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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 quarter ended September 30, 2021
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-20210930_g1.jpg
BLOOM ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
________________________________________________________________________
Delaware77-0565408
(State 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 þ     Accelerated filer   ¨      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 Exchange Act).  Yes      No  þ
1



The number of shares of the registrant’s common stock outstanding as of October 27, 2021 was as follows:
Class A Common Stock, $0.0001 par value 147,730,770 shares
Class B Common Stock, $0.0001 par value 27,734,592 shares

2



Bloom Energy Corporation
Quarterly Report on Form 10-Q for the Three and Nine Months Ended September 30, 2021
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, Stockholders' (Deficit) Equity 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," and "Bloom Energy," each refer to Bloom Energy Corporation and all of its subsidiaries.


3

Part I
ITEM 1 - FINANCIAL STATEMENTS

Bloom Energy Corporation
Condensed Consolidated Balance Sheets
(in thousands, except share data and par values)
(unaudited)
September 30,December 31,
20212020
Assets
Current assets:
Cash and cash equivalents1
$121,861 $246,947 
Restricted cash1
65,315 52,470 
Accounts receivable1
62,066 96,186 
Contract assets27,745 3,327 
Inventories182,555 142,059 
Deferred cost of revenue33,759 41,469 
Customer financing receivable1
5,693 5,428 
Prepaid expenses and other current assets1
31,946 30,718 
Total current assets530,940 618,604 
Property, plant and equipment, net1
615,514 600,628 
Operating lease right-of-use assets70,055 35,621 
Customer financing receivable, non-current1
40,981 45,268 
Restricted cash, non-current1
132,725 117,293 
Deferred cost of revenue, non-current2,918 2,462 
Other long-term assets1
38,593 34,511 
Total assets$1,431,726 $1,454,387 
Liabilities, Redeemable Noncontrolling Interest, Stockholders’ (Deficit) Equity and Noncontrolling Interest
Current liabilities:
Accounts payable$101,908 $58,334 
Accrued warranty7,907 10,263 
Accrued expenses and other current liabilities1
85,877 112,004 
Deferred revenue and customer deposits1
81,894 114,286 
Operating lease liabilities6,206 7,899 
Financing obligations14,260 12,745 
Recourse debt6,034  
Non-recourse debt1
7,782 120,846 
Total current liabilities311,868 436,377 
Deferred revenue and customer deposits, non-current1
67,887 87,463 
Operating lease liabilities, non-current78,146 41,849 
Financing obligations, non-current456,315 459,981 
Recourse debt, non-current285,216 168,008 
Non-recourse debt, non-current1
205,164 102,045 
Other long-term liabilities26,755 17,268 
Total liabilities1,431,351 1,312,991 
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest331 377 
Stockholders’ (deficit) equity:
 Preferred stock: 10,000,000 shares authorized and no shares issued and outstanding at September 30, 2021 and December 31, 2020.
  
Common stock: $0.0001 par value; Class A shares - 600,000,000 shares authorized and 147,320,041 shares and 140,094,633 shares issued and outstanding and Class B shares - 600,000,000 shares authorized and 27,758,020 shares and 27,908,093 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively.
18 17 
Additional paid-in capital3,183,101 3,182,753 
Accumulated other comprehensive loss(278)(9)
Accumulated deficit(3,229,752)(3,103,937)
Total stockholders’ (deficit) equity (46,911)78,824 
Noncontrolling interest46,955 62,195 
Total liabilities, redeemable noncontrolling interest, stockholders' (deficit) equity and noncontrolling interest$1,431,726 $1,454,387 
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 11 - Portfolio Financings).

