The Customer Is Usually a FinancierNarrow moat
Bloom Energy (BE) — moat facet
Bloom's disclosed customers are the parties that sign the contract, not the ones using the power.
Bloom's filing includes a definition that reframes its whole concentration table: for the purposes of concentration disclosure, a customer is the contractual counterparty to which Bloom sells and fulfils installation — which is frequently a financier or strategic partner that owns the Energy Server and uses it to produce power for an end customer1.
That distinction matters in both directions. It means the disclosed concentration overstates dependence on any single user of power: a financier at 13% of revenue may be funding equipment for several unrelated data centres. It also means the concentration understates something else — Bloom depends on a small number of parties willing to put capital behind its equipment, and their appetite is a function of interest rates, tax credits and their own view of the technology rather than of electricity demand.
The structure is shifting. Direct purchase, including third-party power agreements and international channels, was 98% of revenue in 2025 against 95% in 2024, with managed services falling to 2% — Bloom increasingly sells the machine outright rather than the electricity, which is better for near-term revenue and gives up the annuity that a power-purchase model would build.
Watch the mix between direct purchase and managed services. A shift back toward managed services would mean customers want power rather than equipment — a harder sale, better revenue quality, and a materially more capital-intensive business.
The structure is unchanged — Bloom's disclosed customers are contractual counterparties, frequently financiers who own the equipment and sell power to somebody else. Direct purchase rose to 98% of revenue from 95%, so Bloom is increasingly selling machines rather than electricity: better near-term revenue, and giving up the annuity a power-purchase model would build.
Bloom's disclosed customers are contractual counterparties — frequently financiers who own the Energy Server and sell power to an end customer. Managed services fell to 2% of revenue, so Bloom increasingly sells the machine rather than the electricity. Watch the mix: a shift back would mean better revenue quality and far more capital intensity.
Source: Bloom Energy Form 10-K, FY2025 ↗- ReportedBloom defines a 'customer' for concentration purposes as the contractual counterparty, frequently a financier that owns the Energy Server; direct purchase was 98% of revenue in 2025 against 95%, with managed services falling to 2%.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 ↗