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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________
FORM 10-Q
(Mark One) 
þ
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
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 
________________________________________________________________________
Bloom_Logo (002).jpg

BLOOM ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
________________________________________________________________________
Delaware77-0565408
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
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 Act:
Title of Each Class(1)
Trading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.0001 par valueBENew 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 þ     Accelerated filer   ¨      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 Exchange Act).  Yes  ¨    No  þ
The number of shares of the registrant’s common stock outstanding as of August 1, 2023 was as follows:
Class A Common Stock, $0.0001 par value, 209,421,735 shares
Class B Common Stock, $0.0001 par value, 0 shares
1

Bloom Energy Corporation
Quarterly Report on Form 10-Q for the Three and Six Months Ended June 30, 2023
Table of Contents
 Page
PART I - FINANCIAL INFORMATION
Item 1 - Financial Statements (unaudited)
Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Comprehensive Loss
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit)
Condensed Consolidated Statements of Cash Flows
Notes to Unaudited 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 “Company,” “we,” “us,” “our,” “Bloom” and “Bloom Energy,” each refer to Bloom Energy Corporation and all of its subsidiaries.


2
PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS

Bloom Energy Corporation
Condensed Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)

June 30,December 31,
20232022
Assets
Current assets:
Cash and cash equivalents1
$767,055 $348,498 
Restricted cash1
45,811 51,515 
Accounts receivable less allowance for doubtful accounts of $119 as of June 30, 2023 and December 31, 20221
351,021 250,995 
Contract assets35,182 46,727 
Inventories1
468,266 268,394 
Deferred cost of revenue53,982 46,191 
Loan commitment asset5,259 — 
Prepaid expenses and other current assets1
49,823 43,643 
Total current assets1,776,399 1,055,963 
Property, plant and equipment, net1
606,007 600,414 
Operating lease right-of-use assets1
132,452 126,955 
Restricted cash1
109,678 118,353 
Deferred cost of revenue4,407 4,737 
Loan commitment asset47,533 — 
Other long-term assets1
43,426 40,205 
Total assets$2,719,902 $1,946,627 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable1
$194,503 $161,770 
Accrued warranty14,906 17,332 
Accrued expenses and other current liabilities1
113,848 144,183 
Deferred revenue and customer deposits1
137,704 159,048 
Operating lease liabilities1
17,168 16,227 
Financing obligations29,097 17,363 
Recourse debt— 12,716 
Non-recourse debt1
10,814 13,307 
Series B redeemable convertible preferred stock310,508 — 
Total current liabilities828,548 541,946 
Deferred revenue and customer deposits1
26,226 56,392 
Operating lease liabilities1
137,667 132,363 
Financing obligations424,811 442,063 
Recourse debt1
839,223 273,076 
Non-recourse debt1
107,793 112,480 
Other long-term liabilities9,399 9,491 
Total liabilities2,373,667 1,567,811 
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock: $0.0001 par value; Class A shares - 600,000,000 shares authorized and 193,506,252 shares and 189,864,722 shares issued and outstanding and Class B shares - 600,000,000 shares authorized and 15,675,130 shares and 15,799,968 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively
20 20 
Additional paid-in capital4,011,900 3,906,491 
Accumulated other comprehensive loss(2,053)(1,251)
Accumulated deficit(3,702,111)(3,564,483)
Total equity attributable to Class A and Class B common stockholders307,756 340,777 
Noncontrolling interest38,479 38,039 
Total stockholders’ equity$346,235 $378,816 
Total liabilities and stockholders’ equity$2,719,902 $1,946,627 

1We have a variable interest entity related to PPA V (see Note 10 - Portfolio Financings) and a joint venture in the Republic of Korea (see Note 15 - SK ecoplant Strategic Investment), which represent a portion of the consolidated balances recorded within these financial statement line items.


