BLOOM ENERGY CORP, 10-Q filed on 4/29/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 24, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-38598  
Entity Registrant Name BLOOM ENERGY CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 77-0565408  
Entity Address, Address Line One 4353 North First Street  
Entity Address, City or Town San Jose  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95134  
City Area Code 408  
Local Phone Number 543-1500  
Title of 12(b) Security Class A Common Stock, $0.0001 par value  
Trading Symbol BE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   284,443,868
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Central Index Key 0001664703  
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents [1] $ 2,491,433 $ 2,454,108
Restricted cash 1,251 1,973
Accounts receivable, less allowance for credit losses of $460 as of March 31, 2026 and December 31, 2025, respectively [1],[2] 359,406 371,796
Contract assets [3] 242,595 178,928
Inventories [1] 732,528 643,306
Deferred cost of revenue, current 23,363 30,651
Prepaid expenses and other current assets [1],[4] 103,960 49,805
Total current assets 3,954,536 3,730,567
Property, plant and equipment, net [1] 401,088 398,507
Investments in unconsolidated affiliates [5] 23,261 10,037
Operating lease right-of-use assets [1] 109,395 108,541
Restricted cash 25,600 25,499
Contract assets [6] 63,281 62,258
Deferred cost of revenue 4,269 4,099
Other long-term assets [1],[7] 83,299 57,203
Total assets 4,664,729 4,396,711
Current liabilities:    
Accounts payable [1] 241,649 203,129
Accrued warranty [8] 38,365 20,013
Accrued expenses and other current liabilities [1],[9] 223,653 222,254
Deferred revenue and customer deposits [10] 194,094 100,975
Operating lease liabilities [1] 21,933 22,000
Financing obligations 63,151 51,308
Non-recourse debt [1] 3,959 4,153
Total current liabilities 786,804 623,832
Deferred revenue and customer deposits 39,260 42,840
Operating lease liabilities [1] 107,216 106,935
Financing obligations 152,834 192,460
Recourse debt 2,598,676 2,613,726
Deferred profit in transactions with unconsolidated affiliates [11] 22,774 13,928
Other long-term liabilities 9,157 10,027
Total liabilities 3,716,721 3,603,748
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Common stock: 0.0001 par value; Class A shares—600,000,000 shares authorized, and 284,207,963 shares and 280,045,459 shares issued and outstanding, and Class B shares—470,092,742 shares authorized, and no shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively. 28 28
Additional paid-in capital 4,835,729 4,755,965
Accumulated other comprehensive income (loss) 2,967 (369)
Accumulated deficit (3,917,255) (3,986,983)
Total stockholders’ equity attributable to common stockholders 921,469 768,641
Noncontrolling interest 26,539 24,322
Total stockholders’ equity 948,008 792,963
Total liabilities and stockholders’ equity $ 4,664,729 $ 4,396,711
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $0.6 million and $151.9 million as of March 31, 2026, and December 31, 2025, respectively.
[3] Including amounts from related parties of $74.1 million and $3.0 million as of March 31, 2026, and December 31, 2025, respectively.
[4] Including amounts from related parties of $1.5 million and $1.2 million as of March 31, 2026, and December 31, 2025, respectively.
[5] Represent related party investments in Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[6] Including amounts from related parties of $48.0 million and $48.8 million as of March 31, 2026, and December 31, 2025, respectively.
[7] Including amounts from related parties of $6.7 million and $6.0 million as of March 31, 2026, and December 31, 2025, respectively.
[8] Including amounts from related parties of $4.1 million and $0.8 million as of March 31, 2026, and December 31, 2025, respectively.
[9] Including amounts from related parties of $1.7 million as of March 31, 2026. Related party balance as of December 31, 2025, was inconsequential.
[10] Including amounts from related parties of $8.1 million and $6.9 million as of March 31, 2026, and December 31, 2025, respectively.
[11] Represent the excess of unrealized profit from sales to the Fund JVs over the carrying value of the related equity‑method investments (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Allowance for doubtful accounts $ 460 $ 460
Accounts receivable, current [1],[2] 359,406 371,796
Contract assets, current [3] 242,595 178,928
Prepaid expenses and other current assets [1],[4] 103,960 49,805
Contract assets, non-current [5] 63,281 62,258
Other long-term assets [1],[6] 83,299 57,203
Accrued warranty, current [7] 38,365 20,013
Operating lease liabilities, current [1],[8] 223,653 222,254
Deferred revenue and customer deposits, current [9] 194,094 100,975
Related Party    
Accounts receivable, current 592 151,932
Contract assets, current 74,063 2,967
Prepaid expenses and other current assets 1,523 1,247
Contract assets, non-current 48,015 48,763
Other long-term assets 6,680 5,968
Accrued warranty, current 4,143 799
Operating lease liabilities, current 1,710 39
Deferred revenue and customer deposits, current $ 8,078 $ 6,879
Class A common stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 284,207,963 280,045,459
Common stock, outstanding (in shares) 284,207,963 280,045,459
Class B common stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 470,092,742 470,092,742
Common stock, issued (in shares) 0 0
Common stock, outstanding (in shares) 0 0
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $0.6 million and $151.9 million as of March 31, 2026, and December 31, 2025, respectively.
[3] Including amounts from related parties of $74.1 million and $3.0 million as of March 31, 2026, and December 31, 2025, respectively.
[4] Including amounts from related parties of $1.5 million and $1.2 million as of March 31, 2026, and December 31, 2025, respectively.
[5] Including amounts from related parties of $48.0 million and $48.8 million as of March 31, 2026, and December 31, 2025, respectively.
[6] Including amounts from related parties of $6.7 million and $6.0 million as of March 31, 2026, and December 31, 2025, respectively.
[7] Including amounts from related parties of $4.1 million and $0.8 million as of March 31, 2026, and December 31, 2025, respectively.
[8] Including amounts from related parties of $1.7 million as of March 31, 2026. Related party balance as of December 31, 2025, was inconsequential.
[9] Including amounts from related parties of $8.1 million and $6.9 million as of March 31, 2026, and December 31, 2025, respectively.
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue:    
Total revenue [1] $ 751,054 $ 326,021
Cost of revenue:    
Total cost of revenue 525,510 237,314
Gross profit 225,544 88,707
Operating expenses:    
Research and development 56,849 40,612
Sales and marketing 38,439 22,265
General and administrative [2] 58,066 44,900
Total operating expenses 153,354 107,777
Income (loss) from operations 72,190 (19,070)
Interest income 20,601 8,553
Interest expense [3] (8,604) (14,411)
Equity in loss of unconsolidated affiliates [4] (17,002) 0
Other income, net 6,197 2,048
Gain (loss) on revaluation of embedded derivatives 754 (103)
Income (loss) before income taxes 74,136 (22,983)
Income tax provision 445 431
Net income (loss) 73,691 (23,414)
Less: Net income attributable to noncontrolling interest 3,038 400
Net income (loss) attributable to common stockholders $ 70,653 $ (23,814)
Net earnings (loss) per share available to common stockholders:    
Basic (in dollars per share) $ 0.25 $ (0.10)
Diluted (in dollars per share) $ 0.23 $ (0.10)
Weighted average shares used to compute net earnings (loss) per share available to common stockholders:    
Basic (in shares) 281,719 230,210
Diluted (in shares) 319,708 230,210
Product    
Revenue:    
Total revenue [1] $ 653,348 $ 211,869
Cost of revenue:    
Total cost of revenue 429,232 139,573
Installation    
Revenue:    
Total revenue [1] 25,931 33,651
Cost of revenue:    
Total cost of revenue 35,080 33,315
Service    
Revenue:    
Total revenue [1] 61,879 53,548
Cost of revenue:    
Total cost of revenue 53,664 52,858
Electricity    
Revenue:    
Total revenue [1] 9,896 26,953
Cost of revenue:    
Total cost of revenue $ 7,534 $ 11,568
[1] Including related party revenue of $373.3 million and $2.8 million for the three months ended March 31, 2026 and 2025, respectively.
[2] Including related party general and administrative expenses of $0.2 million for the three months ended March 31, 2025. There were no related party general and administrative expenses for the three months ended March 31, 2026.
[3] Including related party interest expense of $0.1 million for the three months ended March 31, 2025. There were no related party interest expense for the three months ended March 31, 2026.
[4] Represent related party equity in loss of the Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.26.1
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues [1] $ 751,054,000 $ 326,021,000
General and administrative [2] 58,066,000 44,900,000
Interest expense 4,200,000 10,400,000
Related Party    
Revenues 373,263,000 2,783,000
General and administrative 0 173,000
Interest expense $ 0 $ 100,000
[1] Including related party revenue of $373.3 million and $2.8 million for the three months ended March 31, 2026 and 2025, respectively.
[2] Including related party general and administrative expenses of $0.2 million for the three months ended March 31, 2025. There were no related party general and administrative expenses for the three months ended March 31, 2026.
v3.26.1
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 73,691 $ (23,414)
Other comprehensive income, net of taxes:    
Foreign currency translation adjustment 2,492 362
Other comprehensive income, net of taxes 2,492 362
Comprehensive income (loss) 76,183 (23,052)
Less: Comprehensive income attributable to noncontrolling interest 2,217 439
Comprehensive income (loss) attributable to common stockholders $ 73,966 $ (23,491)
v3.26.1
Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($)
$ in Thousands
Total
Total Equity Attributable to Common Stockholders
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2024     229,142,474        
Beginning balance at Dec. 31, 2024 $ 585,216 $ 562,471 $ 23 $ 4,462,659 $ (2,593) $ (3,897,618) $ 22,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of restricted stock awards (in shares)     2,044,407        
ESPP purchase (in shares)     630,607        
ESPP purchase 6,417 6,417   6,417      
Exercise of stock options (in shares)     151,958        
Exercise of stock options 1,234 1,234   1,234      
Stock-based compensation 32,571 32,571   32,571      
Accrued dividend (1,024) (1,024)       (1,024)  
Legal reserve 93 93       93  
Foreign currency translation adjustment 362 323     323   39
Net (loss) income (23,414) (23,814)       (23,814) 400
Ending balance (in shares) at Mar. 31, 2025     231,969,446        
Ending balance at Mar. 31, 2025 601,455 578,271 $ 23 4,502,881 (2,270) (3,922,363) 23,184
Beginning balance (in shares) at Dec. 31, 2025     280,045,459        
Beginning balance at Dec. 31, 2025 792,963 768,641 $ 28 4,755,965 (369) (3,986,983) 24,322
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of restricted stock awards (in shares)     2,158,577        
ESPP purchase (in shares)     644,651        
ESPP purchase $ 8,073 8,073   8,073      
Exercise of stock options (in shares) 382,284   382,284        
Exercise of stock options $ 7,762 7,762   7,762      
Stock-based compensation 48,856 48,856   48,856      
Accrued dividend (994) (994)       (994)  
Legal reserve 92 92       92  
Conversion of the the 3.0% Green Notes due June 2028 to common stock (Note 8) (in shares)     976,992        
Conversion of the the 3.0% Green Notes due June 2028 to common stock (Note 8) 18,163 18,163   18,163      
Share-based consideration payable to customer’s customer (Note 3) (3,090) (3,090)   (3,090)      
Foreign currency translation adjustment 2,492 3,313     3,336 (23) (821)
Net (loss) income 73,691 70,653       70,653 3,038
Ending balance (in shares) at Mar. 31, 2026     284,207,963        
Ending balance at Mar. 31, 2026 $ 948,008 $ 921,469 $ 28 $ 4,835,729 $ 2,967 $ (3,917,255) $ 26,539
v3.26.1
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical)
Mar. 31, 2026
Dec. 31, 2025
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes    
Interest Rate 3.00% 3.00%
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ 73,691 $ (23,414)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 13,279 11,986
Non-cash lease expense 8,002 8,068
Equity in loss of unconsolidated affiliates, net of distributions [1] 17,002 0
Distributions received from unconsolidated affiliates [2] 138 0
Loss on disposal of property, plant and equipment 115 102
Revaluation of derivative contracts (754) 103
Stock-based compensation expense 48,215 30,054
Amortization of debt issuance costs 3,426 1,859
Net gain on failed sale-and-leaseback transactions (9,405) (767)
Share-based consideration payable to customer’s customer (Note 3) [3] (3,090) 0
Unrealized foreign currency exchange loss (gain) 2,827 (2,208)
Other (281) (26)
Changes in operating assets and liabilities:    
Accounts receivable [4] 11,782 2,257
Contract assets [5] (64,690) 1,543
Inventories (88,584) (65,575)
Deferred cost of revenue 7,122 (4,501)
Prepaid expenses and other current assets [6] (54,155) (5,102)
Other long-term assets [7] (25,993) 2,256
Operating lease right-of-use assets and operating lease liabilities (8,526) (8,335)
Financing lease liabilities 89 451
Accounts payable 36,962 52,564
Accrued warranty [8] 18,352 (6,276)
Accrued expenses and other current liabilities [9] (1,367) (34,881)
Deferred revenue and customer deposits [10] 89,539 (70,802)
Deferred profit with equity method investees and other long-term liabilities (86) (38)
Net cash provided by (used in) operating activities 73,610 (110,682)
Cash flows from investing activities:    
Purchase of property, plant and equipment (26,182) (14,259)
Proceeds from sale of property, plant and equipment 91 43
Investments in unconsolidated affiliates [11] (19,848) 0
Net cash used in investing activities (45,939) (14,216)
Cash flows from financing activities:    
Payment of debt issuance costs (806) 0
Repayment of financing obligations (7,972) (2,671)
Proceeds from issuance of common stock 15,835 7,651
Other 0 150
Net cash provided by financing activities 7,057 5,130
Effect of exchange rate changes on cash, cash equivalent, and restricted cash 1,976 155
Net increase (decrease) in cash, cash equivalents, and restricted cash 36,704 (119,613)
Beginning of period 2,481,580 950,971
End of period 2,518,284 831,358
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 4,145 5,460
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases 8,526 8,254
Operating cash flows from finance leases 116 81
Cash paid during the period for income taxes 618 384
Non-cash investing and financing activities:    
Liabilities recorded for property, plant and equipment, net 4,384 1,923
Derecognition of financing obligations 20,183 0
Recognition of operating lease right-of-use asset during the year-to-date period 5,800 142
Recognition of finance lease right-of-use asset during the year-to-date period 201 451
Unfunded investment commitment (Note 11) [12] 1,438 0
Accrual for dividend 994 1,024
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes    
Non-cash investing and financing activities:    
Conversion of the the 3.0% Green Notes due June 2028 to common stock (Note 8) $ 18,163 $ 0
[1] Represent related party equity in loss of the Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[2] Represent related party distributions received from unconsolidated affiliates (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[3] Represent related party adjustment to non-cash consideration payable to customer’s customer (see Note 3—Revenue Recognition in this Quarterly Report on Form 10-Q).
[4] Including changes in related party balances of $151.3 million and $6.8 million for the three months ended March 31, 2026 and 2025, respectively.
[5] Including changes in related party balances of $70.4 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.
[6] Including changes in related party balances of $0.3 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively.
[7] Including changes in related party balances of $0.7 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively.
[8] Including changes in related party balances of $3.3 million for the three months ended March 31, 2026. There were no changes in related party balances for the three months ended March 31, 2025.
[9] Including changes in related party balances of $1.7 million and $1.7 million for the three months ended March 31, 2026 and 2025, respectively.
[10] Including changes in related party balances of $1.2 million and $3.6 million for the three months ended March 31, 2026 and 2025, respectively.
[11] Represent related party investments in unconsolidated affiliates (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[12] Represents related party unfunded investment commitment pertaining to unconsolidated affiliates (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.26.1
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Increase (decrease) in accounts receivable [1] $ (11,782) $ (2,257)
Increase (decrease) in contract assets [2] 64,690 (1,543)
Increase (decrease) in prepaid expense and other assets [3] 54,155 5,102
Increase (decrease) in other noncurrent assets [4] 25,993 (2,256)
Increase (decrease) on accrued warranty liability [5] 18,352 (6,276)
Increase (decrease) in accrued expenses and other current liabilities [6] (1,367) (34,881)
Increase (decrease) in deferred revenue and customer deposits [7] $ 89,539 (70,802)
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes    
Interest Rate 3.00%  
Related Party    
Increase (decrease) in accounts receivable $ 151,300 6,800
Increase (decrease) in contract assets 70,400 100
Increase (decrease) in prepaid expense and other assets 300 300
Increase (decrease) in other noncurrent assets 700 400
Increase (decrease) on accrued warranty liability 3,300 0
Increase (decrease) in accrued expenses and other current liabilities 1,700 1,700
Increase (decrease) in deferred revenue and customer deposits $ 1,200 $ 3,600
[1] Including changes in related party balances of $151.3 million and $6.8 million for the three months ended March 31, 2026 and 2025, respectively.
[2] Including changes in related party balances of $70.4 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.
[3] Including changes in related party balances of $0.3 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively.
[4] Including changes in related party balances of $0.7 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively.
[5] Including changes in related party balances of $3.3 million for the three months ended March 31, 2026. There were no changes in related party balances for the three months ended March 31, 2025.
[6] Including changes in related party balances of $1.7 million and $1.7 million for the three months ended March 31, 2026 and 2025, respectively.
[7] Including changes in related party balances of $1.2 million and $3.6 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Nature of Business, Liquidity and Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business, Liquidity and Basis of Presentation Nature of Business, Liquidity and Basis of Presentation
Nature of Business
For information on the nature of our business, see Part II, Item 8, Note 1—Nature of Business, Liquidity and Basis of Presentation, section Nature of Business in our 2025 Form 10-K.
Liquidity
Although we have historically incurred operating losses and negative operating cash flows, we generated $73.6 million of positive operating cash flow and $72.2 million of operating income for the three months ended March 31, 2026. With the series of new convertible debt offerings, debt extinguishments, debt exchanges, and conversions of convertible debt to equity completed since 2021, as of March 31, 2026, we had $2,598.7 million and $4.0 million of total outstanding recourse and non-recourse debt, respectively, $4.0 million and $2,598.7 million of which was classified as short-term debt and long-term debt, respectively. As of December 31, 2025, we had $2,613.7 million and $4.2 million of total outstanding recourse and non-recourse debt, respectively, $4.2 million and $2,613.7 million of which was classified as short-term debt and long-term debt, respectively.
For information regarding our recent issuances of convertible debt, related exchange and extinguishment transactions, and our entry into a senior secured multicurrency revolving credit facility (the “Revolving Credit Facility”), refer to Part II, Item 8, Note 1—Nature of Business, Liquidity and Basis of Presentation, section Liquidity in our 2025 Form 10-K.
Our future capital requirements depend on many factors, including the market acceptance of our products, our rate of revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, the rate of growth in the volume of system builds and the need for additional working capital, the expansion of sales and marketing activities both in domestic and international markets, our ability to secure financing for customer use of our products, the timing of installations, inventory buildup and increase in factory capacity in anticipation of future sales and installations, and overall economic conditions. In order to support and achieve our future growth plans, we may need or seek advantageously to obtain additional funding through equity or debt financing. Failure to obtain this financing on favorable terms or at all in future quarters may affect our financial position and results of operations, including our revenues and cash flows.
In the opinion of management, the combination of our cash and cash equivalents and cash flow to be generated by our operations is expected to be sufficient to meet our anticipated cash flow needs for at least the next 12 months from the date of the issuance of this Quarterly Report on Form 10-Q.
The One Big Beautiful Bill Act
For information on the One Big Beautiful Bill Act (the “OBBBA”) signed into law on July 4, 2025, and its impact on our business, see Part II, Item 8, Note 1—Nature of Business, Liquidity and Basis of Presentation, section The One Big Beautiful Bill Act in our 2025 Form 10-K.
Basis of Presentation
We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations
of the U. S. Securities and Exchange Commission (“SEC”), and as permitted by those rules, including all disclosures required by generally accepted accounting principles as applied in the U.S. (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to the current period presentation.
Principles of Consolidation
For information on the principles of consolidation, see Part II, Item 8, Note 1—Nature of Business, Liquidity and Basis of Presentation, section Principles of Consolidation in our 2025 Form 10-K.
Use of Estimates
For information on the use of accounting estimates, see Part II, Item 8, Note 1—Nature of Business, Liquidity and Basis of Presentation, section Use of Estimates in our 2025 Form 10-K.
Concentration of Risk
Geographic Risk—The majority of our revenue and long-lived assets are attributable to operations in the U.S. for all periods presented. In addition to shipments in the U.S., we also ship our Energy Server systems to other countries, primarily, the Republic of Korea, Japan, India and Taiwan (collectively referred to as the “Asia Pacific region”), and several European countries, namely Germany, UK and Italy. For the three months ended March 31, 2026 and 2025, revenue in the U.S. was 91% and 56%, respectively, of our total revenue.
Credit Risk—As of March 31, 2026, one customer* accounted for approximately 30% of accounts receivable. As of December 31, 2025, three customers, the first of which was our related party (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), accounted for approximately 41%, 17%, and 15% of accounts receivable. To date, we have not experienced any material credit losses from these customers.
Customer Risk—During the three months ended March 31, 2026, revenue from two customers*, the first of which is our related party (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), accounted for approximately 50% and 12% of our total revenue. During the three months ended March 31, 2025, two customers represented approximately 37% and 29% of our total revenue.
*Definition of “customer.” For purposes of the concentration of risk disclosure, “customer” refers to the contractual counterparty to which we sell our products and fulfil installation obligations, which in certain transactions may be a project‑finance affiliate rather than the ultimate end user of the products. See Note 7—Investments in Unconsolidated Affiliates for additional information regarding the Brookfield‑affiliated financing framework structure.
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Refer to the accounting policies described in Part II, Item 8, Note 2—Summary of Significant Accounting Policies in our 2025 Form 10-K.
Equity Method Accounting for Investments in Unconsolidated Affiliates
The distribution rights and priorities set forth in the LLC agreements governing the unconsolidated affiliates differ from Bloom’s underlying percentage ownership interests in those entities. Accordingly, we allocate income or loss from the unconsolidated affiliates using the hypothetical liquidation at book value (“HLBV”) method, which is an acceptable application of the equity method of accounting under ASC 323, Investments—Equity Method and Joint Ventures (“ASC 323”) when contractual cash distribution provisions differ from stated ownership percentages.
Due to the timing of receipt of the unconsolidated affiliates’ financial information, we apply the equity method on a one-quarter reporting lag. Bloom monitors the unconsolidated affiliates for material intervening events during the lag period, and any such events are evaluated and, if necessary, disclosed or reflected in the current reporting period. Management believes that the use of this reporting lag is reasonable and does not materially affect our condensed consolidated results of operations.
Under the HLBV method, at each reporting date, we calculate the amount we would receive if each unconsolidated affiliate were to liquidate all of its assets at their U.S. GAAP book values and distribute the resulting proceeds to creditors and members in accordance with the liquidation priorities set forth in the governing LLC agreement. Our share of income or loss from each unconsolidated affiliate for the period equals the change in our calculated liquidation claim between the beginning
and end of the reporting period, adjusted for capital contributions and distributions 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.
Key inputs to the HLBV calculation include each unconsolidated affiliates’ U.S. GAAP net income or loss, taxable income or loss, book and tax depreciation, Section 704(b) capital account balances, capital contributions and distributions, transferable investment tax credits, and target returns and liquidation priorities specified in the governing LLC agreements. Changes in any of these inputs could have a significant impact on the amount we would be entitled to receive upon a hypothetical liquidation and, consequently, on our equity in earnings or loss from the unconsolidated affiliates.
Distributions Received From Unconsolidated Affiliates
We use the “cumulative earnings” approach to classify distributions received from unconsolidated affiliates in our condensed consolidated statements of cash flows. Under this method, distributions received from unconsolidated affiliates are included in our condensed consolidated statements of cash flows as operating activities, unless cumulative distributions exceed our share of cumulative equity in the investee’s net earnings. In such cases, the excess distributions are considered returns of investment and are classified as investing activities.
For a complete discussion of our accounting policies, refer to Part II, Item 8, Note 2—Summary of Significant Accounting Policies in our 2025 Form 10-K.
Recently Issued Accounting Pronouncements
Accounting Guidance Not Yet Adopted
Refer to the accounting guidance not yet adopted described in Part II, Item 8, Note 2—Summary of Significant Accounting Policies, section Accounting Guidance Not Yet Adopted in our 2025 Form 10-K. Based on the Company’s continued evaluation, we do not expect a material impact from new accounting guidance not yet adopted to our condensed consolidated financial statements.
Recently Released Accounting Standards Adopted by the Company
In December 2025, Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (“ASU 2025-10”). This update provides authoritative guidance on the recognition, measurement, and presentation of government grants received by business entities, an area previously lacking in U.S. GAAP. The amendments define government grants, establish recognition criteria, and require disclosures about the nature of grants, accounting policies applied, and significant terms and conditions. The amendments are effective for public business entities for annual periods beginning after December 15, 2028, with early adoption permitted. We elected to early adopt this standard as of January 1, 2026 (the beginning of our 2026 annual reporting period), using the modified prospective basis. We made an accounting policy election to account for nonrefundable, transferable tax credits related to assets as a government grant and present the credit separately as deferred income. The deferred income is amortized into Other Income, net over the useful life of the asset generating such credits. Consistent with this election, we account for the transferable tax credits generated from our investments in unconsolidated affiliates as part of our overall equity method pickup consistent with all other items of income or loss reported in the unconsolidated affiliates’ financial statements. To the extent that the accounting policy for transferable tax credits is different from the unconsolidated affiliates, we will recast the unconsolidated affiliates’ financial statements when calculating our equity method income or loss. There were no material impacts to our reported financial position, results of operations, or cash flows resulting from the adoption of this new accounting pronouncement. This standard has no impact on any prior periods presented in our condensed consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). This update introduces a practical expedient for all entities when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”). Under the practical expedient, when developing reasonable and supportable forecasts as part of estimating expected credit losses, an entity may assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025‑05 is effective for annual reporting periods beginning after December 15, 2025, including interim periods within those annual reporting periods. We adopted ASU 2025‑05 in the first quarter of 2026. There were no material impacts to our reported financial position, results of operations, or cash flows resulting from the adoption of this new accounting pronouncement.
v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition 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):
March 31,December 31,
 20262025
Accounts receivable$359,406 $371,796 
Contract assets305,876 241,186 
Customer deposits151,100 78,207 
Deferred revenue82,254 65,608 
Accounts receivable decreased and contract assets increased by $12.4 million and $64.7 million, respectively, for the three months ended March 31, 2026, primarily due to the timing of billing milestones.
The increase in customer deposits of $72.9 million for the three months ended March 31, 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
March 31,
20262025
 
