Bloom Energy Corporation (BE): Business Model Canvas [Dec-2025 Updated]

You're trying to make sense of Bloom Energy Corporation's pivot right now, especially after that massive $5 billion Brookfield deal that firmly plants them in the AI infrastructure game, moving beyond just industrial power. Honestly, looking at their latest numbers-projecting revenue between $1.65 billion and $1.85 billion for 2025-it's clear their Business Model Canvas is now centered on being the 24/7 power backbone for hyperscalers. I've seen a lot of shifts in my two decades analyzing energy plays, but this rapid re-focus on on-site, fuel-flexible generation for mission-critical AI load is the defining story you need to understand to value them correctly; let's break down exactly how they plan to capture that growth below.

Bloom Energy Corporation (BE) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Bloom Energy Corporation's growth engine, which is increasingly about strategic alliances that unlock massive, immediate power deployment, especially for AI infrastructure. These aren't just vendor relationships; they are capital-backed commitments to bypass grid bottlenecks.

Brookfield Asset Management

The partnership with Brookfield Asset Management is a significant capital infusion tied directly to the AI boom. Brookfield will invest up to $5 billion to deploy Bloom Energy's fuel cell technology across their global AI factory developments. This positions Bloom Energy as the preferred onsite power provider for Brookfield's AI factory pipeline. For context, Brookfield currently manages over $550 billion in critical assets globally.

Hyperscalers and Data Center Power

Bloom Energy Corporation is securing its position by integrating directly with the largest digital infrastructure players, moving fuel cells from backup to primary power solutions.

• For Oracle Cloud Infrastructure (OCI) data centers, Bloom Energy has a direct agreement promising onsite power deployment within 90 days to accelerate AI infrastructure expansion.
• The relationship with Equinix has scaled significantly, now exceeding 100MW of electricity capacity across 19+ International Business Exchange (IBX) data centers in six states. This includes approximately 75MW already operational and another 30MW under construction as of early 2025.

Utility Company Agreements

The deal with American Electric Power (AEP) is a landmark utility-scale commitment, signaling a shift in how utilities address immediate, massive load growth like that from AI data centers.

The supply agreement with AEP is for up to 1 gigawatt (GW) of solid oxide fuel cells (SOFCs), which is the largest commercial procurement of fuel cells globally to date.

Here's a quick look at the AEP commitment structure:

The fuel cells initially run on natural gas, offering near-zero SOx and NOx emissions, with the flexibility to transition to 100% hydrogen. Bloom Energy has a proven track record of over 1.3 GW deployed as of late 2024.

International Distribution Partners

The partnership with SK ecoplant in South Korea remains a critical channel for global expansion, particularly in the hydrogen economy.

• The strategic alliance has already transacted nearly 200 MW of projects, totaling more than $1.8 billion in equipment and expected service revenue.
• There is a commitment for at least an additional 500 MW between 2022 and 2025, representing approximately $4.5 billion in equipment and future service revenue.
• SK ecoplant is a preferred global distributor for Bloom Energy's SOFCs and SOECs, following an earlier investment of $255 million for 10 million shares.
• A green hydrogen demonstration project on Jeju Island, commencing late 2025, will deploy 1.8 MW of Bloom's Solid Oxide Electrolyzer Cell (SOEC) technology.

Project Financing Partners for PPAs

To help customers adopt solutions without impacting their capital budgets, Bloom Energy Corporation has established financing partnerships to fund Power Purchase Agreements (PPAs).

The first tranche of a project financing partnership with funds managed by HPS Investment Partners and Industrial Development Funding (IDF) committed over $125 million. This initial funding is set to support the installation of 19 MW of Bloom's Energy Servers under PPA structures. This structure allows Bloom Energy to create special-purpose project companies that sell electricity directly to C&I customers.

Bloom Energy Corporation (BE) - Canvas Business Model: Key Activities

You're looking at the engine room of Bloom Energy Corporation (BE), the core actions that translate their technology into revenue and market position, especially given the AI boom. It's all about execution right now, and the numbers from late 2025 show they're pushing hard on several fronts simultaneously.

