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Balance Sheet Components
 12 Months Ended
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,
 20252024
Raw materials$351,757 $315,735 
Work-in-progress125,036 79,601 
Finished goods166,513 149,320 
$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,
 20252024
  
Prepaid hardware and software maintenance$6,327 $7,972 
Interest receivable6,029 1,316 
Prepaid corporate insurance5,182 6,774 
Prepaid managed services4,705 5,230 
Tax receivables4,509 4,981 
Prepaid deferred commissions3,049 1,123 
Receivables from employees2,507 3,259 
Deferred expenses1,559 1,215 
Prepaid workers compensation796 620 
Deposits made376 348 
Prepaid medical insurance232 177 
Other prepaid expenses and other current assets14,534 13,188 
$49,805 $46,203 
Property, Plant and Equipment, Net
Property, plant and equipment, net, consists of the following (in thousands):
December 31,
 20252024
   
Vehicles, machinery and equipment$203,731 $200,004 
Energy Server systems165,629 165,629 
Leasehold improvements129,665 122,413 
Construction-in-progress83,067 86,731 
Buildings53,156 53,221 
Computers, software and hardware34,761 33,910 
Furniture and fixtures11,090 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,
20252024
   
Deferred commissions$19,109 $13,372 
Deferred expenses8,111 8,776 
Deferred financing costs3,412 — 
Deposits made3,001 3,123 
Long-term lease receivable2,193 3,159 
Deferred tax asset1,780 1,888 
Prepaid managed services1,316 1,317 
Prepaid and other long-term assets18,281 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,
 20252024
   
Product performance$16,791 $13,697 
Product warranty3,222 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,
 20252024
   
Compensation and benefits$97,571 $67,682 
General invoice and purchase order accruals76,909 43,652 
Accrued installation14,278 1,660 
Sales-related liabilities12,031 4,714 
Sales tax liabilities10,054 10,215 
Accrued legal expenses2,599 1,198 
Provision for income tax2,115 784 
Accrued consulting expenses1,475 1,254 
Finance lease liability1,370 981 
Current portion of derivative liabilities1,353 482 
Interest payable913 3,927 
Accrued restructuring costs482 341 
Interim VAT liability281 1,109 
Other823 451 
$222,254 $138,450 
Preferred Stock
As 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.