Bloom Energy (BE) investor relations material

Executive summary

• Achieved record Q1 2026 results with revenue of $751.1M, up 130.4% year-over-year, driven by surging product sales, AI demand, and major partnerships including Oracle and Brookfield.

• Gross margin improved to 30.0% (non-GAAP: 31.5%), with operating income at $72.2M (non-GAAP: $129.7M), and net income attributable to common stockholders of $70.7M, reversing a prior year loss.

• Adjusted EBITDA was $143.0M, up nearly 6x year-over-year, and cash flow from operations was $73.6M, positive for the first time in Q1.

• Manufacturing and capacity expansion continued, enabling rapid delivery and flexibility for customers, with ongoing innovation reducing installation time.

• Strategic partnerships and joint ventures, including a landmark Oracle deal for AI data centers, contributed to robust backlog and growth.

Financial highlights

• Q1 2026 revenue: $751.1M (Q1 2025: $326.0M); product revenue: $653.3M (Q1 2025: $211.9M); service revenue: $61.9M; install revenue: $25.9M; electricity revenue: $9.9M.

• Gross margin: 30.0% (up from 27% YoY); non-GAAP gross margin: 31.5%; product margin: 35.3%; service margin: 18%.

• Operating income: $72.2M (9.6% margin); non-GAAP operating income: $129.7M (17.3% margin); adjusted EBITDA: $143.0M (19% margin).

• Net income attributable to common stockholders: $70.7M (GAAP EPS: $0.25; non-GAAP EPS: $0.44).

• Cash and cash equivalents at quarter end: $2.49B; recourse debt: $2.60B.

Outlook and guidance

• Raised 2026 revenue guidance to $3.4B–$3.8B, midpoint implies ~80% year-over-year growth.

• Non-GAAP gross margin guidance at ~34%; non-GAAP operating income $600M–$750M; non-GAAP EPS $1.85–$2.25.

• Adjusted EBITDA guidance for 2026 is $650M–$800M; operating cash flow expected to exceed $200M.

• Q2 revenue expected to be at least as strong as Q1.

• Management expects cash and cash equivalents plus operating cash flow to be sufficient for at least the next 12 months.