Financial Analysis

Commitments and Contingencies Commitments Purchase Commitments with Suppliers and Contract Manufacturers As of June 30, 2026, we had non-cancelable purchase commitments of $16.4 million with component suppliers and third-party manufacturers, which are expected to be fulfilled beyond the next 12 months. As of December 31, 2025, we had no non-cancelable purchase commitments with component suppliers and third-party manufacturers, which are expected to be fulfilled beyond the next 12 months. For additional information on purchase commitments with suppliers and contract manufacturers, see Part II, Item 8, Note 13 Commitments and Contingencies, section Commitments in our 2025 Form 10-K. Performance Guarantees We paid $5.4 million and $13.8 million for the three and six months ended June 30, 2026, respectively, and $3.0 million and $14.6 million for the three and six months ended June 30, 2025, respectively, for guarantees that we provide customers on the output performance of our Energy Server systems. For additional information on performance guarantees, see Part II, Item 8, Note 13 Commitments and Contingencies, section Commitments in our 2025 Form 10-K. Letters of Credit We have outstanding letters of credit issued to our customers and other counterparties in the U.S. and international locations under different performance and financial obligations. These letters of credit are collateralized through cash deposited in the controlled bank accounts with the issuing banks and are cl …

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Stock-Based Compensation and Employee Benefit Plans Share-based grants are designed to reward employees for their long-term contributions to us and provide incentives for them to remain with us. 2012 Equity Incentive Plan Under our 2012 Equity Incentive Plan (the 2012 Plan), as of June 30, 2026, and December 31, 2025, stock options to purchase 1,672,079 and 2,110,523 shares of common stock were outstanding with a weighted average exercise price of $25.58 and $25.67 per share, respectively, and no shares were available for future grant. The 2012 Plan has been canceled but continues to govern outstanding option grants under the 2012 Plan. 2018 Equity Incentive Plan Under the 2018 Equity Incentive Plan (the 2018 Plan), as of June 30, 2026, and December 31, 2025, stock options to purchase 3,337,688 and 3,925,002 shares of common stock were outstanding, respectively, with a weighted average exercise price of $10.46 and $10.15 per share, respectively. As of June 30, 2026, and December 31, 2025, 10,101,219 and 12,292,948 restricted stock units (RSUs) and performance stock units (PSUs) that may be settled for common stock, which were granted pursuant to the 2018 Plan, respectively, were outstanding. As of June 30, 2026, and December 31, 2025, we had 51,053,994 and 39,709,996 shares reserved for issuance under the 2018 Plan, respectively. For details on our Equity Incentive Plans, refer to Part II, Item 8, Note 10 Stock-Based Compensation and Employee Benefit Plans, sections 2012 Equi …

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Outstanding Loans and Security Agreements The following is a summary of our debt as of June 30, 2026 (in thousands, except percentage data): Unpaid Principal Balance Net Carrying Value Interest Rate Maturity Dates Entity Current Long- Term Total 0% Convertible Senior Notes due November 2030 $ 2,500,000 $ $ 2,447,915 $ 2,447,915 0.0% November 2030 Company 3.0% Green Convertible Senior Notes due June 2029 26,971 3,908 22,789 26,697 3.0% June 2029 Company 3.0% Green Convertible Senior Notes due June 2028 787 778 778 3.0% June 2028 Company Total recourse debt 2,527,758 4,686 2,470,704 2,475,390 4.6% Term Loan due October 2026 2,583 2,583 2,583 4.6% October 2026 Korean JV Total non-recourse debt 2,583 2,583 2,583 Total debt $ 2,530,341 $ 7,269 $ 2,470,704 $ 2,477,973 The following is a summary of our debt as of December 31, 2025 (in thousands, except percentage data): Unpaid Principal Balance Net Carrying Value Interest Rate Maturity Dates Entity Current Long- Term Total 0% Convertible Senior Notes due November 2030 $ 2,500,000 $ $ 2,442,091 $ 2,442,091 0.0% November 2030 Company 3.0% Green Convertible Senior Notes due June 2029 75,125 73,473 73,473 3.0% June 2029 Company 3.0% Green Convertible Senior Notes due June 2028 99,655 98,162 98,162 3.0% June 2028 Company Total recourse debt 2,674,780 2,613,726 2,613,726 4.6% Term Loan due October 2026 2,769 2,769 2,769 4.6% October 2026 Korean JV 4.6% Term Loan due April 2026 1,384 1,384 1,384 4.6% April 2026 Korean JV Total non-recourse …

