Net Loss per Share Available to Common Stockholders

12 Months Ended

Dec. 31, 2025

Net Loss per Share Available to Common Stockholders

Net loss per share (basic) available to common stockholders is calculated by dividing net loss available to common stockholders by the weighted-average shares of common stock outstanding for the period. Net loss per share is the same for each class of common stock as they are entitled to the same liquidation and dividend rights. As a result, net loss per share (basic) and net loss per share (diluted) available to common stockholders are the same for both Class A and Class B common stock and are combined for presentation. On July 27, 2023, each share of our Class B common stock automatically converted into one share of our Class A common stock.

Net loss per share (diluted) is computed by using (i) the if-converted method when calculating the potentially dilutive effect, if any, of our convertible notes, and our redeemable convertible preferred stock, and (ii) the treasury stock method when calculating the potentially dilutive effect, if any, of our outstanding stock options and awards, and shares issued in conjunction with the Company’s ESPP. Net loss per share (diluted) available to common stockholders is then calculated by dividing the resulting adjusted net loss available to common stockholders by the combined weighted-average number of fully diluted common shares outstanding. There were no adjustments to net loss available to common stockholders (diluted). Equally, there were no adjustments to the weighted average number of outstanding shares of common stock (basic) in arriving at the weighted average number of outstanding shares (diluted), as such adjustments would have been antidilutive.

The following table sets forth the computation of our net loss per share available to common stockholders, basic and diluted (in thousands, except per share amounts):


	Years Ended December 31,
		2025		2024		2023

Numerator:
Net loss available to common stockholders		$	(88,434)	$	(29,227)	$	(302,116)
Denominator:
Weighted average shares of common stock, basic and diluted		240,402		227,365		212,681
Net loss per share available to common stockholders, basic and diluted		$	(0.37)	$	(0.13)	$	(1.42)

The following common stock equivalents were excluded from the computation of our net loss per share available to common stockholders, diluted, for the years presented as their inclusion would have been antidilutive (in thousands):


	Years Ended December 31,
	2025	2024	2023

Convertible notes	53,174	55,020	35,327
Redeemable convertible preferred stock	—	—	9,795

Stock options and awards	16,199	6,325	4,011
	69,373	61,345	49,133

Bloom Energy Corp 10-K