Beginning balance$241,186 $145,162 
Transferred to accounts receivable from contract assets recognized at the beginning of the period
(43,086)(56,806)
Revenue recognized and not billed as of the end of the period107,776 55,263 
Ending balance$305,876 $143,619 
Deferred Revenue
Deferred revenue activity during the three months ended March 31, 2026 and 2025, consisted of the following (in thousands):
Three Months Ended
March 31,
20262025
 
Beginning balance$65,608 $66,304 
Additions628,001 209,886 
Revenue recognized(611,355)(217,182)
Ending balance$82,254 $59,008 

For additional information on deferred revenue, see Part II, Item 8, Note 3—Revenue Recognition, section Deferred Revenue in our 2025 Form 10-K.
As of March 31, 2026, and December 31, 2025, we have unsatisfied performance obligations of $441.1 million and $394.4 million, respectively, primarily related to product sales and installation services. We expect to recognize the associated revenue within the next 1 to 2 years, consistent with customers’ project deployment schedules. In addition, as of March 31, 2026, and December 31, 2025, we had unsatisfied performance obligations of $51.5 million and $25.0 million, respectively, related mainly to deferred service contracts which we expect to recognize over the remaining contractual terms ranging from 1 to 25 years.
We do not disclose the value of the unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.
Disaggregated Revenue
We disaggregate revenue from contracts with customers into four revenue categories: product, installation, service and electricity (in thousands):
Three Months Ended
March 31,
20262025
Revenue from contracts with customers: 
Product revenue $653,348 $211,869 
Installation revenue 25,931 33,651 
Service revenue
 61,879 53,548 
Electricity revenue 5,243 20,194 
Total revenue from contract with customers746,401 319,262 
Revenue from contracts that contain leases:
Electricity revenue4,653 6,759 
Total revenue$751,054 $326,021 
Commitment to Issue Share-Based Consideration Payable to Customer’s Customer
On October 28, 2025, in connection with the partnership between the Company and Oracle Corporation (“Oracle”) to provide on-site solid state power for AI data centers, subject to the negotiation of a warrant mutually acceptable to the Company and Oracle, we agreed to issue to Oracle a warrant (the “Warrant”) to purchase up to an aggregate of 3,531,073 shares of Class A common stock, with an exercise price of $113.28 per share, which was the closing market price on October 28, 2025. For additional details on the Warrant, see Part II, Item 8, Note 3—Revenue Recognition, section Commitment to Issue Share-Based Consideration Payable to Customer’s Customer in our 2025 Form 10-K.
As of March 31, 2026, the Warrant had not been issued and no grant date had been established. Consistent with ASC 606 and ASC 718, Compensation—Stock Compensation (“ASC 718”), as clarified by ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, we remeasured the expected fair value of the Warrant as of March 31, 2026, and continue to account for the Warrant as consideration payable to a customer’s customer and recognize it as a reduction of revenue as the underlying Energy Server systems sold under the Oracle arrangement are delivered. We estimate fair value using a Black‑Scholes valuation model under ASC 718’s fair‑value measurement framework. We used the following weighted-average assumptions for determination of the Warrant fair value:
March 31,December 31,
20262025
Risk-free interest rate3.8%3.6%
Expected term (years)0.50.5
Expected dividend yield——
Expected volatility114.5%96.2%
As of March 31, 2026, and December 31, 2025, the estimated total fair value of the Warrant was $183.6 million and $55.9 million, respectively.
As a result of the updated estimates during the three months ended March 31, 2026, $12.8 million has been recognized as a reduction of revenue related to the Warrant. We will continue to recognize the warrant‑related consideration as a reduction of revenue as the underlying Energy Server systems sold under the Oracle arrangement are delivered.
On April 9, 2026, we issued the Warrant, which established the grant date for accounting purposes. For details, see Note 16—Subsequent Events in this Quarterly Report on Form 10-Q.
v3.26.1
Financial Instruments
 3 Months Ended
Mar. 31, 2026
Cash and Cash Equivalents [Abstract]  
Financial Instruments Financial Instruments
Cash, Cash Equivalents, and Restricted Cash
The carrying values of cash, cash equivalents, and restricted cash approximate fair values and were as follows (in thousands):
March 31,December 31,
 20262025
As Held:
Cash$87,285 $94,997 
Money market funds2,430,999 2,386,583 
$2,518,284 $2,481,580 
As Reported:
Cash and cash equivalents$2,491,433 $2,454,108 
Restricted cash26,851 27,472 
$2,518,284 $2,481,580 
Restricted cash consisted of the following (in thousands):
March 31,December 31,
 20262025
Restricted cash, current
$1,251 $1,973 
Restricted cash, non-current
25,600 25,499 
$26,851 $27,472 
v3.26.1
Fair Value
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value 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
March 31, 2026Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,430,999 $— $— $2,430,999 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $4,360 $4,360 

 Fair Value Measured at Reporting Date Using
December 31, 2025Level 1Level 2Level 3Total
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 three months ended March 31, 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(754)
Liabilities at March 31, 2026
$4,360 
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 balance of embedded EPP derivative liability as of March 31, 2026.
For additional information on money market funds and EPP derivatives, see Part II, Item 8, Note 5—Fair Value, section Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis in our 2025 Form 10-K.
Financial Assets and Liabilities and Other Items Not Measured at Fair Value on a Recurring Basis
Debt Instruments—The term loans and convertible senior notes are based on rates currently offered for instruments with similar maturities and terms (Level 2). The following table presents the estimated fair values and carrying values of debt instruments (in thousands):
 March 31, 2026December 31, 2025
 Net Carrying
Value		Fair ValueNet Carrying
Value		Fair Value
   
Debt instruments
Recourse:
0% Convertible Senior Notes due November 20301
$2,444,939 $2,698,000 $2,442,091 $2,140,536 
3.0% Green Convertible Senior Notes due June 20291
73,594 483,392 73,473 313,740 
3.0% Green Convertible Senior Notes due June 20281
80,143 574,160 98,162 456,764 
Non-recourse:
4.6% Term Loan due October 2026
2,639 2,901 2,769 3,009 
4.6% Term Loan due April 2026
$1,320 $1,499 $1,384 $1,550 
1 The increase in fair value primarily reflects the rise in the Company’s stock price.
v3.26.1
Balance Sheet Components
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Inventories
The components of inventory consisted of the following (in thousands):
March 31,December 31,
 20262025
Raw materials$400,238 $351,757 
Work-in-progress105,462 125,036 
Finished goods226,828 166,513 
$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,
 20262025
   
Vendor advances
$25,860 $750 
Receivables from employees23,142 2,507 
Tax receivables7,553 4,509 
Interest receivable6,741 6,029 
Prepaid hardware and software maintenance5,338 6,327 
Prepaid managed services3,996 4,705 
Prepaid corporate insurance3,606 5,182 
Prepaid deferred commissions3,573 3,049 
Prepaid rent2,041 60 
Deferred expenses1,086 1,559 
Prepaid workers compensation508 796 
Prepaid medical insurance452 232 
Deposits made387 376 
Other prepaid expenses and other current assets19,677 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,
 20262025
   
Vehicles, machinery and equipment$216,525 $203,731 
Energy Server systems147,689 165,629 
Leasehold improvements131,857 129,665 
Construction-in-progress91,541 83,067 
Buildings53,513 53,156 
Computers, software and hardware35,644 34,761 
Furniture and fixtures10,693 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,
20262025
   
Vendor advances
$31,800 $10,335 
Deferred commissions20,209 19,109 
Deferred expenses8,076 8,111 
Deferred financing costs3,495 3,412 
Deposits made2,876 3,001 
Long-term lease receivable1,908 2,193 
Deferred tax asset1,711 1,780 
Prepaid managed services1,275 1,316 
Prepaid and other long-term assets11,949 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,
20262025
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,
 20262025
   
General invoice and purchase order accruals$127,757 $76,909 
Compensation and benefits49,277 97,571 
Sales-related liabilities15,539 12,031 
Accrued installation11,725 14,278 
Accrued legal expenses3,503 2,599 
Sales tax liabilities2,708 10,054 
Provision for income tax2,249 2,115 
Accrued consulting expenses2,014 1,475 
Interest payable1,921 913 
Unfunded investment commitment (Note 11)
1,438 — 
Interim VAT liability1,406 281 
Finance lease liability1,364 1,370 
Dividend payable902 — 
Current portion of derivative liabilities727 1,353 
Accrued restructuring costs356 482 
Other767 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.
v3.26.1
Investments in Unconsolidated Affiliates
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Affiliates 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,
20262025
AI Fund JVs
Bolt US Class A JVCo LLC9.9%9.9%
Bolt US JVCo LLC9.9%9.9%
Other JVs
ORC HoldCo LLC15.0%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 affiliates8,846 
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.
v3.26.1
Outstanding Loans and Security Agreements
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Outstanding Loans and Security Agreements Outstanding Loans and Security Agreements
The following is a summary of our debt as of March 31, 2026 (in thousands, except percentage data):
 Unpaid
Principal
Balance		Net Carrying ValueInterest
Rate		Maturity DatesEntity
 CurrentLong-
Term		Total
0% Convertible Senior Notes due November 2030
$2,500,000 $— $2,444,939 $2,444,939 0.0%November 2030Company
3.0% Green Convertible Senior Notes due June 2029
75,125 — 73,594 73,594 3.0%June 2029Company
3.0% Green Convertible Senior Notes due June 2028
81,236 — 80,143 80,143 3.0%June 2028Company
Total recourse debt2,656,361 — 2,598,676 2,598,676 
4.6% Term Loan due October 2026
2,639 2,639 — 2,639 4.6%October 2026Korean JV
4.6% Term Loan due April 2026
1,320 1,320 — 1,320 4.6%April 2026Korean JV
Total non-recourse debt3,959 3,959 — 3,959 
Total debt$2,660,320 $3,959 $2,598,676 $2,602,635 

The following is a summary of our debt as of December 31, 2025 (in thousands, except percentage data):
 Unpaid
Principal
Balance		Net Carrying ValueInterest
Rate		Maturity DatesEntity
 CurrentLong-
Term		Total
0% Convertible Senior Notes due November 2030
$2,500,000 $— $2,442,091 $2,442,091 0.0%November 2030Company
3.0% Green Convertible Senior Notes due June 2029
75,125 — 73,473 73,473 3.0%June 2029Company
3.0% Green Convertible Senior Notes due June 2028
99,655 — 98,162 98,162 3.0%June 2028Company
Total recourse debt2,674,780 — 2,613,726 2,613,726 
4.6% Term Loan due October 2026
2,769 2,769 — 2,769 4.6%October 2026Korean JV
4.6% Term Loan due April 2026
1,384 1,384 — 1,384 4.6%April 2026Korean JV
Total non-recourse debt4,153 4,153 — 4,153 
Total debt$2,678,933 $4,153 $2,613,726 $2,617,879 