The accompanying notes are an integral part of these condensed consolidated financial statements.
4


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,
 2021202020212020
 
Revenue:
Product$128,550 $131,076 $413,347 $346,832 
Installation22,172 26,603 53,710 73,060 
Service39,251 26,141 111,375 77,496 
Electricity17,255 16,485 51,273 47,472 
Total revenue207,228 200,305 629,705 544,860 
Cost of revenue:
Product93,704 72,037 289,889 227,653 
Installation25,616 27,872 66,756 86,938 
Service39,586 33,214 111,269 92,836 
Electricity11,439 11,195 32,913 35,266 
Total cost of revenue170,345 144,318 500,827 442,693 
Gross profit36,883 55,987 128,878 102,167 
Operating expenses:
Research and development27,634 19,231 76,602 61,887 
Sales and marketing20,124 11,700 62,803 37,076 
General and administrative33,014 25,428 90,470 79,471 
Total operating expenses80,772 56,359 229,875 178,434 
Loss from operations(43,889)(372)(100,997)(76,267)
Interest income72 254 222 1,405 
Interest expense(14,514)(19,902)(43,798)(55,030)
Interest expense - related parties (353) (2,513)
Other income (expense), net2,011 (221)1,948 (4,142)
Gain (loss) on extinguishment of debt 1,220  (12,878)
(Loss) gain on revaluation of embedded derivatives(184)1,505 (1,644)2,201 
Loss before income taxes(56,504)(17,869)(144,269)(147,224)
Income tax provision158 7 595 272 
Net loss(56,662)(17,876)(144,864)(147,496)
Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interest(4,292)(5,922)(13,742)(17,081)
Net loss attributable to Class A and Class B common stockholders$(52,370)$(11,954)$(131,122)$(130,415)
Net loss per share available to Class A and Class B common stockholders, basic and diluted$(0.30)$(0.09)$(0.76)$(1.01)
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted174,269 138,964 172,601 129,571 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5


Bloom Energy Corporation
Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
 
Net loss$(56,662)$(17,876)$(144,864)$(147,496)
Other comprehensive loss, net of taxes:
 Unrealized loss on available-for-sale securities   (23)
Change in derivative instruments designated and qualifying as cash flow hedges(763)573 (4,031)(8,144)
Foreign currency translation adjustment(299) (523) 
Other comprehensive (loss) income, net of taxes(1,062)573 (4,554)(8,167)
Comprehensive loss(57,724)(17,303)(149,418)(155,663)
Less: Comprehensive loss attributable to noncontrolling interest and redeemable noncontrolling interest(3,673)(5,349)(9,964)(25,219)
Comprehensive loss attributable to Class A and Class B stockholders$(54,051)$(11,954)$(139,454)$(130,444)


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

6


Bloom Energy Corporation
Condensed Consolidated Statements of Redeemable Noncontrolling Interest, Stockholders' (Deficit) Equity and Noncontrolling Interest
(in thousands, except share data) (unaudited)



Three Months Ended September 30, 2021
Redeemable Noncontrolling InterestClass A and Class B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Stockholders' DeficitNoncontrolling Interest
SharesAmount
Balances at June 30, 2021$334 173,402,160 $17 $3,155,917 $(124)$(3,177,381)$(21,571)$51,185 
Issuance of restricted stock awards— 581,363  — — —  — 
ESPP purchase— 967,797 — 5,319 — — 5,319 — 
Exercise of stock options— 126,741 1 1,122 — — 1,123 — 
Stock-based compensation — — — 20,743 — — 20,743 — 
Change in effective portion of interest rate swap agreement— — — — — — — 763 
Distributions to noncontrolling interests(20)— — — — — — (540)
Foreign currency translation adjustment    (154)— (154)(145)
Net income (loss)17 — — — — (52,371)(52,371)(4,308)
Balances at September 30, 2021$331 175,078,061 $18 $3,183,101 $(278)$(3,229,752)$(46,911)$46,955 

Three Months Ended September 30, 2020
Redeemable Noncontrolling InterestClass A and Class B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal 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 — — — 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 
7