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We disaggregate revenue from contracts with customers into four revenue categories: product, installation, service and electricity (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenue from contracts with customers: Product revenue $ 935,413 $ 296,611 $ 1,588,761 $ 508,480 Installation revenue 50,978 37,372 76,909 71,023 Service revenue 69,023 54,449 130,902 107,997 Electricity revenue 5,332 7,824 10,575 28,018 Total revenue from contract with customers 1,060,746 396,256 1,807,147 715,518 Revenue from contracts that contain leases: Electricity revenue 4,619 4,986 9,272 11,745 Total revenue $ 1,065,365 $ 401,242 $ 1,816,419 $ 727,263

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Fair Value Our accounting policy for the fair value measurement of cash equivalents and embedded Escalation Protection Plan (EPP) derivatives is described in Part II, Item 8, Note 2 Summary of Significant Accounting Policies in our 2025 Form 10-K. Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below set forth, by level, our financial assets and liabilities that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands): Fair Value Measured at Reporting Date Using June 30, 2026 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 2,218,801 $ $ $ 2,218,801 Liabilities Derivatives: Embedded EPP derivatives $ $ $ 4,899 $ 4,899 Fair Value Measured at Reporting Date Using December 31, 2025 Level 1 Level 2 Level 3 Total Assets Cash equivalents: Money market funds $ 2,386,583 $ $ $ 2,386,583 Liabilities Derivatives: Embedded EPP derivatives $ $ $ 5,607 $ 5,607 The changes in the Level 3 financial liabilities during the six month ended June 30, 2026, were as follows (in thousands): Embedded EPP Derivative Liability Liabilities at December 31, 2025 $ 5,607 EPP liability settlement (493) Changes in fair value (215) Liabilities at June 30, 2026 $ 4,899 In March 2026, according to an EPP agreement with one of our customers, we paid $0.5 million, which was recorded as a reduction to our bala …

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Income Taxes For the three and six months ended June 30, 2026, we recorded an income tax provision of $1.5 million and $1.9 million on pre-tax income of $200.3 million and $274.5 million for effective tax rates of 0.7% and 0.7%, respectively. For the three and six months ended June 30, 2025, we recorded an income tax provision of $1.0 million and $1.4 million on pre-tax losses of $41.2 million and $64.2 million for effective tax rates of (2.5)% and (2.3)%, respectively. The effective tax rate for the three and six months ended June 30, 2026 and 2025, is lower than the statutory federal tax rate primarily due to a full valuation allowance against U.S. deferred tax assets. For additional information on income taxes, refer to Part II, Item 8, Note 15 Income Taxes in our 2025 Form 10-K. …

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Leases Facilities, Energy Server Systems, and Vehicles For the three and six months ended June 30, 2026, rent expenses for all occupied facilities were $4.4 million and $9.8 million, respectively. For the three and six months ended June 30, 2025, rent expenses for all occupied facilities were $5.3 million and $10.5 million, respectively. Operating and financing lease right-of-use assets and lease liabilities as of June 30, 2026, and December 31, 2025, were as follows (in thousands): June 30, December 31, 2026 2025 Operating Leases: Operating lease right-of-use assets, net 1, 2 $ 106,475 $ 108,541 Current operating lease liabilities (23,094) (22,000) Non-current operating lease liabilities (102,730) (106,935) Total operating lease liabilities (125,824) (128,935) Finance Leases: Finance lease right-of-use assets, net 2, 3, 4 4,432 4,932 Current finance lease liabilities 5 (1,351) (1,370) Non-current finance lease liabilities 6 (3,395) (3,848) Total finance lease liabilities (4,746) (5,218) Total lease liabilities $ (130,570) $ (134,153) 1 These assets primarily include leases for facilities, Energy Server systems, and vehicles. 2 Net of accumulated amortization. 3 These assets primarily include leases for vehicles. 4 Included in property, plant and equipment, net in the condensed consolidated balance sheets. 5 Included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. 6 Included in other long-term liabilities in the condensed consol …

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Recently Issued Accounting Pronouncements Accounting Guidance Not Yet Adopted In April 2026, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) 2026-01, Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock (ASU 2026-01). This guidance requires entities to initially measure paid-in-kind (PIK) dividends on equity-classified preferred stock based on the dividend rate specified in the related agreement applied to the instruments liquidation preference. The amendments are intended to improve comparability by reducing diversity in practice related to the measurement of such dividends and do not affect the timing of recognition. The standard is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. The Company is evaluating ASU 2026-01 guidance and does not currently expect it to have a material impact on its condensed consolidated financial statements. In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) (ASU 2026-02). This guidance establishes a comprehensive model for the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. The amendments are intended to improve comparability and transparency by reducing diversity in practice related to accounting for these arrangements. The st …