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 share data)
(unaudited)

 Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
 
Revenue:
Product$214,706 $173,625 $408,451 $307,172 
Installation24,321 12,729 44,846 26,282 
Service42,298 38,426 82,961 73,665 
Electricity19,770 18,456 40,028 37,156 
Total revenue301,095 243,236 576,286 444,275 
Cost of revenue:
Product145,146 129,419 274,759 235,161 
Installation26,879 16,730 51,979 29,503 
Service57,263 41,028 108,507 82,854 
Electricity15,457 58,029 30,424 70,790 
Total cost of revenue244,745 245,206 465,669 418,308 
Gross profit (loss)56,350 (1,970)110,617 25,967 
Operating expenses:
Research and development41,493 41,614 87,183 76,140 
Sales and marketing26,822 20,475 53,933 41,809 
General and administrative42,491 38,114 87,638 75,850 
Total operating expenses110,806 100,203 228,754 193,799 
Loss from operations(54,456)(102,173)(118,137)(167,832)
Interest income4,357 196 6,352 255 
Interest expense(13,953)(13,814)(25,699)(27,901)
Other expense, net(740)(1,191)(2,083)(4,218)
Loss on extinguishment of debt(2,873)(4,233)(2,873)(4,233)
(Loss) gain on revaluation of embedded derivatives(1,216)38 (1,099)569 
Loss before income taxes(68,881)(121,177)(143,539)(203,360)
Income tax provision (benefit)178 (12)437 552 
Net loss(69,059)(121,165)(143,976)(203,912)
Less: Net loss attributable to noncontrolling interest(2,998)(2,365)(6,348)(6,453)
Net loss attributable to Class A and Class B common stockholders(66,061)(118,800)(137,628)(197,459)
Less: Net loss attributable to redeemable noncontrolling interest— — — (300)
Net loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest$(66,061)$(118,800)$(137,628)$(197,159)
Net loss per share available to Class A and Class B common stockholders, basic and diluted$(0.32)$(0.67)$(0.66)$(1.11)
Weighted average shares used to compute net loss per share available to Class A and Class B common stockholders, basic and diluted208,692 178,507 207,714 177,852 

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,
 2023202220232022
 
Net loss$(69,059)$(121,165)$(143,976)$(203,912)
Other comprehensive loss, net of taxes:
Foreign currency translation adjustment(722)(594)(993)(747)
Other comprehensive loss, net of taxes(722)(594)(993)(747)
Comprehensive loss(69,781)(121,759)(144,969)(204,659)
Less: Comprehensive loss attributable to noncontrolling interest(3,019)(2,462)(6,539)(6,550)
Comprehensive loss attributable to Class A and Class B common stockholders$(66,762)$(119,297)$(138,430)$(198,109)
Less: Comprehensive loss attributable to redeemable noncontrolling interest— — — (300)
Comprehensive loss before portion attributable to redeemable noncontrolling interest and noncontrolling interest$(66,762)$(119,297)$(138,430)$(197,809)


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

5

Bloom Energy Corporation
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit)
(in thousands, except share data)
(unaudited)
Three Months Ended June 30, 2023
Class A and Class B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Equity Attributable to Class A and Class B Common StockholdersNoncontrolling InterestTotal Stockholders’ Equity
SharesAmount
Balances at March 31, 2023208,333,645 $20 $4,036,697 $(1,352)$(3,636,050)$399,315 $34,519 433,834 
Issuance of restricted stock awards753,859 — — — — — — — 
Exercise of stock options93,878 — 733 — — 733 — 733 
Stock-based compensation expense— — 28,992 — — 28,992 — 28,992 
Contributions from noncontrolling interest— — — — — — 6,979 6,979 
Purchase of capped call related to convertible notes (Note 7)— — (54,522)— — (54,522)— (54,522)
Foreign currency translation adjustment— — — (701)— (701)(21)(722)
Net loss— — — — (66,061)(66,061)(2,998)(69,059)
Balances at June 30, 2023209,181,382 $20 $4,011,900 $(2,053)$(3,702,111)$307,756 $38,479 $346,235 


