Bloom Energy Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bloom Energy Corp has submitted its 2023 annual report (10-K), detailing its financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

Bloom Energy Corp (BE) filed a Annual Report (10-K) with the SEC on February 15, 2024. Bloom Energy Corp filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 4353 North First Street, San Jose, CA 95134. Bloom Energy Corp operates in the ELECTRICAL INDUSTRIAL APPARATUS sector (SIC code 3620). The report includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Bloom Energy Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bloom Energy's financial health, operational segments, and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, debt levels, and potential challenges, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — Bloom Energy Corp shows moderate risk based on this filing. The company's financial performance and future growth are subject to market adoption of its technology and competition, as indicated by the inclusion of various financial and operational data points in the 10-K.

Analyst Insight

Investors should analyze the detailed financial statements and risk factors in the 10-K to understand Bloom Energy's revenue growth, profitability trends, and competitive landscape.

Key Numbers

• 2023-12-31 — Fiscal Year End (The report covers the period ending on this date.)
• 2024-02-15 — Filing Date (The date the 10-K was officially filed with the SEC.)
• 3620 — SIC Code (Standard Industrial Classification for the company's industry.)

Key Players & Entities

• Bloom Energy Corp (company) — Filer of the 10-K report.
• 4353 North First Street, San Jose, CA 95134 (location) — Company's business and mailing address.
• 3620 (industry_code) — Standard Industrial Classification code for ELECTRICAL INDUSTRIAL APPARATUS.
• 2023-12-31 (date) — Fiscal year end date covered by the report.
• 2024-02-15 (date) — Filing date of the 10-K report.

FAQ

Industry Context

Bloom Energy operates in the electrical industrial apparatus sector, focusing on fuel cell technology and energy solutions.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the annual filing of Form 10-K.

What Investors Should Do

1. Review Bloom Energy's revenue and net income trends for fiscal years 2021-2023.
2. Analyze the company's operational segments (Product, Installation, Service, Electricity) and their respective contributions.
3. Examine the risk factors section for potential challenges and mitigation strategies.

Key Dates

• 2024-02-15: 10-K Filing — Official submission of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — The end date of the reporting period covered by the 10-K.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.0001 — which registered Class A Common Stock, $0.0001 par value BE New York Stock Exchange
• $16.32 — billion based upon the closing price of $16.32 per share of our Class A common stock o
• $30 — .S. has produced an economic benefit of $30: a return on investment of 30:1. These

Filing Documents

• be-20231231.htm (10-K) — 3254KB
• exhibit47skecoplantirrevoc.htm (EX-4.7) — 1KB
• exhibit211listofsubsidiari.htm (EX-21.1) — 3KB
• exhibit232consent.htm (EX-23.2) — 2KB
• exhibit311q423.htm (EX-31.1) — 11KB
• exhibit312q423.htm (EX-31.2) — 11KB
• exhibit321q423.htm (EX-32.1) — 11KB
• exhibit97.htm (EX-97) — 12KB
• be-20231231_g1.jpg (GRAPHIC) — 39KB
• be-20231231_g2.jpg (GRAPHIC) — 107KB
• be-20231231_g3.jpg (GRAPHIC) — 30KB
• be-20231231_g4.jpg (GRAPHIC) — 45KB
• image1a.jpg (GRAPHIC) — 193KB
• imagea.jpg (GRAPHIC) — 193KB
• 0001628280-24-005035.txt (&nbsp;) — 19321KB
• be-20231231.xsd (EX-101.SCH) — 123KB
• be-20231231_cal.xml (EX-101.CAL) — 157KB
• be-20231231_def.xml (EX-101.DEF) — 754KB
• be-20231231_lab.xml (EX-101.LAB) — 1401KB
• be-20231231_pre.xml (EX-101.PRE) — 1090KB
• be-20231231_htm.xml (XML) — 2912KB

— Business

Item 1 — Business 5

— Risk Factors

Item 1A — Risk Factors 19

— Unresolved Staff Comments

Item 1B — Unresolved Staff Comments 42

— Cybersecurity

Item 1C — Cybersecurity 42

— Properties

Item 2 — Properties 44

— Legal Proceedings

Item 3 — Legal Proceedings 44

— Mine Safety Disclosures

Item 4 — Mine Safety Disclosures 44 Part II

— Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 — Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45

