Bloom Energy Corporation

Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Bloom Energy second quarter 2025 financial results call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. And if you'd like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Michael Tierney, Head of Investor Relations. Michael?

Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's second quarter 2025 earnings call. To supplement this conference call, we furnished our second quarter 2025 earnings press release with the SEC on Form 8K and have posted it along with supplemental financial information that we will reference throughout this call to our investor relations website. During this conference call, both in our prepared remarks and in answers to your questions, we may make forward-looking statements that represent our expectations regarding future events and our future financial performance. These include statements about the company's business results, products, new markets, strategy, financial position, liquidity, and full year outlook for 2025. These statements are predictions based upon our expectations, estimates, and assumptions. However, as these statements deal with future events, They are subject to numerous known and unknown risks and uncertainties, as discussed in detail in our documents filed with the FCC, including our most recently filed forms 10-K and 10-Q. We assume no obligation to revise any forward-looking statement made on today's call. During this call and in our second quarter 2025 earnings press release, we refer to GAAP and non-GAAP financial measures. The non-GAAP financial measures are not prepared in accordance with U.S. generally accepted accounting principles, and are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between the GAAP and non-GAAP financial measures is included in our second quarter 2025 earnings press release available on our investor relations website. Joining me on the call today are K.R. Sridhar, Founder, Chairman, and Chief Executive Officer, and Maciej Kaczynski, our Acting Principal Financial Officer. KR will begin with an overview of our progress, and then Maciek will review financial highlights for the quarter. After our prepared remarks, we will have time to take your questions. I will now turn the call over to KR.

Good afternoon, and thank you for joining us today. Bloom had an excellent quarter, the highest revenue and most profitable second quarter in our 24-year history. When the company was founded, And again, in our IPO prospectus seven years ago, we painted a bold vision to become the power provider of choice for the digital world. Over the last couple of calls, I've told you that our business is at an inflection point as demand for clean, reliable, and rapidly deployable power is surging. Now there is tangible evidence. Six months ago, we announced a strategic partnership with a major U.S. utility company, American Electric Power. Yesterday, AEP announced that Amazon Web Services and CoLogix, both data center operators, are deploying Bloom systems in Ohio. AEP CEO Bill Furman noted that demand for power is, I quote, growing at a pace I haven't seen in my 45-year career. But he notes, interconnection agreements take five to seven years in many U.S. states, even for AEP, the largest owner of electric transmission systems in the U.S. To avoid such a long delay, Bill also added that AEP is giving its customers Solutions so they can come online quicker. Fuel cells will get AWS and CoLogix up and running quickly. Indeed, AI companies need power at AI speed. Waiting five to seven years is untenable, and Bloom moves at AI speed. Just last week, for instance, we announced our partnership with Oracle to power their AI data centers. we have committed to having power available to their first data center in 90 days. Time to power is one of many value propositions Bloom brings. We are also cleaner, more reliable, and more cost effective than alternatives. Because our power systems are designed and purpose built for data centers and other mission critical applications, Our installations do not require the band aids that turbines and engines need to power data centers. For example, we don't need multiple AC to DC converters or specialized equipment to suppress harmonics. Eliminating these band aids enable data centers to lower costs, increase reliability, and reduce carbon footprint. We are excited to collaborate directly with Oracle to help them leverage all of the benefits the Bloom platform provides. The result? Oracle can optimize the watts to flops ratio, resulting in increased revenue growth and margins. Commercial and industrial customers are also increasingly valuing the velocity with which we operate. Quanta Computer, for instance, builds the AI servers that are used in the AI data centers. Their demand growth is highly correlated with AI data center demand growth. We informed you about our rapid deployment at their Fremont facility last year. Happy with our execution, they ordered an islanded load following microgrid, which we installed in Q2. We expect new orders from other AI hardware ecosystem players soon, complementing demand we see from our more traditional commercial and industrial customers. Bloom is clearly delivering for customers. And our strong fundamentals mean they're also delivering for you, our investors. This quarter, we had record profits and operating margin, the third quarter in a row that we are hitting similar marks. Our service business has been profitable for six quarters in a row, and for the first time ever, we had double digit percentage margins, evidence of our increased reliability. And we refinanced our debt notes that were previously due in 2025 providing increased optionality to finance growth. One other highlight for the quarter, U.S. lawmakers and the administration restored tax credit benefits to companies who install our fuel cell systems. Our country's leaders recognize that baseload power is critical to winning the AI race, reshoring factories, creating jobs, and growing the economy. The tax credit will be another tailwind as we continue to grow our business. Let me close by reflecting on our position. Bloom is in a strong place. In the 12 years since we began shipping product, we have generated over 40 terawatt hours of electricity. We have deployed more than 22,000 energy servers are power generators totaling well over a million fuel cell stacks. Each of those million plus fuel cell stacks has a unique digital twin. And over our history, we have collected over 4.5 trillion data points from the field. Now, thanks to AI, we are unlocking new ways to improve our performance reduce costs and deliver more value to our customers. We are operating at scale and are scaling with purpose. Now our robust product has robust demand. We will double our factory capacity from one gigawatt a year now to two gigawatts a year by the end of next year. Our mission has never felt more urgent, and we are ready. I'll turn it over to Maciek now, and I look forward to answering your questions.