Bloom Energy Revenue Jumps 138.1% to $1.236 Billion in Third Quarter
Key Facts
Bloom Energy reported results on October 22 for the quarter ended September 30, posting revenue of $1,235.8 million, up 138.1% year over year. Net income attributable to common stockholders was $250.271 million, compared with a loss of $23.093 million in the third quarter of 2025. GAAP diluted earnings per share also rose to $0.78, from a loss of $0.10 a year earlier. On an adjusted basis, earnings per share were $0.94, compared with $0.15 in the year ago period. The results came with a higher annual outlook, while the stock fell sharply after the announcement.
Product revenue grew faster than total revenue, reaching $1,073.6 million, up 179.4% year over year. Quarter over quarter, revenue rose from $1,065.365 million in the second quarter to $1,235.837 million in the third quarter of 2026. The annual comparison shows a sharp acceleration in activity, with third-quarter 2025 revenue at about $519 million, up 57.1% from the same period in 2024. For all of 2025, the company reported revenue of $2.02 billion, up 37.3%, alongside positive operating cash flow of $113.9 million. In the third quarter of 2026, however, operating cash use weighed on the picture painted by sales and profit figures.
Gross margins improved alongside revenue growth, reaching 33.8% in the third quarter of 2026, compared with 29.2% a year earlier. On an adjusted basis, gross margin rose to 34.5% from 30.4%. The increase supports a reading of the results as an expansion in profitability as well as revenue. Press coverage reported that quarterly results exceeded analyst estimates of $1.06 billion in revenue and $0.69 in adjusted earnings per share. Actual revenue was about $1.24 billion, and adjusted earnings per share were $0.94, according to the same coverage.
An analyst at Oppenheimer, by contrast, linked operating cash use to higher working capital needs, citing a $430 million increase in contract assets. Those assets are tied to product revenue that has not yet met billing milestones, according to the report relaying the analyst's assessment. This puts collection timing alongside sales growth among the factors in assessing quarterly cash flow. In the third quarter of 2025, the company said at the time, it recorded its fourth consecutive quarter of record revenue and positive operating cash flow. The comparison highlights the difference in operating cash flow between the two periods as activity expanded in 2026.
The chief executive said demand for reliable power, which began with hyperscale computing companies, is spreading rapidly to other market segments because "every company needs reliable power to grow." The official statement did not attribute revenue growth solely to AI data centers; the chief executive instead pointed to demand spreading across market segments. In its earnings release, the company raised its 2026 revenue guidance to a range of $4.4–$4.6 billion, representing 122% year-over-year growth at the midpoint. The chief financial officer said year-to-date performance and customer demand gave the company confidence to raise its outlook for the third time in 2026. The company also raised its adjusted gross margin outlook to about 34% and adjusted earnings per share to a range of $3.10–$3.40.
The results and higher guidance did not prevent the stock from falling after the announcement. Shares dropped 8.7% in the October 22 session, when the results were released, and trading coverage reported that the stock continued to decline after the close. The next day, October 23, shares fell 11.2%, according to Kiplinger coverage that linked the move to the quarterly results. EL7 data show the stock closed at $228.08 on October 28 and then at $222.3 on October 29. The latter close is for October 29 and does not by itself establish that the stock fell 11% that day; the documented 11.2% decline was on October 23.
The risks cited by the company include the possibility of slower expansion in AI adoption, supply constraints, delays in power grid connections and permits, and its ability to increase production capacity. These factors place the execution of the annual guidance in the context of the company's ability to meet demand and deliver products, alongside its recorded revenue growth. In its third-quarter 2025 results, the company said it had then achieved four consecutive quarters of record revenue and positive operating cash flow. In its latest announcement, it again raised its full-year outlook for the third time, citing year-to-date performance and customer demand. The announced annual range of $4.4–$4.6 billion remains the company's target for 2026.