Sixty-Eight Percent From ThreeThin moat
Bloom Energy (BE) — moat facet
One delayed acceptance at one project moves a quarter — there is no averaging effect at this concentration.
Three customers accounted for approximately 43%, 13% and 12% of Bloom's total revenue in 2025 — roughly two-thirds of the company — and the same three represented about 41%, 17% and 15% of accounts receivable1. By June 2026 the three largest receivables were about 36%, 34% and 17%, the third of them the related party.2 Bloom notes it has not experienced material credit losses from these customers to date.
The concentration has been rising. The top three were 23%, 16% and 14% in 2024, and in 2023 just two customers were 37% and 26%. Each year's disclosure shows a business whose revenue depends on a handful of decisions made by a handful of parties — which is what selling multi-megawatt capital equipment looks like, and which produces the lumpy, hard-to-forecast results the valuation threat describes.
The balance-sheet consequence is visible in the working capital. Receivables and contract assets rose $69.3 million on the timing of milestone billings and customer acceptance, particularly for several large late-year deployments. A small number of large projects determines both the revenue and the cash conversion.
Watch the top-three percentage annually alongside receivable days. A company this concentrated has no averaging effect: one delayed acceptance at one project moves a quarter, which is why Bloom's results swing as violently as they do.
Three customers at 43%, 13% and 12% of revenue and 41%, 17% and 15% of receivables, against a top three of 23%/16%/14% a year earlier. No credit losses to date, and no averaging effect either: one delayed customer acceptance moves a quarter, which is exactly what produced the working-capital swing in 2025.
More concentrated than the revenue, against 28%, 28% and 20% a year earlier, with no material credit losses to date. Receivables and contract assets rose $69.3M on milestone billing and acceptance timing for several large late-year deployments. Watch the top-three percentage alongside receivable days.
Source: Bloom Energy Form 10-K, FY2025 (concentration of risk) ↗- ReportedThree customers were ~43%, 13% and 12% of revenue and ~41%, 17% and 15% of receivables, against a top three of 23%, 16% and 14% a year earlier; no material credit losses to date; receivables and contract assets rose $69.3M on milestone billing and acceptance timing.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 ↗
- ReportedBy June 2026 the three largest receivables were about 36%, 34% and 17%, the third of them 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 ↗