Manufacturing and scaling Solid Oxide Fuel Cell (SOFC) production

The primary activity here is building the physical Energy Servers fast enough to meet demand, which is clearly spiking. Bloom Energy Corporation is actively executing a plan to double its annual production capacity to 2 gigawatts (2 GW) by the end of December 2026. This massive scale-up, supported by an estimated $100 million in capital expenditure spread over multiple quarters, is designed to support approximately four times the full-year fiscal 2025 revenue. This forward investment signals confidence that the order book is strong enough to justify building ahead of current needs, ensuring capacity won't be the bottleneck for customer growth.

The financial results reflect this manufacturing push. For instance, Q1 2025 gross margin improvement was attributed to level-loaded manufacturing and optimized product mix. The company reported total revenue of $519.0 million for the third quarter of 2025, a 57.1% year-over-year increase.

Continuous product cost reduction (double-digit annual goal)

A long-standing activity for Bloom Energy Corporation is driving down the cost of their core product. Management reaffirmed their commitment to achieving double-digit cost reductions on the product each year, a practice they've maintained for about a decade. This focus is essential for long-term competitiveness, especially against the backdrop of tariff impacts, which management estimated could cause a 100 basis point gross margin impact if they persisted throughout 2025.

The results show this is working; non-GAAP gross margin reached 30.4% in Q3 2025, up from 25.2% in Q3 2024. Even with the challenges, the company is showing operational discipline. For example, Q1 2025 gross margin expanded dramatically to 28.7%, a 1,000-basis-point improvement from 17.5% in Q1 2024, driven by these efficiencies.

Research and development for hydrogen and carbon capture technology

Bloom Energy Corporation is dedicating significant capital to future-proofing its technology beyond natural gas. A major recent financial maneuver-pricing up to $2.2 billion in zero-interest convertible senior notes due 2030 (upsized from $1.75 billion)-is explicitly earmarked to turbocharge R&D, including pilot projects for green hydrogen electrolysis and next-generation SOFCs. This is a substantial financial commitment to the next phase of energy transition.

The company is also actively pursuing carbon capture integration. They have a partnership with Chart Industries to demonstrate cost-effective, onsite baseload power from natural gas with carbon capture, leveraging the fuel cells' concentrated CO2 exhaust stream to lower extraction costs. However, the CEO has publicly stated a realistic view on hydrogen adoption, suggesting he does not see it significantly moving the needle in the next 20 years, prioritizing carbon capture as a more immediate decarbonization path.

• Next-generation SOFC development.
• Pilot projects for green hydrogen electrolysis.
• Partnerships for cost-effective carbon capture integration.

Rapid deployment of on-site power for AI data centers (e.g., 90-day delivery)

This is arguably the most critical activity driving near-term growth, positioning Bloom Energy Corporation as an enabler for the AI infrastructure super cycle. The company has validated its speed-to-power advantage, notably by delivering an order for an Oracle AI factory in just 55 days, beating their own aggressive commitment of 90 days. This speed is a direct answer to multi-year grid interconnection delays plaguing data center expansion.

The strategic focus is cemented by a landmark October 13, 2025, announcement: a strategic AI infrastructure partnership with Brookfield Asset Management, valued at up to $5 billion, making Bloom Energy the preferred onsite provider for Brookfield's global portfolio. Furthermore, the company has secured deals with major hyperscalers, including an agreement with AEP for up to 1 gigawatt of SOFCs to power data centers, and has deployed over 100 MW with Equinix.

Long-term service and maintenance of Energy Server fleet

Keeping the installed fleet running reliably is a key revenue stabilizer. The service business has achieved consistent profitability, marking its sixth consecutive quarter of non-GAAP services profitability as of Q2 2025. This recurring revenue stream is vital for financial stability. For example, in Q2 2025, Service revenues were $54.4 million, contributing to the total product and service revenue of $351.1 million for that quarter. The company's overall gross margin improved to 29.2% in Q3 2025, with the non-GAAP services segment maintaining a double-digit profit margin % for the fourth straight quarter.

Finance: draft 13-week cash view by Friday.

Bloom Energy Corporation (BE) - Canvas Business Model: Key Resources

You're looking at the core assets that let Bloom Energy Corporation deliver on its value proposition, especially with the AI power boom happening right now. These aren't just abstract concepts; they are hard assets, technology, and financial backing that underpin their growth trajectory as of late 2025.

