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Bloom Energy
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Latest analysis
Updated Oct 22, 2026
Bloom Energy raises full-year revenue guidance to $4.4–$4.6B, implying ~122% YoY growth, after a record Q3 with $1.24B revenue and 23.1% operating margin.
Bloom Energy delivered a record Q3 2026 with $1.24 billion in revenue, up 138% year-over-year, and operating income of $286 million — up over 500% year-over-year — while raising full-year revenue guidance for the third time in 2026 to $4.4–$4.6 billion. The quarter marked the first time product revenue exceeded $1 billion in a single quarter, and operating margin expanded to 23.1% from 8.9% a year ago, validating the operating leverage embedded in the model. Backlog is growing faster than revenue, manufacturing capacity expansion is underway beyond the 5 GW milestone, and carbon capture sequestration (CCS) and 800V DC represent the next major TAM expansion vectors.
Tone: bullishRevenue
$2B
BE 10-K · FY 2025
Revenue growth YoY
+37.3%
EBITDA margin
24%
Founded
2001
Profile
BE 10-K Item 1 · Feb 9, 2026Bloom Energy Corporation designs, manufactures, and sells solid oxide fuel cell systems — branded as Energy Servers — that generate electricity on-site for commercial, industrial, and utility customers. The company also offers hydrogen production solutions and managed services including long-term power purchase agreement structures. Its customer base increasingly includes hyperscale data center operators driven by AI workload growth.
Read filing description ↓ Collapse description ↑
Bloom Energy Corporation develops, manufactures, sells, and installs solid oxide fuel cell-based power generation systems, referred to as Energy Servers, which provide distributed on-site electricity generation. The company operates across product, installation, service, and electricity revenue streams, serving customers across the commercial, industrial, and utility sectors. A growing share of its revenue is attributable to AI data center customers, including a major hyperscaler project facilitated through a joint venture with Brookfield. The company also develops hydrogen production technologies through its Electrolyzer product line, though this segment has faced inventory impairments. Revenue is generated through direct product sales, installation contracts, long-term service and maintenance agreements, and electricity contracts that may include lease components under managed services or power purchase agreement structures. Bloom Energy operates internationally, with markets in South Korea, Europe, and other regions, and benefits from U.S. federal tax incentives including tax equity financing arrangements, as well as incentives in Korean and European markets. The company continues to invest in manufacturing automation and efficiency to reduce material, labor, and overhead costs as it scales production capacity.
Primary products
- Energy Server systems
- Electrolyzer
- Managed Services
- power purchase agreements (PPA)
End markets
Geographies
Named customers
Named competitors
“We face significant competition.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased by $550.1 million, or 37.3%, for the year ended December 31, 2025, compared to the prior year period, driven primarily by stronger product and installation revenue.
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