Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Inventories

The components of inventory consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025

Raw materials	$	400,238	$	351,757
Work-in-progress	105,462		125,036
Finished goods	226,828		166,513
	$	732,528	$	643,306

The inventory reserves were $40.9 million and $39.3 million as of March 31, 2026, and December 31, 2025, respectively.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025

Vendor advances	$	25,860	$	750
Receivables from employees	23,142		2,507
Tax receivables	7,553		4,509
Interest receivable	6,741		6,029
Prepaid hardware and software maintenance	5,338		6,327
Prepaid managed services	3,996		4,705
Prepaid corporate insurance	3,606		5,182
Prepaid deferred commissions	3,573		3,049
Prepaid rent	2,041		60
Deferred expenses	1,086		1,559
Prepaid workers compensation	508		796
Prepaid medical insurance	452		232
Deposits made	387		376
Other prepaid expenses and other current assets	19,677		13,724
	$	103,960	$	49,805

Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025

Vehicles, machinery and equipment	$	216,525	$	203,731
Energy Server systems	147,689		165,629
Leasehold improvements	131,857		129,665
Construction-in-progress	91,541		83,067
Buildings	53,513		53,156
Computers, software and hardware	35,644		34,761
Furniture and fixtures	10,693		11,090
	687,462		681,099
Less: accumulated depreciation	(286,374)		(282,592)
	$	401,088	$	398,507

Depreciation expense related to property, plant and equipment was $13.3 million and $12.0 million for the three months ended March 31, 2026 and 2025, respectively.

Other Long-Term Assets

Other long-term assets consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025

Vendor advances	$	31,800	$	10,335
Deferred commissions	20,209		19,109
Deferred expenses	8,076		8,111
Deferred financing costs	3,495		3,412
Deposits made	2,876		3,001
Long-term lease receivable	1,908		2,193
Deferred tax asset	1,711		1,780
Prepaid managed services	1,275		1,316
Prepaid and other long-term assets	11,949		7,946
	$	83,299	$	57,203

Accrued Warranty and Product Performance Liabilities

Accrued warranty and product performance liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025

Product performance	$	15,090	$	16,791
Product warranty1	23,275		3,222
	$	38,365	$	20,013

Changes in the product warranty and product performance liabilities were as follows (in thousands):


Balances at December 31, 2025	$	20,013
Accrued warranty, net1 and product performance liabilities	26,704
Product performance expenditures during the period	(8,352)
Balances at March 31, 2026	$	38,365

1 As of March 31, 2026, Bloom established a specific warranty reserve of $19.7 million for identified product issues, accounted for as an assurance‑type warranty and recorded within cost of product revenue.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2026		2025

General invoice and purchase order accruals	$	127,757	$	76,909
Compensation and benefits	49,277		97,571

Sales-related liabilities	15,539		12,031
Accrued installation	11,725		14,278
Accrued legal expenses	3,503		2,599
Sales tax liabilities	2,708		10,054
Provision for income tax	2,249		2,115
Accrued consulting expenses	2,014		1,475
Interest payable	1,921		913
Unfunded investment commitment (Note 11)	1,438		—
Interim VAT liability	1,406		281
Finance lease liability	1,364		1,370
Dividend payable	902		—
Current portion of derivative liabilities	727		1,353
Accrued restructuring costs	356		482
Other	767		823
	$	223,653	$	222,254

Preferred Stock

As of March 31, 2026, and December 31, 2025, we had 20,000,000 shares of preferred stock authorized, with a par value of $0.0001 per share. There were no shares of preferred stock issued or outstanding as of March 31, 2026, and December 31, 2025.