Recourse debt refers to debt that we have an obligation to pay. Non-recourse debt refers to debt that is recourse to only our subsidiary, Bloom SK Fuel Cell, LLC, a joint venture in the Republic of Korea with SK ecoplant (the “Korean JV”). The differences between the unpaid principal balances and the net carrying values reflect unamortized deferred financing costs, including the initial purchasers’ discounts, where applicable, and premiums or discounts associated with our debt, if any. We and all of our subsidiaries were in compliance with all financial covenants as of March 31, 2026, and December 31, 2025.
Recourse Debt Facilities
0% Convertible Senior Notes due November 2030 ( “the 0% Notes”)
3.0% Green Convertible Senior Notes due June 2029 ( “the 3.0% Green Notes due June 2029”)
3.0% Green Convertible Senior Notes due June 2028 ( “the 3.0% Green Notes due June 2028”)
Issuance date/Indenture date1
November 4, 2025
May 29, 2024
May 16, 2023
Aggregate principal amount issued
$2,500.0 million
$402.5 million
$632.5 million
Initial purchasers’ discount2
$50.0 million
$12.1 million
$15.8 million
Other issuance costs2
$9.9 million
$0.7 million
$3.9 million
Net proceeds received
$2,440.1 million
$389.7 million
$612.8 million
Due date3
November 15, 2030
June 1, 2029
June 1, 2028
Greenshoe option4
$300.0 million
$52.5 million
$82.5 million
Senior, unsecured obligations
Yes
Yes
Yes
Interest rate and payment schedule
Do not bear regular interest and will not accrete in principal amount over time
3.0% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2024
3.0% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2023
Redemption date5
November 20, 2028
June 7, 2027
June 5, 2026
Conversion date6
August 15, 20307
March 1, 20297
March 1, 20287
Conversion trigger quarter-end date6
March 31, 2026
September 30, 20248
September 30, 20238
Initial conversion rate, shares of Class A common stock per $1,000 principal amount of notes9
5.1290
47.9795
53.0427
Initial conversion price, per share of Class A common stock9
$194.97
$20.84
$18.85
Incremental shares under Make-Whole Fundamental Change10, shares of Class A common stock per $1,000 principal amount9
2.6926
15.5932
22.5430
The maximum number of shares into which the notes could have been potentially converted if the conversion features were triggered:
as of March 31, 2026
19,554,000
4,775,899
6,140,280
as of December 31, 2025
19,554,000
4,775,899
7,532,493
Effective interest rate
0.5%
1.1%
4.2%
Customary provisions relating to the occurrence of Events of Default
See footnote 11
See footnote 11
See footnote 11
Classification of net carrying value in condensed consolidated balance sheets.
as of March 31, 2026
Long-term liability
Long-term liability
Long-term liability
as of December 31, 2025
Long-term liability
Long-term liability
Long-term liability
1 Issued pursuant to, and are governed by, an indenture, between us and U.S. Bank Trust Company, National Association, as Trustee, in private placements to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended.
2 The notes’ initial purchasers’ discount and other issuance costs (collectively, the “Transaction Costs”) were recorded as debt issuance costs and presented a reduction to the notes on our condensed consolidated balance sheets and are amortized to interest expense at an effective interest rate.
3 Unless earlier repurchased, redeemed or converted.
4 Pursuant to the purchase agreement among us and the representatives of the initial purchasers, we granted the initial purchasers an option to purchase an additional aggregate principal amount of the notes. Notes included specified aggregate principal amount pursuant to the full exercise by the initial purchasers of the Greenshoe option.
5 We may not redeem the notes prior to the specified redemption date, subject to a partial redemption limitation. We may elect to redeem, at face value, all or any portion of the notes at any time, and from time to time, on or after the specified redemption date, and on or before the twenty-first (for the 0% Notes and the 3.0% Green Notes due June 2029), or the forty-sixth (for the 3.0% Green Notes due June 2028) scheduled trading day immediately before the maturity date, provided the share price for our Class A common stock exceeds 130% of the conversion price at redemption.
6 Before the specified conversion date, the noteholders have the right to convert their notes only upon the occurrence of certain events, including satisfaction of a condition relating to the closing price of our common stock (the “Closing Price Condition”) or the trading price of the notes (the “Trading Price Condition”), a redemption event, or other specified corporate events. If the Closing Price Condition is met on at least 20 (whether or not consecutive) of the last 30 consecutive trading days in any calendar quarter, and only during such calendar quarter, the noteholders may convert their notes at any time during the immediately following quarter, commencing after the calendar quarter ending on the specified date (i.e., conversion trigger quarter-end date), subject to the partial redemption limitation.
7 Subject to the Trading Price Condition, the noteholders may convert their notes during the five consecutive business days immediately after any ten consecutive trading day period (for the 0% Notes) or the five business days immediately after any five consecutive trading day period (for the 3.0% Green Notes due June 2029 and the 3.0% Green Notes due June 2028) in which the trading price per $1,000 principal amount of the notes, as determined following a request by a holder of the notes, for each day of that period is less than 98% of the product of the closing price of our common stock and the then applicable conversion rate. From and after the specified conversion date, the noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Should the noteholders elect to convert their notes, we may elect to settle the conversion by paying or delivering, as applicable, cash, shares of our Class A common stock, $0.0001 par value per share, or a combination thereof, at our election. Please refer to Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Induced Conversions of the Existing Notes in our 2025 Form 10-K for details of the conversion of the 3.0% Green Notes due June 2029 and the 3.0% Green Notes due June 2028 in the fourth quarter of the fiscal year 2025.
8 The Closing Price Condition for the 3.0% Green Notes due June 2029 and the 3.0% Green Notes due June 2028 was met during the three months ended December 31, 2025, and accordingly, the noteholders could convert their notes during the quarter ended March 31, 2026. Refer to section Partial Conversions of 3.0% Green Notes due June 2028 for the 3.0% Green Notes due June 2028 partial conversions. According to the Indenture as of November 4, 2025, the first quarter when the 0% Notes could be converted is the calendar quarter commencing after the calendar quarter ending March 31, 2026.
9 The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. Also, we may increase the conversion rate at any time if our Board of Directors determines it is in the best interests of the Company or to avoid or diminish income tax to holders of common stock. In addition, if certain corporate events that constitute a Make-Whole Fundamental Change, occur, then the conversion rate applicable to the conversion of the notes will, in certain circumstances, increase by up to the specified incremental shares of Class A common stock per $1,000 principal amount of notes for a specified period of time.
10 Make-Whole Fundamental Change means (i) a Fundamental Change, that includes certain change-of-control events relating to us, certain business combination transactions involving us and certain delisting events with respect to our Class A common stock, or (ii) the sending of a redemption notice with respect to the notes.
11 The notes contain certain customary provisions relating to the occurrence of Events of Default, as defined in the underlying indentures. If an Event of Default involving bankruptcy, insolvency or reorganization events with respect to us occurs, then the principal amount of, and all accrued and unpaid interest (regular interest, where applicable, special interest or additional interest, if any) on all of the notes then outstanding will immediately become due and payable without any further action or notice by any person. However, notwithstanding the foregoing, we may elect, at our option, that the sole remedy for an Event of Default relating to certain failures by us to comply with certain reporting covenants in the underlying indentures consists exclusively of the right of the noteholders to receive special interest on the 0% Notes for up to 360 days (on the 0% Notes) or up to 180 days (on the 3.0% Green Notes due June 2029 and the 3.0% Green Notes due June 2028) at a specified rate per annum not exceeding 0.5% on the principal amount of the notes.
The total interest expense recognized related to our notes for the three months ended March 31, 2026 and 2025, comprised of contractual interest expense and amortization of debt issuance costs, was as follows (in thousands):
Three Months Ended
March 31,
20262025
Contractual interest expense
0% Convertible Senior Notes due November 2030
$— $— 
3.0% Green Convertible Senior Notes due June 2029
563 3,019 
3.0% Green Convertible Senior Notes due June 2028
421 4,744 
  Green Convertible Senior Notes due August 2025
— 719 
$984 $8,482 
Amortization of the initial purchasers’ discount and other issuance costs
0% Convertible Senior Notes due November 2030
$2,976 $— 
3.0% Green Convertible Senior Notes due June 2029
121 634 
3.0% Green Convertible Senior Notes due June 2028
144 979 
  Green Convertible Senior Notes due August 2025
— 246 
$3,241 $1,859 
Total interest expense related to our notes
0% Convertible Senior Notes due November 2030
$2,976 $— 
3.0% Green Convertible Senior Notes due June 2029
684 3,653 
3.0% Green Convertible Senior Notes due June 2028
565 5,723 
  Green Convertible Senior Notes due August 2025
— 965 
$4,225 $10,341 
To date, there have been no events necessitating the recognition of special interest expense related to our notes.
The amount of unamortized debt issuance costs of our notes as of March 31, 2026, and December 31, 2025, was as follows (in thousands):
March 31,December 31,
20262025
Unamortized debt issuance costs
0% Convertible Senior Notes due November 2030
$55,061 $57,909 
3.0% Green Convertible Senior Notes due June 2029
1,531 1,652 
3.0% Green Convertible Senior Notes due June 2028
1,093 1,493 
$57,685 $61,054 
Capped Calls
Please refer to Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Capped Calls in our 2025 Form 10-K for discussion of privately negotiated capped call transactions in connection with the pricing of the 3.0% Green Notes due June 2028.
Partial Conversions of 3.0% Green Notes due June 2028
During the three months ended March 31, 2026, 3.0% Green Notes due June 2028 became eligible for conversion after the satisfaction of the Closing Price Condition specified in the underlying indenture dated May 16, 2023 (the “2023 Indenture”).
During the three months ended March 31, 2026, holders elected to convert approximately $18.4 million aggregate principal amount of the 3.0% Green Notes due June 2028. In accordance with the conversion provisions of the 2023 Indenture, including our obligation to settle conversions in cash, shares of Class A common stock, or a combination thereof, we issued 976,992 shares of our Class A common stock in settlement of these conversions.
Following the conversions, the outstanding carrying value of the 3.0% Green Notes due June 2028 decreased by $18.2 million. As a result, we recognized $18.2 million in Additional paid-in capital in our condensed consolidated balance sheets. The impact on other line items within our condensed consolidated balance sheets and our condensed consolidated statements of operations was not material. No gain or loss was recognized in connection with the conversions.
We will continue to assess conversion eligibility each fiscal quarter in accordance with the conditions described in the 2023 Indenture governing the 3.0% Green Notes due June 2028.
Revolving Credit Facility
On December 19, 2025, we entered into a senior secured multicurrency Revolving Credit Facility in an aggregate available amount of $600.0 million, including a letter of credit sub-facility of up to $90.0 million (the “Revolving Credit Facility”). For details, see Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Revolving Credit Facility in our 2025 Form 10-K.
As of March 31, 2026, and December 31, 2025, no amounts were drawn under the facility. Deferred financing costs of $3.7 million related to upfront fees and issuance costs have been capitalized and are being amortized over the term of the Revolving Credit Facility. During the three months ended March 31, 2026, amortization of deferred financing costs was $0.2 million. Deferred financing costs are included within Other long-term assets on our condensed consolidated balance sheets.
We are subject to financial covenants, including minimum interest coverage and maximum leverage ratios, and Bloom was in compliance with all covenants as of March 31, 2026, and December 31, 2025. Proceeds of borrowings under the Revolving Credit Facility may be used for working capital, capital expenditures, permitted acquisitions, and other general corporate purposes. We have not triggered any springing maturity provisions under the Revolving Credit Facility as of the date of the issuance of this Quarterly Report on Form 10-Q. The facility provides enhanced liquidity for general corporate purposes, including strategic initiatives.
Non-recourse Debt Facilities
For discussion of our non-recourse debt, refer to Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Non-recourse Debt Facilities in our 2025 Form 10-K.
Repayment Schedule and Interest Expense
The following table presents details of our outstanding loan principal repayment schedule as of March 31, 2026 (in thousands):
Remainder of 2026$3,959 
2027— 
202881,236 
202975,125 
20302,500,000 
2031— 
Thereafter— 
$2,660,320 
For the three months ended March 31, 2026 and 2025, interest expense of $8.6 million and $14.4 million, respectively, including total interest expense related to our debt of $4.2 million and $10.4 million, respectively, was recorded in Interest expense on our condensed consolidated statements of operations.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
Facilities, Energy Server Systems, and Vehicles
For the three months ended March 31, 2026 and 2025, rent expenses for all occupied facilities were $5.4 million and $5.2 million, respectively.
Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2026, and December 31, 2025, were as follows (in thousands):
March 31,December 31,
20262025
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$109,395 $108,541 
Current operating lease liabilities(21,933)(22,000)
Non-current operating lease liabilities(107,216)(106,935)
Total operating lease liabilities(129,149)(128,935)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
4,745 4,932 
Current finance lease liabilities5
(1,364)(1,370)
Non-current finance lease liabilities6
(3,685)(3,848)
Total finance lease liabilities(5,049)(5,218)
Total lease liabilities$(134,198)$(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 consolidated balance sheets.
The components of our lease costs for the three months ended March 31, 2026 and 2025, were as follows (in thousands):
Three Months Ended
March 31,
20262025
Operating lease costs$8,109 $7,904 
Financing lease costs:
Amortization of right-of-use assets24 177 
Interest on lease liabilities117 82 
Total financing lease costs141 259 
Short-term lease costs608 630 
Total lease costs$8,858 $8,793 
Weighted average remaining lease terms and discount rates for our leases as of March 31, 2026, and December 31, 2025, were as follows:
March 31,December 31,
20262025
Weighted average remaining lease term:
Operating leases5.9 years6 years
Finance leases3.7 years3.8 years
Weighted average discount rate:
Operating leases10.4 %10.5 %
Finance leases9.0 %9.0 %
Future lease payments under lease agreements as of March 31, 2026, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2026$25,436 $1,326 
202734,532 1,675 
202829,477 1,355 
202922,896 1,037 
203020,767 503 
203115,081 2 
Thereafter28,029 — 
Total minimum lease payments176,218 5,898 
Less: amounts representing interest or imputed interest(47,069)(849)
Present value of lease liabilities$129,149 $5,049 
For additional information on leases, see Part II, Item 8, Note 9—Leases, section Facilities, Energy Server Systems, and Vehicles in our 2025 Form 10-K.
Managed Services Financing
For details on Managed Services Financing, refer to Part I, Item 7, section Purchase and Financing Options, sub-section Legacy Financing Structure for Managed Services and Part II, Item 8, Note 9—Leases, section Managed Services Financing in our 2025 Form 10-K.
There were no new successful sale-and-leaseback transactions for the three months ended March 31, 2026 and 2025. The recognized operating lease expense from legacy successful sale-and-leaseback transactions for the three months ended March 31, 2026 and 2025, was $3.3 million and $3.4 million, respectively.
Operating lease right-of-use assets from legacy successful sale-and-leaseback transactions as of March 31, 2026, and December 31, 2025, were $36.9 million and $39.0 million, respectively. Operating lease liabilities from legacy successful sale-and-leaseback transactions as of March 31, 2026, and December 31, 2025, were $40.0 million and $42.2 million, including long-term operating lease liability of $30.4 million and $32.9 million, respectively. Financing obligations from legacy successful sale-and-leaseback transactions as of March 31, 2026, and December 31, 2025, were $8.3 million and $8.9 million, including long-term financing obligations of $5.8 million and $6.5 million, respectively.
At March 31, 2026, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2026$17,513 
202717,930 
202812,270 
20297,642 
20305,889 
20314,063 
Thereafter9,946 
Total minimum lease payments75,253 
Less: imputed interest(34,521)
Present value of net minimum lease payments40,732 
Less: current financing obligations(9,767)
Long-term financing obligations$30,965 
The total financing obligations, as reflected in our condensed consolidated balance sheets, were $216.0 million and $243.8 million as of March 31, 2026, and December 31, 2025, respectively. We expect the difference between these obligations and the principal obligations in the table above to be offset against the carrying value of the related Energy Server systems at the end of the lease and the remainder recognized as either a net gain or net loss at that point. For the three months ended March 31, 2026, we recognized a $9.4 million net gain on failed sale-and-leaseback transactions in Other income, net on our condensed consolidated statements of operations. There were no net loss or net gain on failed sale-and-leaseback transactions for the three months ended March 31, 2025.
Leases Leases
Facilities, Energy Server Systems, and Vehicles
For the three months ended March 31, 2026 and 2025, rent expenses for all occupied facilities were $5.4 million and $5.2 million, respectively.
Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2026, and December 31, 2025, were as follows (in thousands):
March 31,December 31,
20262025
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$109,395 $108,541 
Current operating lease liabilities(21,933)(22,000)
Non-current operating lease liabilities(107,216)(106,935)
Total operating lease liabilities(129,149)(128,935)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
4,745 4,932 
Current finance lease liabilities5
(1,364)(1,370)
Non-current finance lease liabilities6
(3,685)(3,848)
Total finance lease liabilities(5,049)(5,218)
Total lease liabilities$(134,198)$(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 consolidated balance sheets.
The components of our lease costs for the three months ended March 31, 2026 and 2025, were as follows (in thousands):
Three Months Ended
March 31,
20262025
Operating lease costs$8,109 $7,904 
Financing lease costs:
Amortization of right-of-use assets24 177 
Interest on lease liabilities117 82 
Total financing lease costs141 259 
Short-term lease costs608 630 
Total lease costs$8,858 $8,793 
Weighted average remaining lease terms and discount rates for our leases as of March 31, 2026, and December 31, 2025, were as follows:
March 31,December 31,
20262025
Weighted average remaining lease term:
Operating leases5.9 years6 years
Finance leases3.7 years3.8 years
Weighted average discount rate:
Operating leases10.4 %10.5 %
Finance leases9.0 %9.0 %
Future lease payments under lease agreements as of March 31, 2026, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2026$25,436 $1,326 
202734,532 1,675 
202829,477 1,355 
202922,896 1,037 
203020,767 503 
203115,081 2 
Thereafter28,029 — 
Total minimum lease payments176,218 5,898 
Less: amounts representing interest or imputed interest(47,069)(849)
Present value of lease liabilities$129,149 $5,049 
For additional information on leases, see Part II, Item 8, Note 9—Leases, section Facilities, Energy Server Systems, and Vehicles in our 2025 Form 10-K.
Managed Services Financing
For details on Managed Services Financing, refer to Part I, Item 7, section Purchase and Financing Options, sub-section Legacy Financing Structure for Managed Services and Part II, Item 8, Note 9—Leases, section Managed Services Financing in our 2025 Form 10-K.
There were no new successful sale-and-leaseback transactions for the three months ended March 31, 2026 and 2025. The recognized operating lease expense from legacy successful sale-and-leaseback transactions for the three months ended March 31, 2026 and 2025, was $3.3 million and $3.4 million, respectively.
Operating lease right-of-use assets from legacy successful sale-and-leaseback transactions as of March 31, 2026, and December 31, 2025, were $36.9 million and $39.0 million, respectively. Operating lease liabilities from legacy successful sale-and-leaseback transactions as of March 31, 2026, and December 31, 2025, were $40.0 million and $42.2 million, including long-term operating lease liability of $30.4 million and $32.9 million, respectively. Financing obligations from legacy successful sale-and-leaseback transactions as of March 31, 2026, and December 31, 2025, were $8.3 million and $8.9 million, including long-term financing obligations of $5.8 million and $6.5 million, respectively.
At March 31, 2026, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2026$17,513 
202717,930 
202812,270 
20297,642 
20305,889 
20314,063 
Thereafter9,946 
Total minimum lease payments75,253 
Less: imputed interest(34,521)
Present value of net minimum lease payments40,732 
Less: current financing obligations(9,767)
Long-term financing obligations$30,965 
The total financing obligations, as reflected in our condensed consolidated balance sheets, were $216.0 million and $243.8 million as of March 31, 2026, and December 31, 2025, respectively. We expect the difference between these obligations and the principal obligations in the table above to be offset against the carrying value of the related Energy Server systems at the end of the lease and the remainder recognized as either a net gain or net loss at that point. For the three months ended March 31, 2026, we recognized a $9.4 million net gain on failed sale-and-leaseback transactions in Other income, net on our condensed consolidated statements of operations. There were no net loss or net gain on failed sale-and-leaseback transactions for the three months ended March 31, 2025.
Leases Leases
Facilities, Energy Server Systems, and Vehicles
For the three months ended March 31, 2026 and 2025, rent expenses for all occupied facilities were $5.4 million and $5.2 million, respectively.
Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2026, and December 31, 2025, were as follows (in thousands):
March 31,December 31,
20262025
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$109,395 $108,541 
Current operating lease liabilities(21,933)(22,000)
Non-current operating lease liabilities(107,216)(106,935)
Total operating lease liabilities(129,149)(128,935)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
4,745 4,932 
Current finance lease liabilities5
(1,364)(1,370)
Non-current finance lease liabilities6
(3,685)(3,848)
Total finance lease liabilities(5,049)(5,218)
Total lease liabilities$(134,198)$(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 consolidated balance sheets.
The components of our lease costs for the three months ended March 31, 2026 and 2025, were as follows (in thousands):
Three Months Ended
March 31,
20262025
Operating lease costs$8,109 $7,904 
Financing lease costs:
Amortization of right-of-use assets24 177 
Interest on lease liabilities117 82 
Total financing lease costs141 259 
Short-term lease costs608 630 
Total lease costs$8,858 $8,793 
Weighted average remaining lease terms and discount rates for our leases as of March 31, 2026, and December 31, 2025, were as follows:
March 31,December 31,
20262025
Weighted average remaining lease term:
Operating leases5.9 years6 years
Finance leases3.7 years3.8 years
Weighted average discount rate:
Operating leases10.4 %10.5 %
Finance leases9.0 %9.0 %
Future lease payments under lease agreements as of March 31, 2026, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2026$25,436 $1,326 
202734,532 1,675 
202829,477 1,355 
202922,896 1,037 
203020,767 503 
203115,081 2 
Thereafter28,029 — 
Total minimum lease payments176,218 5,898 
Less: amounts representing interest or imputed interest(47,069)(849)
Present value of lease liabilities$129,149 $5,049 
For additional information on leases, see Part II, Item 8, Note 9—Leases, section Facilities, Energy Server Systems, and Vehicles in our 2025 Form 10-K.
Managed Services Financing
For details on Managed Services Financing, refer to Part I, Item 7, section Purchase and Financing Options, sub-section Legacy Financing Structure for Managed Services and Part II, Item 8, Note 9—Leases, section Managed Services Financing in our 2025 Form 10-K.
There were no new successful sale-and-leaseback transactions for the three months ended March 31, 2026 and 2025. The recognized operating lease expense from legacy successful sale-and-leaseback transactions for the three months ended March 31, 2026 and 2025, was $3.3 million and $3.4 million, respectively.
Operating lease right-of-use assets from legacy successful sale-and-leaseback transactions as of March 31, 2026, and December 31, 2025, were $36.9 million and $39.0 million, respectively. Operating lease liabilities from legacy successful sale-and-leaseback transactions as of March 31, 2026, and December 31, 2025, were $40.0 million and $42.2 million, including long-term operating lease liability of $30.4 million and $32.9 million, respectively. Financing obligations from legacy successful sale-and-leaseback transactions as of March 31, 2026, and December 31, 2025, were $8.3 million and $8.9 million, including long-term financing obligations of $5.8 million and $6.5 million, respectively.
At March 31, 2026, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2026$17,513 
202717,930 
202812,270 
20297,642 
20305,889 
20314,063 
Thereafter9,946 
Total minimum lease payments75,253 
Less: imputed interest(34,521)
Present value of net minimum lease payments40,732 
Less: current financing obligations(9,767)
Long-term financing obligations$30,965 
The total financing obligations, as reflected in our condensed consolidated balance sheets, were $216.0 million and $243.8 million as of March 31, 2026, and December 31, 2025, respectively. We expect the difference between these obligations and the principal obligations in the table above to be offset against the carrying value of the related Energy Server systems at the end of the lease and the remainder recognized as either a net gain or net loss at that point. For the three months ended March 31, 2026, we recognized a $9.4 million net gain on failed sale-and-leaseback transactions in Other income, net on our condensed consolidated statements of operations. There were no net loss or net gain on failed sale-and-leaseback transactions for the three months ended March 31, 2025.
Leases Leases
Facilities, Energy Server Systems, and Vehicles
For the three months ended March 31, 2026 and 2025, rent expenses for all occupied facilities were $5.4 million and $5.2 million, respectively.
Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2026, and December 31, 2025, were as follows (in thousands):
March 31,December 31,
20262025
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$109,395 $108,541 
Current operating lease liabilities(21,933)(22,000)
Non-current operating lease liabilities(107,216)(106,935)
Total operating lease liabilities(129,149)(128,935)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
4,745 4,932 
Current finance lease liabilities5
(1,364)(1,370)
Non-current finance lease liabilities6
(3,685)(3,848)
Total finance lease liabilities(5,049)(5,218)
Total lease liabilities$(134,198)$(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 consolidated balance sheets.
The components of our lease costs for the three months ended March 31, 2026 and 2025, were as follows (in thousands):
Three Months Ended
March 31,
20262025
Operating lease costs$8,109 $7,904 
Financing lease costs:
Amortization of right-of-use assets24 177 
Interest on lease liabilities117 82 
Total financing lease costs141 259 
Short-term lease costs608 630 
Total lease costs$8,858 $8,793 
Weighted average remaining lease terms and discount rates for our leases as of March 31, 2026, and December 31, 2025, were as follows:
March 31,December 31,
20262025
Weighted average remaining lease term:
Operating leases5.9 years6 years
Finance leases3.7 years3.8 years
Weighted average discount rate:
Operating leases10.4 %10.5 %
Finance leases9.0 %9.0 %
Future lease payments under lease agreements as of March 31, 2026, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2026$25,436 $1,326 
202734,532 1,675 
202829,477 1,355 
202922,896 1,037 
203020,767 503 
203115,081 2 
Thereafter28,029 — 
Total minimum lease payments176,218 5,898 
Less: amounts representing interest or imputed interest(47,069)(849)
Present value of lease liabilities$129,149 $5,049 
For additional information on leases, see Part II, Item 8, Note 9—Leases, section Facilities, Energy Server Systems, and Vehicles in our 2025 Form 10-K.
Managed Services Financing
For details on Managed Services Financing, refer to Part I, Item 7, section Purchase and Financing Options, sub-section Legacy Financing Structure for Managed Services and Part II, Item 8, Note 9—Leases, section Managed Services Financing in our 2025 Form 10-K.
There were no new successful sale-and-leaseback transactions for the three months ended March 31, 2026 and 2025. The recognized operating lease expense from legacy successful sale-and-leaseback transactions for the three months ended March 31, 2026 and 2025, was $3.3 million and $3.4 million, respectively.
Operating lease right-of-use assets from legacy successful sale-and-leaseback transactions as of March 31, 2026, and December 31, 2025, were $36.9 million and $39.0 million, respectively. Operating lease liabilities from legacy successful sale-and-leaseback transactions as of March 31, 2026, and December 31, 2025, were $40.0 million and $42.2 million, including long-term operating lease liability of $30.4 million and $32.9 million, respectively. Financing obligations from legacy successful sale-and-leaseback transactions as of March 31, 2026, and December 31, 2025, were $8.3 million and $8.9 million, including long-term financing obligations of $5.8 million and $6.5 million, respectively.
At March 31, 2026, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2026$17,513 
202717,930 
202812,270 
20297,642 
20305,889 
20314,063 
Thereafter9,946 
Total minimum lease payments75,253 
Less: imputed interest(34,521)
Present value of net minimum lease payments40,732 
Less: current financing obligations(9,767)
Long-term financing obligations$30,965 
The total financing obligations, as reflected in our condensed consolidated balance sheets, were $216.0 million and $243.8 million as of March 31, 2026, and December 31, 2025, respectively. We expect the difference between these obligations and the principal obligations in the table above to be offset against the carrying value of the related Energy Server systems at the end of the lease and the remainder recognized as either a net gain or net loss at that point. For the three months ended March 31, 2026, we recognized a $9.4 million net gain on failed sale-and-leaseback transactions in Other income, net on our condensed consolidated statements of operations. There were no net loss or net gain on failed sale-and-leaseback transactions for the three months ended March 31, 2025.
v3.26.1
Stock-Based Compensation and Employee Benefit Plans
 3 Months Ended
Mar. 31, 2026
Compensation Related Costs [Abstract]  
Stock-Based Compensation and Employee Benefit Plans 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 March 31, 2026, and December 31, 2025, stock options to purchase 1,892,303 and 2,110,523 shares of Class A common stock were outstanding with a weighted average exercise price of $25.41 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 March 31, 2026, and December 31, 2025, stock options to purchase 3,439,809 and 3,925,002 shares of Class A common stock were outstanding, respectively, with a weighted average exercise price of $10.34 and $10.15 per share, respectively. As of March 31, 2026, and December 31, 2025, 10,648,081 and 12,292,948 restricted stock units (“RSUs”) and performance stock units (“PSUs”) that may be settled for Class A common stock, which were granted pursuant to the 2018 Plan, respectively, were outstanding. As of March 31, 2026, and December 31, 2025, we had 51,453,693 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 Equity Incentive Plan and 2018 Equity Incentive Plan in our 2025 Form 10-K.
Stock-Based Compensation Expense
The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
 Three Months Ended
March 31,
 20262025
Cost of revenue$10,405 $4,829 
Research and development13,158 7,827 
Sales and marketing13,464 4,510 
General and administrative19,977 15,035 
$57,004 $32,201 
For the three months ended March 31, 2026 and 2025, stock-based compensation expense capitalized on inventory and deferred cost of goods sold was $0.6 million and $2.5 million, respectively.
Stock Option and Stock Award Activity
Stock Options
The following table summarizes the stock option activity under our stock plans during the reporting period:
 Outstanding Options
 Number of
Shares		Weighted
Average
Exercise
Price		Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
 (in thousands)
Balances at December 31, 2025
5,741,283 $15.92 4.5$406,957 
Exercised(382,284)19.51 
PSOs adjustment(23,049)— 
Forfeited / Expired
67 24.82 
Balances at March 31, 2026
5,336,017 15.69 4.4638,561 
Vested and expected to vest at March 31, 2026
5,145,255 15.87 4.2615,453 
Exercisable at March 31, 2026
4,045,650 $17.41 3.2$477,729 
During the three months ended March 31, 2026 and 2025, we recognized $1.3 million and $1.4 million of stock-based compensation costs for stock options, respectively.
During the three months ended March 31, 2025, we granted 100,000 stock options, represented by performance-based stock options (“PSOs”) issued to a non-executive employee. PSOs have a 10-year term, an exercise price equal to the fair market value of our Class A common stock on the date of grant, and vest either at the end of three-year performance period, or over a three- or four-year requisite service period. No stock options were granted during the three months ended March 31, 2026.
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the stock options valuation:
 