Proprietary Solid Oxide Fuel Cell (SOFC) and Electrolyzer technology

The foundation here is the proprietary Solid Oxide Fuel Cell (SOFC) technology. This isn't just about making power; it's about how they make it. The architecture is natively DC, which is a huge advantage for dense computing loads like AI data centers, allowing them to output 800vt DC power directly without the inefficient conversion steps required by traditional AC power sources. Also, the technology has seen significant density improvements; management noted that their fuel cells now produce '10 times more power in the same footprint than they did ten years ago.' Furthermore, Bloom Energy secured critical ABS Type Approval for its fuel cells in the marine ecosystem, opening a new vertical for their technology.

Manufacturing capacity (expanding to 2 GW by end of 2026)

Scaling production is a massive resource right now, given the demand. Bloom Energy is actively executing a plan to double its annual manufacturing output. This scaling is directly tied to their current financial performance, as management noted that the planned capacity supports about four times their full-year fiscal 2025 revenue. They have already deployed about 1.4 GW of their energy systems across more than 1,000 locations globally. Here's a quick look at the capacity targets and related financial commitment:

Intellectual property and patents for fuel-flexible power generation

The intellectual property portfolio protects the core technology and its fuel-flexible nature. While specific 2025 patent filing numbers aren't immediately available, the scale of the existing portfolio is a key asset. The company's founder and CEO, KR Sridhar, personally holds 61 patents. The overall portfolio strength is substantial, representing years of R&D investment.

• Total Global Patents (as of May 2023): 1043
• Granted Patents (as of May 2023): 516
• Active Patents (as of May 2023): 761
• Unique Patent Families: 350

Project financing capital and federal tax credits (e.g., $75 million in tax credits)

Securing capital and favorable government incentives is a critical resource that directly impacts project economics and competitiveness against gas turbines. Bloom Energy has successfully locked in significant federal support. The company was awarded up to $75 million in tax credits under the Qualifying Advanced Energy Project 48C initiative for expanding its Fremont, California, manufacturing plant. This specific credit equals up to 30% of expenditures for that expansion. Also, fuel cells unexpectedly qualified for Clean Electricity Investment credits (48E) under the new 'Big Beautiful Bill,' which analysts expect to provide pricing power and drive revenue acceleration starting in Fiscal Year 2026. On the financing side, a major strategic resource is the $5 billion partnership announced with Brookfield Asset Management, specifically for AI infrastructure. This shows the market confidence in their ability to secure large-scale project funding.

The financial support structure looks like this:

The availability of these tax credits definitely helps push hesitant customers over the line. Finance: draft 13-week cash view by Friday.

Bloom Energy Corporation (BE) - Canvas Business Model: Value Propositions

Ultra-resilient, 24/7 on-site power generation.

Bloom Energy Corporation had over 1.4 GW of fuel cells totaling more than 1,000 customer installations globally as of the end of 2024. The Energy Server delivers non-combustion energy solutions, operating around the clock, unlike intermittent sources like wind and solar.

Fuel flexibility: natural gas, biogas, and clean hydrogen capability.

The solid oxide platform converts natural gas, biogas, or blends thereof into electricity without combustion. Bloom Energy officially launched its dedicated Hydrogen Energy Servers in July 2025. The Bloom Electrolyzer can generate carbon-free hydrogen, and its technology boosts green hydrogen production efficiency by 15-45%.

Scalable, modular power for rapid AI data center deployment.

Bloom Energy Corporation secured orders from multiple industries in 2024, including telecom, retail, manufacturing, education, and healthcare. The company has a historic supply agreement with American Electric Power (AEP) for up to 1 GW of deployments. A partnership with Oracle validates rapid deployment, enabling power delivery in 90-day timeframes for AI data centers. Furthermore, a proposed power plant in Wyoming, intended to support a large-scale 1.8-gigawatt data center, would utilize 900 megawatts of Bloom Energy fuel cells.

The company is executing a strategy to double its manufacturing capacity to 2 GW by the end of 2026 to meet surging demand. Financial performance reflects this acceleration:

• Q1 2025 Revenue: $326.0 million
• Q2 2025 Revenue: $401.2 million
• Q3 2025 Revenue: $519 million
• Projected Full-Year 2025 Revenue: $1.65 billion to $1.85 billion
• Q3 2025 Non-GAAP EPS: $0.15
• Q3 2025 Non-GAAP Gross Margin: 30.4%

Reduced carbon emissions compared to traditional grid power.

