energy Corporation
Condensed Consolidated Statements of Operations
(in thousands, except share data)
(unaudited)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
 
Revenue:
Product$213,243 $128,550 $520,415 $413,347 
Installation22,682 22,172 48,964 53,710 
Service37,347 39,251 111,012 111,375 
Electricity19,002 17,255 56,158 51,273 
Total revenue292,274 207,228 736,549 629,705 
Cost of revenue:
Product158,176 93,704 393,337 289,889 
Installation28,333 25,616 57,836 66,756 
Service41,792 39,586 124,646 111,269 
Electricity13,029 11,439 83,819 32,913 
Total cost of revenue241,330 170,345 659,638 500,827 
Gross profit50,944 36,883 76,911 128,878 
Operating expenses:
Research and development36,146 27,634 112,286 76,602 
Sales and marketing23,275 20,124 65,084 62,803 
General and administrative44,115 33,014 119,965 90,470 
Total operating expenses103,536 80,772 297,335 229,875 
Loss from operations(52,592)(43,889)(220,424)(100,997)
Interest income1,109 72 1,364 222 
Interest expense(13,099)(14,514)(41,000)(43,798)
Loss on extinguishment of debt  (4,233) 
Other income, net4,472 2,011 254 1,948 
Gain (loss) on revaluation of embedded derivatives54 (184)623 (1,644)
Loss before income taxes(60,056)(56,504)(263,416)(144,269)
Income tax provision336 158 888 595 
Net loss(60,392)(56,662)(264,304)(144,864)
Less: Net loss attributable to noncontrolling interest(3,315)(4,309)(9,768)(13,733)
Net loss attributable to Class A and Class B common stockholders$(57,077)$(52,353)$(254,536)$(131,131)
Less: Net (loss) income attributable to redeemable noncontrolling interest 17 (300)(9)
Net loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest$(57,077)$(52,370)$(254,236)$(131,122)
Net loss per share available to Class A and Class B common stockholders, basic and diluted$(0.31)$(0.30)$(1.41)$(0.76)
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted186,487 174,269 180,762 172,601 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4


Bloom Energy Corporation
Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
(unaudited)

Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
 
Net loss$(60,392)$(56,662)$(264,304)$(144,864)
Other comprehensive loss, net of taxes:
Change in derivative instruments designated and qualifying as cash flow hedges (763) (4,031)
Foreign currency translation adjustment(1,027)(299)(1,774)(523)
Other comprehensive loss, net of taxes(1,027)(1,062)(1,774)(4,554)
Comprehensive loss(61,419)(57,724)(266,078)(149,418)
Less: Comprehensive loss attributable to noncontrolling interest(3,811)(3,691)(10,361)(9,956)
Comprehensive loss attributable to Class A and Class B common stockholders$(57,608)$(54,033)$(255,717)$(139,462)
Less: Comprehensive (loss) income attributable to redeemable noncontrolling interest 17 (300)(9)
Comprehensive loss after portion attributable to redeemable noncontrolling interest and noncontrolling interest$(57,608)$(54,050)$(255,417)$(139,453)


The accompanying notes are an integral part of these condensed consolidated financial statements.

