Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $777.7 million, up 35.9% year-over-year, while full-year revenue reached a record $2 billion, up 37.3% from 2024 [18][20] - Adjusted EBITDA for Q4 was $146.1 million, slightly down from $147.3 million in Q4 2024, indicating strong operating leverage as the company scales [19] - Non-GAAP gross margin for Q4 was 31.9%, down from 39.3% in Q4 2024, while full-year non-GAAP gross margin improved to 30.3% from 28.7% in 2024 [18][20] - The company ended Q4 with $2.5 billion in total cash and a service backlog of approximately $14 billion [19][21] Business Line Data and Key Metrics Changes - The service business achieved a gross margin of approximately 20% for the first time in Q4, marking the third consecutive quarter of double-digit margins [19] - Product backlog increased by 140% year-over-year to about $6 billion, with the C&I backlog growing over 135% year-over-year [7][21] - The company reported a product margin of 37% while service margins were approximately 20% [19] Market Data and Key Metrics Changes - The geographic mix of the U.S. backlog has shifted, with over 80% now coming from states with lower power costs, compared to over 80% from California and the Northeast two years ago [9][10] - The demand from data center and commercial and industrial (C&I) customers is secular and growing, driven by digitization, automation, electrification, and reshoring [8][9] Company Strategy and Development Direction - The company aims to become the standard for on-site power, focusing on rapid deployment and reliability, particularly in the context of AI and data centers [6][10] - Bloom Energy is investing in its commercial team to capitalize on growing sales opportunities and plans to expand manufacturing capacity as needed [8][10] - The introduction of 800 volts DC technology is positioned as a competitive advantage, aligning with the needs of modern data centers [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, expecting 2026 revenue to be between $3.1 billion and $3.3 billion, with a non-GAAP operating income of approximately $425 million to $475 million [22] - The company anticipates continued improvements in service profitability as it expands its install base and scales operations [21] - Management highlighted the importance of customer satisfaction and repeat business, noting that over two-thirds of business comes from repeat customers [25][26] Other Important Information - The company has a strong focus on technology innovation, with ongoing investments in R&D to enhance its product offerings and maintain competitive advantages [16][34] - Bloom Energy's approach to manufacturing is described as asset-light, allowing for rapid scaling without the lengthy delivery backlogs faced by traditional suppliers [11][12] Q&A Session Summary Question: Follow-on opportunities at existing customers - Management noted that over two-thirds of business comes from repeat customers, indicating strong traction and satisfaction with initial projects [25][26] Question: Milestones for capacity expansion - Management stated that decisions on capacity expansion are continuous and based on market opportunities, emphasizing their capital-light approach [27][29] Question: Deployment of HVDC architecture - Management expressed confidence in the competitive advantage of 800-volt DC technology and its anticipated adoption by data centers [30][31] Question: Progress on combined heat and power solutions - Management highlighted the potential for absorption chillers to reduce electricity usage significantly, enhancing competitiveness [38][41] Question: Competitive landscape against legacy technologies - Management indicated that Bloom Energy is increasingly operating in the same project size category as combined-cycle gas turbines, showcasing their competitive capabilities [45][48] Question: Life of fuel cell stacks and service margins - Management reported eight consecutive quarters of profitability in the service business, with improvements in fuel cell stack life contributing to this trend [50][51] Question: Supplier growth projections - Management acknowledged the enthusiasm from supply chain partners but clarified that they do not provide long-term guidance [56][57] Question: U.S. vs. international market opportunities - Management emphasized that while the U.S. market is currently the focus due to rapid growth, they plan to expand globally in the future [60][62] Question: Pricing strategy and leverage - Management stated that pricing is market-driven and that they do not foresee issues balancing growth and profitability [66][68] Question: Interest in potential M&A - Management indicated that while they can be selective about acquisitions, their primary focus remains on scaling their core product [69][70]

For more on the AI power buildout, we're joined by Bloom Energy CEO KR Shredar. Uh KR, it's great to have you on. Um you know, it's understandable that investors are impatient to try and gain leverage to this massive trend and everybody keeps having higher estimates of the power needs.The street is pushing back and saying, "Look, it can only happen so quickly in terms of the the build out the pipeline of where you can actually deploy." So, how do you uh characterize where you are in that process. So two or ...