Bloom Energy (BE) investor relations material

Executive summary

• Record Q3 revenue reached $1,235.8M, up 138.1% YoY; GAAP operating income was $225.4M, and non-GAAP operating income was $285.7M.

• FY26 revenue, non-GAAP operating income and EPS guidance was raised to $4.4B–$4.6B, $960M–$1,030M and $3.10–$3.40, respectively.

• On-site power demand is expanding beyond hyperscalers into commercial, industrial, utility and critical-infrastructure markets.

Financial highlights

• Q3 revenue was $1,235.8M versus $519.0M; nine-month revenue was $3.052B, up 144.9% YoY.

• GAAP gross profit was $417.1M; GAAP operating income was $225.4M versus $7.8M, and net income attributable to common stockholders was $250.3M versus a $23.1M loss.

• Non-GAAP operating income was $285.7M versus $46.2M; adjusted EBITDA was $299.5M versus $59.0M.

• Non-GAAP diluted EPS was $0.94 versus $0.15; GAAP diluted EPS was $0.78 versus a loss of $0.10.

• Q3 operating cash flow was $(27.1)M; nine-month operating cash flow was $272.9M versus cash used of $304.1M.

Outlook and guidance

• FY26 revenue guidance rose to $4.4B–$4.6B, implying 122% YoY growth at the midpoint; this was the third increase in 2026.

• FY26 non-GAAP operating income guidance is $960M–$1,030M; non-GAAP EPS is $3.10–$3.40, and non-GAAP gross margin is ~34%.

• Guidance implies non-GAAP operating expenses at ~19% of revenue at the midpoint; quantitative GAAP reconciliation is unavailable without unreasonable effort due to uncertain items including stock-based compensation.

• Results depend on backlog conversion, customer site readiness, permitting, interconnection and delivery timing; a small number of year-end deliveries could affect performance within the range.