Investments in Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Affiliates

In August 2025, Bloom Energy concluded a transaction with Brookfield Asset Management (“Brookfield”) for a prospective financing framework structure (the “Financing Structure”) of up to $5.0 billion over five years for future Bloom Energy fuel cell projects that meet certain investment criteria and contractual criteria or are otherwise approved by Brookfield. The Financing Structure is housed in an AI Infrastructure Fund created by Brookfield (the “AI Fund”). For details, see Part II, Item 8, Note 7—Investments in Unconsolidated Affiliates in our 2025 Form 10-K.

We account for each investment in both the AI Fund JVs and JVs outside the AI Fund (the “Other JVs”) (collectively, the “Fund JVs”) as an investment under the equity method of accounting in accordance with ASC 323. The AI Fund and Brookfield hold the remaining ownership interests and serve as the primary beneficiaries; accordingly, both the AI Fund JVs and the Other JVs are not consolidated by us. As of March 31, 2026, and December 31, 2025, we hold equity interests in the

following Fund JVs:


	March 31,	December 31,
	2026	2025

AI Fund JVs
Bolt US Class A JVCo LLC	9.9%	9.9%
Bolt US JVCo LLC	9.9%	9.9%
Other JVs
ORC HoldCo LLC	15.0%	15.0%

Our maximum exposure to loss from the involvement with the Fund JVs as of March 31, 2026 is $57.8 million. This amount consists of: (i) the carrying amount of our equity investments, totaling $23.3 million, (ii) remaining unfunded capital commitments of $11.4 million, and (iii) deferred profit related to sales to the Fund JVs of $23.0 million. Our total capital commitment to the Fund JVs as of March 31, 2026 is $69.1 million. For details related to our maximum exposure to loss from the involvement with the Fund JVs and our capital commitments, see Part II, Item 8, Note 7—Investments in Unconsolidated Affiliates in our 2025 Form 10-K.

Our share of income or loss from each Fund JV for the period represents the change in our calculated liquidation claim from the beginning to the end of the reporting period, adjusted for capital contributions and distributions made during the period. The resulting equity‑method income or loss is presented as a single line item, Equity in earnings (loss) of unconsolidated affiliates, in our condensed consolidated statements of operations.

We record our share of profit from sales of our products to the Fund JVs as a reduction of equity in earnings (loss) of unconsolidated affiliates. This share of profit reduces the carrying amount of our investments in unconsolidated affiliates. To the extent the cumulative reduction of equity in earnings (loss) of unconsolidated affiliates exceed the investment’s carrying amount, the excess is presented as either Deferred profit in transactions with unconsolidated affiliates, or Accrued expenses and other current liabilities, based on the expected timing of realization. The deferred profit reverses (increasing equity in earnings (loss) of unconsolidated affiliates and restoring the investment balance) as profit is realized over the remaining useful life through depreciation of the underlying assets. As of March 31, 2026, and December 31, 2025, the deferred profit balances were $23.0 million and $13.9 million, of which $22.8 million and $13.9 million were classified as a noncurrent liability, respectively. During the three months ended March 31, 2026, we recognized $17.0 million of equity‑method losses from unconsolidated affiliates. Of this amount, $14.7 million related to the elimination of intra‑entity profit on asset sales in accordance with ASC 323, which will be recognized over the useful lives of the underlying assets as they are depreciated, and $2.3 million related to the allocation of losses from the Fund JVs under the HLBV method.

Changes in the investment balance for the three months ended March 31, 2026, were as follows (in thousands):


Balances at December 31, 2025	$	10,037
Current period investment in unconsolidated affiliates	21,286
Equity in loss of unconsolidated affiliates	(17,002)
Cash distributions received	(138)
Deferred profit in transactions with unconsolidated affiliates	8,846
Accrued expenses and other current liabilities	232
Balances at March 31, 2026	$	23,261

Management evaluates each investment in each of the Fund JVs for impairment in accordance with ASC 323. No indicators of impairment were identified related to the investments as of March 31, 2026, and December 31, 2025.