Three Months Ended March 31,
 2025
Risk-free interest rate
4.1%
Expected term (years)6.1
Expected dividend yield—
Expected volatility
93.4%
During the three months ended March 31, 2026 and 2025, the intrinsic value of stock options exercised were $49.2 million and $1.2 million, respectively.
As of March 31, 2026, and December 31, 2025, we had unrecognized compensation costs related to unvested stock options of $4.1 million and $5.1 million, respectively. This cost is expected to be recognized over the remaining weighted-average period of 1.1 years and 1.3 years, respectively. Cash received from stock options exercised totaled $7.8 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively.
Stock Awards
A summary of our stock awards activity and related information is as follows:
Number of
Awards
Outstanding		Weighted
Average Grant
Date Fair
Value
Unvested Balance at December 31, 2025
12,292,948 $25.74 
Granted680,688 151.03 
Vested(2,158,577)20.78 
Forfeited(166,978)30.16 
Unvested Balance at March 31, 2026
10,648,081 $34.69 
The estimated fair value of RSUs and PSUs is based on the fair market value of our Class A common stock on the date of grant. For the three months ended March 31, 2026 and 2025, we recognized $43.2 million and $28.8 million of stock-based compensation costs for stock awards, respectively.
As of March 31, 2026, and December 31, 2025, we had $344.0 million and $277.1 million of unrecognized stock-based compensation expense related to unvested stock awards, expected to be recognized over a weighted-average period of 2.0 years and 2.0 years, respectively.
Executive Awards
On February 25, 2026, the Company granted RSUs and PSUs to certain executive officers under the 2018 Plan (collectively, the “2026 Executive Awards”).
The RSUs are subject to service‑based vesting conditions. 40% of the RSUs vest on March 1, 2027, and the remaining 60% vest in equal quarterly installments over the following two years.
The PSUs vest entirely at the end of a three‑year performance period (cliff vesting), based on the achievement of specified annual performance targets, and require the executive’s continued employment through the vesting date.
Stock‑based compensation expense for the RSUs is recognized over the requisite service period based on service‑based vesting, while expense for the PSUs is recognized over the three‑year service period based on the Company’s current estimate of the likelihood of achieving the applicable performance targets.
For details on the 2021—2025 Executive Awards and the Replacement Awards, refer to Part II, Item 8, Note 10—Stock-Based Compensation and Employee Benefit Plans, section Executive Awards in our 2025 Form 10-K.
The unamortized compensation expense for the 2021—2026 Executive Awards and the Replacement Awards was as follows (in millions):
March 31,December 31,
20262025
2026 Executive Awards
$31.6 $— 
2025 Executive Awards
17.0 19.9 
2024 Executive Awards and the Replacement Awards
66.5 77.4 
2023 Executive Awards
0.3 0.6 
2022 Executive Awards
0.2 0.3 
2021 Executive Awards
0.2 0.6 
Plan Shares Available for Grant
The following table presents the stock activity and the total number of shares available for grant under our stock plans:
 Plan Shares Available
for Grant
Balances at December 31, 2025
39,709,996 
Added to plan11,934,957 
Granted(680,688)
Cancelled/Forfeited489,428 
Balances at March 31, 2026
51,453,693 
2018 Employee Stock Purchase Plan
For details on the 2018 Employee Stock Purchase Plan (the “2018 ESPP”), refer to Part II, Item 8, Note 10—Stock-Based Compensation and Employee Benefit Plans, section 2018 Employee Stock Purchase Plan in our 2025 Form 10-K.
During the three months ended March 31, 2026 and 2025, we recognized $4.4 million and $2.4 million of stock-based compensation costs for the 2018 ESPP, respectively. We issued 644,651 and 630,607 shares for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026 and 2025, we added an additional 2,983,739 and 2,494,717 shares. There were 20,333,033 and 17,993,945 shares available for issuance as of March 31, 2026, and December 31, 2025, respectively.
As of March 31, 2026, and December 31, 2025, we had $21.2 million and $8.6 million of unrecognized stock-based compensation costs, expected to be recognized over a weighted average period of 0.9 years and 0.6 years, respectively.
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation:
Three Months Ended
March 31,
20262025
Risk-free interest rate
 3.4% - 4.1%
4.1% - 5.0%
Expected term (years)
0.5 - 2.0
0.5 - 2.0
Expected dividend yield
—
—
Expected volatility
80.5%—110.4%
66.2%—115.2%
v3.26.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
There have been no changes in related party relationships during the three months ended March 31, 2026.
Our operations include the following related party transactions (in thousands):
 Three Months Ended
March 31,
 20262025
Total revenue from related parties1
$373,263 $2,783 
General and administrative expenses2
— 173 
Interest expense3
— 47 
Equity in loss of unconsolidated affiliates4
17,002 — 
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 loss of the Fund JVs. Cash distributions from the Fund JVs during the three months ended March 31, 2026, was $0.1 million (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 March 31, 2026, and December 31, 2025 (in thousands):
 March 31,December 31,
20262025
   
Accounts receivable$592 $151,932 
Contract assets, current
74,063 2,967 
Prepaid expenses and other current assets
1,523 1,247 
Investments in unconsolidated affiliates23,261 10,037 
Contract assets, non-current
48,015 48,763 
Other long-term assets
6,680 5,968 
Accrued warranty
4,143 799 
Accrued expenses and other current liabilities1
1,710 39 
Deferred revenue and customer deposits, current
8,078 6,879 
Deferred profit in transactions with unconsolidated affiliates
22,774 13,928 
1 Includes an unfunded investment commitment of $1.4 million related to the Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
SK ecoplant Joint Venture
For information on SK ecoplant Joint Venture, see Part II, Item 8, Note 12—Related Party Transactions, section SK ecoplant Joint Venture in our 2025 Form 10-K.
The following are the aggregate carrying values of the Korean JV’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, as of March 31, 2026, and December 31, 2025 (in
thousands):
March 31,December 31,
20262025
Assets
Current assets:
Cash and cash equivalents$14,722 $25,820 
Accounts receivable12,100 576 
Inventories14,103 33,075 
Prepaid expenses and other current assets7,444 5,688 
Total current assets48,369 65,159 
Property and equipment, net1,330 1,454 
Operating lease right-of-use assets992 1,134 
Other long-term assets196 210 
Total assets$50,887 $67,957 
Liabilities
Current liabilities:
Accounts payable$9,704 $16,342 
Accrued expenses and other current liabilities28,421 19,179 
Operating lease liabilities508 516 
Non-recourse debt3,959 4,153 
Total current liabilities42,592 40,190 
Operating lease liabilities328 484 
Total liabilities$42,920 $40,674 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
Purchase Commitments with Suppliers and Contract Manufacturers—As of March 31, 2026, and December 31, 2025, we had no material open purchase orders with our component suppliers and third-party manufacturers that are expected to be realized within more than a 12-month period and are not cancellable. 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 $8.4 million and $11.6 million for the three months ended March 31, 2026 and 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 classified as Restricted Cash in our condensed consolidated balance sheets. As of March 31, 2026, and December 31, 2025, the balances of the cash-collateralized letters of credit issued to our customers and other counterparties in the U.S. and international locations were $26.2 million and $26.6 million, respectively.
In April 2026, we issued in the ordinary course of business additional standby letters of credit totaling $100.0 million, each with an expiration date of April 1, 2027.
Pledged Funds—In 2019, pursuant to the PPA IIIb repowering of the Energy Server systems, we established a restricted cash fund of $20.0 million, which had been pledged for a seven-year period to secure our operations and maintenance obligations with respect to the totality of our obligations to the financier. These funds will be released to us by the end of 2026 as long as the Energy Server systems continue to perform in compliance with our warranty obligations. As of March 31, 2026, and December 31, 2025, the balance of the restricted cash fund was $0.7 million and $0.9 million, respectively.
Contingencies
Indemnification Agreements—See Part II, Item 8, Note 13—Commitments and Contingencies, section Contingencies in our 2025 Form 10-K. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations with customers and certain other business partners. However, we may record charges in the future as a result of these indemnification obligations.
Investment Tax Credits—See Part II, Item 8, Note 13—Commitments and Contingencies, section Contingencies in our 2025 Form 10-K.
Legal Matters—We are involved in various legal proceedings that arise in the ordinary course of business. We review all legal matters at least quarterly and assess whether an accrual for loss contingencies needs to be recorded. We record an accrual for loss contingencies when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Legal matters are subject to uncertainties and are inherently unpredictable, so the actual liability in any such matter may be materially different from our estimates. If an unfavorable resolution were to occur, there exists the possibility of a material adverse impact on our consolidated financial condition, results of operations or cash flows for the period in which the resolution occurs or in future periods.
In February 2022, Plansee SE/Global Tungsten & Powders Corp. (“Plansee/GTP”), a former supplier, filed a request for expedited arbitration with the World Intellectual Property Organization Arbitration and Mediation Center in Geneva Switzerland (“WIPO”), for various claims allegedly in relation to an Intellectual Property and Confidential Disclosure Agreement between Plansee/GTP and Bloom Energy Corporation. Plansee/GTP’s statement of claims includes allegations of infringement of U.S. Patent Nos. 8,802,328, 8,753,785 and 9,434,003. On April 3, 2022, we filed a complaint against Plansee/GTP in the Eastern District of Texas to address the dispute between Plansee/GTP and Bloom Energy Corporation in a proper forum before a U.S. Federal District Court. Our complaint sought the correction of inventorship of U.S. Patent Nos. 8,802,328, 8,753,785 and 9,434,003 (the “Patents-in-Suit”); declaratory judgment of invalidity, unenforceability, and non-infringement of the Patents-in-Suit; and declaratory judgment of no misappropriation. Further, our complaint sought to recover damages in relation to Plansee/GTP’s business dealings that, as alleged, constitute acts of unfair competition, tortious interference contract, breach of contract, violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act and violations of the Clayton Antitrust Act. On June 9, 2022, Plansee/GTP filed a motion to dismiss the complaint filed in the Eastern District of Texas and compel arbitration (or alternatively to stay). On February 9, 2023, Magistrate Judge Payne issued a report and recommendation to stay the district court action pending an arbitrability determination by the arbitrator for each claim. On April 26, 2023, Judge Gilstrap stayed the district court action pending arbitrability determinations by the arbitrator in the WIPO proceeding. On October 2, 2023, the arbitrator in the WIPO proceeding issued a ruling concluding that all the parties’ claims were arbitrable.
On November 18, 2023, the arbitrator bifurcated the arbitration into a first phase focusing on Bloom’s claims directed to improper inventorship of the Patents‑in‑Suit and Bloom’s defective product claims. Briefing on the first phase took place throughout 2024 and the first half of 2025. An evidentiary hearing with witness testimony commenced on July 21, 2025, and continued through August 1, 2025. A partial award was transmitted to the parties on February 12, 2026. The parties currently dispute whether all first phase issues have been resolved. There are no current timelines in place for conducting additional phases of the arbitration. We are unable to predict the ultimate outcome of the arbitration at this time.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information 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 Company’s 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 Company’s 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.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
For the three months ended March 31, 2026 and 2025, we recorded an income tax provision of $0.4 million and $0.4 million on pre-tax income of $74.1 million and pre-tax losses of $23.0 million for effective tax rates of 0.6% and (1.9)%, respectively. The effective tax rate for the three months ended March 31, 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.
v3.26.1
Net Earnings per Share Available to Common Stockholders
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Net Earnings per Share Available to Common Stockholders Net Earnings per Share Available to Common Stockholders
The Company adopted ASC 260, Earnings per share, guidance from inception. Earnings per share (“EPS”) is the amount of earnings attributable to each share of common stock. For convenience, the term is used to refer to either earnings or loss per share.
We calculate basic earnings per share by dividing net income attributable to common stockholders (the “numerator”) by the weighted average number of common shares outstanding (the “denominator”) during the reporting period. Diluted earnings per share is calculated similarly but reflects the potential impact of outstanding stock options and awards, shares issued in conjunction with the Company’s ESPP by applying the treasury stock method, and other commitments to issue common stock, including shares issuable upon the conversion of convertible notes by applying the if-converted method, except where the impact would be anti-dilutive. For diluted earnings per share, we also adjust the numerator for interest expense on convertible debt, net of the related income tax effect, when assuming conversion under the if-converted method.
The following table provides a reconciliation of the numerator and the denominator used in computing basic and diluted earnings per share attributable to common stockholders (in thousands, except net earnings per share data):
Three Months Ended
March 31,
20262025
Numerator for basic earnings per share:
Net income (loss) attributable to common stockholders$70,653 $(23,814)
Net income (loss), numerator—basic
$70,653 $(23,814)
Numerator for diluted earnings per share:
Net income (loss) attributable to common stockholders$70,653 $(23,814)
Add: debt interest cost, net of taxes4,200 — 
Net income (loss), numerator—diluted
$74,853 $(23,814)
Denominator for basic earnings per share:
Weighted average common shares outstanding281,719 230,210 
Denominator for diluted earnings per share:
Weighted average common shares outstanding—basic
281,719 230,210 
Effect of dilutive securities:
Convertible notes21,371 — 
Stock options and awards16,618 — 
Weighted average common shares outstanding—diluted
319,708 230,210 
Net earnings per share available to common stockholders:
Basic$0.25 $(0.10)
Diluted$0.23 $(0.10)
The following common stock equivalents were excluded from the computation of our earnings per share available to common stockholders, diluted, for the three months ended March 31, 2025, as their inclusion would have been antidilutive (in thousands):
 
