EQUITY RESEARCH COMPANY UPDATE Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For analyst certification and important disclosures, see the Disclosure Appendix. Disseminated: March 26, 2026 16:51 EDT; Produced: March 26, 2026 16:51 EDT March 26, 2026 Advanced Materials Intraday Report BE-NYSE (2026-03-25) $150.22 Stock Rating: PERFORM Colin Rusch 212-667-7787 Colin.Rusch@opco.com Kristen Owen, CFA 212-667-7794 Kristen.Owen@opco.com Andrew Lambrecht 212-667-8117 Andrew.Lambrecht@opco.com Noah Kaye 212-667-7936 Noah.Kaye@opco.com Andre Adams 212-667-7278 Andre.Adams@opco.com Mason Manware 212-667-8130 Mason.Manware@opco.com Bloom Energy Corporation Announces Simon Edwards as CFO BE announced the appointment of Groq CEO Simon Edwards as its CFO, effective April 13. We anticipate investors viewing the appointment favorably–resolution of the near one-year vacancy in the CFO role addresses a lingering overhang on shares. We see Edwards's previous leadership roles at the intersection of AI hardware and software align well with BE's strong data center growth prospects. With near-term capital needs supported by BE's healthy balance sheet, we anticipate Edwards offering incremental rigor and color as BE manages a robust capacity and revenue ramp. KEY POINTS ■ What happened? BE announced the appointment of Simon Edwards as CFO, effective April 13. Edwards joins BE from his current role as CEO of inference- focused ASIC provider Groq, overseeing its expansion and licensing agreement with NVDA. Previous experience includes CFO of SaaS companies Conga and ServiceMax, where he served as CFO ahead of the company's acquisition by PTC in early 2023. Oppenheimer & Co Inc. 85 Broad Street, New York, NY 10004 Tel: 800-221-5588 Fax: 212-667-8229 Bloom Energy Corporation Disclosure Appendix Analyst Certification - The author(s) certifies that this research report accurately states his/her personal views about the subject securities, which are reflected in the ratings as well as in the substance of this report. The author(s) certifies that no part of his/her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report. Potential Conflicts of Interest: Equity research analysts employed by Oppenheimer & Co. Inc. are compensated from revenues generated by the firm including the Oppenheimer & Co. Inc. Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. Oppenheimer & Co. Inc. generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, Oppenheimer & Co. Inc. generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers. 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(NVDA) as of 03-25-2026 2502001501005002023 2024 2025 2026 03/21/23O:$3005/17/23O:$3505/25/23O:$4208/16/23O:$5008/23/23O:$6502/15/24O:$8503/19/24O:$11006/10/24O:$15011/13/24O:$17507/14/25O:$20008/28/25O:$22511/12/25O:$265 Created by: BlueMatrix 2 Bloom Energy Corporation All price targets displayed in the chart above are for a 12- to- 18-month period. For more information about target price histories, please write to Oppenheimer & Co. Inc., 85 Broad Street, New York, NY 10004, Attention: Equity Research Department, Business Manager. Oppenheimer & Co. Inc. Rating System: Outperform(O) - Stock expected to outperform the S&P 500 within the next 12-18 months. Perform (P) - Stock expected to perform in line with the S&P 500 within the next 12-18 months. Underperform (U) - Stock expected to underperform the S&P 500 within the next 12-18 months. Not Rated (NR) - Oppenheimer & Co. Inc. does not maintain coverage of the stock or is restricted from doing so due to a potential conflict of interest. Distribution of Ratings/IB Services Firmwide IB Serv/Past 12 Mos. Rating Count Percent Count Percent OUTPERFORM [O] 466 66.86 196 42.06 PERFORM [P] 230 33.00 92 40.00 UNDERPERFORM [U] 1 0.14 0 0.00 Although the investment recommendations within the three-tiered, relative stock rating system utilized by Oppenheimer & Co. Inc. do not correlate to buy, hold and sell recommendations, for the purposes of complying with FINRA rules, Oppenheimer & Co. Inc. has assigned buy ratings to securities rated Outperform, hold ratings to securities rated Perform, and sell ratings to securities rated Underperform. Note: Stocks trading under $5 can be considered speculative and appropriate for risk tolerant investors. Additional Information Available Company-Specific Disclosures: Important disclosures, including price charts, are available for compendium reports and all Oppenheimer & Co. 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