Bloom Energy Reports Fourth Quarter and Full Year 2025 Financial Results with Record Full Year Revenues SAN JOSE, Calif., February 5, 2026—Bloom Energy Corporation (NYSE: BE) reported today its financial results for the fourth quarter and the full year ended December 31, 2025. The company had record revenue of $2.02 billion for the full year driven by significant growth from the AI data center industry and continued strong demand from the C&I business. Full Year Highlights Fourth Quarter Highlights Product ...

Core Viewpoint - Bloom Energy Corporation reported record revenue of $2.02 billion for the full year 2025, marking a significant growth driven by the AI data center industry and strong demand from the commercial and industrial (C&I) sector [1]. Full Year Highlights - Revenue for 2025 reached $2.02 billion, representing a 37.3% increase compared to $1.47 billion in 2024 [1]. - The growth in revenue was primarily attributed to the expansion in the AI data center industry and sustained demand from the C&I business [1].

Core Viewpoint - Enphase Energy's stock surged by 40% following the release of better-than-expected fourth-quarter earnings and first-quarter guidance, despite a decline in earnings and revenue [1]. Financial Performance - Enphase reported a fourth-quarter EPS of 71 cents, which represents a 24.5% decrease compared to the previous year [1]. - Revenue for the fourth quarter was $343.3 million, reflecting a 10.4% decline year-over-year [1]. - Analysts had anticipated earnings of 59 cents per share and sales of $338.4 million prior to the earnings release [1]. Market Reaction - The stock market reacted positively to Enphase's guidance, leading to a significant increase in its stock price [1]. - The performance of Enphase contrasts with other companies in the clean energy sector, such as Bloom Energy, which saw a 20% decline in its stock price following its earnings release [1].

Core Viewpoint - Bloom Energy Corp's shares experienced a significant decline after reaching an all-time high, as investors await a crucial earnings report that may not meet high expectations [1][2]. Stock Performance - The stock surged 6.83% to $166.79 on Tuesday, marking an all-time high, but fell 18.51% to $137.71 on Wednesday [2][6]. - The stock is currently facing mixed momentum, with a neutral RSI of 69.16 and a bullish MACD indicating potential overbought conditions [5]. Earnings Expectations - Analysts expect earnings per share (EPS) of 24 cents for the upcoming report, a notable decrease from 43 cents year-over-year [3]. - Revenue is projected to be $646.84 million, an increase from $572.39 million in the same period last year [3]. Recent Performance - The company has shown strong execution, beating estimates for four consecutive quarters with an average EPS surprise of 1.8% [4]. - In the most recent quarter, Bloom Energy reported an EPS of 15 cents, exceeding the 5 cents estimate, and revenue of $519.05 million, surpassing expectations of $420.79 million [4]. Analyst Consensus - The stock holds a Hold Rating with an average price target of $79.81 [6]. - Recent analyst actions include a neutral rating from Roth Capital with a target raised to $133, a Buy initiation from China Renaissance with a target of $207, and an Equal-Weight initiation from Barclays with a target of $153 [6].

Core Viewpoint - Bloom Energy Corp's shares experienced a significant decline after reaching an all-time high, as investors await a critical earnings report that may not meet expectations [1][2]. Stock Performance - The stock surged 6.83% to $166.79 on Tuesday, marking an all-time high, but fell 18.51% to $137.71 on Wednesday [2][6]. - The stock's current price action indicates a mixed momentum with a neutral RSI of 69.16 and a bullish MACD [5]. Earnings Expectations - Analysts expect earnings per share (EPS) of 24 cents for the upcoming report, a decline from 43 cents year-over-year [3]. - Revenue is projected to be $646.84 million, an increase from $572.39 million in the same period last year [3]. Recent Performance - The company has shown strong execution, beating estimates in four consecutive quarters with an average EPS surprise of 1.8% [4]. - In the most recent quarter, Bloom Energy reported an EPS of 15 cents, exceeding the estimate of 5 cents, and revenue of $519.05 million, surpassing expectations of $420.79 million [4]. Analyst Consensus - The stock holds a Hold Rating with an average price target of $79.81 [6]. - Recent analyst actions include a neutral rating from Roth Capital with a target raised to $133, a Buy initiation from China Renaissance with a target of $207, and an Equal-Weight initiation from Barclays with a target of $153 [6].

