Bloom Energy
BE · NYSEEnergy · Fuel Cells · Data-Center Power Infrastructure
Since the Report + 46.0%
Close on Report DayJul 28
$166.84▼ 1.9%Report-Day Move
- Market Cap(Today)
- ≈ $71.7 B
- 1Y Return(At Report)
- + 370%
- P/E($1.82 · Trailing 12M)
- 133.8
- PEG(company guidance 2026)
- 0.52
Bloom Energy topped $1 billion in quarterly revenue for the first time in its history: sales rose 165.5% year over year to $1.07 billion, adjusted earnings per share beat expectations by 92%, and the company sharply raised its full-year outlook. The stock still reacted quietly at first, because a short-seller report published days before the results had questioned revenue quality and pressured the price. From here, the focus turns to how much of the data-center and AI power demand converts into backlog and margins.
Revenue (Q2)
$1.07B
▲ 165.5% YoY
Adjusted EPS
$0.78
Est. $0.41 · ▲92%
GAAP Gross Margin
33.4%
▲668 Bps YoY
Operating Income
$182M
Prior Year A Loss
Operating Cash Flow
$226M
Prior Year −$213M
Product Revenue
$935M
▲ 215% YoY
Quarterly Revenue ($ Billion)
0.40
0.52
0.78
0.75
1.07
- Q2 25
- Q3 25
- Q4 25
- Q1 26
- Q2 26
- Revenue Growth (YoY)
- ▲ 165.5%
- Product Revenue Share
- 88%$935M · ▲215%
- Revenue Surprise
- ▲ 28%Est. Was $834M
Q3 2026 Company Guidance
- Revenue (Full Year)3.9 – 4.2 billion
Midpoint $4.05B · ~100% GrowthRaised ▲
- Non-GAAP EPS2.55 – 2.85 $
Midpoint $2.70Raised ▲
- Non-GAAP Gross Margin34%
Full Year ~34%Improving ▲
The blue band is the company's low–high range; its length shows how much room the company left itself. The black triangle and the line beneath it mark where the market expected, and the notch in the band is the range's midpoint. The triangle appears only where a market expectation is known. Axis is ±6.4% around the midpoint.
- Operating Income (Full Year)
- $800–900MNon-GAAP · Raised
- Cash & Equivalents
- $2.67BQuarter End
- Diluted Share Count
- 323M▲39% YoY · Dilution
“Bloom will not be your bottleneck. We deliver power at AI speed and enable our customers to grow.”
- Demand accelerating at AI speed
- Backlog outpacing revenue
- Multiple customers and projects
Summary
Bloom Energy delivered a record second quarter of 2026 and, for the first time in its history, pushed quarterly revenue above $1 billion. Sales rose 165.5% year over year to $1.07 billion, beating the market expectation of $834 million by roughly 28%. The engine of the growth was product revenue, which jumped 215% to $935 million on data-center and AI power demand. Profitability improved on every line as well: GAAP gross margin expanded 668 basis points to 33.4%, operating income swung from a loss a year ago to $182 million, and adjusted earnings per share of $0.78 came in 92% above expectations. The company also generated $226 million of cash from operations, a clean reversal from the $213 million cash outflow a year earlier.
Despite this strong picture, the stock's initial reaction was muted, and the main reason traces back to the days before the report. Days before earnings, a short-seller firm called Hunterbrook published a report questioning Bloom's revenue quality and disclosures; the stock fell about 11% on July 28 before earnings on the back of that report. Bloom denied the allegations in an SEC filing. In the session after earnings (July 29), the stock surged as much as 11% intraday before reversing and closing down 1.9% close-to-close. But in the following session the beat-and-raise won out, and the stock rose 26%. By August 7 the price had recovered to about $219, well above the report-day close of $166.84; at that level, the roughly $246 average analyst target implies about 12% upside.
Our overall view is that the quarter itself was exceptional on every measure and earns a high score (84, buy); that score evaluates the quarter, not the stock. The bull case rests on accelerating data-center power demand and a backlog said to be growing faster than revenue, with management stressing diversification across customers and projects. On the other side, the key reservation is the unresolved revenue-quality and disclosure debate raised by the short-seller report, together with share dilution of up to 39% year over year. Valuation is elevated after the sharp rally and price volatility is pronounced. This is an assessment of the quarter, not a price target; readers should weigh these tensions together in their own decisions.