Three Months Ended March 31,
 2025
Convertible notes59,955 
Stock options and awards7,265 
67,220 
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On April 9, 2026, we issued the Warrant pursuant to the previously disclosed strategic partnership agreement, constituting a material definitive agreement (for details, see Note 3—Revenue Recognition, section Commitment to Issue Share-Based Consideration Payable to Customer’s Customer in this Quarterly Report on Form 10-Q). The Warrant is fully vested upon issuance, immediately exercisable in whole or in part, at any time during six months from the grant date and is classified as equity. The Warrant has a grant‑date fair value of approximately $261.3 million, which will be accounted for as
consideration payable to a customer’s customer, resulting in a reduction of revenue as the related product performance obligations are satisfied, in accordance with ASC 606 and the share‑based payment measurement guidance in ASC 718.
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.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
John Chambers [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 26, 2026, John Chambers, one of the Company’s directors and founder and Chief Executive Officer of JC2 Investments, LLC adopted a Rule 10b5-1 trading arrangement on behalf of JC Investments, LLC with an expiration date of February 26, 2027 (or such earlier date upon which all transactions contemplated thereunder are completed) for the sale of up to 100,000 shares of common stock of the Company, subject to certain conditions.
Name John Chambers
Title directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 26, 2026
Expiration Date February 26, 2027
Arrangement Duration 365 days
Aggregate Available 100,000
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations
of the U. S. Securities and Exchange Commission (“SEC”), and as permitted by those rules, including all disclosures required by generally accepted accounting principles as applied in the U.S. (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to the current period presentation.
Principles of Consolidation
Principles of Consolidation
For information on the principles of consolidation, see Part II, Item 8, Note 1—Nature of Business, Liquidity and Basis of Presentation, section Principles of Consolidation in our 2025 Form 10-K.
Use of Estimates
Use of Estimates
For information on the use of accounting estimates, see Part II, Item 8, Note 1—Nature of Business, Liquidity and Basis of Presentation, section Use of Estimates in our 2025 Form 10-K.
Equity Method Accounting for Investments in Unconsolidated Affiliates
Equity Method Accounting for Investments in Unconsolidated Affiliates
The distribution rights and priorities set forth in the LLC agreements governing the unconsolidated affiliates differ from Bloom’s underlying percentage ownership interests in those entities. Accordingly, we allocate income or loss from the unconsolidated affiliates using the hypothetical liquidation at book value (“HLBV”) method, which is an acceptable application of the equity method of accounting under ASC 323, Investments—Equity Method and Joint Ventures (“ASC 323”) when contractual cash distribution provisions differ from stated ownership percentages.
Due to the timing of receipt of the unconsolidated affiliates’ financial information, we apply the equity method on a one-quarter reporting lag. Bloom monitors the unconsolidated affiliates for material intervening events during the lag period, and any such events are evaluated and, if necessary, disclosed or reflected in the current reporting period. Management believes that the use of this reporting lag is reasonable and does not materially affect our condensed consolidated results of operations.
Under the HLBV method, at each reporting date, we calculate the amount we would receive if each unconsolidated affiliate were to liquidate all of its assets at their U.S. GAAP book values and distribute the resulting proceeds to creditors and members in accordance with the liquidation priorities set forth in the governing LLC agreement. Our share of income or loss from each unconsolidated affiliate for the period equals the change in our calculated liquidation claim between the beginning
and end of the reporting period, adjusted for capital contributions and distributions 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.
Key inputs to the HLBV calculation include each unconsolidated affiliates’ U.S. GAAP net income or loss, taxable income or loss, book and tax depreciation, Section 704(b) capital account balances, capital contributions and distributions, transferable investment tax credits, and target returns and liquidation priorities specified in the governing LLC agreements. Changes in any of these inputs could have a significant impact on the amount we would be entitled to receive upon a hypothetical liquidation and, consequently, on our equity in earnings or loss from the unconsolidated affiliates.
Distributions Received From Unconsolidated Affiliates
Distributions Received From Unconsolidated Affiliates
We use the “cumulative earnings” approach to classify distributions received from unconsolidated affiliates in our condensed consolidated statements of cash flows. Under this method, distributions received from unconsolidated affiliates are included in our condensed consolidated statements of cash flows as operating activities, unless cumulative distributions exceed our share of cumulative equity in the investee’s net earnings. In such cases, the excess distributions are considered returns of investment and are classified as investing activities.
Recently Issued Accounting Pronouncements, Accounting Guidance Not Yet Adopted and Released Accounting Standards Adopted by the Company
Recently Issued Accounting Pronouncements
Accounting Guidance Not Yet Adopted
Refer to the accounting guidance not yet adopted described in Part II, Item 8, Note 2—Summary of Significant Accounting Policies, section Accounting Guidance Not Yet Adopted in our 2025 Form 10-K. Based on the Company’s continued evaluation, we do not expect a material impact from new accounting guidance not yet adopted to our condensed consolidated financial statements.
Recently Released Accounting Standards Adopted by the Company
In December 2025, Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (“ASU 2025-10”). This update provides authoritative guidance on the recognition, measurement, and presentation of government grants received by business entities, an area previously lacking in U.S. GAAP. The amendments define government grants, establish recognition criteria, and require disclosures about the nature of grants, accounting policies applied, and significant terms and conditions. The amendments are effective for public business entities for annual periods beginning after December 15, 2028, with early adoption permitted. We elected to early adopt this standard as of January 1, 2026 (the beginning of our 2026 annual reporting period), using the modified prospective basis. We made an accounting policy election to account for nonrefundable, transferable tax credits related to assets as a government grant and present the credit separately as deferred income. The deferred income is amortized into Other Income, net over the useful life of the asset generating such credits. Consistent with this election, we account for the transferable tax credits generated from our investments in unconsolidated affiliates as part of our overall equity method pickup consistent with all other items of income or loss reported in the unconsolidated affiliates’ financial statements. To the extent that the accounting policy for transferable tax credits is different from the unconsolidated affiliates, we will recast the unconsolidated affiliates’ financial statements when calculating our equity method income or loss. There were no material impacts to our reported financial position, results of operations, or cash flows resulting from the adoption of this new accounting pronouncement. This standard has no impact on any prior periods presented in our condensed consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). This update introduces a practical expedient for all entities when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers (“ASC 606”). Under the practical expedient, when developing reasonable and supportable forecasts as part of estimating expected credit losses, an entity may assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025‑05 is effective for annual reporting periods beginning after December 15, 2025, including interim periods within those annual reporting periods. We adopted ASU 2025‑05 in the first quarter of 2026. There were no material impacts to our reported financial position, results of operations, or cash flows resulting from the adoption of this new accounting pronouncement.
v3.26.1
Revenue Recognition (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Contract with Customer, Asset and Liability
The following table provides information about accounts receivables, contract assets, customer deposits and deferred revenue from contracts with customers (in thousands):
March 31,December 31,
 20262025
Accounts receivable$359,406 $371,796 
Contract assets305,876 241,186 
Customer deposits151,100 78,207 
Deferred revenue82,254 65,608 
Three Months Ended
March 31,
20262025
 
Beginning balance$241,186 $145,162 
Transferred to accounts receivable from contract assets recognized at the beginning of the period
(43,086)(56,806)
Revenue recognized and not billed as of the end of the period107,776 55,263 
Ending balance$305,876 $143,619 
Deferred revenue activity during the three months ended March 31, 2026 and 2025, consisted of the following (in thousands):
Three Months Ended
March 31,
20262025
 
Beginning balance$65,608 $66,304 
Additions628,001 209,886 
Revenue recognized(611,355)(217,182)
Ending balance$82,254 $59,008 
Schedule of Disaggregation of Revenue
We disaggregate revenue from contracts with customers into four revenue categories: product, installation, service and electricity (in thousands):
Three Months Ended
March 31,
20262025
Revenue from contracts with customers: 
Product revenue $653,348 $211,869 
Installation revenue 25,931 33,651 
Service revenue
 61,879 53,548 
Electricity revenue 5,243 20,194 
Total revenue from contract with customers746,401 319,262 
Revenue from contracts that contain leases:
Electricity revenue4,653 6,759 
Total revenue$751,054 $326,021 
Schedule of Weighted-Average Valuation Assumptions We used the following weighted-average assumptions for determination of the Warrant fair value:
March 31,December 31,
20262025
Risk-free interest rate3.8%3.6%
Expected term (years)0.50.5
Expected dividend yield——
Expected volatility114.5%96.2%
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the stock options valuation:
 
Three Months Ended March 31,
 2025
Risk-free interest rate
4.1%
Expected term (years)6.1
Expected dividend yield—
Expected volatility
93.4%
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation:
Three Months Ended
March 31,
20262025
Risk-free interest rate
 3.4% - 4.1%
4.1% - 5.0%
Expected term (years)
0.5 - 2.0
0.5 - 2.0
Expected dividend yield
—
—
Expected volatility
80.5%—110.4%
66.2%—115.2%
v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents
The carrying values of cash, cash equivalents, and restricted cash approximate fair values and were as follows (in thousands):
March 31,December 31,
 20262025
As Held:
Cash$87,285 $94,997 
Money market funds2,430,999 2,386,583 
$2,518,284 $2,481,580 
As Reported:
Cash and cash equivalents$2,491,433 $2,454,108 
Restricted cash26,851 27,472 
$2,518,284 $2,481,580 
Schedule of Restrictions on Cash and Cash Equivalents
The carrying values of cash, cash equivalents, and restricted cash approximate fair values and were as follows (in thousands):
March 31,December 31,
 20262025
As Held:
Cash$87,285 $94,997 
Money market funds2,430,999 2,386,583 
$2,518,284 $2,481,580 
As Reported:
Cash and cash equivalents$2,491,433 $2,454,108 
Restricted cash26,851 27,472 
$2,518,284 $2,481,580 
Restricted cash consisted of the following (in thousands):
March 31,December 31,
 20262025
Restricted cash, current
$1,251 $1,973 
Restricted cash, non-current
25,600 25,499 
$26,851 $27,472 
v3.26.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on 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
March 31, 2026Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,430,999 $— $— $2,430,999 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $4,360 $4,360 

 Fair Value Measured at Reporting Date Using
December 31, 2025Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$2,386,583 $— $— $2,386,583 
Liabilities
Derivatives:
Embedded EPP derivatives$— $— $5,607 $5,607 
Schedule of Change in Level 3 Financial Liabilities
The changes in the Level 3 financial liabilities during the three months ended March 31, 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(754)
Liabilities at March 31, 2026
$4,360 
Schedule of Fair Values and Carrying Values of Customer Receivables and Debt Instruments The following table presents the estimated fair values and carrying values of debt instruments (in thousands):
 March 31, 2026December 31, 2025
 Net Carrying
Value		Fair ValueNet Carrying
Value		Fair Value
   
Debt instruments
Recourse:
0% Convertible Senior Notes due November 20301
$2,444,939 $2,698,000 $2,442,091 $2,140,536 
3.0% Green Convertible Senior Notes due June 20291
73,594 483,392 73,473 313,740 
3.0% Green Convertible Senior Notes due June 20281
80,143 574,160 98,162 456,764 
Non-recourse:
4.6% Term Loan due October 2026
2,639 2,901 2,769 3,009 
4.6% Term Loan due April 2026
$1,320 $1,499 $1,384 $1,550 
1 The increase in fair value primarily reflects the rise in the Company’s stock price.
v3.26.1
Balance Sheet Components (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Inventory
The components of inventory consisted of the following (in thousands):
March 31,December 31,
 20262025
Raw materials$400,238 $351,757 
Work-in-progress105,462 125,036 
Finished goods226,828 166,513 
$732,528 $643,306 
Schedule of Prepaid Expense and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
March 31,December 31,
 20262025
   
Vendor advances
$25,860 $750 
Receivables from employees23,142 2,507 
Tax receivables7,553 4,509 
Interest receivable6,741 6,029 
Prepaid hardware and software maintenance5,338 6,327 
Prepaid managed services3,996 4,705 
Prepaid corporate insurance3,606 5,182 
Prepaid deferred commissions3,573 3,049 
Prepaid rent2,041 60 
Deferred expenses1,086 1,559 
Prepaid workers compensation508 796 
Prepaid medical insurance452 232 
Deposits made387 376 
Other prepaid expenses and other current assets19,677 13,724 
$103,960 $49,805 
Schedule of Property, Plant and Equipment
Property, plant and equipment, net consisted of the following (in thousands):
March 31,December 31,
 20262025
   
Vehicles, machinery and equipment$216,525 $203,731 
Energy Server systems147,689 165,629 
Leasehold improvements131,857 129,665 
Construction-in-progress91,541 83,067 
Buildings53,513 53,156 
Computers, software and hardware35,644 34,761 
Furniture and fixtures10,693 11,090 
687,462 681,099 
Less: accumulated depreciation(286,374)(282,592)
$401,088 $398,507 
Schedule of Other Long-Term Assets
Other long-term assets consisted of the following (in thousands):
March 31,December 31,
20262025
   
Vendor advances
$31,800 $10,335 
Deferred commissions20,209 19,109 
Deferred expenses8,076 8,111 
Deferred financing costs3,495 3,412 
Deposits made2,876 3,001 
Long-term lease receivable1,908 2,193 
Deferred tax asset1,711 1,780 
Prepaid managed services1,275 1,316 
Prepaid and other long-term assets11,949 7,946 
$83,299 $57,203 
Schedule of Product Warranty Liability And Product Performance Liabilities
Accrued warranty and product performance liabilities consisted of the following (in thousands):
March 31,December 31,
20262025
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.
Schedule of Accrued Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
March 31,December 31,
 20262025
   
General invoice and purchase order accruals$127,757 $76,909 
Compensation and benefits49,277 97,571 
Sales-related liabilities15,539 12,031 
Accrued installation11,725 14,278 
Accrued legal expenses3,503 2,599 
Sales tax liabilities2,708 10,054 
Provision for income tax2,249 2,115 
Accrued consulting expenses2,014 1,475 
Interest payable1,921 913 
Unfunded investment commitment (Note 11)
1,438 — 
Interim VAT liability1,406 281 
Finance lease liability1,364 1,370 
Dividend payable902 — 
Current portion of derivative liabilities727 1,353 
Accrued restructuring costs356 482 
Other767 823 
$223,653 $222,254 
v3.26.1
Investments in Unconsolidated Affiliates (Tables)
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Affiliates As of March 31, 2026, and December 31, 2025, we hold equity interests in the
following Fund JVs:
March 31,December 31,
20262025
AI Fund JVs
Bolt US Class A JVCo LLC9.9%9.9%
Bolt US JVCo LLC9.9%9.9%
Other JVs
ORC HoldCo LLC15.0%15.0%
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 affiliates8,846 
Accrued expenses and other current liabilities
232 
Balances at March 31, 2026
$23,261 
v3.26.1
Outstanding Loans and Security Agreements (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The following is a summary of our debt as of March 31, 2026 (in thousands, except percentage data):
 Unpaid
Principal
Balance		Net Carrying ValueInterest
Rate		Maturity DatesEntity
 CurrentLong-
Term		Total
0% Convertible Senior Notes due November 2030
$2,500,000 $— $2,444,939 $2,444,939 0.0%November 2030Company
3.0% Green Convertible Senior Notes due June 2029
75,125 — 73,594 73,594 3.0%June 2029Company
3.0% Green Convertible Senior Notes due June 2028
81,236 — 80,143 80,143 3.0%June 2028Company
Total recourse debt2,656,361 — 2,598,676 2,598,676 
4.6% Term Loan due October 2026
2,639 2,639 — 2,639 4.6%October 2026Korean JV
4.6% Term Loan due April 2026
1,320 1,320 — 1,320 4.6%April 2026Korean JV
Total non-recourse debt3,959 3,959 — 3,959 
Total debt$2,660,320 $3,959 $2,598,676 $2,602,635 