Three Months Ended June 30, 2022
Class A and Class B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Deficit Attributable to Class A and Class B Common StockholdersNoncontrolling InterestTotal Stockholders’ Deficit
SharesAmount
Balances at March 31, 2022177,995,695 $18 $3,251,128 $(503)$(3,341,434)$(90,791)$36,035 $(54,756)
Issuance of restricted stock awards824,702 — — — — — — — 
Exercise of stock options93,400 — 337 — — 337 — 337 
Stock-based compensation— — 32,796 — — 32,796 — 32,796 
Distributions and payments to noncontrolling interests— — — — — — (1,539)(1,539)
Foreign currency translation adjustment— — — (497)— (497)(97)(594)
Net loss— — — — (118,800)(118,800)(2,365)(121,165)
Balances at June 30, 2022178,913,797 $18 $3,284,261 $(1,000)$(3,460,234)$(176,955)$32,034 $(144,921)



6

Six Months Ended June 30, 2023
Class A and Class B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Equity Attributable to Class A and Class B Common StockholdersNoncontrolling InterestTotal Stockholders' Equity
SharesAmount
Balances at December 31, 2022205,664,690 $20 $3,906,491 $(1,251)$(3,564,483)$340,777 $38,039 $378,816 
Issuance of restricted stock awards2,858,763 — — — — — — — 
ESPP purchase449,525 — 7,756 — — 7,756 — 7,756 
Exercise of stock options208,404 — 1,502 — — 1,502 — 1,502 
Stock-based compensation— — 58,286 — — 58,286 — 58,286 
Derecognition of the pre-modification forward contract fair value (Note 15)— — 76,242 — — 76,242 — 76,242 
Equity component of Series B redeemable convertible preferred stock (Note 15)— — 16,145 — — 16,145 — 16,145 
Contributions from noncontrolling interest— — — — — — 6,979 6,979 
Purchase of capped call related to convertible notes (Note 7)— — (54,522)— — (54,522)— (54,522)
Foreign currency translation adjustment— — — (802)— (802)(191)(993)
Net loss— — — — (137,628)(137,628)(6,348)(143,976)
Balances at June 30, 2023209,181,382 20 $4,011,900 $(2,053)$(3,702,111)$307,756 $38,479 $346,235 


Six Months Ended June 30, 2022
Class A and Class B Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Deficit Attributable to Class A and Class B Common StockholdersNoncontrolling InterestTotal Stockholders’ Deficit
SharesAmount
Balances at December 31, 2021176,460,407 $18 $3,219,081 $(350)$(3,263,075)$(44,326)$42,499 $(1,827)
Issuance of restricted stock awards1,789,639 — — — — — — — 
ESPP purchase420,689 — 5,981 — — 5,981 — 5,981 
Exercise of stock options243,062 — 1,317 — — 1,317 — 1,317 
Stock-based compensation— — 58,382 — — 58,382 — 58,382 
Distributions and payments to noncontrolling interests— — (500)— — (500)(3,915)(4,415)
Foreign currency translation adjustment— — — (650)— (650)(97)(747)
Net loss1
— — — — (197,159)(197,159)(6,453)(203,612)
Balances at June 30, 2022178,913,797 $18 $3,284,261 $(1,000)$(3,460,234)$(176,955)$32,034 $(144,921)

1Excludes $300 attributable to redeemable noncontrolling interest.
Note: Beginning redeemable noncontrolling interest of $300 - Net loss attributable to redeemable noncontrolling interest of $300 = ending redeemable noncontrolling interest of Nil.

