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Draft D5.1, Company Confidential
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________
FORM 10-Q
________________________________________________________________________
(Mark One)  
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended: June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from ____________to ____________
 
Commission File Number 001-38598 
________________________________________________________________________
BE-20200630_G1.JPG
BLOOM ENERGY CORPORATION
(Exact name of Registrant as specified in its charter)
________________________________________________________________________
Delaware 77-0565408
(Sate or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
4353 North First Street, San Jose, California
95134
(Address of principal executive offices) (Zip Code)
(408) 543-1500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Securities Exchange Act
Title of Each Class(1)
Trading Symbol Name of each exchange on which registered
Class A Common Stock $0.0001 par value BE New York Stock Exchange
(1) Our Class B Common Stock is not registered but is convertible into shares of Class A Common Stock at the election of the holder.
________________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  þ    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  þ    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  
Large accelerated filer  ¨     Accelerated filer   þ      Non-accelerated filer   ¨      Smaller reporting company        Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes      No  þ
The number of shares of the registrant’s common stock outstanding as of July 30, 2020 was as follows:

Class A Common Stock $0.0001 par value 103,162,077 shares
Class B Common Stock $0.0001 par value 29,391,554 shares



Draft D5.1, Company Confidential
Bloom Energy Corporation
Quarterly Report on Form 10-Q for the Three and Six Months Ended June 30, 2020
Table of Contents
  Page
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements (Unaudited)
3
Condensed Consolidated Balance Sheets
3
Condensed Consolidated Statements of Operations
5
Condensed Consolidated Statements of Comprehensive Loss
6
Condensed Consolidated Statements of Redeemable Noncontrolling Interest, Total Stockholders' Deficit and Noncontrolling Interest
7
Condensed Consolidated Statements of Cash Flows
Notes to Condensed Consolidated Financial Statements
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
PART II - OTHER INFORMATION
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
Signatures

Unless the context otherwise requires, the terms "we," "us," "our," "Bloom Energy," and the "Company" each refer to Bloom Energy Corporation and all of its subsidiaries.



Explanatory Note
As previously disclosed, we restated the relevant unaudited interim condensed consolidated financial statements as of and for the quarterly periods ended September 30, 2019, June 30, 2019, and March 31, 2019. The quarterly restatements are or will be effective with the filing of our 2020 Quarterly Reports on Form 10-Q. See Note 2, Restatement of Previously Issued Condensed Consolidated Financial Statements, in Item 1, Financial Statements, for additional information related to the restatement of our condensed consolidated financial statements as of and for the three and six months ended June 30, 2019.



Part I
ITEM 1 - FINANCIAL STATEMENTS

Bloom Energy Corporation
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
June 30,
2020
December 31, 2019
Assets
Current assets:
Cash and cash equivalents1
$ 144,072    $ 202,823   
Restricted cash1
40,393    30,804   
Accounts receivable1
49,614    37,828   
Inventories 112,479    109,606   
Deferred cost of revenue 68,233    58,470   
Customer financing receivable1
5,254    5,108   
Prepaid expenses and other current assets1
20,747    28,068   
Total current assets 440,792    472,707   
Property, plant and equipment, net1
601,566    607,059   
Customer financing receivable, non-current1
48,111    50,747   
Restricted cash, non-current1
139,664    143,761   
Deferred cost of revenue, non-current 6,421    6,665   
Other long-term assets1
40,989    41,652   
Total assets $ 1,277,543    $ 1,322,591   
Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interest
Current liabilities:
Accounts payable1
$ 64,896    $ 55,579   
Accrued warranty 10,175    10,333   
Accrued expenses and other current liabilities1
88,052    70,284   
Deferred revenue and customer deposits1
102,944    89,192   
Financing obligations 11,603    10,993   
Current portion of recourse debt 14,697    304,627   
Current portion of non-recourse debt1
11,367    8,273   
Current portion of recourse debt from related parties —    20,801   
Current portion of non-recourse debt from related parties1
—    3,882   
Total current liabilities 303,734    573,964   
Derivative liabilities1
22,281    17,551   
Deferred revenue and customer deposits, net of current portion1
114,684    125,529   
Financing obligations, non-current 440,444    446,165   
Long-term portion of recourse debt 347,664    75,962   
Long-term portion of non-recourse debt1
218,316    192,180   
Long-term portion of recourse debt from related parties 53,675    —   
Long-term portion of non-recourse debt from related parties1
—    31,087   
Other long-term liabilities1
27,276    28,013   
Total liabilities 1,528,074    1,490,451   
Commitments and contingencies (Note 14)
Redeemable noncontrolling interest 118    443   
Stockholders’ deficit:
Preferred stock —    —   
Common stock 13    12   
Additional paid-in capital 2,747,890    2,686,759   
Accumulated other comprehensive income (loss) (9)   19   
Accumulated deficit (3,064,845)   (2,946,384)  
Total stockholders’ deficit (316,951)   (259,594)  
Noncontrolling interest 66,302    91,291   
Total liabilities, redeemable noncontrolling interest, stockholders' deficit and noncontrolling interest $ 1,277,543    $ 1,322,591   
1We have variable interest entities which represent a portion of the consolidated balances recorded within these financial statement line items in the condensed consolidated balance sheets (see Note 13, Power Purchase Agreement Programs).

