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What is already expected?","session":"2026-09-13"}],"memory":{"as_of":"2026-09-18","bands":{"1d":{"p10":-5.072,"p50":0.043,"p90":3.772,"p_up":0.507},"5d":{"p10":-7.645,"p50":0.039,"p90":9.885,"p_up":0.503},"10d":{"p10":-10.278,"p50":-0.345,"p90":13.991,"p_up":0.463}},"state":"up/above/off/stuck/effort/weak/some","reason":null,"coverage":"ok","analogs_n":300,"disclaimer":"Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"Q2 showed a material increase in product revenue and operating profit. The research question is how much of that growth persists after delivery timing, warranty provisions and customer funding normalize. H1 CFO of $300.0M included $301.2M from net deferred revenue and customer deposits. That funding can be valuable, but it does not independently establish recurring cash generation. Product and service margins, GAAP expenses and deposit cash flows remain separate in the model.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Track delivery timing against the $3.9B-$4.2B revenue range, product and service gross profit, warranty reserve usage and cash before net customer funding. Lower deposits without matching underlying cash conversion would weaken the funding picture."},"no_side":true,"sources":[{"url":"https://investor.bloomenergy.com/press-releases/press-release-details/2026/Bloom-Energy-Reports-Record-Second-Quarter-2026-Financial-Results-and-Raises-Full-Year-2026-Guidance/default.aspx","title":"July 28 Q2 results and raised annual guidance","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1664703/000162828026050247/be-20260630.htm","title":"July 28 Form 10-Q: warranty, related parties and customer funding","retrieved":"2026-09-19"}],"business":{"drivers":["Power-system deliveries and customer acceptance","Product warranty costs and service profitability","Manufacturing investment and net customer deposits"],"description":"Bloom Energy sells on-site power systems using solid-oxide fuel cells, installs them and provides long-term service. Product shipments and acceptance drive most revenue; installation, service and electricity contribute different margins. Data-center demand expands the addressable market, but factory capacity, customer concentration, warranty performance and contract cash timing determine how much revenue becomes durable cash."},"earnings":{"source":"Undated in the latest note (https://chartlibrary.io/research/views/be-power-growth-expectations-powl-20260913): Revisit after Monday's completed session, then following the September 15-16 FOMC meeting and Friday's close","next_report_date":null},"identity":{"cik":1664703,"sic":"3620","name":"Bloom Energy Corp","symbol":"BE","cluster":"AI infrastructure & power","exchange":"NYSE"},"research":{"risks":["Large deployments create customer and delivery concentration.","Warranty performance can consume future cash even after a reserve is recorded.","Deposits and deferred revenue are temporary funding, not incremental profit.","Service profitability depends on fleet reliability and contract pricing.","Related-party and joint-venture arrangements can defer profit or change cash timing.","Convertible debt and equity compensation can dilute per-share outcomes."],"title":"From fuel-cell deliveries to cash without deposit support","question":"Can rising power-system shipments produce durable cash after warranty, manufacturing and working-capital needs?","economics":"H1 revenue reached $1,816.4M and GAAP operating income $254.4M. Q2 product revenue was $935.4M, while service generated $12.9M gross profit and installation remained slightly loss-making. The company raised FY2026 revenue guidance to $3.9B-$4.2B; its approximately 34% margin and $800M-$900M operating-income targets are non-GAAP. H1 CFO before the $301.2M net customer-funding contribution was negative $1.2M. Q2 alone generated $14.7M before that line. A specific $58.3M assurance warranty reserve and related-party revenue concentration require attention: H1 related-party revenue was $376.1M, but only $2.8M occurred in Q2. June unrestricted cash was $2,666.9M against $2,470.7M long-term recourse debt, with additional current debt and finance obligations.","change_note":"First sourced segment and cash model. Adds the June financial quarter absent from the generic feed and explicitly separates non-GAAP company guidance from GAAP desk scenarios.","checkpoints":[{"event":"Next results","watch":"Check product acceptance, service gross profit and GAAP versus adjusted expenses.","timing":"Q3 2026; release date unconfirmed","date_status":"estimated"},{"event":"Customer-funding bridge","watch":"Separate deposit/deferred revenue changes from other operating cash.","timing":"Each quarterly cash-flow release","date_status":"estimated"},{"event":"Manufacturing and warranty execution","watch":"Compare capacity spending, product costs and actual reserve payments with revenue growth.","timing":"FY2026-27 expansion period","date_status":"estimated"}],"countercase":"Power scarcity can support strong demand while delivery or warranty execution disappoints. Deposits can reverse, high product growth can require inventory and factory spending, and related-party arrangements can complicate the relationship between recognized revenue and cash.","limitations":["Desk scenarios are not company guidance, paid consensus, a complete balance sheet or an equity valuation. Forecast EPS is omitted because converts, dilution and noncontrolling interests require a separate ownership model.","The company margin, operating-income and EPS guidance is non-GAAP. The modeled gross profit and operating income are GAAP scenarios and are not forced to equal those adjusted targets.","Cash before customer funding removes the net deferred-revenue/customer-deposit cash-flow line, not all customer receipts. Other working capital and warranty cash spending remain separate assumptions.","Product gross margins include warranty economics; no automatic reserve reversal or non-GAAP addback is assumed. Related-party revenue and deferred JV profit can alter recognition and cash timing.","FY2027 segment growth and capex are desk assumptions. Marketing comparisons of future power-system cost do not become contracted orders or modeled revenue."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":1027447260.0000001},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":1206133740.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":1324290174.9000003},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":1444680190.8000002}],"basis":"Desk base scenario from the operating model; not consensus.","consensus":null,"revisions":[]},"scorecard":{"inside_5d":1,"notes_scored":1,"band_coverage_5d":1.0},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. 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