Financial Data and Key Metrics Changes - In 2025, the company raised $112 billion of capital, reflecting strong demand from various investor types [7] - Fee-bearing capital increased by 12% year-over-year to over $600 billion, with fee-related earnings reaching a record $3 billion, up 22% year-over-year [8] - Distributable earnings were $2.7 billion, an increase of 14% from the prior year [8][26] Business Line Data and Key Metrics Changes - In renewable power, significant investments included acquiring Neoen and National Grid's US renewables platform [15] - The private equity sector saw investments in Chemelex, a global industrial technology business [15] - Infrastructure investments included Hotwire Communications and Colonial Pipeline, enhancing the company's footprint in essential services [15] Market Data and Key Metrics Changes - The company entered 2026 with a favorable market backdrop, characterized by stabilized interest rates and resilient economic growth [9] - There is renewed global demand for real assets that generate stable cash flows, particularly in the context of inflation protection [9][10] Company Strategy and Development Direction - The company aims to double its business by 2030 and achieve a 15% annualized earnings growth [10] - A significant focus is on expanding access to private assets for individual investors through retirement and long-duration savings vehicles [10] - The company is well-positioned to capture growth opportunities in infrastructure, private equity, and credit sectors [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, expecting strong fundraising momentum and growth across various platforms [25] - The company anticipates a record year for fundraising, particularly in private equity and infrastructure [19][25] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to support growth initiatives [33] Other Important Information - The board of directors approved a 15% increase in the quarterly dividend to $0.50025 per share, payable on March 31, 2026 [34] - The company plans to enhance disclosure around partner managers to provide clearer insights into its evolving platform [26] Q&A Session Summary Question: Is secondaries a strategically important area for the company? - Management acknowledged that secondaries are a growing segment and will be opportunistic in exploring this area, focusing on highly additive opportunities [37][38] Question: Can you elaborate on the growth outlook for 2026? - Management expects growth rates in the mid- to high teens, driven by strong fundraising and deployment activity, with several initiatives expected to add $200 million to fee-related earnings [40][42] Question: How does the company view AI-related disruption? - Management sees AI as a net positive, with minimal exposure to software businesses, focusing instead on long-term contracted real assets [48][49] Question: What is the company's liquidity position? - The company has over $3 billion in liquidity, which supports growth initiatives and capital deployment [52][56] Question: How is the company positioned in the credit market? - Management noted robust demand for credit, particularly in real asset and asset-backed lending, with modest redemptions in private wealth strategies [76][77] Question: What is the outlook for the wealth channel? - The company expects continued growth in the wealth channel, driven by new product launches and strong early reception [80][81]

Core Insights - Wall Street analysts anticipate Bloom Energy (BE) will report quarterly earnings of $0.25 per share, reflecting a year-over-year decline of 41.9% [1] - Expected revenues for the quarter are projected at $649.12 million, which represents a 13.4% increase compared to the same quarter last year [1] - There have been no revisions in the consensus EPS estimate over the last 30 days, indicating stability in analysts' forecasts [1] Revenue Projections - Analysts estimate 'Revenue- Installation' to be $61.21 million, indicating a significant year-over-year increase of 69.6% [4] - The 'Revenue- Service' is expected to reach $76.43 million, reflecting a year-over-year growth of 42.1% [4] - 'Revenue- Electricity' is projected at $15.23 million, showing a year-over-year increase of 41% [4] - 'Revenue- Product' is anticipated to be $496.02 million, with a modest year-over-year growth of 5.2% [5] Profitability Metrics - The average prediction for 'Gross profit (loss)- Product' is estimated at $183.12 million, down from $218.08 million in the previous year [5] Stock Performance - Bloom Energy shares have increased by 50.3% over the past month, significantly outperforming the Zacks S&P 500 composite, which rose by 1.8% [5] - The company holds a Zacks Rank of 3 (Hold), suggesting it is expected to closely follow overall market performance in the near term [5]