The accompanying notes are an integral part of these condensed consolidated financial statements.
3


Bloom Energy Corporation
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
  Three Months Ended
June 30,
Six Months Ended
June 30,
  2020 2019 2020 2019
  As Restated As Restated
Revenue:
Product $ 116,197    $ 144,081    $ 215,756    $ 235,007   
Installation 29,839    13,076    46,457    25,295   
Service 26,208    23,026    51,355    46,493   
Electricity 15,612    20,143    30,987    40,532   
Total revenue 187,856    200,326    344,555    347,327   
Cost of revenue:
Product 83,127    113,228    155,616    202,000   
Installation 38,287    17,685    59,066    33,445   
Service 28,652    18,763    59,622    46,684   
Electricity 11,541    22,300    24,071    35,284   
Total cost of revenue 161,607    171,976    298,375    317,413   
Gross profit 26,249    28,350    46,180    29,914   
Operating expenses:
Research and development 19,377    29,772    42,656    58,631   
Sales and marketing 11,427    18,194    25,376    38,567   
General and administrative 24,945    43,662    54,043    82,736   
Total operating expenses 55,749    91,628    122,075    179,934   
Loss from operations (29,500)   (63,278)   (75,895)   (150,020)  
Interest income 332    1,700    1,151    3,585   
Interest expense (14,374)   (22,722)   (35,128)   (44,522)  
Interest expense to related parties (794)   (1,606)   (2,160)   (3,218)  
Other income (expense), net (3,913)   (222)   (3,921)   43   
Loss on extinguishment of debt —    —    (14,098)   —   
Gain (loss) on revaluation of embedded derivatives 412    (540)   696    (1,080)  
Loss before income taxes (47,837)   (86,668)   (129,355)   (195,212)  
Income tax provision 141    258    265    466   
Net loss (47,978)   (86,926)   (129,620)   (195,678)  
Less: net loss attributable to noncontrolling interests and redeemable noncontrolling interests
(5,466)   (5,015)   (11,159)   (8,847)  
Net loss attributable to Class A and Class B common stockholders $ (42,512)   $ (81,911)   (118,461)   (186,831)  
Net loss per share available to Class A and Class B common stockholders, basic and diluted
$ (0.34)   $ (0.72)   $ (0.95)   $ (1.66)  
Weighted average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted
125,928    113,622    124,823    112,737   
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


Bloom Energy Corporation
Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
  2020 2019 2020 2019
  As Restated As Restated
Net loss $ (47,978)   $ (86,926)   $ (129,620)   $ (195,678)  
Other comprehensive income (loss), net of taxes:
Unrealized gain (loss) on available-for-sale securities
(23)     (23)   26   
Change in derivative instruments designated and qualifying in cash flow hedges (503)   (3,502)   (8,717)   (5,693)  
Other comprehensive loss, net of taxes (526)   (3,493)   (8,740)   (5,667)  
Comprehensive loss
(48,504)   (90,419)   (138,360)   (201,345)  
Less: comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests
(5,968)   (8,355)   (19,870)   (14,235)  
Comprehensive loss attributable to Class A and Class B stockholders
$ (42,536)   $ (82,064)   $ (118,490)   $ (187,110)  


The accompanying notes are an integral part of these condensed consolidated financial statements.

5


Bloom Energy Corporation
Condensed Consolidated Statements of Redeemable Noncontrolling Interest, Total Stockholders' Deficit and Noncontrolling Interest
(in thousands, except Shares) (unaudited)
Three Months Ended June 30, 2020
Redeemable
Noncontrolling 
Interest
Class A and Class B
Common Stock¹
Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated
Deficit
Total Stockholders' Deficit Noncontrolling
Interest
Shares Amount
Balances at March 31, 2020 $ 67    125,150,690    $ 12    $ 2,689,208    $ 14    $ (3,022,333)   $ (333,099)   $ 73,867   
Conversion of notes —    4,718,128      41,129    —    —    41,130    —   
Issuance of restricted stock awards —    309,547    —    —    —    —    —    —   
Exercise of stock options —    59,924    —    341    —    —    341    —   
Stock-based compensation expense —    —    —    17,212    —    —    17,212    —   
Unrealized loss on available for sale securities —    —    —    —    (23)   —    (23)   —   
Change in effective portion of interest rate swap agreement —    —    —    —    —    —    —    (503)  
Distributions to noncontrolling interests (16)   —    —    —    —    —    —    (1,530)  
Net income (loss) 67    —    —    —    —    (42,512)   (42,512)   (5,532)  
Balances at June 30, 2020 $ 118    130,238,289    $ 13    $ 2,747,890    $ (9)   $ (3,064,845)   $ (316,951)   $ 66,302   

