Bloom Energy Posts 138 Percent Revenue Growth in Q3 – Profit Jumps and Guidance Raised, Shares Initially Under Pressure
San Jose (USA) – U.S. fuel cell manufacturer Bloom Energy increased its revenue in the third quarter of 2026 by 138.1 percent year on year to USD 1.24 billion. Operating profit rose sharply, and full-year guidance was raised again.
Bloom Energy: Revenue and Operating Profit Rise Sharply
In the third quarter of 2026, Bloom Energy generated revenue of USD 1,235.8 million (Q3 2025: USD 519.0 million). The product business developed particularly strongly: product revenue rose 179.4 percent year on year to USD 1,073.6 million (Q3 2025: USD 384.3 million). Products thus accounted for around 87 percent of total revenue.
Operating income under U.S. GAAP reached USD 225.4 million (Q3 2025: USD 7.8 million). The operating margin improved from 1.5 percent to 18.2 percent. Net income attributable to common stockholders rose to USD 250.3 million, after a loss of USD 23.1 million a year earlier. Adjusted EBITDA increased from USD 59.0 million to USD 299.5 million.
However, cash flow lagged behind profit growth. Operating cash flow came in at negative USD 27.1 million in the third quarter, and free cash flow at negative USD 181 million. According to the company, the build-up of inventories, receivables and contract assets in particular weighed on cash inflow.
Full-Year Guidance Raised Again – Bloom Energy Shares Well Below Annual High
For full-year 2026, Bloom Energy now expects revenue of USD 4.4 billion to USD 4.6 billion. At the midpoint of the range, this represents growth of around 122 percent compared with 2025, according to the company. The previous guidance had been USD 3.9 billion to USD 4.2 billion. Adjusted operating income is expected to reach USD 960 million to USD 1.03 billion, and adjusted earnings per share USD 3.10 to USD 3.40.
Despite the surprisingly strong quarterly figures, Bloom Energy shares remained under pressure. On the Stuttgart Stock Exchange, the stock traded at EUR 190.40 at around 12:18 p.m. on Friday (October 23, 2026), down 1.04 percent. This put the shares about 38 percent below their annual high of EUR 305.50, reached on June 25, 2026. On the NYSE on Thursday, before the quarterly figures were published, Bloom Energy had already lost 8.7 percent to USD 217.77 and at times fell further in after-hours trading.
AI Data Centres Drive Demand for Decentralised Power Generation
According to an IEA forecast, global electricity consumption by data centres could rise from around 485 TWh in 2025 to about 950 TWh in 2030. For operators, therefore, the power price is not the only factor; how quickly large amounts of power can be provided also matters. Grid connection times and gas turbine bottlenecks increase the appeal of decentralised solutions.
Bloom Energy has concluded a framework agreement with Oracle for fuel cell capacity of up to 2.8 GW, of which 1.2 GW has so far been firmly contracted. Bloom Energy also has a financing framework with Brookfield, expanded to USD 25 billion.
CHP manufacturers are also benefiting from the demand: in September, 2G Energy reported a large order from Energy Vault for 275 MW to supply AI data centres. Fuel cells and gas engines can be installed modularly but differ in operation and emissions.
The quarterly figures show how strongly Bloom Energy is currently growing. Whether the U.S. company can sustain this pace of growth also depends on further production expansion and the competitiveness of its fuel cell technology compared with other power supply solutions.
Source: IWR Online, 23 Oct 2026