Nine Months Ended September 30, 2021
Redeemable Noncontrolling InterestClass A and Class B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Stockholders' Equity (Deficit)Noncontrolling Interest
SharesAmount
Balances at December 31, 2020$377 168,002,726 $17 $3,182,753 $(9)$(3,103,937)$78,824 $62,195 
Cumulative effect upon adoption of Accounting Standards Update 2020-06 (Note 2)— — — (126,799)— 5,308 (121,491)— 
Issuance of restricted stock awards— 2,533,027 — — — — — — 
ESPP purchase— 1,945,305 — 10,045 — — 10,045 — 
Exercise of stock options— 2,597,003 1 62,064 — — 62,065 — 
Stock-based compensation expense— — — 55,038 — — 55,038 — 
Change in effective portion of interest rate swap agreement— — — — — — — 4,031 
Distributions to noncontrolling interests(37)— — — — — — (5,285)
Foreign currency translation adjustment— — — — (269)— (269)(254)
Net loss(9)— — — — (131,123)(131,123)(13,732)
Balances at September 30, 2021$331 175,078,061 $18 $3,183,101 $(278)$(3,229,752)$(46,911)$46,955 

8


Nine Months Ended September 30, 2020
Redeemable Noncontrolling InterestClass A and Class B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Gain (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 — — — 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)
Contributions from noncontrolling interest— — — — — —  4,314 
Net 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 

The accompanying notes are an integral part of these condensed consolidated financial statements.
9


Bloom Energy Corporation
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 Nine Months Ended
September 30,
 20212020
Cash flows from operating activities:
Net loss$(144,864)$(147,496)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization40,079 38,888 
Non-cash lease expense7,161 4,419 
Write-off of property, plant and equipment, net 36 
Impairment of equity method investment 4,236 
Revaluation of derivative contracts486 (2,267)
Stock-based compensation expense57,309 57,385 
Gain on remeasurement of investment(1,966) 
Loss on extinguishment of debt 11,785 
Amortization of debt issuance costs and premium, net2,824 (195)
Changes in operating assets and liabilities:
Accounts receivable34,291 (4,058)
Contract assets(24,418)(8,596)
Inventories(39,953)(22,772)
Deferred cost of revenue7,307 1,562 
Customer financing receivable4,022 3,790 
Prepaid expenses and other current assets236 (2,647)
Other long-term assets(374)(3,217)
Accounts payable37,973 8,704 
Accrued warranty(2,357)(525)
Accrued expenses and other current liabilities(26,178)4,932 
Operating lease right-of-use assets and operating lease liabilities(7,593)(4,467)
Deferred revenue and customer deposits(53,181)(15,658)
Other long-term liabilities1,289 (3,828)
Net cash used in operating activities(107,907)(79,989)
Cash flows from investing activities:
Purchase of property, plant and equipment(44,625)(33,066)
Net cash acquired from step acquisition3,114  
Net cash used in investing activities(41,511)(33,066)
Cash flows from financing activities:
Proceeds from issuance of debt 300,000 
Proceeds from issuance of debt to related parties 30,000 
Repayment of debt(11,017)(92,546)
Repayment of debt - related parties (2,105)
Debt issuance costs (13,247)
Proceeds from financing obligations7,534 14,807 
Repayment of financing obligations(10,174)(7,828)
Contribution from noncontrolling interest 4,314 
Distributions to noncontrolling interests and redeemable noncontrolling interests(5,322)(6,103)
Proceeds from issuance of common stock72,109 12,745 
Net cash provided by financing activities53,130 240,037 
Effect of exchange rate changes on cash, cash equivalent and restricted cash (521) 
Net (decrease) increase in cash, cash equivalents and restricted cash(96,809)126,982 
Cash, cash equivalents, and restricted cash:
Beginning of period416,710 377,388 
End of period$319,901 $504,370 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$42,598 $56,607 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases10,332 39,775 
Operating cash flows from financing leases643 3,684 
Cash paid during the period for income taxes372 353 
Non-cash investing and financing activities:
Increase in recourse debt, non-current upon adoption of ASU 2020-06, net (Note 2)$121,491 $ 
Liabilities recorded for property, plant and equipment6,188 350 
Operating lease liabilities arising from obtaining right-of-use assets upon adoption of new lease guidance 39,775 
Recognition of operating lease right-of-use asset during the year-to-date period43,660 3,333 
Recognition of financing lease right-of-use asset during the year-to-date period1,961 351 
Conversion of 10% convertible promissory notes into Class A common stock
 150,670 
Conversion of 10% convertible promissory notes to related party into Class A common stock
 50,800 
Accrued interest for notes 30 
Adjustment of embedded derivative related to debt extinguishment