Will Bloom Energy's related-party revenue remain below 30% of total revenue through Q2 2026?

Revenue is diversifying across multiple channels (hyperscalers, utilities, C&I). As total revenue grows from $2B to $3B+, the Brookfield percentage may naturally dilute even if Brookfield deal flow grows. However, Brookfield is a major capital partner and their deal pipeline could scale proportionally.

We don't know the exact related-party percentage from Q3 2025 as a proportion of quarterly revenue. $288M could be 30-40% of quarterly revenue depending on the quarter. If Brookfield JV activity accelerates alongside the overall AI buildout, the percentage could increase. Low confidence due to limited public data on JV deal flow.

CFO explicitly stated JV equity investments are 'small with ceilings,' suggesting management is aware of the concentration risk and managing it. The 7-channel customer diversification strategy is genuine and should provide non-Brookfield revenue growth. However, Brookfield's infrastructure deployment scale could outpace other channels.

The question is about staying BELOW 30%, which should be manageable given diversification efforts. But Brookfield is the most active capital deployment partner, and large infrastructure projects tend to be lumpy. A single large Brookfield project in Q1 or Q2 could spike the percentage temporarily.

Management has been explicit about diversifying revenue sources. The AEP deal, hyperscaler relationships, and C&I growth all represent non-Brookfield revenue. With 55-65% total revenue growth, the denominator is growing quickly. It would take disproportionate Brookfield acceleration to exceed 30%.

Related-party revenue disclosure is quarterly and backward-looking. We only have one data point ($288M in Q3 2025). Without knowing the quarterly revenue split, the baseline percentage is uncertain. Low confidence in predicting a percentage threshold with limited data.

Revenue diversification is real and growing. 30% threshold provides meaningful buffer. Likely stays below.

Uncertain about Brookfield deal flow acceleration. Could go either way depending on timing of large projects.

Management seems aware of the concentration issue and is actively diversifying. The CFO's 'small with ceilings' comment suggests intentional management of the percentage.