The following is a summary of our debt as of December 31, 2025 (in thousands, except percentage data):
 Unpaid
Principal
Balance		Net Carrying ValueInterest
Rate		Maturity DatesEntity
 CurrentLong-
Term		Total
0% Convertible Senior Notes due November 2030
$2,500,000 $— $2,442,091 $2,442,091 0.0%November 2030Company
3.0% Green Convertible Senior Notes due June 2029
75,125 — 73,473 73,473 3.0%June 2029Company
3.0% Green Convertible Senior Notes due June 2028
99,655 — 98,162 98,162 3.0%June 2028Company
Total recourse debt2,674,780 — 2,613,726 2,613,726 
4.6% Term Loan due October 2026
2,769 2,769 — 2,769 4.6%October 2026Korean JV
4.6% Term Loan due April 2026
1,384 1,384 — 1,384 4.6%April 2026Korean JV
Total non-recourse debt4,153 4,153 — 4,153 
Total debt$2,678,933 $4,153 $2,613,726 $2,617,879 
Recourse Debt Facilities
0% Convertible Senior Notes due November 2030 ( “the 0% Notes”)
3.0% Green Convertible Senior Notes due June 2029 ( “the 3.0% Green Notes due June 2029”)
3.0% Green Convertible Senior Notes due June 2028 ( “the 3.0% Green Notes due June 2028”)
Issuance date/Indenture date1
November 4, 2025
May 29, 2024
May 16, 2023
Aggregate principal amount issued
$2,500.0 million
$402.5 million
$632.5 million
Initial purchasers’ discount2
$50.0 million
$12.1 million
$15.8 million
Other issuance costs2
$9.9 million
$0.7 million
$3.9 million
Net proceeds received
$2,440.1 million
$389.7 million
$612.8 million
Due date3
November 15, 2030
June 1, 2029
June 1, 2028
Greenshoe option4
$300.0 million
$52.5 million
$82.5 million
Senior, unsecured obligations
Yes
Yes
Yes
Interest rate and payment schedule
Do not bear regular interest and will not accrete in principal amount over time
3.0% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2024
3.0% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2023
Redemption date5
November 20, 2028
June 7, 2027
June 5, 2026
Conversion date6
August 15, 20307
March 1, 20297
March 1, 20287
Conversion trigger quarter-end date6
March 31, 2026
September 30, 20248
September 30, 20238
Initial conversion rate, shares of Class A common stock per $1,000 principal amount of notes9
5.1290
47.9795
53.0427
Initial conversion price, per share of Class A common stock9
$194.97
$20.84
$18.85
Incremental shares under Make-Whole Fundamental Change10, shares of Class A common stock per $1,000 principal amount9
2.6926
15.5932
22.5430
The maximum number of shares into which the notes could have been potentially converted if the conversion features were triggered:
as of March 31, 2026
19,554,000
4,775,899
6,140,280
as of December 31, 2025
19,554,000
4,775,899
7,532,493
Effective interest rate
0.5%
1.1%
4.2%
Customary provisions relating to the occurrence of Events of Default
See footnote 11
See footnote 11
See footnote 11
Classification of net carrying value in condensed consolidated balance sheets.
as of March 31, 2026
Long-term liability
Long-term liability
Long-term liability
as of December 31, 2025
Long-term liability
Long-term liability
Long-term liability
1 Issued pursuant to, and are governed by, an indenture, between us and U.S. Bank Trust Company, National Association, as Trustee, in private placements to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933, as amended.
2 The notes’ initial purchasers’ discount and other issuance costs (collectively, the “Transaction Costs”) were recorded as debt issuance costs and presented a reduction to the notes on our condensed consolidated balance sheets and are amortized to interest expense at an effective interest rate.
3 Unless earlier repurchased, redeemed or converted.
4 Pursuant to the purchase agreement among us and the representatives of the initial purchasers, we granted the initial purchasers an option to purchase an additional aggregate principal amount of the notes. Notes included specified aggregate principal amount pursuant to the full exercise by the initial purchasers of the Greenshoe option.
5 We may not redeem the notes prior to the specified redemption date, subject to a partial redemption limitation. We may elect to redeem, at face value, all or any portion of the notes at any time, and from time to time, on or after the specified redemption date, and on or before the twenty-first (for the 0% Notes and the 3.0% Green Notes due June 2029), or the forty-sixth (for the 3.0% Green Notes due June 2028) scheduled trading day immediately before the maturity date, provided the share price for our Class A common stock exceeds 130% of the conversion price at redemption.
6 Before the specified conversion date, the noteholders have the right to convert their notes only upon the occurrence of certain events, including satisfaction of a condition relating to the closing price of our common stock (the “Closing Price Condition”) or the trading price of the notes (the “Trading Price Condition”), a redemption event, or other specified corporate events. If the Closing Price Condition is met on at least 20 (whether or not consecutive) of the last 30 consecutive trading days in any calendar quarter, and only during such calendar quarter, the noteholders may convert their notes at any time during the immediately following quarter, commencing after the calendar quarter ending on the specified date (i.e., conversion trigger quarter-end date), subject to the partial redemption limitation.
7 Subject to the Trading Price Condition, the noteholders may convert their notes during the five consecutive business days immediately after any ten consecutive trading day period (for the 0% Notes) or the five business days immediately after any five consecutive trading day period (for the 3.0% Green Notes due June 2029 and the 3.0% Green Notes due June 2028) in which the trading price per $1,000 principal amount of the notes, as determined following a request by a holder of the notes, for each day of that period is less than 98% of the product of the closing price of our common stock and the then applicable conversion rate. From and after the specified conversion date, the noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Should the noteholders elect to convert their notes, we may elect to settle the conversion by paying or delivering, as applicable, cash, shares of our Class A common stock, $0.0001 par value per share, or a combination thereof, at our election. Please refer to Part II, Item 8, Note 8—Outstanding Loans and Security Agreements, section Induced Conversions of the Existing Notes in our 2025 Form 10-K for details of the conversion of the 3.0% Green Notes due June 2029 and the 3.0% Green Notes due June 2028 in the fourth quarter of the fiscal year 2025.
8 The Closing Price Condition for the 3.0% Green Notes due June 2029 and the 3.0% Green Notes due June 2028 was met during the three months ended December 31, 2025, and accordingly, the noteholders could convert their notes during the quarter ended March 31, 2026. Refer to section Partial Conversions of 3.0% Green Notes due June 2028 for the 3.0% Green Notes due June 2028 partial conversions. According to the Indenture as of November 4, 2025, the first quarter when the 0% Notes could be converted is the calendar quarter commencing after the calendar quarter ending March 31, 2026.
9 The conversion rate and conversion price are subject to customary adjustments upon the occurrence of certain events. Also, we may increase the conversion rate at any time if our Board of Directors determines it is in the best interests of the Company or to avoid or diminish income tax to holders of common stock. In addition, if certain corporate events that constitute a Make-Whole Fundamental Change, occur, then the conversion rate applicable to the conversion of the notes will, in certain circumstances, increase by up to the specified incremental shares of Class A common stock per $1,000 principal amount of notes for a specified period of time.
10 Make-Whole Fundamental Change means (i) a Fundamental Change, that includes certain change-of-control events relating to us, certain business combination transactions involving us and certain delisting events with respect to our Class A common stock, or (ii) the sending of a redemption notice with respect to the notes.
11 The notes contain certain customary provisions relating to the occurrence of Events of Default, as defined in the underlying indentures. If an Event of Default involving bankruptcy, insolvency or reorganization events with respect to us occurs, then the principal amount of, and all accrued and unpaid interest (regular interest, where applicable, special interest or additional interest, if any) on all of the notes then outstanding will immediately become due and payable without any further action or notice by any person. However, notwithstanding the foregoing, we may elect, at our option, that the sole remedy for an Event of Default relating to certain failures by us to comply with certain reporting covenants in the underlying indentures consists exclusively of the right of the noteholders to receive special interest on the 0% Notes for up to 360 days (on the 0% Notes) or up to 180 days (on the 3.0% Green Notes due June 2029 and the 3.0% Green Notes due June 2028) at a specified rate per annum not exceeding 0.5% on the principal amount of the notes.
The total interest expense recognized related to our notes for the three months ended March 31, 2026 and 2025, comprised of contractual interest expense and amortization of debt issuance costs, was as follows (in thousands):
Three Months Ended
March 31,
20262025
Contractual interest expense
0% Convertible Senior Notes due November 2030
$— $— 
3.0% Green Convertible Senior Notes due June 2029
563 3,019 
3.0% Green Convertible Senior Notes due June 2028
421 4,744 
  Green Convertible Senior Notes due August 2025
— 719 
$984 $8,482 
Amortization of the initial purchasers’ discount and other issuance costs
0% Convertible Senior Notes due November 2030
$2,976 $— 
3.0% Green Convertible Senior Notes due June 2029
121 634 
3.0% Green Convertible Senior Notes due June 2028
144 979 
  Green Convertible Senior Notes due August 2025
— 246 
$3,241 $1,859 
Total interest expense related to our notes
0% Convertible Senior Notes due November 2030
$2,976 $— 
3.0% Green Convertible Senior Notes due June 2029
684 3,653 
3.0% Green Convertible Senior Notes due June 2028
565 5,723 
  Green Convertible Senior Notes due August 2025
— 965 
$4,225 $10,341 
To date, there have been no events necessitating the recognition of special interest expense related to our notes.
The amount of unamortized debt issuance costs of our notes as of March 31, 2026, and December 31, 2025, was as follows (in thousands):
March 31,December 31,
20262025
Unamortized debt issuance costs
0% Convertible Senior Notes due November 2030
$55,061 $57,909 
3.0% Green Convertible Senior Notes due June 2029
1,531 1,652 
3.0% Green Convertible Senior Notes due June 2028
1,093 1,493 
$57,685 $61,054 
Schedule of Repayment and Interest Expense
The following table presents details of our outstanding loan principal repayment schedule as of March 31, 2026 (in thousands):
Remainder of 2026$3,959 
2027— 
202881,236 
202975,125 
20302,500,000 
2031— 
Thereafter— 
$2,660,320 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Assets and Liabilities Leases
Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2026, and December 31, 2025, were as follows (in thousands):
March 31,December 31,
20262025
Operating Leases:
Operating lease right-of-use assets, net 1, 2
$109,395 $108,541 
Current operating lease liabilities(21,933)(22,000)
Non-current operating lease liabilities(107,216)(106,935)
Total operating lease liabilities(129,149)(128,935)
Finance Leases:
Finance lease right-of-use assets, net 2, 3, 4
4,745 4,932 
Current finance lease liabilities5
(1,364)(1,370)
Non-current finance lease liabilities6
(3,685)(3,848)
Total finance lease liabilities(5,049)(5,218)
Total lease liabilities$(134,198)$(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 consolidated balance sheets.
Schedule of Lease, Cost
The components of our lease costs for the three months ended March 31, 2026 and 2025, were as follows (in thousands):
Three Months Ended
March 31,
20262025
Operating lease costs$8,109 $7,904 
Financing lease costs:
Amortization of right-of-use assets24 177 
Interest on lease liabilities117 82 
Total financing lease costs141 259 
Short-term lease costs608 630 
Total lease costs$8,858 $8,793 
Weighted average remaining lease terms and discount rates for our leases as of March 31, 2026, and December 31, 2025, were as follows:
March 31,December 31,
20262025
Weighted average remaining lease term:
Operating leases5.9 years6 years
Finance leases3.7 years3.8 years
Weighted average discount rate:
Operating leases10.4 %10.5 %
Finance leases9.0 %9.0 %
Schedule of Finance Lease, Liability, Fiscal Year Maturity
Future lease payments under lease agreements as of March 31, 2026, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2026$25,436 $1,326 
202734,532 1,675 
202829,477 1,355 
202922,896 1,037 
203020,767 503 
203115,081 2 
Thereafter28,029 — 
Total minimum lease payments176,218 5,898 
Less: amounts representing interest or imputed interest(47,069)(849)
Present value of lease liabilities$129,149 $5,049 
At March 31, 2026, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2026$17,513 
202717,930 
202812,270 
20297,642 
20305,889 
20314,063 
Thereafter9,946 
Total minimum lease payments75,253 
Less: imputed interest(34,521)
Present value of net minimum lease payments40,732 
Less: current financing obligations(9,767)
Long-term financing obligations$30,965 
Schedule of Lessee, Operating Lease, Liability, Maturity
Future lease payments under lease agreements as of March 31, 2026, were as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2026$25,436 $1,326 
202734,532 1,675 
202829,477 1,355 
202922,896 1,037 
203020,767 503 
203115,081 2 
Thereafter28,029 — 
Total minimum lease payments176,218 5,898 
Less: amounts representing interest or imputed interest(47,069)(849)
Present value of lease liabilities$129,149 $5,049 
At March 31, 2026, future lease payments under the Managed Services Agreements financing obligations were as follows (in thousands):
Financing Obligations
Remainder of 2026$17,513 
202717,930 
202812,270 
20297,642 
20305,889 
20314,063 
Thereafter9,946 
Total minimum lease payments75,253 
Less: imputed interest(34,521)
Present value of net minimum lease payments40,732 
Less: current financing obligations(9,767)
Long-term financing obligations$30,965 
v3.26.1
Stock-Based Compensation and Employee Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2026
Compensation Related Costs [Abstract]  
Schedule of Employee and Non-Employee Stock-Based Compensation Expense
The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
 Three Months Ended
March 31,
 20262025
Cost of revenue$10,405 $4,829 
Research and development13,158 7,827 
Sales and marketing13,464 4,510 
General and administrative19,977 15,035 
$57,004 $32,201 
Schedule of Stock Option Activity
The following table summarizes the stock option activity under our stock plans during the reporting period:
 Outstanding Options
 Number of
Shares		Weighted
Average
Exercise
Price		Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
 (in thousands)
Balances at December 31, 2025
5,741,283 $15.92 4.5$406,957 
Exercised(382,284)19.51 
PSOs adjustment(23,049)— 
Forfeited / Expired
67 24.82 
Balances at March 31, 2026
5,336,017 15.69 4.4638,561 
Vested and expected to vest at March 31, 2026
5,145,255 15.87 4.2615,453 
Exercisable at March 31, 2026
4,045,650 $17.41 3.2$477,729 
The unamortized compensation expense for the 2021—2026 Executive Awards and the Replacement Awards was as follows (in millions):
March 31,December 31,
20262025
2026 Executive Awards
$31.6 $— 
2025 Executive Awards
17.0 19.9 
2024 Executive Awards and the Replacement Awards
66.5 77.4 
2023 Executive Awards
0.3 0.6 
2022 Executive Awards
0.2 0.3 
2021 Executive Awards
0.2 0.6 
The following table presents the stock activity and the total number of shares available for grant under our stock plans:
 Plan Shares Available
for Grant
Balances at December 31, 2025
39,709,996 
Added to plan11,934,957 
Granted(680,688)
Cancelled/Forfeited489,428 
Balances at March 31, 2026
51,453,693 
Schedule of Weighted-Average Valuation Assumptions We used the following weighted-average assumptions for determination of the Warrant fair value:
March 31,December 31,
20262025
Risk-free interest rate3.8%3.6%
Expected term (years)0.50.5
Expected dividend yield——
Expected volatility114.5%96.2%
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the stock options valuation:
 
Three Months Ended March 31,
 2025
Risk-free interest rate
4.1%
Expected term (years)6.1
Expected dividend yield—
Expected volatility
93.4%
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation:
Three Months Ended
March 31,
20262025
Risk-free interest rate
 3.4% - 4.1%
4.1% - 5.0%
Expected term (years)
0.5 - 2.0
0.5 - 2.0
Expected dividend yield
—
—
Expected volatility
80.5%—110.4%
66.2%—115.2%
Schedule of Stock Award Activity
A summary of our stock awards activity and related information is as follows:
Number of
Awards
Outstanding		Weighted
Average Grant
Date Fair
Value
Unvested Balance at December 31, 2025
12,292,948 $25.74 
Granted680,688 151.03 
Vested(2,158,577)20.78 
Forfeited(166,978)30.16 
Unvested Balance at March 31, 2026
10,648,081 $34.69 
v3.26.1
Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Our operations include the following related party transactions (in thousands):
 Three Months Ended
March 31,
 20262025
Total revenue from related parties1
$373,263 $2,783 
General and administrative expenses2
— 173 
Interest expense3
— 47 
Equity in loss of unconsolidated affiliates4
17,002 — 
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 loss of the Fund JVs. Cash distributions from the Fund JVs during the three months ended March 31, 2026, was $0.1 million (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 March 31, 2026, and December 31, 2025 (in thousands):
 March 31,December 31,
20262025
   
Accounts receivable$592 $151,932 
Contract assets, current
74,063 2,967 
Prepaid expenses and other current assets
1,523 1,247 
Investments in unconsolidated affiliates23,261 10,037 
Contract assets, non-current
48,015 48,763 
Other long-term assets
6,680 5,968 
Accrued warranty
4,143 799 
Accrued expenses and other current liabilities1
1,710 39 
Deferred revenue and customer deposits, current
8,078 6,879 
Deferred profit in transactions with unconsolidated affiliates
22,774 13,928 
1 Includes an unfunded investment commitment of $1.4 million related to the Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
The following are the aggregate carrying values of the Korean JV’s assets and liabilities in our condensed consolidated balance sheets, after eliminations of intercompany transactions and balances, as of March 31, 2026, and December 31, 2025 (in
thousands):
March 31,December 31,
20262025
Assets
Current assets:
Cash and cash equivalents$14,722 $25,820 
Accounts receivable12,100 576 
Inventories14,103 33,075 
Prepaid expenses and other current assets7,444 5,688 
Total current assets48,369 65,159 
Property and equipment, net1,330 1,454 
Operating lease right-of-use assets992 1,134 
Other long-term assets196 210 
Total assets$50,887 $67,957 
Liabilities
Current liabilities:
Accounts payable$9,704 $16,342 
Accrued expenses and other current liabilities28,421 19,179 
Operating lease liabilities508 516 
Non-recourse debt3,959 4,153 
Total current liabilities42,592 40,190 
Operating lease liabilities328 484 
Total liabilities$42,920 $40,674 
v3.26.1
Net Earnings per Share Available to Common Stockholders (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table provides a reconciliation of the numerator and the denominator used in computing basic and diluted earnings per share attributable to common stockholders (in thousands, except net earnings per share data):
Three Months Ended
March 31,
20262025
Numerator for basic earnings per share:
Net income (loss) attributable to common stockholders$70,653 $(23,814)
Net income (loss), numerator—basic
$70,653 $(23,814)
Numerator for diluted earnings per share:
Net income (loss) attributable to common stockholders$70,653 $(23,814)
Add: debt interest cost, net of taxes4,200 — 
Net income (loss), numerator—diluted
$74,853 $(23,814)
Denominator for basic earnings per share:
Weighted average common shares outstanding281,719 230,210 
Denominator for diluted earnings per share:
Weighted average common shares outstanding—basic
281,719 230,210 
Effect of dilutive securities:
Convertible notes21,371 — 
Stock options and awards16,618 — 
Weighted average common shares outstanding—diluted
319,708 230,210 
Net earnings per share available to common stockholders:
Basic$0.25 $(0.10)
Diluted$0.23 $(0.10)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share
The following common stock equivalents were excluded from the computation of our earnings per share available to common stockholders, diluted, for the three months ended March 31, 2025, as their inclusion would have been antidilutive (in thousands):
 
