Bloom Energy Corporation

Good day, everyone, and welcome to the Bloom Energy second quarter 2026 earnings call. Just a reminder that today's call is being recorded. At this time, I would like to hand things over to Mr. Michael Tierney. Please go ahead.

Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's second quarter 2026 earnings call. To supplement this conference call, we furnished our second quarter 2026 earnings press release and supplemental financial information with the SEC on Form 8K. and have posted these materials which 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, markets, customers, strategy, financial position, liquidity and full year outlook for 2026. 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 SEC, including our most recently filed Forms 10-K and 10-Q. We assume no obligation to revise any forward-looking statements made on today's call. During this call and in our second quarter 2026 earnings press release and supplemental financial information, 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 these materials, which are available on our investor relations website. Joining me today on the call are K.R. Sridhar, Founder, Chairman, and Chief Executive Officer. and Simon Edwards, our Chief Financial Officer. KR will begin with an overview of our progress, and then Simon 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, everyone, and thank you for joining us. It took Bloom 21 years to deliver its first billion-dollar year in 2022. It took us another three years We have successfully demonstrated the earning power of our agile business model. Doing exactly what we built it to do. And through all of it, we kept the promise that we make to our customers. Bloom will not be your bottleneck. We deliver power at AI speed and enable our customers to grow. This makes us a vital strategic partner and builds customer loyalty. And demand is compounding. Thank you for joining us. because we can book, ship, and convert orders to revenue inside the same fiscal year. That demand shows up in results now while also adding to and diversifying our backlog. Notably, just this year, several customers who had alternative solutions in place abandoned them and came to bloom. Once customers are in, Thank you very much. leading to our backlog growing at a faster pace than revenue. Bloom Energy has emerged as a standard for onsite power, as we predicted we would in our third quarter call last year. At that time, we had just announced our first direct hyperscaler customer, Oracle, and delivered them power for a data center within 55 days. Today, all the major US hyperscalers. And over a dozen US neoclouds, AI labs, and co-location data center operators have validated and approved our power solutions for their AI factories. Our commercial and industrial business continues to grow. We are the standard for onsite power for hospitals, factories, telecom providers, University campuses and retail stores. But it took us nearly a decade to become the accepted solution in these verticals. Contrast that to AI data centers where we have become a standard in less than a year. I founded Bloom on the conviction that onsite power would be essential to powering the world and ushering in the digital transformation. and we have built our company to offer the best onsite power solution that removes friction for our customers. We are clean and reliable and fast and affordable. Customers do not have to choose or compromise. And over time, we are reducing friction and turning headwinds to tailwinds. Let's take a moment to discuss four friction points, capital, community Permitting and Speed. Start with capital. For a century, the cost of power plants and the grid was spread across millions of ratepayers and amortized over decades. A new load simply plugged into surplus capacity and only paid a monthly bill. But surplus grid capacity is now gone. New data center load now means new infrastructure heavy capital, long lead time, and rate payers who will not fund or subsidize capacity for a corporate customer. The faster, cheaper, more predictable path for that customer is islanded onsite power. But that solution demands either a capital budget most end customers do not have, or a financing partner behind a power purchase agreement. And negotiating bespoke terms across financiers, developers, operators, OEMs, and end users is complicated and slow. So we kill that friction with strong financial partners who provide our customers project capital. Brookfield anchors that financing shelf. We formed the partnership last fall at $5 billion. Nine months later, in June, Brookfield expanded expanded its commitment fivefold to $25 billion. One of the largest and most experienced infrastructure investors in the world evaluated our technology, our delivery record, and our pipeline, backed us with $5 billion, watched us execute, and then multiplied that backing by 500%. Capital of that quality and quantity does not follow letters of intent, MOUs, or press releases. It follows performance, happy customers, and firm bankable orders. And Brookfield is not alone. This quarter, Industrial Development Funding, who has previously funded Bloom deployments, partnered with Oak Tree, MUFG Bank, and Morgan Stanley to fund Bloom deployments, cumulatively bringing their total commitment to $2.6 billion. And more financing partners are in the wings. Gigawatt demand needs giga dollars of capital. We arranged that in advance. Next friction point, community. Communities have learned they cannot live with combustion. However, they've also learned They can live next to Bloom Energy servers. No combustion, negligible air pollution compared to turbines and engines, negligible water use. A power server that is aesthetically appealing and runs quieter than air conditioning equipment. No construction project is NIMBY proof, but communities welcome Bloom and that is proving to be a real competitive advantage. Our customers can get air permits with our technology Thank you for joining us. Not intelligence. Grid operators quote years. Timelines on which billion-dollar compute clusters go obsolete in a warehouse. Legacy suppliers celebrate backlogs stretching to 2029 and beyond. We think a four-year backlog is not a trophy. It's a confession of constrained supply. By contrast, Bloom meets the time critical needs of our customers and delivers power in months. Since the beginning of the year, we have been continuously adding to our American manufacturing capacity in copy exact increments and will continue to do so ahead of committed orders. And our speed is dependable because we have built a resilient supply chain with broadly available materials by design Multiple qualified suppliers across multiple countries for every critical input. Inventory ahead of the ramp. Relationships forged over two decades. No single supplier and no single country determines our destiny and every part of our supply chain is prepared to scale with our growth. When the business case is measured in months of AI compute, The fastest dependable path to power wins. We are on that path. Nobody else is close. None of this is by accident. We built scale into our model years ago for a simple reason. If we were right about the market need for onsite power, the company had to be able to scale rapidly. Now, you're seeing that play out in practice. Capital Community, Permitting, Speed. Remove all four frictions and the market renders its verdict. Supplier of choice. I choose those words deliberately because customers are choosing. Customers who had ordered combustion turbines and reciprocating engines cancel those orders and choose blue. Nibius did it this quarter. Existing customers are coming back with expansion opportunities and the largest infrastructure investors in the world are underwriting our deployments at scale. Trusted partner to customer, to the community, and to capital. The market has noticed. Customers now come to us late in their development process and ask Bloom to step in as the primary on-site power solution. The entry point differs. The outcome does not. Once they see our capability, our execution, and the total value we deliver over the life of ownership, the conversation expands from one project to a portfolio. So let me be very clear. Bloom Energy is not dependent on one customer or one project. It is multiple customers and multiple projects across every stage of development. And because our copy exact Lego block servers redeploy from site to site painlessly, unlike bespoke traditional equipment, every project in the portfolio is fungible. Diversity, fungibility, and nimbleness allows us to navigate the fast changing AI landscape. Consequently, we have visibility and conviction in our growth trajectory for 2026 and beyond. Let me close with how we run this company because I know what's on your minds. Will AI investment keep growing at the breakneck pace? Our engagement with customers suggests that the pace of investment will not just continue, but accelerate. However, I do not know for sure, and I will not insult you by pretending to. Henry Ford could not control whether America wanted to drive. He controlled the cost, quality, and availability of the Model T. Like Ford, we are focused on managing the controllables. We drive costs down every single year. While others benefiting from these build-outs talk only about raising prices. We innovate continuously to better serve our customers and meet every commitment we make. We are experiencing the tailwinds of rapid time growth and increasing market share simultaneously, and we are grateful we can meet the market's demands. At the same time, we are building a durable advantage by earning the trust of both our customers and the communities. With that, let me hand it to Simon to take you through the numbers. I'll rejoin you for Q&A. Simon?