Full Review
ClaudeBloom crossed $1 billion in a quarter for the first time.
Second-quarter revenue rose 165.5% year over year to $1.07 billion, the first time in the company's history that a single quarter has crossed the $1 billion mark. That figure came in roughly 28% above the market expectation of $834 million. The main source of growth was product revenue, which jumped 215% to $935 million; service contributed $69 million, installation $51 million, and electricity $10 million. The driver behind the demand is the need of data centers and AI infrastructure for fast, scalable on-site power. The company notes that customers who traditionally defaulted to combustion technologies are now proactively choosing Bloom. There is also a clear acceleration versus the prior quarter ($751 million). This points to a structural step-up at the top of the income statement.
Profitability jumped on every line at once.
GAAP gross margin expanded 668 basis points in a year, from 26.7% to 33.4%, while non-GAAP gross margin reached 34.3%. GAAP operating income swung from a $3.5 million loss a year ago to $182 million; net income was $196 million and adjusted EBITDA was $253 million. Adjusted earnings per share of $0.78 came in 92% above the $0.41 expectation. One of the most notable items was on the cash side: the company generated $226 million from operations, a fundamental reversal from the $213 million cash outflow a year earlier. Cash and equivalents at quarter-end reached $2.67 billion. Margins improving alongside scale suggests the business model is gaining operating leverage.
The full-year outlook was raised meaningfully.
Bloom lifted its full-year 2026 revenue outlook to $3.9–4.2 billion; the midpoint corresponds to roughly 100% year-over-year growth. The non-GAAP operating income target was raised to $800–900 million, non-GAAP EPS to $2.55–2.85, and full-year gross margin is guided to about 34%. Management emphasized that backlog is growing faster than revenue and that demand is not tied to a single customer or project. Service margin reaching 22% in the quarter and 80% of 2025 bookings coming from repeat customers stood out on revenue quality. The company aims to expand U.S. manufacturing capacity in steady increments and to avoid becoming 'the bottleneck' for current and future orders. This guidance set signals that management expects the momentum to carry into the second half.
A short-seller report overshadowed the rally.
Ahead of earnings, a firm called Hunterbrook published a short-seller report questioning Bloom's revenue quality and disclosures, and the stock fell about 11% on July 28 before the results. Bloom denied the allegations in an SEC filing. In the first session after earnings (July 29), the stock rose as much as 11% intraday before reversing and closing down 1.9% close-to-close. But in the next session the strong results and raised outlook prevailed; the stock rose 26% on July 30 and had recovered to about $219 by August 7. This sharp swing shows a market split between a record quarter and concern over revenue quality. Until the disclosure debate the report raised is resolved, a cloud of uncertainty may linger over the stock despite the strong results.
Strengths
6- Revenue rose 165.5% YoY to cross $1B in a quarter for the first time ($1.07B), beating expectations by ~28%.
- Product revenue grew 215%, with data-center and AI power demand as the main engine.
- GAAP gross margin expanded 668 basis points to 33.4%; profitability improved on every line.
- Operating cash flow reversed from −$213M a year ago to +$226M; cash position of $2.67B.
- Full-year outlook raised: revenue $3.9–4.2B, ~100% growth; non-GAAP EPS $2.55–2.85.
- Backlog is growing faster than revenue and demand is spread across multiple customers and projects.
Risks
6- The Hunterbrook short-seller report questioned revenue quality and disclosures; the issue is not yet resolved (Bloom denied it in an SEC filing).
- Diluted share count rose ~39% YoY; there is meaningful dilution for shareholders.
- Revenue may depend on a limited number of large data-center projects; customer-concentration risk.
- Scaling capacity to keep up with fast-growing demand carries execution risk.
- Valuation is elevated after the sharp rally and price volatility is pronounced (±11–26% daily moves).
- Tariff and supply-chain cost pressure continue on the hardware side.
What to Watch
4- Q3 2026 results are due around October 2026.
- Updates on U.S. manufacturing capacity expansion steps will be watched.
- Possible regulatory/SEC developments related to the short-seller allegations.
- New data-center power deals and backlog disclosures will be tracked.
Upcoming Earnings
To Understand This