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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 June 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-20220630_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 August 1, 2022 was as follows:
Class A Common Stock, $0.0001 par value, 163,294,503 shares
Class B Common Stock, $0.0001 par value, 15,827,865 shares
1


Bloom Energy Corporation
Quarterly Report on Form 10-Q for the Three and Six Months Ended June 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' 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)

June 30,December 31,
20222021
Assets
Current assets:
Cash and cash equivalents1
$235,638 $396,035 
Restricted cash1
50,293 92,540 
Accounts receivable less allowance for doubtful accounts of $119 as of June 30, 2022 and December 31, 20211
77,972 87,789 
Contract assets33,374 25,201 
Inventories206,707 143,370 
Deferred cost of revenue30,110 25,040 
Customer financing receivable1
 5,784 
Prepaid expenses and other current assets1
35,155 30,661 
Total current assets669,249 806,420 
Property, plant and equipment, net1
628,759 604,106 
Operating lease right-of-use assets110,362 106,660 
Customer financing receivable1
 39,484 
Restricted cash1
128,248 126,539 
Deferred cost of revenue5,310 1,289 
Other long-term assets1
38,905 41,073 
Total assets$1,580,833 $1,725,571 
Liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders’ deficit
Current liabilities:
Accounts payable$134,020 $72,967 
Accrued warranty9,319 11,746 
Accrued expenses and other current liabilities1
101,204 114,138 
Deferred revenue and customer deposits1
93,237 89,975 
Operating lease liabilities12,581 13,101 
Financing obligations16,159 14,721 
Recourse debt12,434 8,348 
Non-recourse debt1
14,734 17,483 
Total current liabilities393,688 342,479 
Deferred revenue and customer deposits1
76,890 90,310 
Operating lease liabilities118,291 106,187 
Financing obligations447,595 461,900 
Recourse debt278,538 283,483 
Non-recourse debt1
183,555 217,416 
Other long-term liabilities18,646 16,772 
Total liabilities1,517,203 1,518,547 
Commitments and contingencies (Note 13)
Redeemable convertible preferred stock, Series A: shares authorized and shares and no shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively.
208,551 208,551 
Redeemable noncontrolling interest 300 
Stockholders’ deficit:
Common stock: $0.0001 par value; Class A shares - 600,000,000 shares authorized and 163,085,510 shares and 160,627,544 shares issued and outstanding and Class B shares - 600,000,000 shares authorized and 15,828,287 shares and 15,832,863 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively.
18 18 
Additional paid-in capital3,284,261 3,219,081 
Accumulated other comprehensive loss(1,000)(350)
Accumulated deficit(3,460,234)(3,263,075)
Total deficit attributable to Class A and Class B common stockholders(176,955)(44,326)
Noncontrolling interest32,034 42,499 
Total stockholders' deficit$(144,921)$(1,827)
Total liabilities, redeemable convertible preferred stock, redeemable noncontrolling interest and stockholders' deficit$1,580,833 $1,725,571 

1We have variable interest entities, 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
June 30,
Six Months Ended
June 30,
 2022202120222021
 
Revenue:
Product$173,625 $146,867 $307,172 $284,797 
Installation12,729 28,879 26,282 31,538 
Service38,426 35,707 73,665 72,124 
Electricity18,456 17,017 37,156 34,018 
Total revenue243,236 228,470 444,275 422,477 
Cost of revenue:
Product129,419 108,891 235,161 196,185 
Installation16,730 36,515 29,503 41,140 
Service41,028 35,565 82,854 71,683 
Electricity58,029 10,155 70,790 21,474 
Total cost of revenue245,206 191,126 418,308 330,482 
Gross (loss) profit(1,970)37,344 25,967 91,995 
Operating expenses:
Research and development41,614 25,673 76,140 48,968 
Sales and marketing20,475 22,727 41,809 42,679 
General and administrative38,114 31,655 75,850 57,456 
Total operating expenses100,203 80,055 193,799 149,103 
Loss from operations(102,173)(42,711)(167,832)(57,108)
Interest income196 76 255 150 
Interest expense(13,814)(14,553)(27,901)(29,284)
Loss on extinguishment of debt(4,233) (4,233) 
Other (expense) income, net(1,191)22 (4,218)(63)
Gain (loss) on revaluation of embedded derivatives38 (942)569 (1,460)
Loss before income taxes(121,177)(58,108)(203,360)(87,765)
Income tax (benefit) provision(12)313 552 437 
Net loss(121,165)(58,421)(203,912)(88,202)
Less: Net loss attributable to noncontrolling interest(2,365)(4,536)(6,453)(9,424)
Net loss attributable to Class A and Class B common stockholders$(118,800)$(53,885)(197,459)(78,778)
Less: Net loss attributable to redeemable noncontrolling interest (22)(300)(26)
Net loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest$(118,800)$(53,863)$(197,159)$(78,752)
Net loss per share available to Class A and Class B common stockholders, basic and diluted$(0.67)$(0.31)$(1.11)$(0.46)
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted178,507 172,749 177,852 171,753 

