Bloom Energy revenue rises 138% to a record $1.24 billion; 2026 outlook raised again

Bloom Energy Corporation (NYSE: BE), which makes fuel-cell systems that generate electricity onsite, reported record third-quarter revenue of $1,235.8 million, up 138.1% from a year earlier, in a results release dated October 22.

What happened

Product revenue rose 179.4% to $1,073.6 million. Gross margin was 33.8%, up 453 basis points, and non-GAAP gross margin was 34.5%. GAAP operating income was $225.4 million, up from $7.8 million, and non-GAAP operating income was $285.7 million, against $46.2 million. GAAP diluted earnings per share were $0.78, against a loss of $0.10 a year earlier, and non-GAAP diluted earnings per share were $0.94, against $0.15. Adjusted EBITDA was $299.5 million.

Revenue also rose from $1,065.4 million in the second quarter.

The outlook

Bloom now expects 2026 revenue of $4.4 billion to $4.6 billion, which it said represents 122% growth at the midpoint, a non-GAAP gross margin of about 34%, non-GAAP operating income of $960 million to $1,030 million and non-GAAP earnings per share of $3.10 to $3.40. Chief Financial Officer Simon Edwards said customer demand gave the company "confidence to raise our 2026 outlook for the third time this year."

Founder, Chairman and Chief Executive Officer KR Sridhar said that "what began with hyperscalers is rapidly moving across market segments because every business needs reliable power to grow." The company also said it was "added to the S&P 500, marking an important milestone for Bloom Energy as a public company."

Bloom held a call at 2:00 p.m. Pacific time on October 22.