Bloom Energy
11 named things its latest annual report says its results depend on, each in the company's own words. 6 of them are also named by other companies we've read.
Customers
Customer concentration (three largest customers/distributors)
concentrated in · approximately 43%, 13% and 12% of our total revenuenamed as a riskDuring the year ended December 31, 2025, revenue from three of these customers and distributors, the first of which is related party, accounted for approximately 43%, 13% and 12% of our total revenue.Business (Item 1)
American Electric Power (AEP)
earns from · up to 1 GWBloom Energy and American Electric Power (AEP) entered into a strategic partnership under a landmark supply agreement announced in November 2024, under which AEP is expected to procure up to 1 GW of Bloom’s solid oxide fuel cells to support high-demand commercial applications such as AI data centers.Business (Item 1)
Partners and platforms
Brookfield
depends on · up to $5.0 billion over five yearsAs part of this partnership, we established a prospective financing framework of up to $5.0 billion over five years for future Bloom Energy fuel cell projects that meet agreed investment and contractual criteria.Business (Item 1)
SK ecoplant Co., Ltd.
earns from · approximately 2.5% of our Class A common stockOur partnership, initiated in 2018, currently includes purchase commitments for our Energy Server systems and a joint venture for assembly of Energy Servers in the South Korean market.Business (Item 1)
Places
India
operates in · 395As of December 31, 2025, we had 2,214 full-time employees worldwide, of which 1,752 were located in the U.S., 395 were located in India, and 67 were located in other countries.Business (Item 1)
Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more
South Korea
earns from · nearly 682 MW of deployed systemsSouth Korea is our second-largest market, where we began commercial operations in 2018 and have grown our footprint to nearly 682 MW of deployed systems, supported by distribution partnerships with SK ecoplant Co., Ltd. and SK eternix Co., Ltd.Business (Item 1)
Also named by AAPL, ALAB, AMAT, BWA, CPNG, CROX, ENTG, FAST and 11 more
Newark, Delaware
operates in · 178,000 square-footWe own our 178,000 square-foot manufacturing facility in Newark, which was our first purpose-built Bloom Energy manufacturing center and was designed specifically for copy-exact duplication as we expand, which we believe will help us scale more efficiently.Business (Item 1)
Fremont, California
operates innamed as a riskOur primary manufacturing facilities are in Fremont, California, and Newark, Delaware.Business (Item 1)
Also named by AEHR
Laws and programs
Section 48E Investment Tax Credit
subject to · 30%named as a riskOf particular importance to Bloom products, the OBBBA modified the 30% section 48E ITC to specifically include fuel cells.Business (Item 1)
Also named by ENPH
Municipal natural gas connection bans (California and Northeast)
subject tonamed as a riskSome municipal jurisdictions are considering or have recently enacted building codes or local ordinances that limit access to the natural gas pipeline distribution network, primarily in California and the Northeast.Business (Item 1)