5


Bloom Energy Corporation
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit)
(in thousands, except share data) (unaudited)
Three Months Ended September 30, 2022
Class A and Class B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal equity (deficit) attributable to Class A and Class B common stockholdersNoncontrolling InterestTotal Stockholders' Equity (Deficit)
SharesAmount
Balances at June 30, 2022178,913,797 $18 $3,284,261 $(1,000)$(3,460,234)$(176,955)$32,034 $(144,921)
Issuance of restricted stock awards539,074 — — — — — — — 
ESPP purchase339,055 — 5,619 — — 5,619 — 5,619 
Exercise of stock options225,759 — 2,233 — — 2,233 — 2,233 
Stock-based compensation— — 23,893 — — 23,893 — 23,893 
Distributions and payments to noncontrolling interests— — — — — — (1,557)(1,557)
Contributions from noncontrolling interest— — — — — — 2,815 2,815 
Public share offering (Note 1)14,950,000 1 371,526 — — 371,527 — 371,527 
Forward to purchase Class A Common Stock (Note 5)— — 4,183 — — 4,183 — 4,183 
Foreign currency translation adjustment— — — (531)— (531)(496)(1,027)
Net loss1
— — — — (57,077)(57,077)(3,315)(60,392)
Balances at September 30, 2022194,967,685 $19 $3,691,715 $(1,531)$(3,517,311)$172,892 $29,481 $202,373 
1There is no net loss attributable to redeemable noncontrolling interest.
Note: There was no redeemable noncontrolling interest as of June 30, 2022 and September 30, 2022.
Three Months Ended September 30, 2021
Class A and Class B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal deficit attributable to Class A and Class B common stockholdersNoncontrolling InterestTotal Stockholders' Equity
SharesAmount
Balances at June 30, 2021173,402,160 $17 $3,155,917 $(124)$(3,177,381)$(21,571)$51,185 $29,614 
Issuance of restricted stock awards581,363 — — — — — — — 
ESPP purchase967,797 — 5,319 — — 5,319 — 5,319 
Exercise of stock options126,741 1 1,122 — — 1,123 — 1,123 
Stock-based compensation — — 20,743 — — 20,743 — 20,743 
Change in effective portion of interest rate swap agreement— — — — — — 763 763 
Distributions and payments to noncontrolling interests— — — — — — (540)(540)
Foreign currency translation adjustment— — — (154)— (154)(145)(299)
Net loss2
— — — — (52,370)(52,370)(4,309)(56,679)
Balances at September 30, 2021175,078,061 $18 $3,183,101 $(278)$(3,229,751)$(46,910)$46,954 $44 
2Excludes $17 attributable to redeemable noncontrolling interest.
Note: Beginning redeemable noncontrolling interest of $334 - distributions to redeemable noncontrolling interests of $20 + net income attributable to redeemable noncontrolling interest of $17 = ending redeemable noncontrolling interest of $331.
6


Nine Months Ended September 30, 2022
Class A and Class B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal equity (deficit) attributable to Class A and Class B common stockholdersNoncontrolling InterestTotal Stockholders' Equity (Deficit)
SharesAmount
Balances at December 31, 2021176,460,407 $18 $3,219,081 $(350)$(3,263,075)$(44,326)$42,499 $(1,827)
Issuance of restricted stock awards2,328,713 — — — — — — — 
ESPP purchase759,744 — 11,600 — — 11,600 — 11,600 
Exercise of stock options468,821 — 3,550 — — 3,550 — 3,550 
Stock-based compensation expense— — 82,275 — — 82,275 — 82,275 
Distributions and payments to noncontrolling interests— — (500)— — (500)(5,472)(5,972)
Contributions from noncontrolling interest— — — — — — 2,815 2,815 
Public share offering (Note 1)14,950,000 1 371,526 — — 371,527 — 371,527 
Forward to purchase Class A Common Stock (Note 5)— — 4,183 — — 4,183 — 4,183 
Foreign currency translation adjustment— — — (1,181)— (1,181)(593)(1,774)
Net loss3
— — — — (254,236)(254,236)(9,768)(264,004)
Balances at September 30, 2022194,967,685 $19 $3,691,715 $(1,531)$(3,517,311)$172,892 $29,481 $202,373 
3Excludes $300 attributable to redeemable noncontrolling interest.
Note: Beginning redeemable noncontrolling interest of $300 - net loss attributable to redeemable noncontrolling interest of $300 = ending redeemable noncontrolling interest of Nil.
Nine Months Ended September 30, 2021
Class A and Class B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal (deficit) equity attributable to Class A and Class B common stockholdersNoncontrolling InterestTotal Stockholders' Equity
SharesAmount
Balances at December 31, 2020168,002,726 $17 $3,182,753 $(9)$(3,103,937)$78,824 $62,195 $141,019 
Cumulative effect upon adoption of Accounting Standards Update 2020-06— — (126,799)— 5,308 (121,491)— (121,491)
Issuance of restricted stock awards2,533,027 — — — — — — — 
ESPP purchase1,945,305 — 10,045 — — 10,045 — 10,045 
Exercise of stock options2,597,003 1 62,064 — — 62,065 — 62,065 
Stock-based compensation expense— — 55,038 — — 55,038 — 55,038 
Change in effective portion of interest rate swap agreement— — — — — — 4,031 4,031 
Distributions and payments to noncontrolling interests— — — — — — (5,285)(5,285)
Foreign currency translation adjustment— — — (269)— (269)(254)(523)
Net loss4
— — — — (131,122)(131,122)(13,733)(144,855)
Balances at September 30, 2021175,078,061 $18 $3,183,101 $(278)$(3,229,751)$(46,910)$46,954 $44 
4Excludes $9 attributable to redeemable noncontrolling interest.
Note: Beginning redeemable noncontrolling interest of $377 - distributions to redeemable noncontrolling interest of $37 - net loss attributable to redeemable noncontrolling interest of $9 = ending redeemable noncontrolling interest of $331.
The accompanying notes are an integral part of these condensed consolidated financial statements.
7