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Related Party Transactions There have been no changes in related party relationships during the three and six months ended June 30, 2026. Our operations include the following related party transactions (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Total revenue from related parties 1 $ 2,818 $ 27,077 $ 376,081 $ 29,860 General and administrative expenses 2 198 371 Interest expense 3 49 96 Equity in (earnings) loss of unconsolidated affiliates 4 (4,346) 12,656 1 Includes total revenue related to (a) the Fund JVs and (b) SK ecoplant, which was a related party from September 23, 2023 through July 10, 2025. 2 Includes rent expenses per operating lease agreements entered between Korean JV and SK ecoplant and miscellaneous expenses billed by SK ecoplant to Korean JV. 3 Interest expense per two term loans entered into between Korean JV and SK ecoplant in fiscal year 2023 (see Part II, Item 8, Note 8 Outstanding Loans and Security Agreements , section Non-recourse Debt Facilities in our 2025 Form 10-K). 4 Represent equity in (earnings) loss of the Fund JVs. Cash distributions from the Fund JVs during the six months ended June 30, 2026, were $0.1 million. Cash distributions from the Fund JVs during the three months ended June 30, 2026, were inconsequential (see Note 7 Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q). Below is the summary of outstanding related party balances as of June 30, 2026, and December 31 …

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Revenue Recognition Contract Balances The following table provides information about accounts receivables, contract assets, customer deposits and deferred revenue from contracts with customers (in thousands): June 30, December 31, 2026 2025 Accounts receivable $ 458,126 $ 371,796 Contract assets 428,298 241,186 Customer deposits 360,568 78,207 Deferred revenue 84,478 65,608 Accounts receivable and contract assets increased by $86.3 million and $187.1 million, respectively, for the six months ended June 30, 2026, primarily due to the timing of billing milestones. The increase in customer deposits of $282.4 million for the six months ended June 30, 2026, was primarily driven by receipt of new deposits associated with recently executed customer agreements and milestone payments on ongoing projects, partially offset by certain deposits becoming non-refundable. For additional information on contract assets and liabilities, see Part II, Item 8, Note 3 Revenue Recognition, section Contract Balances in our 2025 Form 10-K. Contract Assets Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Beginning balance $ 305,876 $ 143,619 $ 241,186 $ 145,162 Transferred to accounts receivable from contract assets recognized at the beginning of the period (92,071) (63,017) (90,403) (85,069) Revenue recognized and not billed as of the end of the period 214,493 49,196 277,515 69,705 Ending balance $ 428,298 $ 129,798 $ 428,298 $ 129,798 Deferred Revenue Deferred revenue activit …

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Segment Information ASC 280, Segment Reporting , (ASC 280) establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Based on the criteria established by ASC 280, our chief operating decision maker (CODM) has been identified as the Chief Executive Officer. The CODM reviews consolidated results when making decisions about allocating resources and assessing the performance of the Company as a whole and hence, we have only one reportable segment. We do not distinguish between markets or segments for the purpose of internal reporting. For discussion of significant segment expenses, other segment items and the Companys primary measure of segment profitability, refer to Part II, Item 8, Note 14 Segment Information in our 2025 Form 10-K. For information on the Companys geographic risk, please refer to Note 1 Nature of Business, Liquidity and Basis of Presentation, section Concentration of Risk in this Quarterly Report on Form 10-Q. …

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Subsequent Events In May 2026, we made a $50.0 million payment to acquire contractual rights under an option arrangement. Under the related agreements, in July 2026 the rights were assigned to a Brookfield vehicle, and such vehicle agreed to make a $50.0 million payment to us upon their exercise of the option and acquisition of the underlying project. In the event the Brookfield vehicle does not proceed with the acquisition or in certain other events, Brookfield may put the option rights back to the original holder, Oracle, with Bloom receiving recovery of the $50.0 million through corresponding contractual arrangements. Bloom is not intended to retain a long-term ownership interest in the underlying assets or participate in the projects long-term economics. See Part I, Item 1, Note 6 Balance Sheet Components in this Quarterly Report on Form 10-Q. The redemption of the 3.0% Green Notes due June 2028 was completed on July 10, 2026. There have been no other subsequent events that occurred during the period subsequent to the date of these condensed consolidated financial statements that would require adjustment to our disclosure in the condensed consolidated financial statements as presented. …

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