Three Months Ended June 30, 2019
Redeemable Noncontrolling Interest Class A and Class B
Common Stock
Additional Paid-In Capital Accumulated Other Comprehensive Gain (Loss) Accumulated
Deficit
Total Stockholders' Deficit Noncontrolling Interest
Shares Amount
Balances at March 31, 2019 (as Restated) $ 58,802    113,214,063    $ 11    $ 2,552,011    $   $ (2,746,890)   $ (194,863)   $ 114,664   
Issuance of restricted stock awards —    543,636    —    —    —    —    —    —   
Exercise of stock options —    191,644    —    828    —    —    828    —   
Stock-based compensation expense —    —    —    51,195    —    —    51,195    —   
Unrealized gain on available for sale securities —    —    —    —      —      —   
Change in effective portion of interest rate swap agreement —    —    —    —    (162)   —    (162)   (3,340)  
Distributions to noncontrolling interests (3,255)   —    —    —    —    —    —    (1,595)  
Mandatory redemption of noncontrolling interests (55,684)   —    —    —    —    —    —    —   
Net income (loss) (as restated) 642    —    —    —    —    (81,911)   (81,911)   (5,657)  
Balances at June 30, 2019 (as Restated) $ 505    113,949,343    $ 11    $ 2,604,034    $ (148)   $ (2,828,801)   $ (224,904)   $ 104,072   
 

6


Six Months Ended June 30, 2020
Redeemable Noncontrolling Interest Class A and Class B
Common Stock¹
Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Accumulated Deficit Total Stockholders' Deficit Noncontrolling Interest
Shares Amount
Balances at December 31, 2019 $ 443    121,036,289    $ 12    $ 2,686,759    $ 19    $ (2,946,384)   $ (259,594)   $ 91,291   
Conversion of notes —    4,718,128      41,129    —    —    41,130    —   
Adjustment of embedded derivative for debt modification —    —    —    (24,071)   —    —    (24,071)   —   
Issuance of restricted stock awards —    3,320,153    —    —    —    —    —    —   
ESPP purchase —    992,846    —    4,177    —    —    4,177    —   
Exercise of stock options —    170,873    —    1,008    —    —    1,008    —   
Stock-based compensation expense —    —    —    38,888    —    —    38,888    —   
Unrealized loss on available for sale securities —    —    —    —    (23)   —    (23)   —   
Change in effective portion of interest rate swap agreement —    —    —    —    (5)   —    (5)   (8,712)  
Distributions to noncontrolling interests (17)   —    —    —    —    —    —    (5,427)  
Net loss (308)   —    —    —    —    (118,461)   (118,461)   (10,850)  
Balances at June 30, 2020 $ 118    130,238,289    $ 13    $ 2,747,890    $ (9)   $ (3,064,845)   $ (316,951)   $ 66,302   

Six Months Ended June 30, 2019
Redeemable Noncontrolling Interest Class A and Class B
Common Stock¹
Additional Paid-In Capital Accumulated Other Comprehensive Gain (Loss) Accumulated Deficit Total Stockholders' Deficit Noncontrolling Interest
Shares Amount
Balances at December 31, 2018 (as Restated) $ 57,261    109,421,183    $ 11    $ 2,481,352    $ 131    $ (2,624,104)   $ (142,610)   $ 125,110   
Cumulative effect upon adoption of new accounting standard (Note 3) —    —    —    —    —    (17,996)   (17,996)   —   
Issuance of restricted stock awards —    3,504,098    —    —    —    —    —    —   
ESPP purchase —    696,036    —    6,916    —    —    6,916    —   
Exercise of stock options —    328,026    —    1,405    —    —    1,405    —   
Stock-based compensation expense —    —    —    114,361    —    —    114,361    —   
Unrealized gain on available-for-sale securities —    —    —    —    26    —    26    —   
Change in effective portion of interest rate swap agreement —    —    —    —    (305)   —    (305)   (5,388)  
Distributions to noncontrolling interests (3,537)   —    —    —    —    —    —    (4,208)  
Mandatory redemption of noncontrolling interests (55,684)   —    —    —    —    —    —    —   
Cumulative effect of hedge accounting —    —    —    —    —    130    130    (130)  
Net income (loss) (as restated) 2,465    —    —    —    —    (186,831)   (186,831)   (11,312)  
Balances at June 30, 2019 (as Restated) $ 505    113,949,343    $ 11    $ 2,604,034    $ (148)   $ (2,828,801)   $ (224,904)   $ 104,072   


The accompanying notes are an integral part of these condensed consolidated financial statements.
7