Through the end of 2024, Bloom Energy systems achieved a cumulative reduction of 6.3 million metric tonnes of CO2e since 2011. This is equivalent to taking over 1.4 million cars off the road for a year. The systems also achieved reductions of 7.7 million pounds of sulfur oxides (SOx) and 20.6 million pounds of nitrogen oxides (NOx) through the end of 2024.

Long-term fixed-price power via Power Purchase Agreements (PPAs).

The company is securing financing to enable customer adoption through PPAs. Bloom Energy secured an initial financing of $125 million to finance 19 MW of installations via Power Purchase Agreements. The service segment has achieved its seventh consecutive profitable quarter as of Q3 2025.

Bloom Energy Corporation (BE) - Canvas Business Model: Customer Relationships

You're looking at how Bloom Energy Corporation (BE) manages its relationships with the enterprise and utility customers driving its massive growth in late 2025. The strategy is clearly shifting from broad market validation to deep, high-volume integration, especially within the AI infrastructure segment.

Dedicated account management for large enterprise and utility clients.

Bloom Energy Corporation uses a direct sales force to engage with major commercial, industrial, and utility customers for complex energy projects. This high-touch approach is essential given the scale of the deals being signed. For instance, the company secured a landmark agreement with American Electric Power (AEP) to procure up to 1 gigawatt (GW) of Bloom capacity to satisfy customer demand, particularly from hyperscalers and developers facing grid constraints. The relationship with Oracle, a key lighthouse customer, is focused on rapid deployment for AI data centers, promising power delivery within 90 days. Furthermore, the strategic AI infrastructure partnership with Brookfield Asset Management involves an initial $5 billion investment, positioning Bloom Energy as the preferred on-site provider for Brookfield's global portfolio.

Long-term service contracts for system operations and maintenance.

The service component is crucial for recurring revenue and customer retention, as evidenced by its consistent profitability. The service segment achieved its seventh consecutive profitable quarter in Q3 2025. In Q2 2025, Service revenues were reported at $54.4 million. For Q3 2025, service margins specifically reached 14.4%. These deployments are often secured via long-term commitments; customers are entering into 5, 10, 15, 20 year PPAs (Power Purchase Agreements) with vendors like Bloom Energy Corporation.

Strategic, deep integration with mission-critical customer infrastructure.

The relationship is defined by deep integration into mission-critical power supply, moving beyond backup power to baseload generation, primarily for data centers. As of mid-2025, over 400 MW of capacity has been deployed globally specifically for data centers. The company's ability to deliver power quickly is a core part of this integration; the Oracle deal set a new benchmark by promising deployment in as little as 55 days in one instance, beating the 90-day target. This focus on rapid, resilient, on-site power is a direct response to the accelerating power demands of Artificial Intelligence (AI) workloads.

Financial structuring support (PPAs) to reduce customer CapEx.

Bloom Energy Corporation Corporation actively supports customers by structuring deals that minimize their upfront capital expenditure (CapEx). You see this preference clearly in their current deal flow. Management noted that the majority of the transactions they enter into are structured through PPA structures. This financial flexibility allows large customers to secure necessary power capacity without large immediate capital outlays, which is attractive when deploying gigawatt-scale infrastructure.

Here's a quick look at the scale of these key customer relationships as of late 2025:

The company's service business is reliably profitable, which underpins the long-term nature of these customer relationships. The focus on PPA structures helps Bloom Energy Corporation secure these large, multi-year commitments by making the solution financially accessible to CapEx-conscious hyperscalers and industrial users.

Bloom Energy Corporation (BE) - Canvas Business Model: Channels

Direct sales force targeting Fortune 500 and utility executives.

• Bloom Energy Corporation is the standard for on-site power in telecom and semiconductor manufacturing.
• Direct engagement confirmed with hyperscale partner, Oracle, for AI data centers.
• The Oracle partnership demonstrated deployment capability in as little as 90 days.
• Bloom Energy Corporation has deployed 1.5 GW of low-carbon power across more than 1,200 installations globally.

Strategic channel partnerships (e.g., Brookfield for AI factories).

Bloom Energy Corporation is executing a lighthouse customer strategy across seven distinct AI ecosystem channels.

International distribution and sales agreements (e.g., SK ecoplant).

SK ecoplant is Bloom Energy Corporation's largest strategic partner in clean energy.

