The Revenue LinesThin moat

Bloom Energy (BE) — moat facet

Four lines and one profit engine: the boxes earned 92% of 2025 gross profit, and the annuity is still a rounding error.

Bloom reports four revenue categories, and they are four different businesses. In 2025 product was $1,531.3 million, service $228.3 million, installation $204.1 million and electricity $60.4 million, out of $2,024.0 million 1. Product was 75.7% of revenue 2.

Gross profit by category, 2025 ($M)Product+538.4Electricity+27.9Service+22.9Installation−1.9Bloom Energy 10-K FY2025: revenue less cost of revenue, by category; total $587.4M
Product earned about 92% of 2025 gross profit and about 97% in the first half of 2026.

The profit is more concentrated than the revenue. Gross profit in 2025 was $538.4 million on product, $22.9 million on service, a loss of $1.9 million on installation and $27.9 million on electricity 3: product earned about 92% of Bloom's gross profit. In the first half of 2026 it earned about 97% 4.

The lines have diverged. From 2018 to 2025 product revenue grew about 21% a year and service about 15% 5, while installation tripled from $68.2 million to $204.1 million 6 and electricity fell from $80.5 million to $60.4 million 7. In the first half of 2026 product rose 212%, service 21%, installation 8% and electricity fell 50% 8.

Bloom reports no operating profit by line, but it does report the cost of each, so the gross margin of every line is known; the leaves use it.

The leaves follow the chart's four bands. The moat arguments about the technology, the installed base and the AI demand are under The Moat; the leaves keep to each line's revenue, margin and outlook. The test for the four together is product's share of gross profit, about 97% in the first half of 2026 9: the annuity story needs service to take a larger share of the profit, not a smaller one.

Moat trajectory: Holding steady

Product keeps taking a larger share of gross profit; the recurring lines are growing but not fast enough to change the mix.

The number that tests this moat
Moat Explorer calc
Product share of gross profit, first half
97.3% in H1 2026 ($565.6M of $581.2M), from 91.7% in 2025

The annuity case needs service to take a growing share of the profit; a rising product share means the business is becoming more cyclical, not less.

How it's calculated: (Product revenue - product cost) / total gross profit
Source: Bloom Energy 10-Q Q2 2026 and 10-K FY2025 ↗
Dig deeper
DIG DEEPER 01
Product
Volume quadrupled and the margin stayed at 35%: the product sells, but its price has not risen with the scarcity.
DIG DEEPER 02
Service
Eight years of servicing the fleet at a loss, then two good ones: the annuity exists, but only just.
DIG DEEPER 03
Installation
A loss-making service Bloom provides to sell the product, and it is now handing the largest sites to others.
DIG DEEPER 04
Electricity
The one line where Bloom runs its own machines, shrinking by half, and its margin says what the fleet costs to keep.
References
  1. ReportedIn 2025 product was $1,531.3 million, service $228.3 million, installation $204.1 million and electricity $60.4 million, out of $2,024.0 million .
    Bloom Energy Form 10-K FY2025 - consolidated statements of operations (revenue and cost by category for 2025, 2024 and 2023), service gross profit drivers, O&M contract terms and performance-guarantee payments — FY2023-FY2025 · publ. 9 February 2026 · source ↗
  2. Moat Explorer calcProduct was 75.7% of revenue .
    Moat Explorer calculation from Bloom Energy's Forms 10-K FY2019-FY2025 and Q2 2026 10-Q: shares of revenue, gross margins and gross profit by category, compound growth rates — FY2017 to H1 2026 · publ. 2026-09-23 · source ↗
  3. Moat Explorer calcGross profit in 2025 was $538.4 million on product, $22.9 million on service, a loss of $1.9 million on installation and $27.9 million on electricity : product earned about 92% of Bloom's gross profit.
    Moat Explorer calculation from Bloom Energy's Forms 10-K FY2019-FY2025 and Q2 2026 10-Q: shares of revenue, gross margins and gross profit by category, compound growth rates — FY2017 to H1 2026 · publ. 2026-09-23 · source ↗
  4. Moat Explorer calcIn the first half of 2026 it earned about 97% .
    Moat Explorer calculation from Bloom Energy's Forms 10-K FY2019-FY2025 and Q2 2026 10-Q: shares of revenue, gross margins and gross profit by category, compound growth rates — FY2017 to H1 2026 · publ. 2026-09-23 · source ↗
  5. Moat Explorer calcFrom 2018 to 2025 product revenue grew about 21% a year and service about 15% , while installation tripled from $68.2 million to $204.1 million and electricity fell from $80.5 million to $60.4 million .
    Moat Explorer calculation from Bloom Energy's Forms 10-K FY2019-FY2025 and Q2 2026 10-Q: shares of revenue, gross margins and gross profit by category, compound growth rates — FY2017 to H1 2026 · publ. 2026-09-23 · source ↗
  6. ReportedFrom 2018 to 2025 product revenue grew about 21% a year and service about 15% , while installation tripled from $68.2 million to $204.1 million and electricity fell from $80.5 million to $60.4 million .
    Bloom Energy Form 10-K FY2019 - revenue and cost by category for 2019, 2018 and 2017 — FY2017-FY2019 · publ. 31 March 2020 · source ↗
  7. ReportedFrom 2018 to 2025 product revenue grew about 21% a year and service about 15% , while installation tripled from $68.2 million to $204.1 million and electricity fell from $80.5 million to $60.4 million .
    Bloom Energy Form 10-K FY2020 - revenue and cost by category for 2020, 2019 and 2018 — FY2018-FY2020 · publ. 26 February 2021 · source ↗
  8. ReportedIn the first half of 2026 product rose 212%, service 21%, installation 8% and electricity fell 50% .
    Bloom Energy Form 10-Q for the quarter ended 30 June 2026 - revenue and cost by category for the quarter and half, purchase options, customer concentration, installation revenue drivers, lease electricity revenue — Q2 2026 · publ. 28 July 2026 · source ↗
  9. Moat Explorer calcThe test for the four together is product's share of gross profit, about 97% in the first half of 2026 : the annuity story needs service to take a larger share of the profit, not a smaller one.
    Moat Explorer calculation from Bloom Energy's Forms 10-K FY2019-FY2025 and Q2 2026 10-Q: shares of revenue, gross margins and gross profit by category, compound growth rates — FY2017 to H1 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026