Bloom Energy posts record third-quarter revenue of $1,235.8 million and raises guidance

Bloom Energy Corporation (BE) reported record quarterly revenue of $1,235.8 million for the third quarter ended Sept. 30, up 138.1% from a year earlier, and raised its full-year 2026 guidance, the company said Thursday in a press release furnished with a regulatory filing.

Here's how the company did:

• Revenue: $1,235.8 million vs. $519.0 million a year earlier
• Diluted EPS: 78 cents per share vs. a loss of 10 cents a year earlier
• Non-GAAP diluted EPS: 94 cents per share vs. 15 cents a year earlier
• Operating income: $225.4 million vs. $7.8 million a year earlier
• Non-GAAP operating income: $285.7 million vs. $46.2 million a year earlier
• Adjusted EBITDA: $299.5 million vs. $59.0 million a year earlier

Product revenue was $1,073.6 million, up 179.4% from $384.3 million a year earlier. Total revenue also rose from $1,065.4 million in the second quarter.

Installation revenue was $84.9 million, up from $65.8 million a year earlier. Service revenue was $67.6 million, compared with $58.6 million. Electricity revenue was $9.8 million, down from $10.4 million.

Gross margin was 33.8%, an increase of 453 basis points. A basis point is one-hundredth of a percentage point. Non-GAAP gross margin, which excludes certain items, was 34.5%, an increase of 412 basis points.

Gross profit was $417.1 million, compared with $151.7 million a year earlier.

Operating margin was 18.2%, up from 1.5% a year earlier. Operating expenses were $191.7 million, compared with $143.8 million.

Research and development expense was $64.1 million, sales and marketing was $52.4 million, and general and administrative was $75.1 million. A year earlier, those lines were $48.7 million, $42.0 million and $53.1 million.

Non-GAAP results exclude stock-based compensation expense, which was $60.1 million in the quarter. Adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, also excludes items the company says do not reflect its core operations.

Net income attributable to common stockholders was $250.3 million, compared with a loss of $23.1 million a year earlier.

Net cash used in operating activities was $27.1 million, compared with $19.7 million provided a year earlier. Purchases of property, plant and equipment rose to $153.5 million from $12.3 million. Cash and cash equivalents were $2,486.7 million on Sept. 30, up from $2,454.1 million at Dec. 31, 2025.

"Electricity is the foundation of economic growth, human well-being and national competitiveness," KR Sridhar, Founder, Chairman and Chief Executive Officer, said. "Today, the world is moving from a century-old model of centralized power to a new architecture that includes firm, distributed onsite generation. Bloom is leading that transformation."

Chief Financial Officer Simon Edwards said the quarter reflected "strong execution across the business, with significant revenue growth and expanded operating margins."

Chief Financial Officer Simon Edwards said: "Our year-to-date performance and customer demand give us confidence to raise our 2026 outlook for the third time this year."

Bloom Energy raised its full-year 2026 revenue guidance to $4.4 billion to $4.6 billion, which the company said represents 122% growth at the midpoint of the range compared with a year earlier. The company expects non-GAAP gross margin of about 34%, non-GAAP operating income of $960 million to $1,030 million, and non-GAAP EPS of $3.10 to $3.40 per share, which it said is fully dilutive.

The company said it cannot reconcile its non-GAAP outlook to GAAP measures without unreasonable efforts, because of variability in items such as stock-based compensation expense.

The company also said it was added to the S&P 500.

The company will hold a conference call Thursday at 2:00 p.m. Pacific Time, with a live webcast on its website and an archived version available for one year.

A slide presentation furnished as Exhibit 99.2 will be used by senior management in discussions about the results.