Dependence On External CapitalThe Brookfield partnership provides near-term revenue visibility but reinforces Bloom's dependence on external capital to convert pipeline into orders.
Execution RiskSustaining growth trajectory requires a significant increase in new awards, introducing material execution risk.
Working Capital ChallengesWorking capital remains heavy, with $304M YTD negative operating cash flow and a ~$450M drag from higher receivables, lower deposits, inventory build, and other items.