Bloom Energy Corporation
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 Nine Months Ended
September 30,
 20222021
Cash flows from operating activities:
Net loss$(264,304)$(144,864)
Adjustments to reconcile net loss to net cash used in operating activities:  
Depreciation and amortization46,182 40,079 
Non-cash lease expense18,153 7,161 
Gain on sale of property, plant and equipment(523) 
Write-off of assets related to PPA IIIa44,800  
Revaluation of derivative liabilities(9,640)486 
Stock-based compensation81,460 57,309 
Gain on remeasurement of investment (1,966)
Loss on extinguishment of debt4,233  
Amortization of warrants and debt issuance costs2,355 2,824 
Unrealized foreign currency exchange loss3,086 184 
Other3,487  
Changes in operating assets and liabilities:
Accounts receivable15,758 34,236 
Contract assets(567)(24,418)
Inventories(110,797)(39,953)
Deferred cost of revenue(8,856)7,307 
Customer financing receivable2,510 4,022 
Prepaid expenses and other current assets(15,766)236 
Other long-term assets(730)(374)
Operating lease right-of-use assets and operating lease liabilities2,162 (7,593)
Finance lease liabilities499  
Accounts payable38,642 37,795 
Accrued warranty1,597 (2,357)
Accrued expenses and other current liabilities502 (26,178)
Deferred revenue and customer deposits(12,716)(53,181)
Other long-term liabilities(9,980)1,289 
Net cash used in operating activities(168,453)(107,956)
Cash flows from investing activities:
Purchase of property, plant and equipment(80,907)(44,625)
Net cash acquired from step acquisition 3,114 
Net cash used in investing activities(80,907)(41,511)
Cash flows from financing activities:
Repayment of debt of PPA IIIa(30,212) 
Repayment of debt(17,262)(11,017)
Debt make-whole payment related to PPA IIIa debt(2,413) 
Proceeds from financing obligations 7,534 
Repayment of financing obligations(28,821)(10,174)
Contributions from noncontrolling interests2,815  
Distributions to redeemable noncontrolling interests (37)
Distributions and payments to noncontrolling interests(5,972)(5,285)
Proceeds from issuance of common stock15,150 72,109 
Proceeds from public share offering (Note 1)385,396  
Public share offering costs (Note 1)(13,407) 
Other(63) 
Net cash provided by financing activities305,211 53,130 
Effect of exchange rate changes on cash, cash equivalent and restricted cash (