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,
 20232022
Cash flows from operating activities:
Net loss$(143,976)$(203,912)
Adjustments to reconcile net loss to net cash used in operating activities:  
Depreciation and amortization35,668 30,697 
Non-cash lease expense16,184 8,800 
Loss (gain) on disposal of property, plant and equipment196 (523)
Revaluation of derivative contracts1,099 1,680 
Write-off of assets related to PPA IIIa— 44,800 
Stock-based compensation55,845 57,774 
Amortization of warrants and debt issuance costs1,786 1,651 
Loss on extinguishment of debt2,873 4,233 
Unrealized foreign currency exchange loss1,512 2,276 
Other— 3,487 
Changes in operating assets and liabilities:
Accounts receivable(99,951)8,938 
Contract assets11,544 (8,173)
Inventories(197,346)(62,824)
Deferred cost of revenue(7,544)(8,995)
Customer financing receivable— 2,510 
Prepaid expenses and other current assets1,958 (5,813)
Other long-term assets3,415 — 
Operating lease right-of-use assets and operating lease liabilities(15,447)2,422 
Finance lease liabilities736 48 
Accounts payable35,894 50,585 
Accrued warranty(2,426)— 
Accrued expenses and other current liabilities(35,719)(18,017)
Deferred revenue and customer deposits(26,766)(10,158)
Other long-term liabilities(730)— 
Net cash used in operating activities(361,195)(98,514)
Cash flows from investing activities:
Purchase of property, plant and equipment(46,150)(44,728)
Proceeds from sale of property, plant and equipment25 — 
Net cash used in investing activities(46,125)(44,728)
Cash flows from financing activities:
Proceeds from issuance of debt634,018 — 
Payment of debt issuance costs(15,828)— 
Repayment of debt of PPA IIIa— (30,212)
Debt make-whole payment related to PPA IIIa debt— (2,413)
Repayment of recourse debt(72,852)(10,729)
Proceeds from financing obligations2,702 — 
Repayment of financing obligations(8,728)(16,475)
Distributions and payments to noncontrolling interests— (4,415)
Proceeds from issuance of common stock9,258 5,981 
Proceeds from exercise of options— 1,317 
Proceeds from issuance of redeemable convertible preferred stock310,957 — 
Contributions from noncontrolling interest6,979 — 
Purchase of capped call related to convertible notes (Note 7)(54,522)— 
Other(158)— 
Net cash provided by (used in) financing activities811,826 (56,946)
Effect of exchange rate changes on cash, cash equivalent and restricted cash (328)(747)
Net decrease in cash, cash equivalents and restricted cash404,178 (200,935)
Cash, cash equivalents and restricted cash:
Beginning of period518,366 615,114 
End of period$922,544 $414,179 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$22,345 $25,938 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases15,318 4,387 
Operating cash flows from finance leases509 462 
Cash paid during the period for income taxes950 982 
Non-cash investing and financing activities:
Transfer of customer financing receivable to property, plant and equipment, net$— $42,758 
Liabilities recorded for property, plant and equipment, net4,790 15,988 
Recognition of operating lease right-of-use asset during the year-to-date period14,037 11,192 
Recognition of finance lease right-of-use asset during the year-to-date period736 — 
Derecognition of the pre-modification forward contract fair value (Note 15)76,242 — 
Equity component of Series B redeemable convertible preferred stock (Note 15)16,145 — 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8

Bloom Energy Corporation
Notes to Unaudited Condensed Consolidated Financial Statements
The unaudited interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented.
The unaudited interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Website references throughout this document are provided for convenience only, and the content on the referenced websites is not incorporated by reference into this report.
1. Nature of Business, Liquidity and Basis of Presentation
Nature of Business
For information on the nature of our business, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Nature of Business section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Liquidity
We have generally incurred operating losses and negative cash flows from operations since our inception. With the series of new debt offerings, debt extensions and conversions to equity that we completed during 2022 and the first half of 2023, we had $839.2 million of total outstanding recourse debt as of June 30, 2023, which was classified as long-term debt.
On March 20, 2023, we entered into an Amendment (the “Amended SPA”) to the Securities Purchase Agreement with SK ecoplant, dated October 23, 2021 (the “SPA”), and the Investor Agreement, dated December 29, 2021, pursuant to which we issued and sold to SK ecoplant 13,491,701 shares of Series B redeemable convertible preferred stock (the “Series B RCPS”) for cash proceeds of $311.0 million. For additional information, please see Part I, Item 1, Note 15 - SK ecoplant Strategic Investment.
On March 20, 2023, in connection with the Amended SPA we also entered into a Shareholders’ Loan Agreement with SK ecoplant (the “Loan Agreement”), pursuant to which we may draw down on a loan from SK ecoplant with a maximum principal amount of $311.0 million, should SK ecoplant send a redemption notice to us under the Amended SPA or otherwise reduce any portion of its current holdings of our Class A common stock. The Loan Agreement has a maturity of five years and bears an interest rate of 4.6%. The proceeds of the loan may be used by us for working capital and general corporate purpose needs.
On May 16, 2023, we issued 3% Green Convertible Senior Notes (the “3% Green Notes”) in an aggregate principal amount of $632.5 million due June 2028, unless earlier repurchased, redeemed or converted, less the initial purchasers’ discount of $15.8 million and other issuance costs of $3.8 million, resulting in net proceeds of $612.9 million. On June 1, 2023, we used approximately $60.9 million of the net proceeds from this offering to redeem all of the outstanding principal amount of our 10.25% Senior Secured Notes due March 2027. The redemption price equaled 104% of the principal amount redeemed plus accrued and unpaid interest. For additional information, please see Part I, Item 1, Note 7 - Outstanding Loans and Security Agreements.
Our future capital requirements 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 and the need for additional manufacturing space, the expansion of sales and marketing activities both in domestic and international markets, market acceptance of our product, our ability to secure financing for customer use of our Energy Servers, the timing of installations, and overall economic conditions, including the inflationary pressure in the US on our ongoing and future operations. The rising interest rate environment in the US has and will continue to adversely impact the cost of new capital deployment.
In the opinion of management, the combination of our existing cash and cash equivalents and expected timing of 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.
9