Bloom Energy Corporation
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
  Six Months Ended
June 30,
  2020 2019
  As Restated
Cash flows from operating activities:
Net loss $ (129,620)   $ (195,678)  
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization 25,852    37,034   
Write-off of property, plant and equipment, net —    2,704   
Impairment of equity method investment 4,236    —   
Write-off of PPA II and PPA IIIb decommissioned assets —    25,613   
Debt make-whole expense —    5,934   
Revaluation of derivative contracts (72)   1,636   
Stock-based compensation 41,650    119,186   
Loss on long-term REC purchase contract   60   
Loss on extinguishment of debt 14,098    —   
Amortization of debt issuance and premium cost, net (470)   11,255   
Changes in operating assets and liabilities:
Accounts receivable (11,787)   49,741   
Inventories (3,532)   22,197   
Deferred cost of revenue (9,995)   (38,793)  
Customer financing receivable and other 2,490    2,713   
Prepaid expenses and other current assets 7,314    10,227   
Other long-term assets (3,574)   (272)  
Accounts payable 8,831    (5,461)  
Accrued warranty (159)   (6,696)  
Accrued expenses and other current liabilities 13,665    5,581   
Deferred revenue and customer deposits 2,907    51,913   
Other long-term liabilities (2,071)   4,722   
Net cash provided by (used in) operating activities (40,235)   103,616   
Cash flows from investing activities:
Purchase of property, plant and equipment (19,560)   (23,619)  
Payments for acquisition of intangible assets —    (970)  
Proceeds from maturity of marketable securities —    104,500   
Net cash provided by (used in) investing activities (19,560)   79,911   
Cash flows from financing activities:
Proceeds from issuance of debt 70,000    —   
Proceeds from issuance of debt to related parties 30,000    —   
Repayment of debt (82,248)   (83,997)  
Repayment of debt to related parties (2,105)   (1,220)  
Debt make-whole payment —    (5,934)  
Debt issuance costs (3,371)   —   
Proceeds from financing obligations —    20,333   
Repayment of financing obligations (5,111)   (4,006)  
Payments to noncontrolling and redeemable noncontrolling interests —    (18,690)  
Distributions to noncontrolling and redeemable noncontrolling interests (5,815)   (7,753)  
Proceeds from issuance of common stock 5,186    8,321   
Net cash provided by (used in) financing activities 6,536    (92,946)  
Net increase (decrease) in cash, cash equivalents, and restricted cash (53,259)   90,581   
Cash, cash equivalents, and restricted cash:
Beginning of period 377,388    280,485   
End of period $ 324,129    $ 371,066   
Supplemental disclosure of cash flow information:
Cash paid during the period for interest $ 34,487    $ 35,702   
Cash paid during the period for taxes 224    497   
Non-cash investing and financing activities:
Liabilities recorded for property, plant and equipment $ 494    $ 4,662   
Liabilities recorded for noncontrolling and redeemable noncontrolling interest —    36,994   
Equity investment in PPA II assets —    27,809   
Accrued distributions to Equity Investors   566   
Accrued interest for notes —    888   
Accrued debt issuance costs 1,220    —   
Conversion of notes 41,130    —   
Adjustment of embedded derivative related to debt extinguishment 24,071    —   
The accompanying notes are an integral part of these condensed consolidated financial statements.
8