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
June 30,
Six Months Ended
June 30,
 2022202120222021
 
Net loss$(121,165)$(58,421)$(203,912)$(88,202)
Other comprehensive loss, net of taxes:
Change in derivative instruments designated and qualifying as cash flow hedges 1,385  (3,268)
Foreign currency translation adjustment(594)4 (747)(224)
Other comprehensive loss, net of taxes(594)1,389 (747)(3,492)
Comprehensive loss(121,759)(57,032)(204,659)(91,694)
Less: Comprehensive loss attributable to noncontrolling interest(2,462)(5,919)(6,550)(6,265)
Comprehensive loss attributable to Class A and Class B common stockholders$(119,297)$(51,113)$(198,109)$(85,429)
Less: Comprehensive loss attributable to redeemable noncontrolling interest (22)(300)(26)
Comprehensive loss after portion attributable to redeemable noncontrolling interest and noncontrolling interest$(119,297)$(51,091)$(197,809)$(85,403)


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

5


Bloom Energy Corporation
Condensed Consolidated Statements of Changes in Stockholders' Deficit
(in thousands, except share data) (unaudited)


Three Months Ended June 30, 2022
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' Deficit
SharesAmount
Balances at March 31, 2022177,995,695 $18 $3,251,128 $(503)$(3,341,434)$(90,791)$36,035 $(54,756)
Issuance of restricted stock awards824,702 — — — — — — — 
Exercise of stock options93,400 — 337 — — 337 — 337 
Stock-based compensation— — 32,796 — — 32,796 — 32,796 
Distributions and payments to noncontrolling interests— — — — — — (1,539)(1,539)
Foreign currency translation adjustment   (497)— (497)(97)(594)
Net loss1
— — — — (118,800)(118,800)(2,365)(121,165)
Balances at June 30, 2022178,913,797 $18 $3,284,261 $(1,000)$(3,460,234)$(176,955)$32,034 $(144,921)

1There is no net loss attributable to redeemable noncontrolling interest.
Note: There was no redeemable noncontrolling interest as of March 31, 2022 and June 30, 2022.

Three Months Ended June 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' Deficit
SharesAmount
Balances at March 31, 2021172,099,453 $17 $3,129,687 $(126)$(3,123,518)$6,060 $57,986 $64,046 
Issuance of restricted stock awards811,162 — — — — — — — 
Exercise of stock options491,545 — 7,715 — — 7,715 — 7,715 
Stock-based compensation — — 18,515 — — 18,515 — 18,515 
Change in effective portion of interest rate swap agreement— — — — — — (1,385)(1,385)
Distributions to noncontrolling interests— — — — — — (882)(882)
Foreign currency translation adjustment— — — 2 — 2 2 4 
Net loss2
— — — — (53,863)(53,863)(4,536)(58,399)
Balances at June 30, 2021173,402,160 $17 $3,155,917 $(124)$(3,177,381)$(21,571)$51,185 $29,614 

2Excludes $22 attributable to redeemable noncontrolling interest.
Note: Beginning redeemable noncontrolling interest of $356 - net loss attributable to redeemable noncontrolling interest of $22 = ending redeemable noncontrolling interest of $334.

