Bloom Energy's service segment provides long-term service agreements (LTSAs) for its installed base of fuel cell systems. The segment has achieved 8 consecutive quarters of profitability, reaching 20% gross margin in Q4 2025. The $14B service backlog provides exceptional long-term revenue visibility. As the installed base grows with each fuel cell deployment, service revenue compounds -- every MW sold creates a decade-plus annuity of maintenance revenue. This is the most predictable and defensible component of Bloom's business.
Bloom's service segment achieved 20% gross margin in Q4 2025, with 8 consecutive profitable quarters. The segment has been on a steady upward margin trajectory.