Bloom Energy Beats Forecasts, Lifts Outlook

Bloom Energy (NYSE: BE) reported record third-quarter revenue of $1,235.8m today, up 138.1% from $519.0m a year earlier. That is more than 15% ahead of the $1.07bn analyst consensus on Yahoo Finance, and above the top estimate of $1.13bn among its 16 analysts.

Non-GAAP diluted earnings per share were $0.94 and GAAP earnings per share $0.78, against $0.15 and a loss of $0.10 a year earlier. Both were above the $0.67 analyst consensus on Yahoo Finance, which does not define the basis of its figure. Non-GAAP operating income rose to $285.7m from $46.2m, and non-GAAP gross margin reached 34.5%.

The company raised its full-year guidance for the third time this year. It now expects 2026 revenue of $4.4bn to $4.6bn, above the $4.12bn analyst consensus on Yahoo Finance and the $4.31bn top of the analyst range. Non-GAAP EPS guidance of $3.10 to $3.40 compares with Yahoo’s $2.71, though the bases may differ.

Chief executive KR Sridhar said demand was widening:

What began with hyperscalers is rapidly moving across market segments because every business needs reliable power to grow.

KR Sridhar, Bloom Energy

The shares closed today’s regular session at $217.77, down 8.7%. They were down a further 3.6% in after-hours trading, following the numbers.

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The session’s drop came after a climb through August and September, so the results arrived with the shares already sharply lower.

Cash conversion is the item to watch. Operating cash flow was an outflow of $27.1m in the quarter, against an inflow of $226.4m in the second quarter, while capital spending rose to $153.5m from $51.6m. Current contract assets climbed to $792.8m from $178.9m at the end of 2025.

The balance sheet held $2,486.7m of cash and equivalents against $2,473.5m of recourse debt. Chief financial officer Simon Edwards said the year-to-date performance and customer demand gave the company confidence to raise its outlook.

The conference call is due at 5:00pm Eastern, which is 10:00pm in the UK, and traders will be listening for management’s comments on those cash lines before tomorrow’s open.