6



Six Months Ended June 30, 2022
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' 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 awards1,789,639 — — — — — — — 
ESPP purchase420,689 — 5,981 — — 5,981 — 5,981 
Exercise of stock options243,062 — 1,317 — — 1,317 — 1,317 
Stock-based compensation— — 58,382 — — 58,382 — 58,382 
Distributions and payments to noncontrolling interests— — (500)— — (500)(3,915)(4,415)
Foreign currency translation adjustment— — — (650)— (650)(97)(747)
Net loss3
— — — — (197,159)(197,159)(6,453)(203,612)
Balances at June 30, 2022178,913,797 $18 $3,284,261 $(1,000)$(3,460,234)$(176,955)$32,034 $(144,921)

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.

Six Months Ended June 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' Deficit
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 awards1,951,664 — — — — — — — 
ESPP purchase977,508 — 4,726 — — 4,726 — 4,726 
Exercise of stock options2,470,262 — 60,942 — — 60,942 — 60,942 
Stock-based compensation — — 34,295 — — 34,295 — 34,295 
Change in effective portion of interest rate swap agreement— — — — — — 3,268 3,268 
Distributions and payments to noncontrolling interests— — — — — — (4,745)(4,745)
Foreign currency translation adjustment— — — (115)— (115)(109)(224)
Net loss4
— — — — (78,752)(78,752)(9,424)(88,176)
Balances at June 30, 2021173,402,160 $17 $3,155,917 $(124)$(3,177,381)$(21,571)$51,185 $29,614 

4Excludes $26 attributable to redeemable noncontrolling interest.
Note: Beginning redeemable noncontrolling interest of $377 - distributions to redeemable noncontrolling interest of $17 - net loss attributable to redeemable noncontrolling interest of $26 = ending redeemable noncontrolling interest of $334.

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)
 Six Months Ended
June 30,
 20222021
Cash flows from operating activities:
Net loss$(203,912)$(88,202)
Adjustments to reconcile net loss to net cash used in operating activities:  
Depreciation and amortization30,697 26,808 
Non-cash lease expense8,800 4,520 
Gain on sale of property, plant and equipment(523) 
Write-off of assets related to PPA IIIa44,800  
Revaluation of derivative liabilities1,680 462 
Stock-based compensation57,774 36,343 
Loss on extinguishment of debt4,233  
Amortization of warrants and debt issuance costs1,651 1,900 
Other3,487  
Changes in operating assets and liabilities:
Accounts receivable9,817 41,718 
Contract assets(8,173)(15,311)
Inventories(62,824)(21,026)
Deferred cost of revenue(8,995)4,984 
Customer financing receivable2,510 2,636 
Prepaid expenses and other assets(5,813)6,246 
Operating lease right-of-use assets and operating lease liabilities2,422 (5,140)
Finance lease liabilities48  
Accounts payable51,982 29,449 
Accrued expenses and other liabilities(18,017)(17,261)
Deferred revenue and customer deposits(10,158)(43,428)
Net cash used in operating activities(98,514)(35,302)
Cash flows from investing activities:
Purchase of property, plant and equipment(44,728)(34,460)
Net cash used in investing activities(44,728)(34,460)
Cash flows from financing activities:
Repayment of debt of PPA IIIa(30,212) 
Repayment of debt(10,729)(7,838)
Debt make-whole payment related to PPA IIIa debt(2,413) 
Proceeds from financing obligations 7,123 
Repayment of financing obligations(16,475)(6,387)
Distributions to redeemable noncontrolling interests (17)
Distributions to noncontrolling interests(4,415)(4,745)
Proceeds from issuance of common stock5,981 65,668 
Proceeds from exercise of options1,317  
Net cash (used in) provided by financing activities(56,946)53,804 
Effect of exchange rate changes on cash, cash equivalent and restricted cash (747)(224)
Net decrease in cash, cash equivalents and restricted cash(200,935)(16,182)
Cash, cash equivalents and restricted cash:
Beginning of period615,114 416,710 
End of period$414,179 $400,528 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$25,938 $27,219 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases4,387 6,132 
Operating cash flows from finance leases462 259 
Cash paid during the period for income taxes982 185 
Non-cash investing and financing activities:
Transfer of customer financing receivable to property, plant and equipment, net$42,758 $ 
Increase in recourse debt, non-current upon adoption of ASU 2020-06, net$ $121,491 
Liabilities recorded for property, plant and equipment, net15,988 11 
Recognition of operating lease right-of-use asset during the year-to-date period11,192 40,762 
Recognition of finance lease right-of-use asset during the year-to-date period 1,335