Bloom Energy reported record third-quarter revenue and a sharp increase in profitability on Thursday, driven by growing demand for its fuel cell technology as data centers and other energy-intensive industries seek reliable onsite electricity generation.
The California-based company posted revenue of $1.24 billion for the third quarter of 2026, a 138.1% increase from $519 million in the same period last year. Product revenue surged 179.4% to $1.07 billion, accounting for the bulk of the company’s sales.
Net income attributable to common stockholders reached $250.3 million, reversing a $23.1 million loss a year earlier. Diluted earnings per share climbed to $0.78 from a loss of $0.10, while adjusted earnings per share increased to $0.94 from $0.15.
Profitability also improved significantly. Bloom’s gross margin expanded to 33.8% from 29.2% a year earlier, while operating income jumped to $225.4 million from just $7.8 million.
The strong results prompted Bloom Energy to raise its full-year 2026 revenue forecast to between $4.4 billion and $4.6 billion, up from its previous guidance of $3.9 billion to $4.2 billion.
At the midpoint, the revised forecast represents approximately 122% annual revenue growth.
The company also increased its adjusted earnings guidance to $3.10–$3.40 per share and expects non-GAAP operating income of between $960 million and $1.03 billion.
The latest revision marks Bloom’s third upward guidance adjustment this year, reflecting accelerating demand for its distributed power generation systems.
Bloom Energy’s solid oxide fuel cells provide onsite electricity for data centers, semiconductor manufacturers, industrial facilities and other commercial customers.
The company has emerged as a major beneficiary of the artificial intelligence infrastructure boom, as hyperscale data center developers increasingly pursue alternatives to traditional grid-connected electricity supplies amid growing power requirements and grid connection constraints.
In June, Bloom and Brookfield Asset Management expanded their financing framework for AI-related power infrastructure from $5 billion to $25 billion, a fivefold increase from their original agreement announced in October 2025.
The expanded partnership is intended to support the deployment of Bloom’s fuel cell systems for large-scale AI infrastructure projects, highlighting the growing investment flowing into distributed electricity generation.
Despite its earnings growth, Bloom reported negative operating cash flow of $27.1 million in the third quarter, compared with positive cash flow of $226.4 million in the preceding quarter. Capital expenditures also increased to $153.5 million from $51.6 million in the second quarter, underscoring the investment requirements associated with its rapid expansion.
Bloom also highlighted its addition to the S&P 500 index, marking another milestone for the fuel cell manufacturer as it scales its business to meet rising electricity demand.
The results reinforce the growing commercial importance of onsite power generation as AI development and industrial electrification place increasing pressure on conventional electricity infrastructure.
By Charles Kennedy for Oilprice.com
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Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