Bloom Energy Corporation
Notes to Condensed Consolidated Financial Statements
1. Nature of Business, Liquidity, Basis of Presentation and Summary of Significant Accounting Policies
Nature of Business
We design, manufacture, sell and, in certain cases, install solid-oxide fuel cell systems ("Energy Servers") for on-site power generation. Our Energy Servers utilize an innovative fuel cell technology and provide efficient energy generation with reduced operating costs and lower greenhouse gas emissions as compared to conventional fossil fuel generation. By generating power where it is consumed, our energy producing systems offer increased electrical reliability and improved energy security while providing a path to energy independence. We were originally incorporated in Delaware under the name of Ion America Corporation on January 18, 2001 and on September 16, 2006, we changed our name to Bloom Energy Corporation.
Liquidity
We have generally incurred operating losses and negative cash flows from operations since our inception. On March 31, 2020, we extended the maturity of our current debt to reduce our required debt payments in the next 12 months. After the following debt extensions were completed, the current portion of our total recourse and non-recourse debt was $26.1 million as of June 30, 2020. Notable elements of our debt extension are as follows:
On March 31, 2020, we entered into an Amendment Support Agreement with the beneficial owners of our outstanding 6% Convertible Notes due December 1, 2020 pursuant to the maturity date of the outstanding 6% Convertible Notes was extended to December 1, 2021, the interest rate increased from 6% to 10%, and the strike price on the conversion feature was reduced from $11.25 to $8.00 per share. The Amendment Support Agreement required that we repay at least $70.0 million of these 10% Convertible Notes on or before September 1, 2020, which we satisfied through a cash payment of $70.0 million on May 1, 2020. The amended terms are reflected in the Amended and Restated Indenture between Bloom and US Bank National Association dated April 20, 2020.
In conjunction with entering into the Amendment Support Agreement on March 31, 2020, we also entered into a 10% Convertible Note Purchase Agreement with Foris Ventures, LLC, a new Noteholder, and New Enterprise Associates 10, Limited Partnership, an existing Noteholder, and we issued an additional $30.0 million aggregate principal amount of 10% Convertible Notes. The Amended and Restated Indenture was also amended to reflect a new principal amount of $290.0 million to accommodate the additional $30.0 million in new 10% Convertible Notes.
On March 31, 2020, we entered into an Amended and Restated Subordinated Secured Convertible Note Modification Agreement (the “Constellation Note Modification Agreement”) with Constellation NewEnergy, Inc. (“Constellation”), pursuant to which Constellation agreed to extend the maturity date to December 31, 2021, increase the interest rate from 5% to 10% and reduce the strike price on the conversion feature from $38.64 to $8.00 per share.
On May 1, 2020, we entered into a note purchase agreement pursuant to which certain investors purchased $70.0 million of 10.25% Senior Secured Notes due 2027 in a private placement. The proceeds from this note were used to extinguish the $70.0 million of 10% Convertible Notes on May 1, 2020.
On June 18, 2020, Constellation exercised their voluntary conversion feature and exchanged their entire Constellation Note at the conversion price of $8.00 per share into 4.7 million shares of Class A common stock. At the time of this exchange the unamortized premium of $3.4 million was recorded as an adjustment to additional paid-in capital.
The impact of COVID-19 on our ability to execute our business strategy and on our financial position and results of operations is uncertain. Our future cash flow requirements may vary materially from those currently planned and will depend on many factors, including our rate of revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, the rate of growth in the volume of system builds, the expansion of sales and marketing activities, market acceptance of our product, our ability to secure financing for customer use, the timing of installations, and overall economic conditions including the impact of COVID-19 on our ongoing and future operations. However, in the opinion of management, the combination of our existing cash and cash equivalents and operating cash flows is expected to be sufficient to meet our operational and capital cash flow requirements and other cash flow needs for the next 12 months from the date of issuance of this Quarterly Report on Form 10-Q, but we may access capital markets opportunistically to continue to improve our capital structure and to address outstanding debt principal repayments that are due in December 2021 if market conditions are favorable.
For additional information, see Note 7, Outstanding Loans and Security Agreements and Note 17, Subsequent Events.
9


Basis of Presentation
We have prepared the unaudited condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"), and as permitted by those rules, the condensed consolidated financial statements do not include all disclosures required by generally accepted accounting principles as applied in the United States (“U.S. GAAP”). However, we believe that the disclosures herein are adequate to ensure the information presented is not misleading. The condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019 (the latter has been derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019), and the condensed consolidated statements of operations, of comprehensive loss, of redeemable noncontrolling interest, total stockholders' deficit and noncontrolling interest, and of cash flows for the periods ended June 30, 2020 and 2019, and related notes, should be read in conjunction with the audited financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as filed with the SEC on March 31, 2020.
We believe that all necessary adjustments, which consisted only of normal recurring items, have been included in the accompanying financial statements to fairly state the results of the interim periods. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for our fiscal year ending December 31, 2020.
Principles of Consolidation
These condensed consolidated financial statements reflect our accounts and operations and those of our subsidiaries in which we have a controlling financial interest. We use a qualitative approach in assessing the consolidation requirement for each of our variable interest entities ("VIE"), which we refer to as our power purchase agreement entities ("PPA Entities"). This approach focuses on determining whether we haves the power to direct those activities of the PPA Entities that most significantly affect their economic performance and whether we have the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the PPA Entities. For all periods presented, we have determined that we are the primary beneficiary in all of our operational PPA Entities, other than with respect to the PPA II and PPA IIIb Entities, as discussed in Note 13, Power Purchase Agreement Programs. We evaluate our relationships with the PPA Entities on an ongoing basis to ensure that we continue to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates 
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. The most significant estimates include the determination of the stand-alone selling price, including material rights estimates, inventory valuation, specifically excess and obsolescence provisions for obsolete or unsellable inventory and, in relation to property, plant and equipment (specifically Energy Servers), assumptions relating to economic useful lives and impairment assessments.
Other accounting estimates include variable consideration relating to product performance guaranties, assumptions to compute the fair value of lease and non-lease components and related financing obligations such as incremental borrowing rates, estimated output, efficiency and residual value of the Energy Servers, warranty, product performance guaranties and extended maintenance, derivative valuations, estimates for recapture of U.S. Treasury grants and similar grants, estimates relating to contractual indemnities provisions, estimates for income taxes and deferred tax asset valuation allowances, and stock-based compensation costs. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including sales, expenses, our allowance for doubtful accounts, stock-based compensation, the carrying value of our long-lived assets, inventory, financial assets, and valuation allowances for tax assets, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat it, as well as the economic impact on local, regional, national and international customers, suppliers and markets. We have made estimates of the impact of COVID-19 within our financial statements and there may be changes to those estimates in future periods as new information becomes available. Actual results could differ materially from these estimates under different assumptions and conditions.
Concentration of Risk
Geographic Risk - The majority of our revenue and long-lived assets are attributable to operations in the United States for all periods presented. Additionally, we sell our Energy Servers in Japan, China, India, and the Republic of Korea (collectively, the "Asia Pacific region"). In the three and six months ended June 30, 2020, total revenue in the Asia Pacific
10


