Bloom Energy's 900 MW NTT order follows an 8% drop, with $2.6 billion due suppliers in 2027
Bloom's largest international project, 900 megawatts for NTT Global Data Centers, was announced hours after an 8% drop, but the 10-Q shows $2.6 billion of supplier cash due in 2027 against $661.2 million of booked customer obligations.
Vincent Jiang · 2 min read
Bloom Energy+8.92% — Bloom Energy, up 8.92 percent today announced its biggest international order yet on the morning of November 5: NTT Global Data Centers, the data center arm of Japan's NTT Group, will deploy 900 megawatts of Bloom's solid-oxide fuel cells across projects worldwide, with first shipments in 2027 5. The news landed the day after the stock fell 8% in a post-election sell-off that hit every AI power name, from Lumentum+8.30% — Lumentum, up 8.30 percent today down 11% to contractor Comfort Systems down 17% 6. Announcements are arriving faster than the cash behind them.
The factory's calendar is signed. The customers' is not
Bloom's 10-Q for the quarter ended September 30 shows about $5.8 billion of commitments under supply agreements running beyond twelve months, some of them take-or-pay, with $2.6 billion payable in 2027 alone 1. Bloom entered those contracts on a mix of signed customer commitments, expected deployments and anticipated demand, three grades of evidence the filing does not split. The customer side is thinner: $661.2 million of unsatisfied performance obligations, the contracted work not yet converted to revenue 1.
Bloom owes suppliers $2.6 billion in 2027 on the road to $5.8 billion
The 2027 payment is the biggest single year on the supplier clock
Data
| Value | |
|---|---|
| Rest 2026 | $0.1B |
| 2027 | $2.6B |
| 2028 | $1.3B |
| 2029 | $1.8B |
The deposits are real, and so is the concentration
Customers have put money down. Customer deposits rose from $78.2 million at the end of 2025 to $661.4 million at September's close, and quarterly revenue hit a record $1.236 billion, up 138.1% year over year 1. But two customers supplied 43% and 26% of third-quarter revenue, the second a related party 1. Meanwhile free cash flow ran negative $180.6 million in the quarter as capital spending jumped to $153.5 million, against $2.487 billion of cash on hand 16.
Bloom's revenue more than doubled year over year to a record quarter
Revenue doubled in a year to a record $1.24 billion quarter
Data
| Revenue | |
|---|---|
| Q4 '24 | $0.57B |
| Q1 '25 | $0.33B |
| Q2 '25 | $0.4B |
| Q3 '25 | $0.52B |
| Q4 '25 | $0.78B |
| Q1 '26 | $0.75B |
| Q2 '26 | $1.07B |
| Q3 '26 | $1.24B |
The gigawatts announced around the bill carry no price
The headlines keep stacking: a non-binding MOU with California Resources to evaluate 1 gigawatt or more, dependent on permits and a final investment decision 37; AEP's $4 billion, 702-megawatt project near Cheyenne under a 20-year Google power purchase agreement, targeting full operations in late 2028 4; full-year guidance of $4.4 billion to $4.6 billion that implies up to $1.55 billion of fourth-quarter revenue 2. None of these disclosures prices the fuel cells or says which supplier orders they cover. That bridge is the number to watch before the February 2027 report 17.
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