v3.26.3
Balance Sheet Components
 9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Inventories
The components of inventory consisted of the following (in thousands):
September 30,December 31,
20262025
Raw materials$613,086 $351,757 
Work-in-progress104,271 125,036 
Finished goods210,313 166,513 
$927,670 $643,306 
The inventory reserves were $32.1 million and $39.3 million as of September 30, 2026, and December 31, 2025, respectively.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
September 30,December 31,
20262025
Project-related asset1
$72,704 $— 
Vendor advances2
28,003 750 
Receivables from employees3
23,415 2,507 
Prepaid hardware and software maintenance8,513 6,327 
Tax receivables7,805 4,509 
Interest receivable5,575 6,029 
Prepaid deferred commissions4,811 3,049 
Prepaid managed services4,193 4,705 
Advance income tax provision3,574 142 
Prepaid medical insurance2,454 232 
Prepaid rent2,008 60 
Deferred expenses1,225 1,559 
Tariff refund receivable4
1,150 — 
Deferred financing costs (Note 8)
740 687 
Deposits made305 376 
Prepaid corporate insurance185 5,182 
Prepaid workers compensation— 796 
Other prepaid expenses and other current assets11,584 12,895 
$178,244 $49,805 
1 The balance represents reimbursable project-related costs incurred on behalf of a customer in connection with a project arrangement. The Company expects to recover the amount from the customer within the next three months.
2 Vendor advances increased primarily due to advance payments made to certain suppliers under commercial arrangements related to future purchases of goods and services.
3 Receivables from employees increased primarily due to higher commission advances associated with increased sales bookings.
4 In the second quarter of fiscal year 2026 we had identified approximately $37.4 million of recoverable import tariffs previously paid under the International Emergency Economic Powers Act (“IEEPA”), all of which had been recognized in Cost of product revenue. Approximately $35.5 million of such amounts had been refunded as of September 30, 2026, and $0.7 million was reversed. Bloom concluded that recovery of the remaining $1.2 million was probable and reasonably estimable and, accordingly, recognized a tariff refund receivable for that amount as of September 30, 2026.
Property, Plant and Equipment, Net
Property, plant and equipment, net consisted of the following (in thousands):
September 30,December 31,
20262025
Vehicles, machinery and equipment$270,453 $203,731 
Construction-in-progress208,176 83,067 
Leasehold improvements130,708 129,665 
Energy Server systems130,537 165,629 
Buildings54,001 53,156 
Computers, software and hardware37,726 34,761 
Furniture and fixtures12,043 11,090 
843,644 681,099 
Less: accumulated depreciation(303,918)(282,592)
$539,726 $398,507 
Depreciation expense related to property, plant and equipment was $13.8 million and $40.8 million for the three and nine months ended September 30, 2026, respectively.
Depreciation expense related to property, plant and equipment was $12.8 million and $37.4 million for the three and nine months ended September 30, 2025, respectively.
Other Long-Term Assets
Other long-term assets consisted of the following (in thousands):
September 30,December 31,
20262025
Vendor advances1
$327,014 $17,374 
Deferred commissions25,246 19,109 
Deferred expenses7,353 8,111 
Deposits made2,764 3,001 
Deferred financing costs (Note 8)
2,384 2,725 
Deferred tax asset1,933 1,780 
Long-term lease receivable1,549 2,193 
Prepaid managed services1,281 1,316 
Prepaid and other long-term assets2,591 1,594 
$372,115 $57,203 
1 Vendor advances increased primarily due to advance payments made to certain suppliers under commercial arrangements related to future purchases of goods and services and capital advances.
Accrued Warranty and Product Performance Liabilities
Accrued warranty and product performance liabilities consisted of the following (in thousands):
September 30,December 31,
20262025
Product performance$22,491 $16,791 
Product warranty1
47,776 3,222 
$70,267 $20,013 
Changes in the product warranty and product performance liabilities were as follows (in thousands):
Balances at December 31, 2025
$20,013 
Accrued warranty, net1 and product performance liabilities
71,601 
Product performance expenditures during the period(21,347)
Balances at September 30, 2026
$70,267 
1 Includes a specific warranty reserve of $42.5 million, which is accounted for as an assurance-type warranty and recognized within cost of product revenue.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
September 30,December 31,
20262025
General invoice and purchase order accruals$329,041 $76,909 
Compensation and benefits98,330 97,571 
Sales-related liabilities13,722 12,031 
Accrued installation13,235 14,278 
Sales tax liabilities7,587 10,054 
Accrued legal expenses6,257 2,599 
Provision for income tax2,964 2,115 
Unfunded investment commitment (Note 11)
1,438 — 
Finance lease liability1,387 1,370 
Interest payable1,162 913 
Accrued consulting expenses942 1,475 
Accrued restructuring costs901 482 
Current portion of derivative liabilities851 1,353 
Deferred profit in transactions with unconsolidated affiliates631 39 
Interim VAT liability607 281 
Other727 784 
$479,782 $222,254 
Preferred Stock
As of September 30, 2026, and December 31, 2025, we had 20,000,000 shares of preferred stock authorized, with a par value of $0.0001 per share. There were no shares of preferred stock issued or outstanding as of September 30, 2026, and December 31, 2025.