Three Months Ended March 31,
 2025
Convertible notes59,955 
Stock options and awards7,265 
67,220 
v3.26.1
Nature of Business, Liquidity and Basis of Presentation (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Subsidiary, Sale of Stock [Line Items]      
Net cash provided by (used in) operating activities $ 73,610 $ (110,682)  
Income from operations 72,190 $ (19,070)  
Long-term debt 2,602,635   $ 2,617,879
Short-term debt 4,000   4,200
Long-term portion of debt $ 2,598,676   $ 2,613,726
Sales Revenue, Net | Customer Concentration Risk | Customer One      
Subsidiary, Sale of Stock [Line Items]      
Concentration risk, percentage 50.00% 37.00%  
Sales Revenue, Net | Customer Concentration Risk | Customer Two      
Subsidiary, Sale of Stock [Line Items]      
Concentration risk, percentage 12.00% 29.00%  
Accounts Receivable | Customer Concentration Risk | Customer One      
Subsidiary, Sale of Stock [Line Items]      
Concentration risk, percentage 30.00%   41.00%
Accounts Receivable | Customer Concentration Risk | Customer Two      
Subsidiary, Sale of Stock [Line Items]      
Concentration risk, percentage     17.00%
Accounts Receivable | Customer Concentration Risk | Customer Three      
Subsidiary, Sale of Stock [Line Items]      
Concentration risk, percentage     15.00%
Asia Pacific | Sales Revenue, Net | Geographic Concentration Risk      
Subsidiary, Sale of Stock [Line Items]      
Concentration risk, percentage 91.00% 56.00%  
Total recourse debt      
Subsidiary, Sale of Stock [Line Items]      
Long-term debt $ 2,598,676   $ 2,613,726
Long-term portion of debt 2,598,676   2,613,726
Total non-recourse debt      
Subsidiary, Sale of Stock [Line Items]      
Long-term debt 3,959   4,153
Long-term portion of debt $ 0   $ 0
v3.26.1
Revenue Recognition - Contract Balances (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]        
Accounts receivable $ 359,406 $ 371,796    
Contract assets 305,876 241,186 $ 143,619 $ 145,162
Customer deposits 151,100 78,207    
Deferred revenue $ 82,254 $ 65,608    
v3.26.1
Revenue Recognition - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 5 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2026
Dec. 31, 2025
Oct. 28, 2025
Disaggregation of Revenue [Line Items]          
Decrease in accounts receivable $ 12,400        
Increase in contract assets [1] 64,690 $ (1,543)      
Increase in customer deposits 72,900        
Fair value increase     $ 12,800    
Freestanding Warrant          
Disaggregation of Revenue [Line Items]          
Class of warrant or right, number of securities called by warrants or rights (in shares)         3,531,073
Class of warrant or right, exercise price of warrants or rights (in dollars per share)         $ 113.28
Warrants and rights outstanding 183,600   183,600 $ 55,900  
Product          
Disaggregation of Revenue [Line Items]          
Unsatisfied performance obligations $ 441,100   $ 441,100 394,400  
Product | Minimum          
Disaggregation of Revenue [Line Items]          
Revenue remaining performance obligation, unsatisfied, period 1 year   1 year    
Product | Maximum          
Disaggregation of Revenue [Line Items]          
Revenue remaining performance obligation, unsatisfied, period 2 years   2 years    
Service          
Disaggregation of Revenue [Line Items]          
Unsatisfied performance obligations $ 51,500   $ 51,500 $ 25,000  
Service | Minimum          
Disaggregation of Revenue [Line Items]          
Revenue remaining performance obligation, unsatisfied, period 1 year   1 year    
Service | Maximum          
Disaggregation of Revenue [Line Items]          
Revenue remaining performance obligation, unsatisfied, period 25 years   25 years    
[1] Including changes in related party balances of $70.4 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Revenue Recognition - Contract Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Contract With Customer, Asset, After Allowance for Credit Loss [Roll Forward]    
Beginning balance $ 241,186 $ 145,162
Transferred to accounts receivable from contract assets recognized at the beginning of the period (43,086) (56,806)
Revenue recognized and not billed as of the end of the period 107,776 55,263
Ending balance $ 305,876 $ 143,619
v3.26.1
Revenue Recognition - Contract Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Contract With Customer, Liability, Deferred Revenue [Roll Forward]    
Beginning balance $ 65,608 $ 66,304
Additions 628,001 209,886
Revenue recognized (611,355) (217,182)
Ending balance $ 82,254 $ 59,008
v3.26.1
Revenue Recognition - Schedule of Disaggregation of Revenue (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
revenue_streams
Mar. 31, 2025
USD ($)
Disaggregation of Revenue [Line Items]    
Number of revenue streams | revenue_streams 4  
Total revenue from contract with customers $ 746,401 $ 319,262
Total revenue [1] 751,054 326,021
Product revenue    
Disaggregation of Revenue [Line Items]    
Total revenue from contract with customers 653,348 211,869
Total revenue [1] 653,348 211,869
Installation revenue    
Disaggregation of Revenue [Line Items]    
Total revenue from contract with customers 25,931 33,651
Total revenue [1] 25,931 33,651
Service revenue    
Disaggregation of Revenue [Line Items]    
Total revenue from contract with customers 61,879 53,548
Total revenue [1] 61,879 53,548
Electricity revenue    
Disaggregation of Revenue [Line Items]    
Total revenue from contract with customers 5,243 20,194
Revenue from contracts that contain leases 4,653 6,759
Total revenue [1] $ 9,896 $ 26,953
[1] Including related party revenue of $373.3 million and $2.8 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Revenue Recognition - Schedule of Weighted-Average Valuation Assumptions (Details) - Freestanding Warrant
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Disaggregation of Revenue [Line Items]    
Risk-free interest rate 3.80% 3.60%
Expected term (years) 6 months 6 months
Expected dividend yield 0.00% 0.00%
Expected volatility 114.50% 96.20%
v3.26.1
Financial Instruments - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]        
Cash and cash equivalents [1] $ 2,491,433 $ 2,454,108    
Restricted cash 26,851 27,472    
Cash, cash equivalents and restricted cash 2,518,284 2,481,580 $ 831,358 $ 950,971
Cash        
Debt Securities, Available-for-sale [Line Items]        
Cash, cash equivalents and restricted cash 87,285 94,997    
Money market funds        
Debt Securities, Available-for-sale [Line Items]        
Cash, cash equivalents and restricted cash $ 2,430,999 $ 2,386,583    
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.26.1
Financial Instruments - Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]    
Restricted cash, current $ 1,251 $ 1,973
Restricted cash, non-current 25,600 25,499
Restricted cash $ 26,851 $ 27,472
v3.26.1
Fair Value - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Money market funds $ 2,430,999 $ 2,386,583
Liabilities    
Embedded EPP derivatives 4,360 5,607
Level 1    
Assets    
Money market funds 2,430,999 2,386,583
Liabilities    
Embedded EPP derivatives 0 0
Level 2    
Assets    
Money market funds 0 0
Liabilities    
Embedded EPP derivatives 0 0
Level 3    
Assets    
Money market funds 0 0
Liabilities    
Embedded EPP derivatives $ 4,360 $ 5,607
v3.26.1
Fair Value - Change in Level 3 Financial Assets (Details) - Embedded EPP derivatives - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Mar. 31, 2026
Mar. 31, 2026
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance   $ 5,607
EPP liability settlement $ (500) (493)
Changes in fair value   (754)
Ending balance $ 4,360 $ 4,360
v3.26.1
Fair Value - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Mar. 31, 2026
Mar. 31, 2026
Embedded EPP derivatives    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
EPP liability settlement $ 500 $ 493
v3.26.1
Fair Value - Estimated Fair Values and Carrying Values for Customer Receivables and Debt Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
0% Convertible Senior Notes due November 2030 | Senior Secured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate 0.00% 0.00%
0% Convertible Senior Notes due November 2030 | Net Carrying Value | Senior Secured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 2,444,939 $ 2,442,091
0% Convertible Senior Notes due November 2030 | Fair Value | Senior Secured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 2,698,000 $ 2,140,536
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate 3.00% 3.00%
3.0% Green Convertible Senior Notes due June 2029 | Net Carrying Value | Senior Secured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 73,594 $ 73,473
3.0% Green Convertible Senior Notes due June 2029 | Fair Value | Senior Secured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 483,392 $ 313,740
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate 3.00% 3.00%
3.0% Green Convertible Senior Notes due June 2028 | Net Carrying Value | Senior Secured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 80,143 $ 98,162
3.0% Green Convertible Senior Notes due June 2028 | Fair Value | Senior Secured Notes    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 574,160 $ 456,764
4.6% Term Loan due October 2026 | Term Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate 4.60% 4.60%
4.6% Term Loan due October 2026 | Net Carrying Value | Term Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 2,639 $ 2,769
4.6% Term Loan due October 2026 | Fair Value | Term Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 2,901 $ 3,009
4.6% Term Loan due April 2026 | Term Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest rate 4.60% 4.60%
4.6% Term Loan due April 2026 | Net Carrying Value | Term Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 1,320 $ 1,384
4.6% Term Loan due April 2026 | Fair Value | Term Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 1,499 $ 1,550
v3.26.1
Balance Sheet Components - Inventories, Net (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Raw materials $ 400,238 $ 351,757
Work-in-progress 105,462 125,036
Finished goods 226,828 166,513
Inventory, net [1] 732,528 643,306
Inventory reserves $ 40,900 $ 39,300
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.26.1
Balance Sheet Components - Prepaid Expense and Other Current Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
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
Total prepaid expenses and other current assets [1],[2] $ 103,960 $ 49,805
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $1.5 million and $1.2 million as of March 31, 2026, and December 31, 2025, respectively.
v3.26.1
Balance Sheet Components - Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 687,462 $ 681,099
Less: accumulated depreciation (286,374) (282,592)
Property, plant and equipment, net [1] 401,088 398,507
Vehicles, machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 216,525 203,731
Energy Server systems    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 147,689 165,629
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 131,857 129,665
Construction-in-progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 91,541 83,067
Buildings    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 53,513 53,156
Computers, software and hardware    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 35,644 34,761
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 10,693 $ 11,090
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.26.1
Balance Sheet Components - Property Plant and Equipment, Net Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Property Subject to or Available for Operating Lease [Line Items]    
Depreciation and amortization $ 13,279 $ 11,986
Property, plant and equipment    
Property Subject to or Available for Operating Lease [Line Items]    
Depreciation and amortization $ 13,300 $ 12,000
v3.26.1
Balance Sheet Components - Other Long-Term Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
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
Other long-term assets [1],[2] $ 83,299 $ 57,203
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $6.7 million and $6.0 million as of March 31, 2026, and December 31, 2025, respectively.
v3.26.1
Balance Sheet Components - Accrued Warranty and Product Performance Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Product performance $ 15,090 $ 16,791
Product warranty 23,275 3,222
Accrued warranty liabilities $ 38,365 $ 20,013
v3.26.1
Balance Sheet Components - Standard Product Warranty Liability (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]  
Balances at December 31, 2025 $ 20,013
Accrued warranty, net and product performance liabilities 26,704
Product performance expenditures during the period (8,352)
Balances at March 31, 2026 38,365
Warranty reserve $ 19,700
v3.26.1
Balance Sheet Components - Accrued Other Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
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 0
Interim VAT liability 1,406 281
Finance lease liability 1,364 1,370
Dividend payable 902 0
Current portion of derivative liabilities 727 1,353
Accrued restructuring costs 356 482
Other 767 823
Accrued other current liabilities [1],[2] $ 223,653 $ 222,254
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $1.7 million as of March 31, 2026. Related party balance as of December 31, 2025, was inconsequential.
v3.26.1
Balance Sheet Components - Preferred Stock (Details) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Preferred stock, authorized (in shares) 20,000,000 20,000,000
Preferred stock, par or stated (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, outstanding (in shares) 0 0
Preferred stock, issued (in shares) 0 0
v3.26.1
Investments in Unconsolidated Affiliates - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Aug. 31, 2025
Schedule of Equity Method Investments [Line Items]        
Investments in unconsolidated affiliates [1] $ 23,261   $ 10,037  
Deferred profit in transactions with unconsolidated affiliates [2] 22,774   13,928  
Equity in loss of unconsolidated affiliates [3] 17,002 $ 0    
Financing Structure        
Schedule of Equity Method Investments [Line Items]        
Equity method investment, maximum amount of investment       $ 5,000,000
Equity method investment, term       5 years
Fund JVs        
Schedule of Equity Method Investments [Line Items]        
Equity method investment, maximum exposure on loss 57,800      
Investments in unconsolidated affiliates 23,300      
Equity method investment, remaining unfunded capital commitments 11,400      
Deferred profit in transactions with unconsolidated affiliates 23,000   13,900  
Equity method investment, unfunded investment commitment 69,100      
Deferred profit in transactions with unconsolidated, noncurrent 22,800   $ 13,900  
Equity in loss of unconsolidated affiliates 17,000      
HLBV method of equity method investment loss (2,300)      
Fund JVs | Intersegment Eliminations        
Schedule of Equity Method Investments [Line Items]        
Equity in loss of unconsolidated affiliates $ 14,700      
[1] Represent related party investments in Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[2] Represent the excess of unrealized profit from sales to the Fund JVs over the carrying value of the related equity‑method investments (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[3] Represent related party equity in loss of the Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.26.1
Investments in Unconsolidated Affiliates - Schedule of Interest Entities (Details)
Mar. 31, 2026
Dec. 31, 2025
Bolt US Class A JVCo LLC    
Schedule of Equity Method Investments [Line Items]    
Interest owns percentage 9.90% 9.90%
Bolt US JVCo LLC    
Schedule of Equity Method Investments [Line Items]    
Interest owns percentage 9.90% 9.90%
Brookfield    
Schedule of Equity Method Investments [Line Items]    
Interest owns percentage 15.00% 15.00%
v3.26.1
Investments in Unconsolidated Affiliates - Changes In Investments Balance (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Equity Method Investments and Joint Ventures [Roll Forward]    
Beginning balance [1] $ 10,037  
Current period investment in unconsolidated affiliates 21,286  
Equity in loss of unconsolidated affiliates [2] (17,002) $ 0
Cash distributions received (138)  
Deferred profit in transactions with unconsolidated affiliates 8,846  
Accrued expenses and other current liabilities 232  
Ending balance [1] $ 23,261  
[1] Represent related party investments in Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[2] Represent related party equity in loss of the Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.26.1
Outstanding Loans and Security Agreements - Schedule of Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Unpaid Principal Balance $ 2,660,320 $ 2,678,933
Current 3,959 4,153
Long- Term 2,598,676 2,613,726
Total 2,602,635 2,617,879
Total recourse debt    
Debt Instrument [Line Items]    
Unpaid Principal Balance 2,656,361 2,674,780
Current 0 0
Long- Term 2,598,676 2,613,726
Total 2,598,676 2,613,726
Total non-recourse debt    
Debt Instrument [Line Items]    
Unpaid Principal Balance 3,959 4,153
Current 3,959 4,153
Long- Term 0 0
Total $ 3,959 $ 4,153
0% Convertible Senior Notes due November 2030 | Senior Secured Notes    
Debt Instrument [Line Items]    
Interest Rate 0.00% 0.00%
Unpaid Principal Balance $ 2,500,000 $ 2,500,000
Current 0 0
Long- Term 2,444,939 2,442,091
0% Convertible Senior Notes due November 2030 | Senior Secured Notes | Net Carrying Value    
Debt Instrument [Line Items]    
Total $ 2,444,939 $ 2,442,091
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes    
Debt Instrument [Line Items]    
Interest Rate 3.00% 3.00%
Unpaid Principal Balance $ 75,125 $ 75,125
Current 0 0
Long- Term 73,594 73,473
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes | Net Carrying Value    
Debt Instrument [Line Items]    
Total $ 73,594 $ 73,473
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes    
Debt Instrument [Line Items]    
Interest Rate 3.00% 3.00%
Unpaid Principal Balance $ 81,236 $ 99,655
Current 0 0
Long- Term 80,143 98,162
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | Net Carrying Value    
Debt Instrument [Line Items]    
Total $ 80,143 $ 98,162
4.6% Term Loan due October 2026 | Term Loan    
Debt Instrument [Line Items]    
Interest Rate 4.60% 4.60%
Unpaid Principal Balance $ 2,639 $ 2,769
Current 2,639 2,769
Long- Term 0 0
4.6% Term Loan due October 2026 | Term Loan | Net Carrying Value    
Debt Instrument [Line Items]    
Total $ 2,639 $ 2,769
4.6% Term Loan due April 2026 | Term Loan    
Debt Instrument [Line Items]    
Interest Rate 4.60% 4.60%
Unpaid Principal Balance $ 1,320 $ 1,384
Current 1,320 1,384
Long- Term 0 0
4.6% Term Loan due April 2026 | Term Loan | Net Carrying Value    
Debt Instrument [Line Items]    
Total $ 1,320 $ 1,384
v3.26.1
Outstanding Loans and Security Agreements - Schedule of Recourse Debt Facilities (Details) - Senior Secured Notes
$ / shares in Units, $ in Thousands
 3 Months Ended
Nov. 04, 2025
USD ($)
$ / shares
May 29, 2024
USD ($)
$ / shares
May 16, 2023
USD ($)
$ / shares
Mar. 31, 2026
USD ($)
shares
Mar. 31, 2025
USD ($)
Dec. 31, 2025
shares
Debt Instrument [Line Items]            
Other issuance costs       $ 3,241 $ 1,859  
0% Convertible Senior Notes due November 2030            
Debt Instrument [Line Items]            
Interest Rate       0.00%   0.00%
Aggregate principal amount issued $ 2,500,000          
Initial purchasers’ discount 50,000          
Other issuance costs 9,900     $ 2,976 0  
Net proceeds received 2,440,100          
Greenshoe option $ 300,000          
Convertible, conversion ratio 0.026926          
Effective interest rate 0.50%          
0% Convertible Senior Notes due November 2030 | Class A common stock            
Debt Instrument [Line Items]            
Debt instrument, convertible, stock price trigger (in dollars per share) | $ / shares $ 5.1290          
Convertible stock price (in dollars per share) | $ / shares $ 194.97          
Convertible, conversion ratio 2.6926          
Debt instrument, convertible, number of shares available for conversion (in shares) | shares       19,554,000   19,554,000
3.0% Green Convertible Senior Notes due June 2029            
Debt Instrument [Line Items]            
Interest Rate       3.00%   3.00%
Aggregate principal amount issued   $ 402,500        
Initial purchasers’ discount   12,100        
Other issuance costs   700   $ 121 634  
Net proceeds received   389,700        
Greenshoe option   $ 52,500        
Effective interest rate   1.10%        
3.0% Green Convertible Senior Notes due June 2029 | Class A common stock            
Debt Instrument [Line Items]            
Debt instrument, convertible, stock price trigger (in dollars per share) | $ / shares   $ 47.9795        
Convertible stock price (in dollars per share) | $ / shares   $ 20.84        
Convertible, conversion ratio   15.5932        
Debt instrument, convertible, number of shares available for conversion (in shares) | shares       4,775,899   4,775,899
3.0% Green Convertible Senior Notes due June 2029 | Class A common stock | Maximum            
Debt Instrument [Line Items]            
Convertible, conversion ratio   0.155932        
3.0% Green Convertible Senior Notes due June 2028            
Debt Instrument [Line Items]            
Interest Rate       3.00%   3.00%
Aggregate principal amount issued     $ 632,500      
Initial purchasers’ discount     15,800      
Other issuance costs     3,900 $ 144 $ 979  
Net proceeds received     612,800      
Greenshoe option     $ 82,500      
Effective interest rate     4.20%      
3.0% Green Convertible Senior Notes due June 2028 | Class A common stock            
Debt Instrument [Line Items]            
Debt instrument, convertible, stock price trigger (in dollars per share) | $ / shares     $ 53.0427      
Convertible stock price (in dollars per share) | $ / shares     $ 18.85      
Convertible, conversion ratio     22.5430      
Debt instrument, convertible, number of shares available for conversion (in shares) | shares       6,140,280   7,532,493
3.0% Green Convertible Senior Notes due June 2028 | Class A common stock | Maximum            
Debt Instrument [Line Items]            
Convertible, conversion ratio     0.022543      
v3.26.1
Outstanding Loans and Security Agreements -Recourse Debt Facilities (Footnote) Narrative (Details)
 3 Months Ended
Mar. 31, 2026
day
$ / shares
Dec. 31, 2025
$ / shares
Class A common stock    
Debt Instrument [Line Items]    
Common stock, par value (in dollars per share) | $ / shares $ 0.0001 $ 0.0001
0% Convertible Senior Notes due November 2030 | Senior Secured Notes    
Debt Instrument [Line Items]    
Interest rate 0.00% 0.00%
0% Convertible Senior Notes due November 2030 | Senior Secured Notes | Debt Conversion Terms One    
Debt Instrument [Line Items]    
Threshold trading days 5  
Threshold consecutive trading days 10  
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes    
Debt Instrument [Line Items]    
Interest rate 3.00% 3.00%
Debt instrument, percentage of product closing price 98.00%  
Debt instrument, covenant, event of default, special interest received by noteholders, period 180 days  
Debt instrument, covenant, event of default, special interest received by noteholders, not to exceed 0.50%  
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes | Maximum    
Debt Instrument [Line Items]    
Debt instrument, covenant, event of default, special interest received by noteholders, period 360 days  
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes | Debt Conversion Terms Two    
Debt Instrument [Line Items]    
Threshold trading days 5  
Threshold consecutive trading days 5  
3.0% Green Convertible Senior Notes due June 2028    
Debt Instrument [Line Items]    
Redemption price, percentage 130.00%  
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes    
Debt Instrument [Line Items]    
Interest rate 3.00% 3.00%
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes    
Debt Instrument [Line Items]    
Threshold trading days 20  
Threshold consecutive trading days 30  
v3.26.1
Outstanding Loans and Security Agreements - Schedule of Total Interest Expense and Amortization of Debt Issuance Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Nov. 04, 2025
May 29, 2024
May 16, 2023
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Debt Instrument [Line Items]            
Total interest expense related to our notes [1]       $ 8,604 $ 14,411  
Unamortized debt issuance costs       57,685   $ 61,054
Senior Secured Notes            
Debt Instrument [Line Items]            
Contractual interest expense       984 8,482  
Amortization of the initial purchasers’ discount and other issuance costs       3,241 1,859  
Total interest expense related to our notes       $ 4,225 10,341  
0% Convertible Senior Notes due November 2030 | Senior Secured Notes            
Debt Instrument [Line Items]            
Interest rate       0.00%   0.00%
Contractual interest expense       $ 0 0  
Amortization of the initial purchasers’ discount and other issuance costs $ 9,900     2,976 0  
Total interest expense related to our notes       2,976 0  
Unamortized debt issuance costs       $ 55,061   $ 57,909
3.0% Green Convertible Senior Notes due June 2029 | Senior Secured Notes            
Debt Instrument [Line Items]            
Interest rate       3.00%   3.00%
Contractual interest expense       $ 563 3,019  
Amortization of the initial purchasers’ discount and other issuance costs   $ 700   121 634  
Total interest expense related to our notes       684 3,653  
Unamortized debt issuance costs       $ 1,531   $ 1,652
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes            
Debt Instrument [Line Items]            
Interest rate       3.00%   3.00%
Contractual interest expense       $ 421 4,744  
Amortization of the initial purchasers’ discount and other issuance costs     $ 3,900 144 979  
Total interest expense related to our notes       565 5,723  
Unamortized debt issuance costs       1,093   $ 1,493
