Highlights

  • Third quarter revenue was USD 1,235.8 million, up 138.1%, led by product revenue of USD 1,073.6 million, up 179.4%.
  • GAAP net income attributable to common stockholders was USD 250.3 million, or USD 0.78 per diluted share, against a loss.
  • Management raised full-year 2026 revenue guidance to USD 4.4 billion to USD 4.6 billion, the third increase this year.
  • The filing discloses data center permitting delays, customer financing difficulty and a July short-seller report that the company rejects.

Bloom Energy Corporation (NYSE: BE) shares closed at USD 193.30 on October 23, 2026, down 11.24%. The onsite power company, which said it joined the S&P 500 during the quarter, reported third quarter 2026 results on October 22 and raised full-year guidance for a third time.

Bloom Energy is a Delaware corporation based in San Jose, California. It describes itself as a global leader in onsite power generation. It makes the Bloom Energy Server, a solid-oxide fuel cell system that converts fuels including natural gas, biogas and hydrogen into electricity without combustion, and the Bloom Electrolyzer, which produces hydrogen. It reports product, installation, service and electricity revenue, builds its systems in Fremont, California and Delmarva, Delaware, and has a December 31 year end.

Third Quarter Revenue and Margins

Revenue for the three months ended September 30, 2026 was USD 1,235.8 million, compared with USD 519.0 million a year earlier, an increase of 138.1%. Product revenue was USD 1,073.6 million, which the company attributed to new acceptances and deliveries under existing contracts amid demand for time-to-power solutions. Installation revenue rose 29.0% to USD 84.9 million and service revenue rose 15.3% to USD 67.6 million, while electricity revenue fell 5.2% to USD 9.8 million.

Gross margin was 34%, compared with 29%. Installation recorded a gross loss of USD 4.1 million, against a USD 5.9 million profit a year earlier, which the company linked to project mix and timing. Operating expenses rose 33.3% to USD 191.7 million, mostly on higher employee compensation, including stock-based compensation. Income from operations was USD 225.4 million, against USD 7.8 million.

Earnings and Cash Flow

Net income attributable to common stockholders was USD 250.3 million, or USD 0.78 per diluted share, compared with a loss of USD 23.1 million, or USD 0.10. For nine months, revenue was USD 3,052.3 million, up 144.9%, and net income was USD 517.2 million, or USD 1.64 per diluted share. Management cited non-GAAP diluted earnings per share of USD 0.94, against USD 0.15 a year earlier.

Nine-month operating cash flow was USD 272.9 million, against an outflow of USD 304.1 million. Management said third quarter operating cash flow was a use of USD 27 million as receivables, contract assets and inventory built, and that free cash flow was a non-GAAP use of USD 181 million.

Liquidity and Capital Items

Cash and equivalents were USD 2,486.7 million at September 30, 2026, against USD 2,473.5 million of recourse debt. The revolving credit facility was undrawn, with USD 510.0 million of capacity available. Oracle exercised a warrant on a net basis in May, resulting in 1,905,433 shares plus 248,798 inducement shares with a fair value of USD 72.3 million. The company also received USD 50.0 million from Brookfield under a project-related option arrangement.

Disclosed Risks

A short-seller report published July 8 questioned the company's supply chain, and the company rejected its conclusions. The filing also describes growing opposition to data center development, including a New York moratorium signed in July, permitting delays, harder financing for data center customers, tariffs and inflation in parts and labor. The company states that demand for its systems tied to such projects has remained robust.

2026 Guidance

Management raised full-year 2026 revenue guidance to USD 4.4 billion to USD 4.6 billion, non-GAAP operating income to USD 960 million to USD 1.03 billion and non-GAAP diluted earnings per share to USD 3.10 to USD 3.40. It maintained non-GAAP gross margin at about 34%.

The company said the outlook rests on backlog and a probability-weighted view of the pipeline, and that the timing of a small number of deliveries around year end will determine where results land in the range. It also states that it believes cash and operating cash flow will cover its needs for at least 12 months. These are company expectations.