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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________
FORM 10-Q
________________________________________________________________________
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from ____________to ____________
 
Commission File Number 001-38598 
________________________________________________________________________
be-20200930_g1.jpg
BLOOM ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
________________________________________________________________________
Delaware77-0565408
(Sate or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
4353 North First Street, San Jose, California
95134
(Address of principal executive offices)(Zip Code)
(408) 543-1500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act
Title of Each Class(1)
Trading SymbolName of each exchange on which registered
Class A Common Stock, $0.0001 par valueBENew York Stock Exchange
(1) Our Class B Common Stock is not registered but is convertible into shares of Class A Common Stock at the election of the holder.
________________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  þ    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  þ    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  
Large accelerated filer  ¨     Accelerated filer   þ      Non-accelerated filer   ¨      Smaller reporting company        Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes      No  þ
The number of shares of the registrant’s common stock outstanding as of October 30, 2020 was as follows:

Class A Common Stock, $0.0001 par value 138,307,369 shares
Class B Common Stock, $0.0001 par value 27,891,011 shares




Bloom Energy Corporation
Quarterly Report on Form 10-Q for the Three and Nine Months Ended September 30, 2020
Table of Contents
 Page
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Comprehensive Loss
Condensed Consolidated Statements of Redeemable Noncontrolling Interest, Total Stockholders' Deficit and Noncontrolling Interest
Condensed Consolidated Statements of Cash Flows
Notes to Condensed Consolidated Financial Statements
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
Signatures

Unless the context otherwise requires, the terms "we," "us," "our," "Bloom Energy," and the "Company" each refer to Bloom Energy Corporation and all of its subsidiaries.



Explanatory Note
As previously disclosed, we restated the relevant unaudited interim condensed consolidated financial statements as of and for the quarterly periods ended September 30, 2019, June 30, 2019, and March 31, 2019. The quarterly restatements are or will be effective with the filing of our 2020 Quarterly Reports on Form 10-Q. See Note 2, Restatement of Previously Issued Condensed Consolidated Financial Statements, in Part I, Item 1, Financial Statements, for additional information related to the restatement of our condensed consolidated financial statements as of and for the three and nine months ended September 30, 2019.



Part I
ITEM 1 - FINANCIAL STATEMENTS

Bloom Energy Corporation
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
September 30,
2020
December 31, 2019
Assets
Current assets:
Cash and cash equivalents1
$325,241 $202,823 
Restricted cash1
47,212 30,804 
Accounts receivable1
50,481 37,828 
Inventories131,911 109,606 
Deferred cost of revenue59,627 58,470 
Customer financing receivable1
5,341 5,108 
Prepaid expenses and other current assets1
30,240 28,068 
Total current assets650,053 472,707 
Property, plant and equipment, net1
601,929 607,059 
Customer financing receivable, non-current1
46,725 50,747 
Restricted cash, non-current1
131,916 143,761 
Deferred cost of revenue, non-current3,104 6,665 
Other long-term assets1
40,632 41,652 
Total assets$1,474,359 $1,322,591 
Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
Current liabilities:
Accounts payable1
$64,282 $55,579 
Accrued warranty9,807 10,333 
Accrued expenses and other current liabilities1
77,882 70,284 
Deferred revenue and customer deposits1
95,546 89,192 
Financing obligations12,342 10,993 
Current portion of recourse debt115,657 304,627 
Current portion of non-recourse debt1
14,000 8,273 
Current portion of recourse debt from related parties 20,801 
Current portion of non-recourse debt from related parties1
 3,882 
Total current liabilities389,516 573,964 
Derivative liabilities1
19,542 17,551 
Deferred revenue and customer deposits, net of current portion1
103,517 125,529 
Financing obligations, non-current451,796 446,165 
Long-term portion of recourse debt227,481 75,962 
Long-term portion of non-recourse debt1
213,209 192,180 
Long-term portion of non-recourse debt from related parties1
 31,087 
Other long-term liabilities1
26,618 28,013 
Total liabilities1,431,679 1,490,451 
Commitments and contingencies (Note 14)
Redeemable noncontrolling interest189 443 
Stockholders’ deficit:
Common stock15 12 
Additional paid-in capital3,054,376 2,686,759 
Accumulated other comprehensive income (loss)(9)19 
Accumulated deficit(3,076,800)(2,946,384)
Total stockholders’ deficit(22,418)(259,594)
Noncontrolling interest64,909 91,291 
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest$1,474,359 $1,322,591 
1We have variable interest entities, which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 13, Power Purchase Agreement Programs).

