Major ClientsThin moat

Bloom Energy (BE) — moat facet

Two-thirds of revenue from three counterparties, the largest of which is a related party — and most of them are financiers rather than users.

Bloom Energy's customer concentration is among the most extreme in this collection and is disclosed with unusual candour. During 2025, three customers accounted for approximately 43%, 13% and 12% of total revenue — and the filing states that the first of them is a related party1. In the first half of 2026 the picture changed again: one customer that is not a related party accounted for about 73% of revenue, and in the June quarter two customers were 44% and 21%, the second of them the related party.2 The same three represented roughly 41%, 17% and 15% of accounts receivable.

Top three customers, % of total revenue43%Largest (related party)13%Second12%ThirdSame three were ~41%, 17% and 15% of accounts receivable. FY2024 top three: 23/16/14.
Two-thirds of revenue from three counterparties, and the largest is a related party.

The trend is worse than the level. In 2024 the top three were 23%, 16% and 14%; in 2023 two customers were 37% and 26%. The concentration is not stabilising, and the largest relationship nearly doubled in a year.

There is a definitional point that matters more than it looks. Bloom's filing specifies that for concentration purposes, a customer is the contractual counterparty it sells to — which is frequently a financier, distributor or channel partner that owns the Energy Server and supplies power to somebody else. So these percentages describe who signs Bloom's contracts, not who runs the data centre. Direct purchase, including third-party power agreements and international channels, was 98% of revenue in 2025, up from 95%.

The Future Bets pages cover the Oracle and AEP agreements that should reshape this list. These pages cover the list as it stands: concentrated, intermediated, and anchored by a counterparty Bloom is financially connected to.

Moat trajectory: Narrowing

Concentration deepened materially: the top three went from 23%/16%/14% of revenue in 2024 to 43%/13%/12% in 2025, with the largest a related party. Receivables are more concentrated still. The Oracle and AEP agreements in the Future Bets should broaden this list, and until they convert, Bloom's revenue depends on very few decisions by very few parties.

The number that tests this moat
Reported
Share of revenue from the top three customers
~68% — and the largest is a related party

Approximately 43%, 13% and 12% in 2025, against 23%, 16% and 14% a year earlier. The same three were about 41%, 17% and 15% of accounts receivable. Bloom defines a customer as the contractual counterparty, often a financier rather than the user of the power.

Source: Bloom Energy Form 10-K, FY2025 ↗
Dig deeper
DIG DEEPER 01
The 43% Customer Bloom Is Related To
The largest and fastest-growing source of Bloom's revenue is a party it is financially connected to, which is a market test only in part.
DIG DEEPER 02
Sixty-Eight Percent From Three
One delayed acceptance at one project moves a quarter — there is no averaging effect at this concentration.
DIG DEEPER 03
The Customer Is Usually a Financier
Bloom's disclosed customers are the parties that sign the contract, not the ones using the power.
DIG DEEPER 04
Selling Through the Utility Instead of Around It
Selling to the utility converts Bloom from an insurgent into a supplier — a bigger market and a much less differentiated position.
References
  1. ReportedThree customers were approximately 43%, 13% and 12% of 2025 revenue with the first a related party; they were ~41%, 17% and 15% of receivables; 2024's top three were 23%, 16% and 14% and 2023's top two 37% and 26%; a 'customer' is the contractual counterparty, often a financier; direct purchase was 98% of revenue against 95%.
    Bloom Energy Form 10-K, FY2025 (Concentration of Risk — Customer Risk) — during the year ended December 31, 2025, revenue from three customers and distributors, the first of which is a related party, accounted for approximately 43%, 13% and 12% of total revenue; the same three represented approximately 41%, 17% and 15% of accounts receivable, against 28%, 28% and 20% a year earlier, with no material credit losses experienced to date; during 2024 three customers, the first a related party, represented approximately 23%, 16% and 14% of total revenue, and during 2023 two customers, the first a related party, accounted for approximately 37% and 26%; for concentration purposes a 'customer' is the contractual counterparty to which Bloom sells and fulfils installation, frequently a financier or strategic partner that owns the Energy Server and uses it to produce power for an end customer; direct purchase including third-party PPAs and international channels was 98% of revenue in 2025 against 95% in 2024, with managed services 2% and 5%; accounts receivable and contract assets rose $69.3 million on the timing of milestone billings and customer acceptance, particularly for several large late-year deployments — FY2025 (ended December 31, 2025) · publ. February 9, 2026 · source ↗
  2. ReportedIn the first half of 2026 one customer that is not a related party accounted for about 73% of revenue; in the June quarter two customers were 44% and 21%, the second the related party.
    Bloom Energy Form 10-Q for the quarter ended 30 June 2026 — revenue by category; customer concentration (H1 2026: one customer, not a related party, ~73% of revenue; Q2 2026: 44% and 21%, the second a related party); receivables 36%/34%/17%; unsatisfied performance obligations $442.4M product and installation plus $51.7M service; U.S. 90% of revenue; performance-guarantee cap ~$846.1M; 294,527,346 shares at 22 July 2026 — Q2 2026 · publ. 2026-07-28 · source ↗
Sources
Generated September 23, 2026