10

Inflation Reduction Act of 2022 – New and Expanded Production and Tax Credits for Manufacturers and Projects to Support Clean Energy
For information on the Inflation Reduction Act of 2022 (the “IRA”) signed into law on August 16, 2022, and its impact on our business, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Inflation Reduction Act of 2022 section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Basis of Presentation
We have prepared the condensed consolidated financial statements included herein pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”), including all disclosures required by generally accepted accounting principles as applied in the United States (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to the current period presentation.
Principles of Consolidation
For information on the principles of consolidation, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Principles of Consolidation section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Business Combinations
For information on the business combinations, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Business Combinations section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Use of Estimates
For information on the use of accounting estimates, see Part II, Item 8, Note 1 - Nature of Business, Liquidity and Basis of Presentation, Use of Estimates section in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Concentration of Risk
Geographic Risk - The majority of our revenue for the three and six months ended June 30, 2023 was attributable to operations in the United States and, for the three and six months ended June 30, 2022, to operations in the Republic of Korea. A major portion of our long-lived assets is attributable to operations in the United States for all periods presented. In addition to shipments in the US and the Republic of Korea, we also ship our Energy Servers to other countries, primarily, Japan and India (the markets of the Republic of Korea, Japan and India, collectively referred to as the “Asia Pacific region”). In the three and six months ended June 30, 2023, total revenue related to shipments to the Asia Pacific region was 27% and 17%, respectively. In the three and six months ended June 30, 2022, total revenue related to shipments to the Asia Pacific region was 62% and 63%, respectively.
Credit Risk - At June 30, 2023, two customers accounted for approximately 65% and 19% of accounts receivable. At December 31, 2022, one customer represented approximately 75% of accounts receivable. To date, we have not experienced any credit losses.
Customer Risk - During the three months ended June 30, 2023, revenue from three customers accounted for approximately 39%, 22%, and 12% of our total revenue. During the six months ended June 30, 2023, three customers represented approximately 40%, 13%, and 12% of our total revenue.
During the three months ended June 30, 2022, two customers represented approximately 57% and 16% of our total revenue. During the six months ended June 30, 2022, two customers represented approximately 45% and 15% of our total revenue.

