Bloom Energy revenue tops $1B for first time, guidance doubles

Bloom Energy reported record quarterly revenue of $1.065 billion, beating consensus by 29 percent, and more than doubled its full-year profit outlook.

"Chips without power are inventory, not intelligence," Chief Executive Officer KR Sridhar said on the earnings call, framing the company's fuel cells as the solution to AI's power bottleneck.

Non-GAAP EPS came in at 78 cents, nearly double the 41-cent consensus estimate. Revenue surged 166 percent from a year earlier. The company raised its 2026 revenue forecast to $3.9 billion to $4.2 billion, up from a prior range of $3.4 billion to $3.8 billion, and lifted its operating profit outlook to $800 million to $900 million from $425 million to $450 million.

The results reinforce the thesis that AI data center power demand is accelerating faster than grid infrastructure can scale. Shares fell 13 percent during Tuesday's regular session on short-seller concerns but jumped more than 10 percent after hours following the release.

Sridhar said all major US hyperscale cloud providers and more than a dozen emerging cloud operators, AI labs, and data center operators have validated Bloom's power solution for their AI factories. The company's solid-oxide fuel cells can be deployed in months, compared with years for traditional grid connections or gas turbines.

Operating profit reached $240 million, up 737 percent from a year earlier, with margins expanding to 22.5 percent from roughly 7 percent. Adjusted EBITDA was $253 million, representing about 24 percent of revenue. The company generated $226 million in operating cash flow and $175 million in free cash flow, ending the quarter with about $2.7 billion in cash.

Brookfield, the infrastructure investor, expanded its financing commitment to $25 billion from $5 billion in June, after the initial partnership was announced last fall. Industrial Development Funding, alongside Oaktree, MUFG Bank, and Morgan Stanley, committed an additional $2.6 billion for Bloom project financing.

Sridhar dismissed concerns about competition from gas turbines and reciprocating engines, saying Bloom holds "well above 90 percent" market share in the data center segment for on-site power. He described rivals' multiyear backlogs not as trophies but as "a confession of constrained supply."

The guidance raise signals management expects AI-driven demand to accelerate through year-end. Investors will watch the Q3 earnings report for updates on capacity expansion and the pace of Brookfield-funded deployments.

This article is for informational purposes only and does not constitute investment advice.