Core Insights - Bloom Energy (BE) is set to report its fourth-quarter 2025 results on February 5, with earnings estimated at 25 cents per share and revenues of $649.1 million, reflecting a year-over-year revenue increase of 13.41% but a decline in earnings of 41.86% [1][5] Earnings Performance - Bloom Energy has consistently beaten the Zacks Consensus Estimate in the past four quarters, with an average earnings surprise of 88.25% [2][3] Earnings Prediction Model - The Zacks model indicates that Bloom Energy is not expected to beat earnings this quarter, as it has an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold) [6][8] Market Position and Demand - The company is likely to benefit from increasing demand for onsite, grid-independent power solutions, particularly as traditional utility lead times lengthen [5][19] - Bloom Energy's ongoing projects in South Korea and the growing installations of its Energy Server systems are expected to positively impact earnings [11][22] Financial Developments - In the fourth quarter, Bloom Energy issued new notes, raising net proceeds of $2.16 billion, which were used to redeem existing notes and for general corporate purposes, including R&D and manufacturing expansion [9] Strategic Partnerships - The company entered a $5 billion partnership with Brookfield to provide onsite power to Brookfield's global AI factories, leveraging its expertise in fuel cell technology [10] Stock Performance - Bloom Energy's stock has increased by 332.5% over the past six months, significantly outperforming the Zacks Alternative Energy – Other industry, which rose by 6% [12] Profitability Metrics - Bloom Energy's return on invested capital (ROIC) stands at 5.22%, outperforming the industry average of 1.06%, indicating superior profitability and operational efficiency [15] Valuation - The company is currently trading at a premium valuation, with a forward 12-month price-to-sales (P/S) ratio of 13.23X compared to the industry average of 4.68X [17] Investment Thesis - Bloom Energy is well-positioned to capitalize on the growing demand for clean power and its ability to provide rapid, onsite energy solutions, which are increasingly attractive to utilities and customers [19][20]

Industry Overview - The Zacks Alternate Energy- Other industry is gaining importance as countries work to reduce fossil-fuel dependence and curb emissions in the power sector [1] - Fuel-cell systems are emerging as a promising solution, generating electricity through a hydrogen-oxygen reaction that produces only water and heat, offering an efficient alternative to combustion-based power sources [1] Company Focus: Bloom Energy Corporation (BE) - Bloom Energy utilizes solid-oxide fuel cell technology to provide clean, reliable power through its Energy Server platform, which minimizes grid losses and scales from kilowatts to megawatts [3] - The company is well positioned for sustained revenue growth and margin expansion due to rising demand for decarbonization, grid resilience, and hydrogen solutions [3] - The Zacks Consensus Estimate for Bloom Energy's earnings per share in 2026 has increased year-over-year by 78.75%, with long-term earnings growth projected at 25% [6] - Bloom Energy's current return on equity (ROE) is 29.39%, indicating stronger capital efficiency compared to its competitor [12] - Over the past six months, Bloom Energy's stock has soared 316%, benefiting from rising demand for clean power [13] Company Focus: Plug Power Inc. (PLUG) - Plug Power provides clean energy through hydrogen fuel cell technology, enhancing efficiency in material-handling equipment with fast refueling and longer run times [4] - The Zacks Consensus Estimate for Plug Power's earnings per share in 2026 has increased year-over-year by 55.7% [7] - Plug Power's current ROE is negative at -105.98%, highlighting challenges in capital efficiency [12] - Despite near-term profitability and execution hurdles, Plug Power is positioned to capitalize on logistics decarbonization and clean energy adoption [4] Financial Metrics Comparison - Bloom Energy's debt-to-capital ratio stands at 66.43%, significantly higher than Plug Power's 19.05%, indicating a greater reliance on debt for operations [10] - The price-to-sales ratio for Bloom Energy is 13.37X, while for Plug Power it is 3.77X, suggesting that investors are willing to pay more for Bloom Energy's sales [11] Summary of Investment Potential - Both Bloom Energy and Plug Power are investing in research and utilizing fuel cell technology to provide reliable power [16] - Bloom Energy's stronger earnings estimates, higher ROE, and solid price performance make it a more attractive investment compared to Plug Power, despite both companies currently holding a Zacks Rank 3 (Hold) [16]