11

2. Summary of Significant Accounting Policies
Please refer to the accounting policies described in Part II, Item 8, Note 2 - Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Recent Accounting Pronouncements
There have been no significant changes in our reported financial position or results of operations and cash flows resulting from the adoption of new accounting pronouncements.
3. Revenue Recognition
Contract Balances
The following table provides information about accounts receivables, contract assets, customer deposits and deferred revenue from contracts with customers (in thousands):
June 30,December 31,
 20232022
Accounts receivable$351,021 $250,995 
Contract assets35,182 46,727 
Customer deposits78,820 121,085 
Deferred revenue 85,110 94,355 
Contract assets relate to contracts for which revenue is recognized upon transfer of control of performance obligations, but where billing milestones have not been reached. Customer deposits and deferred revenue include payments received from customers or invoiced amounts prior to transfer of controls of performance obligations. At December 31, 2022, customer deposits included $24.6 million related to transactions with SK ecoplant and refundable fees received from customers. At June 30, 2023 there were no customer deposits related to transactions with SK ecoplant (see Note 15 - SK ecoplant Strategic Investment).
Contract assets and contract liabilities are reported in a net position on an individual contract basis at the end of each reporting period. Contract assets are classified as current in the condensed consolidated balance sheets when both the milestones other than the passage of time, are expected to be complete and the customer is invoiced within one year of the balance sheet date, and as long-term when both the above-mentioned milestones are expected to be complete, and the customer is invoiced more than one year out from the balance sheet date. Contract liabilities are classified as current in the condensed consolidated balance sheets when the revenue recognition associated with the related customer payments and invoicing is expected to occur within one year of the balance sheet date and as long-term when the revenue recognition associated with the related customer payments and invoicing is expected to occur in more than one year from the balance sheet date.
Contract Assets
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Beginning balance$47,778 $13,533 $46,727 $25,201 
Transferred to accounts receivable from contract assets recognized at the beginning of the period(23,228)(1,387)(27,404)(15,963)
Revenue recognized and not billed as of the end of the period10,632 21,228 15,859 24,136 
Ending balance$35,182 $33,374 $35,182 $33,374 

12

Deferred Revenue
Deferred revenue activity, including deferred incentive revenue activity, during the three and six months ended June 30, 2023 and 2022 consisted of the following (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Beginning balance$87,848 $103,489 $94,355 $115,476 
Additions265,408 182,067 490,346 348,744 
Revenue recognized(268,146)(189,179)(499,591)(367,843)
Ending balance$85,110 $96,377 $85,110 $96,377 
Deferred revenue is equivalent to the total transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, as of the end of the period. Primary component of deferred revenue at the end of the period consists of performance obligations relating to the provision of maintenance services under current contracts and future renewal periods. Some of these obligations provide customers with material rights over a period that we estimate will be largely commensurate with the period of their expected use of the associated Energy Server. As a result, we expect to recognize these amounts as revenue over a period of up to 21 years, predominantly on a relative standalone selling price basis that reflects the cost of providing these services. Deferred revenue also includes performance obligations relating to product acceptance and installation. A significant amount of this deferred revenue is reflected as additions and revenue recognized in the same 12-month period, and a portion of this deferred revenue is expected to be recognized beyond 12-month period mainly due to deployment schedules.
We do not disclose the value of the unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.
Disaggregated Revenue
We disaggregate revenue from contracts with customers into four revenue categories: product, installation, services and electricity (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Revenue from contracts with customers: 
Product revenue $214,706 $173,625 $408,451 $307,172 
Installation revenue 24,321 12,729 44,846 26,282 
Services revenue 42,298 38,426 82,961 73,665 
Electricity revenue 3,966 2,794 7,804 5,476 
Total revenue from contract with customers285,291 227,574 544,062 412,595 
Revenue from contracts that contain leases:
Electricity revenue15,804 15,662 32,224 31,680 
Total revenue$301,095 $243,236 $576,286 $444,275 
13

