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Balance Sheet Components | 12 Months Ended
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Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Components | Balance Sheet Components Inventories The components of inventory consist of the following (in thousands):
|  | December 31,
|  | 2025 |  | 2024
Raw materials |  | $ | 351,757 |  |  | $ | 315,735 |
Work-in-progress |  | 125,036 |  |  | 79,601 |
Finished goods |  | 166,513 |  |  | 149,320 |
|  | $ | 643,306 |  |  | $ | 544,656 |
During the year ended December 31, 2025, we recorded a reserve of $19.7 million related to our Electrolyzer inventory as we ceased our efforts to market and sell the first-generation of the product. The affected inventory has no alternative use and is not expected to be sold or utilized in other programs. The related expenses were recognized within cost of product revenue in our consolidated statements of operations. The inventory reserves were $39.3 million and $15.9 million as of December 31, 2025 and 2024, respectively. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands):
|  | December 31,
|  | 2025 |  | 2024
Prepaid hardware and software maintenance |  | $ | 6,327 |  |  | $ | 7,972 |
Interest receivable |  | 6,029 |  |  | 1,316 |
Prepaid corporate insurance |  | 5,182 |  |  | 6,774 |
Prepaid managed services |  | 4,705 |  |  | 5,230 |
Tax receivables |  | 4,509 |  |  | 4,981 |
Prepaid deferred commissions |  | 3,049 |  |  | 1,123 |
Receivables from employees |  | 2,507 |  |  | 3,259 |
Deferred expenses |  | 1,559 |  |  | 1,215 |
Prepaid workers compensation |  | 796 |  |  | 620 |
Deposits made |  | 376 |  |  | 348 |
Prepaid medical insurance |  | 232 |  |  | 177 |
Other prepaid expenses and other current assets |  | 14,534 |  |  | 13,188 |
|  | $ | 49,805 |  |  | $ | 46,203 |
Property, Plant and Equipment, Net Property, plant and equipment, net, consists of the following (in thousands):
|  | December 31,
|  | 2025 |  | 2024
Vehicles, machinery and equipment |  | $ | 203,731 |  |  | $ | 200,004 |
Energy Server systems |  | 165,629 |  |  | 165,629 |
Leasehold improvements |  | 129,665 |  |  | 122,413 |
Construction-in-progress |  | 83,067 |  |  | 86,731 |
Buildings |  | 53,156 |  |  | 53,221 |
Computers, software and hardware |  | 34,761 |  |  | 33,910 |
Furniture and fixtures |  | 11,090 |  |  | 10,943 |
|  | 681,099 |  |  | 672,851 |
Less: accumulated depreciation |  | (282,592) |  |  | (269,376) |
|  | $ | 398,507 |  |  | $ | 403,475 |
Depreciation expense related to property, plant and equipment was $50.6 million, $53.0 million and $62.6 million for the years ended December 31, 2025, 2024, and 2023, respectively. Depreciation expense for property, plant and equipment under operating leases by PPA V (sold in August 2023) was $10.9 million for the year ended December 31, 2023. There was no depreciation expense for such assets for the years ended December 31, 2025 and 2024. PPA V Repowering In August 2023, we started a project (the “PPA V Repowering”) to replace 37.1 megawatts of the Energy Server systems (the “old PPA V Energy Servers”) at PPA V with current generation Energy Server systems (the “new PPA V Energy Servers”). The replacement was completed in the first quarter of fiscal year 2024. For additional information, see Note 11—Portfolio Financings in this Annual Report on Form 10-K. Assets Buyout and Repowering In fiscal year 2024 we terminated certain of our legacy Managed Services Agreements, previously recorded as failed sale and lease-back transactions upon inception and bought back the old Energy Server systems from the respective legacy financiers. Total cost of Energy Server systems bought back was $144.1 million. For failed sale and lease-back transactions termination accounting, see Note 9—Leases in this Annual Report on Form 10-K. Title for certain Energy Server systems bought back in December 2024, was simultaneously transferred to a Bloom-owned special purpose vehicle (the “SPV”, “New Project Company”), subsequently sold to the new financier. Upon sale, we entered into the EPC Agreement