Financial Data and Key Metrics Changes - Brookfield Infrastructure Partners generated funds from operations (FFO) of $2.6 billion in 2025, reflecting a 10% increase compared to 2024 when normalized for asset sales and foreign exchange [4][5] - The fourth quarter FFO reached a record of $0.87 per unit, leading to a conservative payout ratio of 66% and a 6% increase in quarterly distribution to $1.82 per unit, marking the 17th consecutive year of distribution increases of at least 5% [5][6] Business Line Data and Key Metrics Changes - The transport segment generated FFO of $1.1 billion, consistent with the prior year after normalizing for $1.8 billion in capital recycling initiatives, with higher revenues in rail and toll road segments [6][7] - The midstream segment's FFO increased by 7% year-over-year to $668 million, driven by higher volumes in Canadian natural gas operations and a newly acquired US refined products pipeline [7][8] - The data segment's FFO surged over 50% to $502 million, attributed to new investments and strong organic growth, including the commissioning of 220 megawatts of capacity at hyperscale data centers [8][9] Market Data and Key Metrics Changes - The global data center platform has development potential of approximately 3.6 gigawatts, with contracted capacity exceeding 2.3 gigawatts [9] - In 2025, corporates invested around $500 billion into AI-related infrastructure, with expectations for further capital investment in the next two years [11][12] Company Strategy and Development Direction - The company is focused on a prudent, risk-focused approach to AI infrastructure investing, emphasizing long-term contracts and selective partnerships with investment-grade counterparties [12][13] - Brookfield Infrastructure aims to capitalize on structural themes such as digitalization, decarbonization, and deglobalization, positioning itself for a super cycle in infrastructure investment [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating a return to 10% or higher per unit growth, supported by resilient cash flows and a robust pipeline of investment opportunities [20][21] - The company highlighted the importance of maintaining a disciplined execution strategy to convert demand into durable returns, particularly in the data center sector [16][17] Other Important Information - The company achieved record liquidity of $6 billion at the end of 2025, bolstered by $3.1 billion in asset sale proceeds [9] - Significant new investments included a $125 million acquisition of a South Korean industrial gas business and a $300 million investment in a railcar leasing platform [19] Q&A Session Summary Question: Can you elaborate on your contract approach to mitigate technology risk in data centers? - Management explained that long-term contracts (around 15 years) help avoid technology risks by ensuring that any necessary infrastructure changes are not at their cost [28][30] Question: What is the expected return on new data center developments? - Management indicated that new data centers yield a return of 9% to 10%, with monetization at cap rates of 5.5% to 6%, leading to potential equity returns in the high teens or twenties [26][27] Question: Can you provide details on the KKR acquisition of data centers? - Management stated that they cannot disclose specific transaction details but confirmed joint ventures with institutional investors across North America and Europe, totaling about 850 megawatts [35][36] Question: What is the outlook for inflation indexation across geographies in 2026? - Management expects inflation indexation in OECD markets to average between 2% and 3%, with emerging markets like India and Brazil ranging from 2% to 4% [46][47] Question: How is the capital backlog in data operations expected to evolve? - Management noted a significant increase in the capital backlog, driven by hyperscale projects, and expects about $1.5 billion to come online in 2026 [51][59]