4. Financial Instruments
Cash, Cash Equivalents and Restricted Cash
The carrying values of cash, cash equivalents and restricted cash approximate fair values and were as follows (in thousands):
June 30,December 31,
 20232022
As Held:
Cash$307,575 $226,463 
Money market funds614,969 291,903 
$922,544 $518,366 
As Reported:
Cash and cash equivalents$767,055 $348,498 
Restricted cash155,489 169,868 
$922,544 $518,366 
Restricted cash consisted of the following (in thousands):
June 30,December 31,
 20232022
Current:
Restricted cash$45,161 $50,965 
Restricted cash related to PPA Entity1
650 550 
$45,811 $51,515 
Non-current:
Restricted cash$101,678 $110,353 
Restricted cash related to PPA Entity1
8,000 8,000 
109,678 118,353 
$155,489 $169,868 
1 We have a variable interest entity (“VIE”) related to our Power Purchase Agreement (“PPA”) entity, PPA V, that represents a portion of the condensed consolidated balances recorded within the “restricted cash” and other financial statement line items in the condensed consolidated balance sheets (see Note 10 - Portfolio Financings). In addition, the restricted cash held in the PPA II and PPA IIIb entities as of June 30, 2023, included $31.1 million and $0.8 million of current restricted cash, respectively, and $16.3 million and $6.7 million of non-current restricted cash, respectively. The restricted cash held in the PPA II and PPA IIIb entities as of December 31, 2022, included $40.6 million and $1.2 million of current restricted cash, respectively, and $28.5 million and $6.7 million of non-current restricted cash, respectively. These entities are not considered VIEs.
Factoring Arrangements
We sell certain customer trade receivables on a non-recourse basis under factoring arrangements with certain financial institutions. These transactions are accounted for as sales and cash proceeds are included in cash used in operating activities. We derecognized $59.6 million of accounts receivable during the six months ended June 30, 2023, and no accounts receivable were derecognized during the three months ended June 30, 2023. We derecognized $90.9 million and $137.3 million of accounts receivable during the three and six months ended June 30, 2022, respectively.
The costs of factoring such accounts receivable on our condensed consolidated statements of operations for the six months ended June 30, 2023 were $0.7 million. There were no costs of factoring for the three months ended June 30, 2023. The costs of factoring for three and six months ended June 30, 2022 were $0.9 million and $1.2 million, respectively. The costs of factoring are recorded in general and administrative expenses.
14

5. Fair Value
Our accounting policy for the fair value measurement of cash equivalents and embedded Escalation Protection Plan (“EPP”) derivatives is described in Part II, Item 8 Note 2 - Summary of Significant Accounting Policies in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The tables below set forth, by level, our financial assets that are accounted for at fair value for the respective periods. The table does not include assets and liabilities that are measured at historical cost or any basis other than fair value (in thousands):
Fair Value Measured at Reporting Date Using
June 30, 2023Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$614,969 $— $— $614,969 
$614,969 $— $— $614,969 
Liabilities
Derivatives:
Embedded EPP derivatives— — 3,834 $3,834 
$— $— $3,834 $3,834 

 Fair Value Measured at Reporting Date Using
December 31, 2022Level 1Level 2Level 3Total
Assets
Cash equivalents:
Money market funds$291,903 $— $— $291,903 
$291,903 $— $— $291,903 
Liabilities
Derivatives:
Embedded EPP derivatives— — 5,895 $5,895 
$— $— $5,895 $5,895 
Money Market Funds - Money market funds are valued using quoted market prices for identical securities and are therefore classified as Level 1 financial assets.
Embedded Escalation Protection Plan Derivative Liability in Sales Contracts - We estimate the fair value of the embedded EPP derivatives in certain sales contracts using a Monte Carlo simulation model, which considers various potential electricity price curves over the sales contracts’ terms. We use historical grid prices and available forecasts of future electricity prices to estimate future electricity prices. We have classified these derivatives as a Level 3 financial liability.
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The changes in the Level 3 financial liabilities during the six months ended June 30, 2023 were as follows (in thousands):
Embedded EPP Derivative Liability
Liabilities at December 31, 2022
$5,895 
EPP liability settlement(3,160)
Changes in fair value1,099 
Liabilities at June 30, 2023
$3,834 
In June 2023, per an EPP agreement with one of our customers, we paid $3.2 million, which was recorded as a reduction to our balance of embedded EPP derivative liability as of June 30, 2023.
Financial Assets and Liabilities and Other Items Not Measured at Fair Value on a Recurring Basis
Debt Instruments - The senior secured notes and convertible notes are based on rates currently offered for instruments with similar maturities and terms (Level 2). The following table presents the estimated fair values and carrying values of debt instruments (in thousands):
 June 30, 2023December 31, 2022
 Net Carrying
Value		Fair ValueNet Carrying
Value		Fair Value
   
Debt instruments
Recourse:
3% Green Convertible Senior Notes due June 2028
$613,407 718,773 $— —