The accompanying notes are an integral part of these condensed consolidated financial statements.
3


Bloom Energy Corporation
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
 Three Months Ended
September 30,
Nine Months Ended September 30,
 2020201920202019
 As RestatedAs Restated
Revenue:
Product$131,076 $163,902 $346,832 $398,909 
Installation26,603 21,102 73,060 46,397 
Service26,141 23,665 77,496 70,158 
Electricity16,485 15,638 47,472 56,170 
Total revenue200,305 224,307 544,860 571,634 
Cost of revenue:
Product72,037 91,697 227,653 293,697 
Installation27,872 26,141 86,938 59,586 
Service33,214 36,427 92,836 83,111 
Electricity11,195 27,317 35,266 62,601 
Total cost of revenue144,318 181,582 442,693 498,995 
Gross profit55,987 42,725 102,167 72,639 
Operating expenses:
Research and development19,231 23,389 61,887 82,020 
Sales and marketing11,700 17,649 37,076 56,216 
General and administrative25,428 36,599 79,471 119,335 
Total operating expenses56,359 77,637 178,434 257,571 
Loss from operations(372)(34,912)(76,267)(184,932)
Interest income254 1,214 1,405 4,799 
Interest expense(19,902)(21,323)(55,030)(65,845)
Interest expense to related parties(353)(1,605)(2,513)(4,823)
Other income (expense), net(221)525 (4,142)568 
Gain (loss) on extinguishment of debt1,220  (12,878) 
Gain (loss) on revaluation of embedded derivatives1,505 (540)2,201 (1,620)
Loss before income taxes(17,869)(56,641)(147,224)(251,853)
Income tax provision7 136 272 602 
Net loss(17,876)(56,777)(147,496)(252,455)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests(5,922)(5,027)(17,081)(13,874)
Net loss attributable to Class A and Class B common stockholders$(11,954)$(51,750)$(130,415)(238,581)
Net loss per share available to Class A and Class B common stockholders, basic and diluted
$(0.09)$(0.44)$(1.01)$(2.09)
Weighted average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted
138,964 116,330 129,571 113,948 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


Bloom Energy Corporation
Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended September 30,
 2020201920202019
 As RestatedAs Restated
Net loss$(17,876)$(56,777)$(147,496)$(252,455)
Other comprehensive income (loss), net of taxes:
Unrealized gain (loss) on available-for-sale securities
 (12)(23)14 
Change in derivative instruments designated and qualifying in cash flow hedges573 (2,444)(8,144)(8,137)
Other comprehensive income (loss), net of taxes573 (2,456)(8,167)(8,123)
Comprehensive loss
(17,303)(59,233)(155,663)(260,578)
Less: Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests(5,349)(7,484)(25,219)(21,719)
Comprehensive loss attributable to Class A and Class B stockholders
$(11,954)$(51,749)$(130,444)$(238,859)


The accompanying notes are an integral part of these condensed consolidated financial statements.

5


Bloom Energy Corporation
Condensed Consolidated Statements of Redeemable Noncontrolling Interest, Total Stockholders' Deficit and Noncontrolling Interest
(in thousands, except Shares) (unaudited)
Three Months Ended September 30, 2020
Redeemable
Noncontrolling 
Interest
Class A and Class B
Common Stock¹
Additional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated
Deficit
Total Stockholders' DeficitNoncontrolling
Interest
SharesAmount
Balances at June 30, 2020$118 130,238,289 $13 $2,747,890 $(9)$(3,064,846)$(316,951)$66,302 
Conversion of notes— 19,136,313 1 160,341 — — 160,342 — 
Issuance of convertible note   124,050   124,050  
Issuance of restricted stock awards— 3,203,935 1 — — — 1 — 
ESPP purchase— 944,979 — 4,323 — — 4,323 — 
Exercise of stock options— 273,056 — 3,235 — — 3,235 — 
Stock-based compensation expense— — — 14,537 — — 14,537 — 
Change in effective portion of interest rate swap agreement— — — — — — — 573 
Distributions to noncontrolling interests(18)— — — — — — (269)
Proceeds from noncontrolling interest— — — — — — — 4,314 
Net income (loss)89 — — — — (11,954)(11,954)(6,011)
Balances at September 30, 2020$189 153,796,572 $15 $3,054,376 $(9)$(3,076,800)$(22,418)$64,909 