2.5% Green Convertible Senior Notes due August 2025 | Senior Secured Notes            
Debt Instrument [Line Items]            
Contractual interest expense       0 719  
Amortization of the initial purchasers’ discount and other issuance costs       0 246  
Total interest expense related to our notes       $ 0 $ 965  
[1] Including related party interest expense of $0.1 million for the three months ended March 31, 2025. There were no related party interest expense for the three months ended March 31, 2026.
v3.26.1
Outstanding Loans and Security Agreements - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 19, 2025
Debt Instrument [Line Items]        
Interest expense [1] $ 8,604 $ 14,411    
Interest expense debt 4,200 10,400    
Senior Secured Notes        
Debt Instrument [Line Items]        
Interest expense 4,225 10,341    
Line of Credit | Revolving Credit Facility        
Debt Instrument [Line Items]        
Maximum borrowing capacity       $ 600,000
Debt instrument, deferred financing costs 3,700   $ 3,700  
Amortization of issuance costs $ 200      
Line of Credit | Letter of Credit        
Debt Instrument [Line Items]        
Maximum borrowing capacity       $ 90,000
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes        
Debt Instrument [Line Items]        
Interest rate 3.00%   3.00%  
Debt conversion, converted instrument, amount $ 18,400      
Debt conversion, original debt, amount 18,200      
Adjustments to additional paid in capital, convertible debt adjustments 18,200      
Interest expense $ 565 $ 5,723    
3.0% Green Convertible Senior Notes due June 2028 | Senior Secured Notes | Class A common stock        
Debt Instrument [Line Items]        
Debt conversion, shares issued (in shares) 976,992      
[1] Including related party interest expense of $0.1 million for the three months ended March 31, 2025. There were no related party interest expense for the three months ended March 31, 2026.
v3.26.1
Outstanding Loans and Security Agreements - Schedule of Repayments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Long-term Debt, Fiscal Year Maturity [Abstract]    
Remainder of 2026 $ 3,959  
2027 0  
2028 81,236  
2029 75,125  
2030 2,500,000  
2031 0  
Thereafter 0  
Total $ 2,660,320 $ 2,678,933
v3.26.1
Leases - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Lessee, Lease, Description [Line Items]      
Rent expense $ 5,400,000 $ 5,200,000  
Total revenue from contract with customers 746,401,000 319,262,000  
Total lease costs 8,858,000 8,793,000  
Operating lease right-of-use assets [1] 109,395,000   $ 108,541,000
Present value of lease liabilities 129,149,000   128,935,000
Operating lease liabilities, noncurrent [1] 107,216,000   106,935,000
Financing obligations 152,834,000   192,460,000
Gain (loss) on financing obligations 9,400,000 0  
Successful Sale-And-Leaseback Transactions      
Lessee, Lease, Description [Line Items]      
Operating lease right-of-use assets 36,900,000   39,000,000.0
Present value of lease liabilities 40,000,000.0   42,200,000
Operating lease liabilities, noncurrent 30,400,000   32,900,000
Long term financing obligations 8,300,000   8,900,000
Financing obligations 5,800,000   6,500,000
Installation      
Lessee, Lease, Description [Line Items]      
Total revenue from contract with customers 25,931,000 33,651,000  
Managed Services | Variable Interest Entity, Primary Beneficiary      
Lessee, Lease, Description [Line Items]      
Total lease costs 3,300,000 3,400,000  
Financing obligations 216,000,000.0   $ 243,800,000
Managed Services | Variable Interest Entity, Primary Beneficiary | Installation      
Lessee, Lease, Description [Line Items]      
Total revenue from contract with customers $ 0 $ 0  
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.26.1
Leases - Operating and Financing Lease Right-of-Use Assets and Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets and Liabilities, Lessee:    
Operating lease right-of-use assets, non-current [1] $ 109,395 $ 108,541
Current operating lease liabilities [1] (21,933) (22,000)
Non-current operating lease liabilities [1] (107,216) (106,935)
Total operating lease liabilities $ (129,149) $ (128,935)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net
Finance lease right-of-use assets, net $ 4,745 $ 4,932
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Operating lease liabilities, current Operating lease liabilities, current
Current finance lease liabilities $ (1,364) $ (1,370)
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
Non-current finance lease liabilities $ (3,685) $ (3,848)
Total finance lease liabilities (5,049) (5,218)
Total lease liabilities $ (134,198) $ (134,153)
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
v3.26.1
Leases - Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating lease costs $ 8,109 $ 7,904
Amortization of right-of-use assets 24 177
Interest on lease liabilities 117 82
Total financing lease costs 141 259
Short-term lease costs 608 630
Total lease costs $ 8,858 $ 8,793
v3.26.1
Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)
Mar. 31, 2026
Dec. 31, 2025
Weighted average remaining lease term:    
Operating leases 5 years 10 months 24 days 6 years
Finance leases 3 years 8 months 12 days 3 years 9 months 18 days
Weighted average discount rate:    
Operating leases 10.40% 10.50%
Finance leases 9.00% 9.00%
v3.26.1
Leases - Future Minimum Lease Payments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Operating Leases    
Remainder of 2026 $ 25,436  
2027 34,532  
2028 29,477  
2029 22,896  
2030 20,767  
2031 15,081  
Thereafter 28,029  
Total minimum lease payments 176,218  
Less: amounts representing interest or imputed interest (47,069)  
Present value of lease liabilities 129,149 $ 128,935
Finance Leases    
Remainder of 2026 1,326  
2027 1,675  
2028 1,355  
2029 1,037  
2030 503  
2031 2  
Thereafter 0  
Total minimum lease payments 5,898  
Less: amounts representing interest or imputed interest (849)  
Present value of lease liabilities $ 5,049 $ 5,218
v3.26.1
Leases - Financial Obligations and Sublease Payments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Finance Leases    
Remainder of 2026 $ 1,326  
2027 1,675  
2028 1,355  
2029 1,037  
2030 503  
2031 2  
Thereafter 0  
Total minimum lease payments 5,898  
Less: imputed interest (849)  
Present value of lease liabilities 5,049 $ 5,218
Less: current financing obligations (1,364) (1,370)
Long-term financing obligations 3,685 $ 3,848
Variable Interest Entity, Primary Beneficiary | Managed Services    
Finance Leases    
Remainder of 2026 17,513  
2027 17,930  
2028 12,270  
2029 7,642  
2030 5,889  
2031 4,063  
Thereafter 9,946  
Total minimum lease payments 75,253  
Less: imputed interest (34,521)  
Present value of lease liabilities 40,732  
Less: current financing obligations (9,767)  
Long-term financing obligations $ 30,965  
v3.26.1
Stock-Based Compensation and Employee Benefit Plans - Equity Incentive Plan Narrative (Details) - $ / shares
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of outstanding options (in shares) 5,336,017 5,741,283
Weighted average exercise price, outstanding options (in dollars per share) $ 15.69 $ 15.92
2012 Equity Incentive Plan | Class A common stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of outstanding options (in shares) 1,892,303 2,110,523
Weighted average exercise price, outstanding options (in dollars per share) $ 25.41 $ 25.67
Number of common stock reserved for issuance (in shares) 0  
2018 Equity Incentive Plan | Restricted Stock Units and Performance Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (in shares) 10,648,081 12,292,948
2018 Equity Incentive Plan | Class A common stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of outstanding options (in shares) 3,439,809 3,925,002
Weighted average exercise price, outstanding options (in dollars per share) $ 10.34 $ 10.15
Number of common stock reserved for issuance (in shares) 51,453,693 39,709,996
v3.26.1
Stock-Based Compensation and Employee Benefit Plans - Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Share-based compensation expense $ 57,004 $ 32,201
Cost of revenue    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Share-based compensation expense 10,405 4,829
Research and development    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Share-based compensation expense 13,158 7,827
Sales and marketing    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Share-based compensation expense 13,464 4,510
General and administrative    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Share-based compensation expense 19,977 15,035
Inventories    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Share-based payment arrangement, amount capitalized 600 2,500
Deferred Cost of Goods    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Share-based payment arrangement, amount capitalized $ 600 $ 2,500
v3.26.1
Stock-Based Compensation and Employee Benefit Plans - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Number of Shares    
Outstanding, beginning (in shares) 5,741,283  
Exercised (in shares) (382,284)  
PSO adjustment (in shares) (23,049)  
Forfeited / Expired (in shares) 67  
Outstanding, ending (in shares) 5,336,017 5,741,283
Vested and expected to vest (in shares) 5,145,255  
Exercisable (in shares) 4,045,650  
Weighted Average Exercise Price    
Outstanding, beginning (in dollars per share) $ 15.92  
Exercised (in dollar per shares) 19.51  
PSO adjustment (in dollars per shares) 0  
Forfeited/Expired (in dollars per share) 24.82  
Outstanding, ending (in dollars per share) 15.69 $ 15.92
Vested and expected to vest (in dollars per share) 15.87  
Exercisable (in dollars per share) $ 17.41  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]    
Outstanding, remaining contractual life 4 years 4 months 24 days 4 years 6 months
Outstanding, aggregate intrinsic value $ 638,561 $ 406,957
Vested and expected to vest, remaining contractual life 4 years 2 months 12 days  
Vested and expected to vest, aggregate intrinsic value $ 615,453  
Exercisable, remaining contractual life 3 years 2 months 12 days  
Exercisable, aggregate intrinsic value $ 477,729  
v3.26.1
Stock-Based Compensation and Employee Benefit Plans - Stock Options Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Stock options and awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Allocated share-based compensation expense $ 1.3 $ 1.4  
Stock options exercised, intrinsic value 49.2 1.2  
Unrecognized compensation cost related to unvested stock options $ 4.1   $ 5.1
Expense expected to be recognized over remaining weighted-average period 1 year 1 month 6 days   1 year 3 months 18 days
Cash received $ 7.8 $ 1.2  
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Granted (in shares) 0 100,000  
Expiration period   10 years  
Stock-based compensation vesting period   3 years  
Performance Shares | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Requisite service period   3 years  
Performance Shares | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Requisite service period   4 years  
v3.26.1
Stock-Based Compensation and Employee Benefit Plans - Weighted-Average Assumptions (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Stock options and awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk-free interest rate   4.10%
Expected term (years)   6 years 1 month 6 days
Expected dividend yield   0.00%
Expected volatility   93.40%
Performance Shares | 2018 ESPP    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk-free interest rate (minimum) 3.40% 4.10%
Risk-free interest rate (maximum) 4.10% 5.00%
Expected dividend yield 0.00% 0.00%
Expected volatility (minimum) 80.50% 66.20%
Expected volatility (maximum) 110.40% 115.20%
Performance Shares | 2018 ESPP | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (years) 6 months 6 months
Performance Shares | 2018 ESPP | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (years) 2 years 2 years
v3.26.1
Stock-Based Compensation and Employee Benefit Plans - Stock Award Activity (Details) - Restricted Stock Units
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Number of Awards Outstanding  
Unvested balance (in shares) | shares 12,292,948
Granted (in shares) | shares 680,688
Vested (in shares) | shares (2,158,577)
Forfeited (in shares) | shares (166,978)
Unvested balance (in shares) | shares 10,648,081
Weighted Average Grant Date Fair Value  
Unvested balance (in dollars per share) | $ / shares $ 25.74
Granted (in dollars per share) | $ / shares 151.03
Vested (in dollars per share) | $ / shares 20.78
Forfeited (in dollars per share) | $ / shares 30.16
Unvested balance (in dollars per share) | $ / shares $ 34.69
v3.26.1
Stock-Based Compensation and Employee Benefit Plans - Stock Awards Narrative (Details) - Restricted Stock Units - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Allocated share-based compensation expense $ 43.2 $ 28.8  
Unrecognized stock-based compensation cost $ 344.0   $ 277.1
Expense expected to be recognized over a weighted-average period 2 years   2 years
v3.26.1
Stock-Based Compensation and Employee Benefit Plans - Executive Awards Narrative (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
RSUs | 2025 Executive Awards | Tranche One    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage 40.00%  
Share-based compensation arrangement by share-based payment award, quarterly vesting installments, duration 2 years  
RSUs | 2025 Executive Awards | Tranche One | Vesting in Equal Quarterly Installments    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage 60.00%  
Performance Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation vesting period   3 years
Performance Shares | 2025 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation vesting period 3 years  
v3.26.1
Stock-Based Compensation and Employee Benefit Plans - Executive Awards (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
2026 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unamortized compensation expense $ 31.6 $ 0.0
2025 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unamortized compensation expense 17.0 19.9
2024 Executive Awards and the Replacement Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unamortized compensation expense 66.5 77.4
2023 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unamortized compensation expense 0.3 0.6
2022 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unamortized compensation expense 0.2 0.3
2021 Executive Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unamortized compensation expense $ 0.2 $ 0.6
v3.26.1
Stock-Based Compensation and Employee Benefit Plans - Number of Shares Available for Grant (Details)
 3 Months Ended
Mar. 31, 2026
shares
Share-based Compensation Arrangement by Share-based Payment Award, Available for Grant [Roll Forward]  
Beginning balance (in shares) 39,709,996
Added to plan (in shares) 11,934,957
Granted (in shares) (680,688)
Cancelled/Forfeited (in shares) 489,428
Ending Balance (in shares) 51,453,693
v3.26.1
Stock-Based Compensation and Employee Benefit Plans - Employee Stock Purchase Plan (Details) - 2018 ESPP - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee stock ownership plan (ESOP), compensation expense (reversal) $ 4.4 $ 2.4  
Number of shares issued (in shares) 644,651 630,607  
Number of additional shares authorized (in shares) 2,983,739 2,494,717  
Number of common stock reserved for issuance (in shares) 20,333,033   17,993,945
Unrecognized stock-based compensation cost $ 21.2   $ 8.6
Expense expected to be recognized over a weighted-average period 10 months 24 days   7 months 6 days
v3.26.1
Related Party Transactions - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Related Party Transaction [Line Items]    
Total revenue [1] $ 751,054,000 $ 326,021,000
Equity Method Investee    
Related Party Transaction [Line Items]    
Total revenue $ 0  
[1] Including related party revenue of $373.3 million and $2.8 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Related Party Transactions - Results of Operations (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2023
loan
Related Party Transaction [Line Items]      
Total revenue [1] $ 751,054,000 $ 326,021,000  
General and administrative expenses [2] 58,066,000 44,900,000  
Equity in loss of unconsolidated affiliates [3] (17,002,000) 0  
Distributions received from unconsolidated affiliates [4] 138,000 0  
SK Ecoplant | Korean Joint Venture      
Related Party Transaction [Line Items]      
Number of term loans | loan     2
Related Party      
Related Party Transaction [Line Items]      
Total revenue 373,263,000 2,783,000  
General and administrative expenses 0 173,000  
Interest expense 0 47,000  
Equity in loss of unconsolidated affiliates 17,002,000 $ 0  
Distributions received from unconsolidated affiliates $ 100,000    
[1] Including related party revenue of $373.3 million and $2.8 million for the three months ended March 31, 2026 and 2025, respectively.
[2] Including related party general and administrative expenses of $0.2 million for the three months ended March 31, 2025. There were no related party general and administrative expenses for the three months ended March 31, 2026.
[3] Represent related party equity in loss of the Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[4] Represent related party distributions received from unconsolidated affiliates (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.26.1
Related Party Transactions - Related Party Transactions and Balances (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Related Party Transaction [Line Items]      
Accounts receivable [1],[2] $ 359,406   $ 371,796
Contract assets, current [3] 242,595   178,928
Prepaid expenses and other current assets [1],[4] 103,960   49,805
Investments in unconsolidated affiliates [5] 23,261   10,037
Contract assets, non-current [6] 63,281   62,258
Other long-term assets [1],[7] 83,299   57,203
Accrued warranty [8] 38,365   20,013
Accrued expenses and other current liabilities [1],[9] 223,653   222,254
Deferred revenue and customer deposits, current [10] 194,094   100,975
Deferred profit in transactions with unconsolidated affiliates [11] 22,774   13,928
Unfunded investment commitment (Note 11) [12] 1,438 $ 0  
Fund JVs      
Related Party Transaction [Line Items]      
Investments in unconsolidated affiliates 23,300    
Deferred profit in transactions with unconsolidated affiliates 23,000   13,900
Related Party      
Related Party Transaction [Line Items]      
Accounts receivable 592   151,932
Contract assets, current 74,063   2,967
Prepaid expenses and other current assets 1,523   1,247
Investments in unconsolidated affiliates 23,261   10,037
Contract assets, non-current 48,015   48,763
Other long-term assets 6,680   5,968
Accrued warranty 4,143   799
Accrued expenses and other current liabilities 1,710   39
Deferred revenue and customer deposits, current 8,078   6,879
Deferred profit in transactions with unconsolidated affiliates 22,774   $ 13,928
Related Party | Fund JVs      
Related Party Transaction [Line Items]      
Unfunded investment commitment (Note 11) $ 1,400    
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $0.6 million and $151.9 million as of March 31, 2026, and December 31, 2025, respectively.
[3] Including amounts from related parties of $74.1 million and $3.0 million as of March 31, 2026, and December 31, 2025, respectively.
[4] Including amounts from related parties of $1.5 million and $1.2 million as of March 31, 2026, and December 31, 2025, respectively.
[5] Represent related party investments in Fund JVs (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[6] Including amounts from related parties of $48.0 million and $48.8 million as of March 31, 2026, and December 31, 2025, respectively.
[7] Including amounts from related parties of $6.7 million and $6.0 million as of March 31, 2026, and December 31, 2025, respectively.
[8] Including amounts from related parties of $4.1 million and $0.8 million as of March 31, 2026, and December 31, 2025, respectively.
[9] Including amounts from related parties of $1.7 million as of March 31, 2026. Related party balance as of December 31, 2025, was inconsequential.
[10] Including amounts from related parties of $8.1 million and $6.9 million as of March 31, 2026, and December 31, 2025, respectively.
[11] Represent the excess of unrealized profit from sales to the Fund JVs over the carrying value of the related equity‑method investments (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
[12] Represents related party unfunded investment commitment pertaining to unconsolidated affiliates (see Note 7—Investments in Unconsolidated Affiliates in this Quarterly Report on Form 10-Q).
v3.26.1
Related Party Transactions - Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents [1] $ 2,491,433 $ 2,454,108
Accounts receivable [1],[2] 359,406 371,796
Inventories [1] 732,528 643,306
Prepaid expenses and other current assets [1],[3] 103,960 49,805
Total current assets 3,954,536 3,730,567
Operating lease right-of-use assets [1] 109,395 108,541
Other long-term assets [1],[4] 83,299 57,203
Total assets 4,664,729 4,396,711
Current liabilities:    
Contract assets, non-current [1] 241,649 203,129
Accrued expenses and other current liabilities [1],[5] 223,653 222,254
Operating lease liabilities [1] 21,933 22,000
Non-recourse debt [1] 3,959 4,153
Total current liabilities 786,804 623,832
Operating lease liabilities [1] 107,216 106,935
Total liabilities 3,716,721 3,603,748
Korean JV    
Current assets:    
Cash and cash equivalents 14,722 25,820
Accounts receivable 12,100 576
Inventories 14,103 33,075
Prepaid expenses and other current assets 7,444 5,688
Total current assets 48,369 65,159
Property and equipment, net 1,330 1,454
Operating lease right-of-use assets 992 1,134
Other long-term assets 196 210
Total assets 50,887 67,957
Current liabilities:    
Contract assets, non-current 9,704 16,342
Accrued expenses and other current liabilities 28,421 19,179
Operating lease liabilities 508 516
Non-recourse debt 3,959 4,153
Total current liabilities 42,592 40,190
Operating lease liabilities 328 484
Total liabilities $ 42,920 $ 40,674
[1] We have a variable interest entity related to a joint venture in the Republic of Korea (see Note 11—Related Party Transactions in this Quarterly Report on Form 10-Q), which represents a portion of the consolidated balances recorded within these financial statement line items.
[2] Including amounts from related parties of $0.6 million and $151.9 million as of March 31, 2026, and December 31, 2025, respectively.
[3] Including amounts from related parties of $1.5 million and $1.2 million as of March 31, 2026, and December 31, 2025, respectively.
[4] Including amounts from related parties of $6.7 million and $6.0 million as of March 31, 2026, and December 31, 2025, respectively.
[5] Including amounts from related parties of $1.7 million as of March 31, 2026. Related party balance as of December 31, 2025, was inconsequential.
v3.26.1
Commitments and Contingencies (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2019
Apr. 30, 2026
Dec. 31, 2025
Dec. 19, 2025
Operating Leased Assets [Line Items]            
Purchase obligation $ 0       $ 0  
PPA expenses 8,400,000 $ 11,600,000        
Restricted cash 26,851,000       27,472,000  
Restricted cash, non-current 25,600,000       25,499,000  
Letter of Credit | Line of Credit            
Operating Leased Assets [Line Items]            
Maximum borrowing capacity           $ 90,000,000.0
Letter of Credit | Line of Credit | Subsequent Event            
Operating Leased Assets [Line Items]            
Maximum borrowing capacity       $ 100,000,000.0    
Variable Interest Entity, Primary Beneficiary | PPA II            
Operating Leased Assets [Line Items]            
Restricted cash 26,200,000       26,600,000  
Variable Interest Entity, Primary Beneficiary | PPA IIIB            
Operating Leased Assets [Line Items]            
Restricted cash     $ 20,000,000.0      
Restricted cash, pledged as collateral, term     7 years      
Variable Interest Entity, Primary Beneficiary | PPA Company 5            
Operating Leased Assets [Line Items]            
Restricted cash, non-current $ 700,000       $ 900,000  
v3.26.1
Segment Information (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segment 1
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax expense (benefit) $ 445 $ 431
Pre-tax income (loss) $ 74,136 $ (22,983)
Effective income tax rate 0.60% (1.90%)
v3.26.1
Net Earnings per Share Available to Common Stockholders - Schedule Of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator for basic earnings per share:    
Net income (loss) attributable to common stockholders $ 70,653 $ (23,814)
Net income (loss), numerator—basic 70,653 (23,814)
Numerator for diluted earnings per share:    
Net income (loss) attributable to common stockholders 70,653 (23,814)
Add: debt interest cost, net of taxes 4,200 0
Net income (loss), numerator—diluted $ 74,853 $ (23,814)
Denominator for basic earnings per share:    
Weighted average shares of common stock, basic (in shares) 281,719 230,210
Effect of dilutive securities:    
Convertible notes 21,371 0
Stock options and awards 16,618 0
Weighted average shares of common stock, diluted (in shares) 319,708 230,210
Net earnings per share available to common stockholders:    
Basic (in dollars per share) $ 0.25 $ (0.10)
Diluted (in dollars per share) $ 0.23 $ (0.10)
v3.26.1
Net Earnings per Share Available to Common Stockholders - Schedule of Antidilutive Securities (Details)
shares in Thousands
 3 Months Ended
Mar. 31, 2025
shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Antidilutive securities (in shares) 67,220
Convertible notes  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Antidilutive securities (in shares) 59,955
Stock options and awards  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Antidilutive securities (in shares) 7,265
v3.26.1
Subsequent Events (Details) - Subsequent Event - Freestanding Warrant
$ in Millions
Apr. 09, 2026
USD ($)
Subsequent Event [Line Items]  
Warrant term 6 months
Warrant consideration payable to customer $ 261.3