InstallationThin moat

Bloom Energy (BE) — moat facet

A loss-making service Bloom provides to sell the product, and it is now handing the largest sites to others.

Installation is the work of putting the servers on a customer's site, and Bloom has not made money on it since 2017. The line had revenue of $204.1 million in 2025, from $122.3 million in 2024 and $92.8 million in 2023 1, 10.1% of revenue 2. Its cost was $205.9 million, a gross margin of about −0.9% 3.

Installation revenue as a share of product revenue (%)17.0%201819.6%202010.5%202211.3%202413.3%20254.8%H1 2026Bloom Energy 10-Ks FY2019-FY2025 and 10-Q Q2 2026
Bloom is doing far less of the site work per box sold, consistent with its move to a consult-only model on large sites.

It is paid per project, and the amount depends on how much of the site work Bloom does. The 10-Q says installation revenue may vary with the scope of installation services provided by Bloom, customer and project mix, and the timing of milestone execution 4. Bloom lists among its risks the evolution of its approach to installation to a consult-only model, particularly for large-load sites 5.

The history is flat, then a jump. Installation revenue was $57.9 million in 2017, $68.2 million in 2018 and $60.8 million in 2019 6, $101.9 million in 2020 and $92.1 million in 2022 7. It then more than doubled from 2023 to 2025 8. The gross margin was about 5% in 2017 and negative in every year since 9: −13.9% in 2023, −5.8% in 2024 10.

The latest half shows the consult-only shift. Installation revenue was $76.9 million in the first half of 2026, up 8%, while product rose 212% 11; its cost was $87.9 million, a margin of about −14% 12.

Installation is a service Bloom provides to sell product, not a business in itself. The number to watch is installation revenue against product revenue: 4.8% in the first half of 2026 against 14.0% a year earlier 13. Falling further would mean customers and contractors are doing the site work, which removes a loss and also a point of contact with the customer.

Moat trajectory: Holding steady

Installation still loses money and Bloom is moving large sites to a consult-only model, shrinking a loss-making line relative to product.

The number that tests this moat
Moat Explorer calc
Installation revenue relative to product, first half
4.8% in H1 2026, from 14.0%

Falling further means others do the site work on large sites: a loss removed, and a customer contact lost.

How it's calculated: Installation revenue / product revenue: $76.9M / $1,588.8M and $71.0M / $508.5M
Source: Bloom Energy 10-Q Q2 2026 ↗
References
  1. ReportedThe line had revenue of $204.1 million in 2025, from $122.3 million in 2024 and $92.8 million in 2023 , 10.1% 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 calcThe line had revenue of $204.1 million in 2025, from $122.3 million in 2024 and $92.8 million in 2023 , 10.1% 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. Moat Explorer calcIts cost was $205.9 million, a gross margin of about −0.9% .
    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 ↗
  4. ReportedThe 10-Q says installation revenue may vary with the scope of installation services provided by Bloom, customer and project mix, and the timing of milestone execution .
    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 ↗
  5. ReportedBloom lists among its risks the evolution of its approach to installation to a consult-only model, particularly for large-load sites .
    Bloom Energy Q2 2026 earnings presentation (8-K exhibit 99.2) - forward-looking risk factors including the evolution of Bloom's approach to installation to a consult only model particularly for large load sites — Q2 2026 · publ. 28 July 2026 · source ↗
  6. ReportedInstallation revenue was $57.9 million in 2017, $68.2 million in 2018 and $60.8 million in 2019 , $101.9 million in 2020 and $92.1 million in 2022 .
    Bloom Energy Form 10-K FY2019 - revenue and cost by category for 2019, 2018 and 2017 — FY2017-FY2019 · publ. 31 March 2020 · source ↗
  7. ReportedInstallation revenue was $57.9 million in 2017, $68.2 million in 2018 and $60.8 million in 2019 , $101.9 million in 2020 and $92.1 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 ↗
  8. Moat Explorer calcIt then more than doubled from 2023 to 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 ↗
  9. Moat Explorer calcThe gross margin was about 5% in 2017 and negative in every year since : −13.9% in 2023, −5.8% in 2024 .
    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 calcThe gross margin was about 5% in 2017 and negative in every year since : −13.9% in 2023, −5.8% in 2024 .
    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. ReportedInstallation revenue was $76.9 million in the first half of 2026, up 8%, while product rose 212% ; its cost was $87.9 million, a margin of about −14% .
    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. Moat Explorer calcInstallation revenue was $76.9 million in the first half of 2026, up 8%, while product rose 212% ; its cost was $87.9 million, a margin of about −14% .
    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 ↗
  13. Moat Explorer calcThe number to watch is installation revenue against product revenue: 4.8% in the first half of 2026 against 14.0% a year earlier .
    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