region was 30% and 33%, respectively, of our total revenue. In the three and six months ended June 30, 2019, total revenue in the Asia Pacific region was 21% and 26%, respectively, of our total revenue.
Credit Risk - At June 30, 2020, one customer, Kaiser Foundation Hospitals, accounted for approximately 26% of accounts receivable. At December 31, 2019, two customers, Costco Wholesale Corporation and The Kraft Group LLC, accounted for approximately 19% and 17% of accounts receivable, respectively. At June 30, 2020 and December 31, 2019, we did not maintain any allowances for doubtful accounts as we deemed all of our receivables fully collectible. To date, we have neither provided an allowance for uncollectible accounts nor experienced any credit loss.
Customer Risk - In the quarter ended June 30, 2020, revenue from three customers, Duke Energy, SK Engineering & Construction Co., Ltd. ("SK E&C") and NextEra Energy, accounted for approximately 32%, 29%, and 12%, respectively, of our total revenue. In the six months ended June 30, 2020, revenue from two customers, SK E&C and Duke Energy, accounted for approximately 32% and 32%, respectively, of our total revenue. In the quarter ended June 30, 2019, revenue from two customers, The Southern Company and SK E&C accounted for approximately 56% and 21%, respectively, of our total revenue. In the six months ended June 30, 2019, revenue from two customers, The Southern Company and SK E&C accounted for approximately 44% and 26%, respectively, of our total revenue. Duke Energy and The Southern Company wholly own a Third-Party PPA which purchases Energy Servers from us, however, such purchases and resulting revenue are made on behalf of various customers of these two Third-Party PPAs.
Summary of Significant Accounting Policies
The significant accounting policies used in preparation of these condensed consolidated financial statements for the periods ended June 30, 2020 are consistent with those discussed in Note 1 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2019, except as described below.
Recent Accounting Pronouncements
Other than the adoption of the accounting guidance mentioned below, there have been no other significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements.
Accounting Guidance Implemented in 2020
Fair Value Measurement - In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-13, Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). ASU 2018-13 has eliminated, amended and added disclosure requirements for fair value measurements. Entities will no longer be required to disclose the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy, the policy of timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. Companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 was effective for annual and interim periods beginning after December 15, 2019. Early adoption was permitted. We adopted ASU 2018-13 as of January 1, 2020 and the adoption did not have a material effect on our financial statements and related disclosures.
Stock Compensation - In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting ("ASU 2018-07") which aligns the accounting for share-based payment awards issued to employees and nonemployees. Measurement of equity-classified nonemployee awards will now be valued on the grant date and will no longer be remeasured through the performance completion date. ASU 2018-07 also changes the accounting for nonemployee awards with performance conditions to recognize compensation cost when achievement of the performance condition is probable, rather than upon achievement of the performance condition, as well as eliminating the requirement to reassess the equity or liability classification for nonemployee awards upon vesting, except for certain award types. ASU 2018-07 was effective for us for interim and annual reporting periods beginning after December 15, 2019. Early adoption was permitted. We adopted ASU 2018-07 using a modified retrospective approach in January 2020 and the adoption of ASU 2018-07 did not have a material effect on our financial statements and related disclosures.
Accounting Guidance Not Yet Adopted
Leases - In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended (“ASC 842”), which provides new authoritative guidance on lease accounting. Among its provisions, the standard changes the definition of a lease, requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet for operating leases and also requires additional qualitative and quantitative disclosures about lease arrangements. All leases in scope will be classified as either operating or financing. Operating and financing leases will require the recognition of an asset and liability to be measured at the
11