Three Months Ended September 30, 2019
Redeemable Noncontrolling
Interest
Class A and Class B
Common Stock
Additional Paid-In CapitalAccumulated Other Comprehensive Gain (Loss)Accumulated
Deficit
Total Stockholders' DeficitNoncontrolling Interest
SharesAmount
Balances at June 30, 2019 (as Restated)$505 113,949,343 $11 $2,604,034 $(148)$(2,828,801)$(224,904)$104,072 
Issuance of restricted stock awards— 2,837,343 1 — — — 1 — 
ESPP purchase— 1,022,397 — 4,267 — — 4,267 — 
Exercise of stock options— 8,546 — 35 — — 35 — 
Stock-based compensation expense— — — 39,537 — — 39,537 — 
Unrealized loss on available for sale securities— — — — (12)— (12)— 
Change in effective portion of interest rate swap agreement— — — — 13 — 13 (2,457)
Distributions to noncontrolling interests(288)— — — — — — (1,042)
Net income (loss) (as restated)340 — — — — (51,750)(51,750)(5,367)
Balances at September 30, 2019 (as Restated)$557 117,817,629 $12 $2,647,873 $(147)$(2,880,551)$(232,812)$95,206 
 

6


Nine Months Ended September 30, 2020
Redeemable Noncontrolling InterestClass A and Class B
Common Stock¹
Additional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Stockholders' DeficitNoncontrolling Interest
SharesAmount
Balances at December 31, 2019$443 121,036,289 $12 $2,686,759 $19 $(2,946,384)$(259,594)$91,291 
Conversion of notes— 23,854,441 2 201,470 — — 201,472 — 
Issuance of convertible note— — — 124,050 — — 124,050 — 
Adjustment of embedded derivative for debt modification— — — (24,071)— — (24,071)— 
Issuance of restricted stock awards— 6,524,088 1 — — — 1 — 
ESPP purchase— 1,937,825 — 8,500 — — 8,500 — 
Exercise of stock options— 443,929 — 4,243 — — 4,243 — 
Stock-based compensation expense— — — 53,425 — — 53,425 — 
Unrealized loss on available for sale securities— — — — (23)— (23)— 
Change in effective portion of interest rate swap agreement— — — — (5)— (5)(8,139)
Distributions to noncontrolling interests(35)— — — — — — (5,696)
Proceeds from noncontrolling interest— — — — — — — 4,314 
Net income (loss)(219)— — — — (130,415)(130,415)(16,861)
Balances at September 30, 2020$189 153,796,572 $15 $3,054,376 $(9)$(3,076,800)$(22,418)$64,909 


7


Nine Months Ended September 30, 2019
Redeemable Noncontrolling InterestClass A and Class B
Common Stock¹
Additional Paid-In CapitalAccumulated Other Comprehensive Gain (Loss)Accumulated DeficitTotal Stockholders' DeficitNoncontrolling Interest
SharesAmount
Balances at December 31, 2018 (as Restated)$57,261 109,421,183 $11 $2,481,352 $131 $(2,624,104)$(142,610)$125,110 
Cumulative effect upon adoption of new accounting standard (Note 3)— — — — — (17,996)(17,996)— 
Issuance of restricted stock awards— 6,341,441 1 — — 1 — 
ESPP purchase— 1,718,433 — 11,183 — — 11,183 — 
Exercise of stock options— 336,572 — 1,440 — — 1,440 — 
Stock-based compensation expense— — — 153,898 — — 153,898 — 
Unrealized gain on available for sale securities— — — — 14 — 14 — 
Change in effective portion of interest rate swap agreement— — — — (292)— (292)(7,845)
Distributions to noncontrolling interests(3,825)— — — — — — (5,250)
Mandatory redemption of noncontrolling interests(55,684)— — — — — — — 
Cumulative effect of hedge accounting— — — — — 130 130 (130)
Net income (loss) (as restated)2,805 — — — — (238,581)(238,581)(16,679)
Balances at September 30, 2019 (as Restated)$557 117,817,629 $12 $2,647,873 $(147)$(2,880,551)$(232,812)$95,206 


The accompanying notes are an integral part of these condensed consolidated financial statements.
8


Bloom Energy Corporation
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 Nine Months Ended
September 30,
 20202019
 As Restated
Cash flows from operating activities:
Net loss$(147,496)$(252,455)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization38,888 64,948 
Write-off of property, plant and equipment, net36 2,987 
Impairment of equity method investment4,236  
Write-off of PPA II and PPA IIIb decommissioned assets 25,613 
Debt make-whole expense 5,934 
Revaluation of derivative contracts(2,339)2,955 
Stock-based compensation57,385 160,233 
Loss on long-term REC purchase contract72 61 
Loss on extinguishment of debt11,785  
Amortization of debt issuance and premium cost, net(195)16,295 
Changes in operating assets and liabilities:
Accounts receivable(12,654)63,426 
Inventories(22,772)(1,775)
Deferred cost of revenue1,562 (