David Sandler

David Sandler from Baird asked about Bloom's technology being compared to legacy incumbents like combined-cycle gas turbines, project wins against these technologies, and the improvements in fuel cell stack life, its impact on service margins, and the overall risk profile of the services business.

Answer

K.R. Sridhar, Founder, Chairman, and CEO of Bloom Energy, stated that Bloom is clearly operating in the same class as combined-cycle gas turbines for large-scale projects (hundreds of megawatts to gigawatts). He highlighted Bloom's advantages in islanded operation, partial load capability, load following, modularity, and 800 Volts DC native production, which make it competitive even in low-cost power states. Regarding service, Sridhar pointed to eight consecutive quarters of profitability, a 20% gross margin in Q4 2025, and a $14 billion service backlog, driven by improved stack life, cost reductions, and AI-driven digital platform optimization using trillions of cell hours of field data.