present value of the lease payments. ASC 842 also makes a distinction between operating and financing leases for purposes of reporting expenses on the income statement. We are the lessee under various agreements for facilities and equipment that are currently accounted for as operating leases and expect to continue to enter into new such leases. Additionally, we expect to continue to enter into Managed Services related financing leases in the future and are the lessor of Energy Servers that are subject to power purchase arrangements with customers under our PPA and Managed Services programs that are currently accounted for as leases.
We are currently evaluating the impact of the adoption of this update on our financial statements. We will be assessing the impacts of whether new power purchase arrangements with customers meet the new definition of a lease and recognizing right of use assets and lease liabilities for arrangements currently accounted for as operating leases where we are the lessee. We anticipate that we will no longer be an emerging growth company beginning on December 31, 2020, after which we will not be able to take advantage of the reduced disclosure requirements applicable to emerging growth companies. As a result, we expect to adopt this guidance on a modified retrospective basis on December 31, 2020 and to reflect the adoption as of January 1, 2020 in our annual results for the period ended December 31, 2020.
Financial Instruments - In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326) as amended, ("Topic 326"), including in February 2020, the FASB issued ASU 2020-02, which provides guidance regarding methodologies, documentation, and internal controls related to expected credit losses. The pronouncement eliminates the incurred credit loss impairment methodology and replaces it with an expected credit loss concept based on historical experience, current conditions, and reasonable and supportable forecasts. Early adoption is permitted. Topic 326 requires a modified retrospective approach by recording a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We anticipate that we will no longer be an emerging growth company beginning on December 31, 2020, after which we will not be able to take advantage of the reduced disclosure requirements applicable to emerging growth companies. As a result, we expect to adopt this guidance on a modified retrospective basis on December 31, 2020 and reflect the adoption as of January 1, 2020 in our annual results for the period ended December 31, 2020. We are currently evaluating the impact of the adoption of this update on our financial statements.
Income taxes - In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) ("ASU 2019-12"), wherein the accounting for income taxes is simplified by eliminating certain exceptions and implementing additional requirements which result in a more consistent application of ASC 740 Income Taxes. ASU 2019-12 is effective as for public business entities, for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. We anticipate that we will no longer be an emerging growth company beginning on December 31, 2020, after which we will not be able to take advantage of the reduced disclosure requirements applicable to emerging growth companies. We expect to adopt this guidance on a prospective basis on January 1, 2021. We are evaluating the effect on our financial statements and related disclosures.
Cessation of LIBOR - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04") which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We are currently evaluating the impact of the adoption of this update on our financial statements.
We do not expect any other new accounting standards to have a material impact on our financial position, results of operations or cash flows when they become effective.
2. Restatement of Previously Issued Condensed Consolidated Financial Statements
We have restated herein our condensed consolidated financial statements as of and for the three and six months ended June 30, 2019. We have also restated related amounts within the accompanying footnotes to the condensed consolidated financial statements.
Restatement Background
As previously disclosed in our Annual Report on Form 10-K as filed on March 31, 2020, on February 11, 2020, our management, in consultation with the Audit Committee of our Board of Directors, determined that our previously issued consolidated financial statements as of and for the year ended December 31, 2018, as well as financial statements as of and for
the three month period ended March 31, 2019, the three and six month periods ended June 30, 2019 and 2018 and the three and nine month periods ended September 30, 2019 and 2018 should no longer be relied upon due to misstatements related to our Managed Services Agreements and similar arrangements and we would restate such financial statements to make the necessary accounting corrections. The revenue for the Managed Services Agreements and similar transactions will now be recognized over the duration of the contract instead of upfront. The restatement also includes corrections for additional identified immaterial misstatements in certain of the impacted periods.
The misstatements impacting as of and for the three and six months ended June 30, 2019 are described in greater detail below.
Description of Misstatements
Under our Managed Services program, we sell our equipment to a bank financing party under a sale-leaseback transaction, which pays us for the Energy Server and takes title to the Energy Server. We then enter into a service contract with an end customer, who pays the bank a fixed, monthly fee for its use of the Energy Server and pays us for our maintenance and operation of the Energy Server.
The majority of these Managed Services Agreements and similar transactions were originally recorded as sales, subject to an operating lease, in which revenues and associated costs were recognized at the time of installation and acceptance of the Energy Server at the customer site.
In December 2019, in the course of reviewing a Managed Services transaction that closed on November 27, 2019, an issue was identified related to the accounting for our Managed Services transactions. The issue primarily related to whether the terms of our Managed Services Agreements and similar arrangements, including the events of default provisions, satisfied the requirements for sales under the revenue accounting standards. Subsequently, it was determined that the previous accounting for the Managed Services Agreements and similar transactions was misstated, as the Managed Services Agreements and similar transactions should have been accounted for as financing transactions under lease accounting standards.
The impact of the correction of the misstatement is to recognize amounts received from the bank financing party as a financing obligation, and the Energy Server is recorded within property, plant and equipment, net, on our consolidated balance sheets. We recognize revenue for the electricity generated by the systems, based on payments received by the bank from the customer, and the corresponding financing obligations to the bank is also amortized as these payments are received by the bank from the customer, with interest thereon being calculated on an effective interest rate basis. Depreciation expense is also recognized over the estimated useful life of the Energy Server.
In addition, it was determined that stock-based compensation costs relating to manufacturing employees that were previously expensed as incurred incorrectly, should have been capitalized as a component of Energy Server manufacturing costs to inventory, deferred cost of revenues, construction-in-progress and property, plant and equipment in accordance with SEC Staff Accounting Bulletin Topic 14. These costs will now be expensed on consumption of the related inventory and over the economic useful life of the property, plant and equipment, as applicable.
Also, as part of a review of historical revenue agreements as a result of the above errors, it was noted that we failed to identify embedded derivatives in certain revenue agreements for an escalator price protection (“EPP”) feature given to our customers. As a result, we have recorded a derivative liability, with an offset to product revenue, to account for the fair value of this feature at inception and will record the liability at its then fair value at each period end with any changes in fair value recognized in gain (loss) on revaluation of embedded derivatives.
In addition to the impact of the restatement described above, in preparation of the condensed consolidated financial statements for the three months ended March 31, 2020, errors in our condensed consolidated statements of comprehensive loss were discovered. For the three and six month periods ended June 30, 2019, the presentation of this statement and other errors identified in this statement have been corrected, which resulted in an additional $5.0 million and $8.8 million increase to comprehensive loss, and an increase of $5.0 million and $8.8 million in comprehensive loss attributable to noncontrolling interest and redeemable noncontrolling interests, respectively. The condensed consolidated statements of comprehensive loss for the three and nine months ended September 30, 2019 will also be corrected when those periods are next reported. In the consolidated statements of comprehensive loss for the years ended December 31, 2019 and 2018, comprehensive loss as previously reported is understated by $5.8 million and overstated by $1.8 million, respectively. In addition, the reconciliation of comprehensive loss to comprehensive loss attributable to Class A and Class B stockholders was erroneously omitted. As it relates to the impact of the errors to the consolidated statements of comprehensive loss for the years ended December 31, 2019 and 2018, management evaluated the impact of the errors to the previously issued financial statements and concluded the impacts were not material. Accordingly, these items are and will be corrected when those periods are next reported.
Finally, there were certain other immaterial misstatements identified or which had been previously identified that are also being corrected in connection with the restatement of previously issued financial statements.
Description of Restatement Reconciliation Tables
In the following tables, we have presented a reconciliation of our condensed consolidated balance sheet and statements of operations and cash flows from our prior periods as previously reported to the restated amounts as of and for the three and six months ended June 30, 2019. In addition to the errors to the condensed consolidated statement of comprehensive loss discussed above, that Statement has been restated for the restatement impact to net loss. The condensed consolidated statement of redeemable noncontrolling interest, total stockholders' deficit and noncontrolling interest for the three and six months ended June 30, 2019 has also been restated for the restatement impact to net loss. See the condensed consolidated statements of operations reconciliation table below for additional information on the restatement impact to net loss.

