ElectricityThin moat

Bloom Energy (BE) — moat facet

The one line where Bloom runs its own machines, shrinking by half, and its margin says what the fleet costs to keep.

Electricity is the power Bloom sells from systems it or its financing entities own, under power purchase agreements, and it is the smallest and most erratic line. It had revenue of $60.4 million in 2025, from $52.8 million in 2024 and $82.4 million in 2023 1, 3.0% of revenue 2.

Electricity revenue ($M)80.5201871.2201964.1202075.4202282.4202352.8202460.42025Bloom Energy 10-Ks FY2020-FY2025; H1 2026 $19.8M against $39.8M
The power Bloom sells from its own machines has moved between $53M and $82M a year since 2018, and halved in the first half of 2026.

It is paid per kilowatt-hour over the life of each agreement, and part of it is accounted for as lease income: $9.3 million of the first half of 2026's $19.8 million came from contracts that contain leases 3. Here Bloom, not the customer, carries the cost of running the servers.

The history is a slow decline in revenue and a violent one in margin. Electricity revenue was $80.5 million in 2018 and $71.2 million in 2019 4, $64.1 million in 2020 5 and $75.4 million in 2022 6. Its cost was $162.1 million in 2022 7 and $178.9 million in 2023 against revenue of about half that 8, a gross margin of about −115% and −117% 9, before 26% in 2024 and 46% in 2025 10.

The line is being left to shrink. Managed services, the arrangements in which Bloom keeps the machine, fell to 1% of revenue in the first half of 2026 11. Electricity revenue in the half was $19.8 million against $39.8 million, down 50% 12, at a gross margin of 27.5% 13.

This line matters less for its size than as evidence: it is the one place Bloom shows what running its own machines costs over time. The figure to watch is its gross margin; holding above 25% as the owned fleet ages would say the servers keep their efficiency, and a slide back toward losses would say the opposite about every customer's fleet too.

Moat trajectory: Narrowing

Electricity revenue halved in the first half of 2026 and managed services fell to 1% of revenue.

The number that tests this moat
Reported
Electricity revenue, first half
$19.8M in H1 2026, from $39.8M (27.5% gross margin)

The owned fleet is shrinking; its margin holding above 25% as it ages says the servers keep their efficiency.

Source: Bloom Energy 10-Q Q2 2026 ↗
References
  1. ReportedIt had revenue of $60.4 million in 2025, from $52.8 million in 2024 and $82.4 million in 2023 , 3.0% of revenue .
    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 calcIt had revenue of $60.4 million in 2025, from $52.8 million in 2024 and $82.4 million in 2023 , 3.0% 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. ReportedIt is paid per kilowatt-hour over the life of each agreement, and part of it is accounted for as lease income: $9.3 million of the first half of 2026's $19.8 million came from contracts that contain leases .
    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 ↗
  4. ReportedElectricity revenue was $80.5 million in 2018 and $71.2 million in 2019 , $64.1 million in 2020 and $75.4 million in 2022 .
    Bloom Energy Form 10-K FY2020 - revenue and cost by category for 2020, 2019 and 2018 — FY2018-FY2020 · publ. 26 February 2021 · source ↗
  5. ReportedElectricity revenue was $80.5 million in 2018 and $71.2 million in 2019 , $64.1 million in 2020 and $75.4 million in 2022 .
    Bloom Energy Form 10-K FY2020 - revenue and cost by category for 2020, 2019 and 2018 — FY2018-FY2020 · publ. 26 February 2021 · source ↗
  6. ReportedElectricity revenue was $80.5 million in 2018 and $71.2 million in 2019 , $64.1 million in 2020 and $75.4 million in 2022 .
    Bloom Energy Form 10-K FY2022 - revenue and cost by category for 2022, 2021 and 2020 — FY2020-FY2022 · publ. 21 February 2023 · source ↗
  7. ReportedIts cost was $162.1 million in 2022 and $178.9 million in 2023 against revenue of about half that , a gross margin of about −115% and −117% , before 26% in 2024 and 46% in 2025 .
    Bloom Energy Form 10-K FY2022 - revenue and cost by category for 2022, 2021 and 2020 — FY2020-FY2022 · publ. 21 February 2023 · source ↗
  8. ReportedIts cost was $162.1 million in 2022 and $178.9 million in 2023 against revenue of about half that , a gross margin of about −115% and −117% , before 26% in 2024 and 46% in 2025 .
    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 ↗
  9. Moat Explorer calcIts cost was $162.1 million in 2022 and $178.9 million in 2023 against revenue of about half that , a gross margin of about −115% and −117% , before 26% in 2024 and 46% in 2025 .
    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 ↗
  10. Moat Explorer calcIts cost was $162.1 million in 2022 and $178.9 million in 2023 against revenue of about half that , a gross margin of about −115% and −117% , before 26% in 2024 and 46% in 2025 .
    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 ↗
  11. ReportedManaged services, the arrangements in which Bloom keeps the machine, fell to 1% of revenue in the first half of 2026 .
    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 ↗
  12. ReportedElectricity revenue in the half was $19.8 million against $39.8 million, down 50% , at a gross margin of 27.5% .
    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 ↗
  13. Moat Explorer calcElectricity revenue in the half was $19.8 million against $39.8 million, down 50% , at a gross margin of 27.5% .
    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