• The partnership has deployed 400 MW since its start.
• The initial partnership (2018-2021) transacted nearly 200 MW, totaling more than $1.8 billion in equipment and expected service revenue.
• An extended Preferred Distributor Agreement (PDA) commits SK ecoplant to purchase 500 MW through 2027.
• This extended PDA is expected to generate approximately $1.5 billion in product revenue and $3 billion of service revenue over 20 years.
• SK ecoplant invested approximately $566 million and owns about 10% of the company's shares.
• The alliance includes establishing two Hydrogen Innovation Centers in the United States and South Korea.

Direct deployment and installation teams.

Bloom Energy Corporation's service segment achieved its seventh consecutive profitable quarter as of Q3 2025.

The company is planning a manufacturing capacity expansion to 2 gigawatts by the end of December 2026, up from current capacity, to support this direct deployment pipeline.

Bloom Energy Corporation (BE) - Canvas Business Model: Customer Segments

You're looking at the core of Bloom Energy Corporation's current strategy, which is heavily skewed toward solving the immediate, massive power crunch facing the digital economy. The customer segments are no longer just about general industrial efficiency; they are about enabling the next wave of computing power.

AI Infrastructure and Hyperscale Data Centers (primary growth driver)

This segment is the engine driving Bloom Energy Corporation's acceleration in 2025. The need for rapid, on-site, reliable power, bypassing multi-year grid interconnection queues, has made their Solid Oxide Fuel Cell (SOFC) technology a critical enabler, not just a green option. You see this shift clearly in the deal structure.

The partnership with Brookfield Asset Management is massive, representing up to a $5 billion investment commitment to deploy Bloom Energy's technology across Brookfield's global AI factories, positioning Bloom Energy as the preferred onsite power provider for that portfolio. This is a clear signal of primary power adoption. Furthermore, Bloom Energy has deployed hundreds of megawatts of its fuel cell technology specifically for data centers globally as of late 2025, with total deployed capacity for data centers hitting over 400 MW by mid-2025. The company confirmed a direct agreement with Oracle to power its AI data centers, where Bloom Energy will serve as both the primary and secondary power source for a standalone AI facility. This is a departure from older backup-only roles.

Here's a look at the key players validating this segment:

The market context supports this focus; experts project U.S. power demand will surpass 100 GW by 2035, largely due to AI. By 2030, Bloom Energy is targeting a market where 27% of data centers will use on-site generation, up from just 1% in 2024.

Large Commercial and Industrial (C&I) enterprises

Having proven the technology in the most demanding environments, Bloom Energy Corporation is now replicating that success across the broader C&I landscape in 2025. The value proposition here is uninterrupted, clean, and predictable power for operations that cannot afford downtime.

The company's fuel cell systems are used by Fortune 500 companies globally. You can see this expansion in specific deals:

• Secured a deal with Conagra Brands in April 2025 to provide islandable microgrids for food production facilities.
• Partnered with SoCalGas in March 2025 to power two of its Los Angeles facilities with high-efficiency microgrids.

Overall, Bloom Energy Corporation has deployed 1.5 GW of low-carbon power across more than 1,200 installations globally as of July 2025, a significant portion of which falls into this broad C&I category.

Utilities and Independent Power Producers (IPPs)

This segment is characterized by large, strategic procurement agreements aimed at grid stabilization, clean energy integration, or serving large industrial loads like data centers. The utility focus is less about small distributed generation and more about gigawatt-scale solutions.

The relationship with American Electric Power (AEP) is the clearest example, involving a supply agreement for up to 1 GW of SOFCs. This demonstrates that Utilities and IPPs view Bloom Energy Corporation's technology as a viable, bankable source for large-scale power needs, supplementing or replacing traditional generation assets.

Critical infrastructure (semiconductor manufacturing, healthcare)

This segment overlaps with C&I but is defined by the absolute necessity of uptime, often involving specialized, high-density power users. Bloom Energy Corporation's technology is positioned as the solution for mission-critical operations where grid failure is not an option.

The company's deployed solutions specifically serve semiconductor manufacturing facilities. The reliability metric of 99.9% uptime, proven in the data center race, is the core offering to these critical infrastructure players. This segment benefits from the general trend of companies leaning into on-site power generation to reduce reliance on an aging grid, a trend reflected in Bloom Energy Corporation's 56% of Q1 2025 revenue coming from the U.S. market.