Bloom Energy Corporation
Condensed Consolidated Balance Sheet
(in thousands)
June 30, 2019
  As Previously Reported Restatement Impacts Restatement Reference ASC 606 Adoption Impacts As Restated And Recast
 
Assets
Current assets:
Cash and cash equivalents $ 308,009    $ —    $ —    $ 308,009   
Restricted cash 23,706    —    —    23,706   
Accounts receivable 38,296    4,172    1 (2,430)   40,038   
Inventories 104,934    1,955    2 —    106,889   
Deferred cost of revenue 86,434    (6,127)   3 —    80,307   
Customer financing receivable 5,817    —    —    5,817   
Prepaid expenses and other current assets 25,088    1,252    4 143    26,483   
Total current assets 592,284    1,252    (2,287)   591,249   
Property, plant and equipment, net 406,610    234,649    5 —    641,259   
Customer financing receivable, non-current 64,146    —    —    64,146   
Restricted cash, non-current 39,351    —    —    39,351   
Deferred cost of revenue, non-current 59,213    (55,367)   3 —    3,846   
Other long-term assets 60,975    9,118    6 2,743    72,836   
Total assets $ 1,222,579    $ 189,652    $ 456    $ 1,412,687   
Liabilities, Redeemable Noncontrolling Interest, Stockholders’ Deficit and Noncontrolling Interests
Current liabilities:
Accounts payable $ 61,427    $ —    $ —    $ 61,427   
Accrued warranty 12,393    (1,154)   7 (999)   10,240   
Accrued expenses and other current liabilities 109,722    (4,329)   8 —    105,393   
Financing obligations —    10,027    9 —    10,027   
Deferred revenue and customer deposits 129,321    (13,847)   10 3,264    118,738   
Current portion of recourse debt 15,681    —    —    15,681   
Current portion of non-recourse debt 7,654    —    —    7,654   
Current portion of non-recourse debt from related parties 2,889    —    —    2,889   
Total current liabilities 339,087    (9,303)   2,265    332,049   
Derivative liabilities 13,079    5,096    11 —    18,175   
Deferred revenue and customer deposits, net of current portion 181,221    (95,840)   10 25,369    110,750   
Financing obligations, non-current —    400,078    9 —    400,078   
Long-term portion of recourse debt 362,424    —    —