— [Reserved]

Item 6 — [Reserved] 46

— Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations 47

— Quantitative and Qualitative Disclosures About Market Risk

Item 7A — Quantitative and Qualitative Disclosures About Market Risk 70

— Financial Statements and Supplementary Data

Item 8 — Financial Statements and Supplementary Data 72 Report of Independent Registered Public Accounting Firm 73 Consolidated Balance Sheets 77 Consolidated Statements of Operations 78 Consolidated Statements of Comprehensive Loss 79 Consolidated Statements of Stockholders' Equity (Deficit) 80 Consolidated Statements of Cash Flows 83

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 84

— Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 — Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 136

— Controls and Procedures

Item 9A — Controls and Procedures 136

— Other Information

Item 9B — Other Information 136

— Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C — Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 136 Part III

— Directors, Executive Officers and Corporate Governance

Item 10 — Directors, Executive Officers and Corporate Governance 137

— Executive Compensation

Item 11 — Executive Compensation 137

— Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 — Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 137

— Certain Relationships and Related Transactions, and Director Independence

Item 13 — Certain Relationships and Related Transactions, and Director Independence 137

— Principal Accountant Fees and Services

Item 14 — Principal Accountant Fees and Services 137 Part IV

— Exhibits and Financial Statement Schedules

Item 15 — Exhibits and Financial Statement Schedules 138

— Form 10-K Summary

Item 16 — Form 10-K Summary 142

Signatures

Signatures 142 Unless the context otherwise requires, the terms " we, " " us, " " our, " " Bloom Energy, " " Bloom " and the " Company " each refer to Bloom Energy Corporation and all of its subsidiaries. 3 SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this Annual Report on Form 10-K other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "predict," "project," "potential," "seek," "intend," "could," "would," "should," "expect," "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this Annual Report on Form 10-K include, but are not limited to, our plans and expectations regarding future financial results, including our expectations regarding: our ability to expand into and be successful in new markets, including the hydrogen market; our expanded strategic partnership with SK ecoplant; statements about our supply chain; operating results; the sufficiency of our cash and our liquidity; projected costs and cost reductions; development of new products and improvements to our existing products; our manufacturing capacity and manufacturing costs; the adequacy of our agreements with our suppliers; legislative actions and regulatory and environmental compliance; impact of the Inflation Reduction Act (the "IRA") on our business; competitive position; management's plans and objectives for future operations; our ability to obtain financing; our ability to comply with debt covenants or

— BUSINESS

ITEM 1 — BUSINESS Overview Bloom Energy is uniquely situated to provide innovative technology solutions to customers at an important moment in the world's transition to a net-zero carbon energy system. We manufacture one of the most advanced and versatile energy platforms, which delivers two products: the Bloom Energy Server and the Bloom Electrolyzer. With approximately 1.2 gigawatts of the Energy Servers accepted in more than 1,200 locations and 7 countries, our platform empowers businesses, essential services, critical infrastructure, energy companies, and communities with resilient, reliable, and sustainable energy solutions. Changing the future of energy is no small task, but our diverse group of thinkers, solvers and dreamers are up to the challenge. Our employees are driven by our mission: to make clean, reliable energy affordable for everyone in the world. The market conditions for our platform are promising. The three most important indicators of a well-functioning, energy transition — cost, reliability, and emissions — are all facing stiff headwinds. Customers are demanding lower carbon and resilient energy today with the flexibility to move to net-zero solutions. Our platform is designed and produced to meet these demands and solve these challenges. Global electricity systems are now facing a range of significant challenges, including threats from extreme weather events, aging transmission and distribution systems, a wave of retiring generation assets, and unprecedented load growth that is far outpacing the installation of new renewable resources. Our time to power solutions and resiliency with 24x7x365 power generation address these needs. The value propositions for our fuel cell-based power platform are very compelling. Built on the same solid oxide platform, we develop the Energy Server and the Electrolyzer with predominantly the same supply chain, manufacturing, and engineering expertise. These solutions share reliability, cost-down and efficiency

View Full Filing

View this 10-K filing on SEC EDGAR