and the O&M Agreement with the New Project Company. For additional information, see Note 11—Portfolio Financings in this Annual Report on Form 10-K. Impairment of Assets In fiscal year 2025, we recognized total impairment charges of $14.8 million, consisting of $2.1 million related to our Electrolyzer assets following our decision to cease efforts to market and sell the first‑generation product, and $12.7 million related to construction‑in‑progress associated with manufacturing and infrastructure assets and facilities supporting development and warehousing activities. In accordance with ASC 360, Property, Plant and Equipment, the impaired balances, all included in Construction-in-progress, were written down to their fair value. We recorded $11.8 million of the impairment loss within Cost of product revenue and $3.0 million within Research and development expenses. Other Long-Term Assets Other long-term assets consist of the following (in thousands):
|  | December 31,
|  | 2025 |  | 2024
Deferred commissions |  | $ | 19,109 |  |  | $ | 13,372 |
Deferred expenses |  | 8,111 |  |  | 8,776 |
Deferred financing costs |  | 3,412 |  |  | — |
Deposits made |  | 3,001 |  |  | 3,123 |
Long-term lease receivable |  | 2,193 |  |  | 3,159 |
Deferred tax asset |  | 1,780 |  |  | 1,888 |
Prepaid managed services |  | 1,316 |  |  | 1,317 |
Prepaid and other long-term assets |  | 18,281 |  |  | 14,501 |
|  | $ | 57,203 |  |  | $ | 46,136 |
Accrued Warranty and Product Performance Liabilities Accrued warranty and product performance liabilities consist of the following (in thousands):
|  | December 31,
|  | 2025 |  | 2024
Product performance |  | $ | 16,791 |  |  | $ | 13,697 |
Product warranty |  | 3,222 |  |  | 2,862 |
|  | $ | 20,013 |  |  | $ | 16,559 |
Changes in the product warranty and product performance liabilities were as follows (in thousands):
Balances at December 31, 2023 | $ | 19,326 |
Accrued warranty, net and product performance liabilities | 18,407 |
Product performance expenditures during the year | (21,174) |
Balances at December 31, 2024 | 16,559 |
Accrued warranty, net and product performance liabilities | 21,413 |
Product performance expenditures during the year | (17,959) |
Balances at December 31, 2025 | $ | 20,013 |
Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands):
|  | December 31,
|  | 2025 |  | 2024
Compensation and benefits |  | $ | 97,571 |  |  | $ | 67,682 |
General invoice and purchase order accruals |  | 76,909 |  |  | 43,652 |
Accrued installation |  | 14,278 |  |  | 1,660 |
Sales-related liabilities |  | 12,031 |  |  | 4,714 |
Sales tax liabilities |  | 10,054 |  |  | 10,215 |
Accrued legal expenses |  | 2,599 |  |  | 1,198 |
Provision for income tax |  | 2,115 |  |  | 784 |
Accrued consulting expenses |  | 1,475 |  |  | 1,254 |
Finance lease liability |  | 1,370 |  |  | 981 |
Current portion of derivative liabilities |  | 1,353 |  |  | 482 |
Interest payable |  | 913 |  |  | 3,927 |
Accrued restructuring costs |  | 482 |  |  | 341 |
Interim VAT liability |  | 281 |  |  | 1,109 |
Other |  | 823 |  |  | 451 |
|  | $ | 222,254 |  |  | $ | 138,450 |
Preferred Stock A s of December 31, 2025 and 2024, we had 20,000,000 shares of preferred stock authorized. 13,491,701 of these shares were previously designated as the Series B redeemable convertible preferred stock, par value $0.0001 per share (the “Series B RCPS”) and were converted to Class A common stock as of September 23, 2023, as a result of the SK ecoplant Second Tranche Closing. For additional information, please see Note 17—SK ecoplant Strategic Investment in this Annual Report on Form 10-K. The preferred stock had $0.0001 par value. There were no shares of preferred stock issued and outstanding as of December 31, 2025 and 2024. Conversion of Class B Common Stock On July 27, 2023, in accordance with our Restated Certificate of Incorporation, each share of our Class B common stock entitled to ten votes per share automatically converted into one share of our Class A common stock entitled to one vote per share.

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