Bloom Energy Corporation (BE) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Bloom Energy Corporation's operations as they scale up to meet AI infrastructure demand. The cost structure is heavily influenced by manufacturing scale-up and ongoing technology refinement. Here's the quick math on where the money is going.

Cost of Revenue (CoR) for manufacturing fuel cells and components is a major component, directly tied to production volume. The trend shows improvement in gross margin, which means CoR as a percentage of revenue is decreasing, though absolute costs are rising with revenue growth.

High Capital Expenditure (CapEx) for factory expansion to 2 GW is a near-term focus area, signaling investment in future production efficiency. Bloom Energy Corporation plans to double its annual factory capacity from 1 GW to 2 GW by the end of 2026. The estimated total capital expenditure for this scale-up is approximately $100 million, spread over several quarters. The budget for the new 1 GW facility is cited at $100 million.

Research and Development (R&D) for next-generation technology remains a significant, growing operational cost as the company pushes product evolution. This investment supports maintaining a competitive edge, especially in high-voltage DC output for data centers.

• R&D Expenses (Twelve Months Ended September 30, 2025): $0.170B (or $170 million).
• R&D Expenses (Quarterly, as of September 30, 2025): $48.72M.
• R&D Expenses (Full Year 2024): $0.149B (or $149 million).
• R&D as a percentage of Revenue (2024): 10.08%.

Sales, General, and Administrative (SG&A) expenses for global expansion are being managed for efficiency, with the ratio to revenue trending down, which is a precursor to economies of scale kicking in.

• SG&A Expenses to Revenue (2024): 11.20%.
• SG&A Expenses to Revenue (2023): 12.06%.

Fuel and raw material procurement costs are managed through fuel flexibility and product cost reduction efforts. While the company has the most attractive cost structure in the stationary fuel cell market, the cost per kWh remains a key challenge for the hydrogen industry generally. The technology's fuel flexibility allows customers to shift from natural gas to green hydrogen. Management has cited significant progress in lowering product cost.

Bloom Energy Corporation (BE) - Canvas Business Model: Revenue Streams

You're looking at how Bloom Energy Corporation (BE) actually brings in the money, which is key for understanding their valuation, especially as they scale up to meet AI and industrial power demands. Their revenue structure is built around selling their core technology and then locking in long-term recurring income.

The revenue streams for Bloom Energy Corporation (BE) are fundamentally divided into three main buckets, as you outlined. The first is the immediate cash from hardware sales, the second is the steady stream from keeping that hardware running, and the third involves longer-term power contracts.

Product Sales (upfront sale of Energy Servers)

This stream involves the direct, upfront sale of the solid-oxide fuel cell systems, which they call Energy Servers. This is the initial capital expenditure component for the customer. While the search results often group this with services, the core business is selling these units for on-site power generation.

Service Revenue (long-term maintenance and operations contracts)

This is the recurring revenue component. It covers the long-term maintenance, operations, and support contracts that follow the initial product sale. This stream is crucial for revenue predictability and margin stability. Honestly, this part of the business is showing real traction; Bloom Energy reported its 6^th straight quarter of non-GAAP services profitability as of the second quarter of 2025.

Power Purchase Agreement (PPA) revenue (long-term power sales)

This stream involves long-term contracts where Bloom Energy, or an affiliated entity, sells the electricity generated by the Energy Servers directly to the customer over an extended period, rather than selling the hardware outright. This shifts the customer's cost from a capital expense to an operating expense.

The actual reported revenue streams are often combined in their public filings, as seen in the quarterly results. For instance, the combined Product and service revenue for recent quarters in 2025 shows significant acceleration:

The trailing twelve months revenue ending September 30, 2025, hit $1.819B, which is a 44.53% increase year-over-year. That's a strong indicator of the current run-rate.

Looking at the official forward-looking targets for the full fiscal year 2025, the company has set clear expectations for its top and bottom lines. You should definitely anchor your models to these figures:

• 2025 Revenue Guidance: $1.65 billion to $1.85 billion.
• 2025 Non-GAAP Operating Income Guidance: $135 million to $165 million.

The company also guides for a Non-GAAP Gross Margin of approximately 29% for the full year 2025. This focus on margin improvement alongside revenue growth is what drives that operating income target. If onboarding takes 14+ days, churn risk rises, but the service revenue stream is designed to mitigate that risk over the long term.