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Bloom Energy Reports Record First Quarter 2026 Results and Raises Full Year 2026 Guidance

29 Aprile 2026

Delivered 130% year-over-year revenue growth, driven by 208% product revenue growth
Raised full year 2026 revenue growth guidance midpoint to ~80% year-over-year, up from prior guidance of ~60%
Continued operating leverage, increasing gross margin and operating income guidance

SAN JOSE, Calif.--(BUSINESS WIRE)--Bloom Energy Corporation (NYSE: BE) (“Bloom,” “Bloom Energy,” “We,” or the “Company”) reported today its financial results for the first quarter ended March 31, 2026.

First Quarter Highlights

Revenue of $751.1 million in the first quarter of 2026, an increase of 130.4% compared to $326.0 million in the first quarter of 2025. Product revenue of $653.3 million in the first quarter of 2026, an increase of 208.4% compared to $211.9 million in the first quarter of 2025.
Gross margin of 30.0% in the first quarter of 2026, an increase of 2.8 percentage points year-over-year. Non-GAAP gross margin of 31.5% in the first quarter of 2026, an increase of 2.8 percentage points year-over-year.
Service gross margin of 13.3% in the first quarter of 2026, an increase of 12.0 percentage points compared to 1.3% in the first quarter of 2025. Service non-GAAP gross margin of 18.0% in the first quarter of 2026, an increase of 13.2 percentage points compared to 4.8% in the first quarter of 2025.
Operating income of $72.2 million in the first quarter of 2026, an increase of $91.3 million year-over-year. Non-GAAP operating income of $129.7 million in the first quarter of 2026, an increase of $116.5 million year-over-year.
Generated $73.6 million cash flow from operating activities in the first quarter of 2026, an increase of $184.3 million year-over-year.

KR Sridhar, Founder, Chairman and Chief Executive Officer of Bloom Energy, said, “We at Bloom are ushering in the era of digital power for the digital age. Bloom is rapidly becoming the standard and “go-to choice” for on-site power.”

Simon Edwards, Chief Financial Officer of Bloom Energy, added, “Bloom is a generational company with differentiated technology, a compelling strategy, and a mission-driven team focused on disciplined execution. I’m excited help scale the business and support Bloom's next phase of growth.”

Summary of Key Financial Metrics

Summary of GAAP Financial Information

($000), except EPS data	Q1'26			Q4'25			Q1'25
Revenue	$	751,054		$	777,683		$	326,021
Cost of Revenue		525,510			537,788			237,314
Gross Profit		225,544			239,895			88,707
*Gross Margin*		*30.0*	%		*30.8*	%		*27.2*	%
Operating Expenses		153,354			152,366			107,777
Operating Income (Loss)		72,190			87,529			(19,070	)
*Operating Margin*		*9.6*	%		*11.3*	%		*(5.8*	)%
Non-operating (Income) Expenses		1,537			86,438			4,744
Net Profit (Loss) to Common Stockholders	$	70,653		$	1,091		$	(23,814	)
GAAP EPS, Basic	$	0.25		$	—		$	(0.10	)
GAAP EPS, Diluted	$	0.23		$	—		$	(0.10	)

Summary of Non-GAAP Financial Information¹

($000), except EPS data	Q1'26			Q4'25			Q1'25
Revenue	$	751,054		$	777,683		$	326,021
Cost of Revenue		514,750			529,725			232,530
Gross Profit		236,305			247,958			93,492
*Gross Margin*		*31.5*	%		*31.9*	%		*28.7*	%
Operating Expenses		106,595			115,000			80,316
Operating Income		129,710			132,958			13,175
*Operating Margin*		*17.3*	%		*17.1*	%		*4.0*	%
Adjusted EBITDA	$	142,989		$	146,143		$	25,161
Non-GAAP EPS, Basic	$	0.49		$	0.51		$	0.03
Non-GAAP EPS, Diluted	$	0.44		$	0.45		$	0.03

A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release

Guidance

Bloom Energy increases financial guidance for the full-year 2026:

	• Revenue:	$3.4B - $3.8B
	• Non-GAAP Gross Margin:	~34%
	• Non-GAAP Operating Income:	$600M - $750M
	• Non-GAAP EPS:	$1.85 - $2.25

Investor Conference Call/ Webcast Details

Bloom Energy will host a conference call today, April 28, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call toll-free dial-in number: +1 (888) 596-4144 and toll-dial-in-number +1 (646) 968-2525. The conference ID is 9681836. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com. Following the webcast, an archived version will be available on Bloom Energy’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 770-2030 or +1 (609) 800-9909 and entering passcode 9681836.

Additional Information and Where to Find It

The Investor Relations section of Bloom Energy’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom Energy encourages investors to visit this website from time to time, as information is updated and new information is posted. The information contained on, or that may be accessed through Bloom Energy's website is not incorporated by reference into, and it not part of, this press release.

Forward-Looking Statements

This press release contains certain forward-looking statements relating to future events and expectations, including our expectations that Bloom Energy will become the standard and “go-to-choice” for on-site power and will continue to scale and grow and estimates and projections for our business outlook for the 2026 fiscal year, each of which is based on current expectations, estimates, and projections about our industry, management’s beliefs, and certain assumptions made by management based on information currently available to management at the time they are made. These forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going forward basis.

Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results, performance, and/or trends. In addition to general industry and global economic conditions, factors that could cause actual results, performance, and/or trends to differ materially from those discussed in the forward-looking statements made in this press release include, but are not limited to: (1) the emerging nature distributed energy generation and rapidly evolving market trends; (2) the significant upfront costs of Bloom Energy’s Energy Servers and Bloom Energy’s ability to secure financing for its products; (3) Bloom Energy’s ability to drive cost reductions and to successfully mitigate against potential price increases; (4) Bloom Energy’s ability to service its existing debt obligations; (5) Bloom Energy’s ability to be successful in new markets; (6) the risk of manufacturing defects; (7) the accuracy of Bloom Energy’s estimates regarding the useful life of its Energy Servers, (8) delays in the development and introduction of new products or updates to existing products; (9) supply constraints; (10) the availability of rebates, tax credits and other tax benefits; (11) the impact of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act; (12) changes in the regulatory landscape; (13) Bloom Energy’s lengthy sales and installation cycle, construction, utility interconnection and other delays related to the installation of its Energy Servers; (14) business and economic conditions and growth trends in commercial and industrial energy markets; (15) trade policies including tariffs; (16) the overall electricity generation market; (17) our ability to increase production capacity for our products in a timely and cost-effective manner; (18) any actual or perceived slowdown in the adoption of AI resulting in a slower expansion of AI data centers; (19) Bloom Energy’s ability to protect its intellectual property; (20) the ability of current product and service backlog to ultimately be recognizable as revenue and/or (21) the risks relating to forward-looking statements and other “Risk Factors” identified from time to time in our filings with the Securities Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequently filed reports, including on Form 10-Q, which filings are available from the SEC. Bloom Energy assumes no obligation to, and does not currently intend to, update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures as defined in the SEC rules. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Some numbers may not foot due to rounding. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As required by Regulation G, we have provided reconciliations of our non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release. Bloom Energy urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom Energy’s expectations regarding its 2026 outlook, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP operating income, and non-GAAP EPS measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. The variability of these items could significantly impact our future U.S. GAAP financial results and we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors.

About Bloom Energy

Bloom Energy empowers enterprises to meet soaring energy demands and responsibly take charge of their power needs. The company’s solid oxide fuel cell systems provide ultra-resilient, highly scalable onsite electricity for Fortune 500 customers around the world, including data centers, semiconductor manufacturing, large utilities, and other commercial and industrial sectors as well as mission-critical organizations in local communities, such as hospitals, college campuses and retailers. Headquartered in Silicon Valley, Bloom Energy employs more than 2,000 people worldwide and manufactures its systems in the United States. For more information, visit BloomEnergy.com.


Condensed Consolidated Balance Sheets
(in thousands, except share data)

	March 31,			December 31,
		2026			2025
Assets
Current assets:
Cash and cash equivalents¹	$	2,491,433		$	2,454,108
Restricted cash		1,251			1,973
Accounts receivable, less allowance for credit losses of $460 as of March 31, 2026 and December 31, 2025, respectively^{1, 2}		359,406			371,796
Contract assets³		242,595			178,928
Inventories¹		732,528			643,306
Deferred cost of revenue		23,363			30,651
Prepaid expenses and other current assets^{1, 4}		103,960			49,805
Total current assets		3,954,536			3,730,567
Property, plant and equipment, net¹		401,088			398,507
Investments in unconsolidated affiliates¹⁰		23,261			10,037
Operating lease right-of-use assets¹		109,395			108,541
Restricted cash		25,600			25,499
Contract assets⁵		63,281			62,258
Deferred cost of revenue		4,269			4,099
Other long-term assets^{1, 6}		83,299			57,203
Total assets	$	4,664,729		$	4,396,711
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable¹	$	241,649		$	203,129
Accrued warranty⁷		38,365			20,013
Accrued expenses and other current liabilities^{1, 8}		223,653			222,254
Deferred revenue and customer deposits⁹		194,094			100,975
Operating lease liabilities¹		21,933			22,000
Financing obligations		63,151			51,308
Non-recourse debt¹		3,959			4,153
Total current liabilities		786,804			623,832
Deferred revenue and customer deposits		39,260			42,840
Operating lease liabilities¹		107,216			106,935
Financing obligations		152,834			192,460
Recourse debt		2,598,676			2,613,726
Deferred profit in transactions with unconsolidated affiliates¹¹		22,774			13,928
Other long-term liabilities		9,157			10,027
Total liabilities	$	3,716,721		$	3,603,748
Commitments and contingencies
Stockholders’ equity:
Common stock: 0.0001 par value; Class A shares—600,000,000 shares authorized, and 284,207,963 shares and 280,045,459 shares issued and outstanding, and Class B shares—470,092,742 shares authorized, and no shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively.		28			28
Additional paid-in capital		4,835,729			4,755,965
Accumulated other comprehensive income (loss)		2,967			(369	)
Accumulated deficit		(3,917,255	)		(3,986,983	)
Total stockholders’ equity attributable to common stockholders		921,469			768,641
Noncontrolling interest		26,539			24,322
Total stockholders’ equity	$	948,008		$	792,963
Total liabilities and stockholders’ equity	$	4,664,729		$	4,396,711

¹	We have a variable interest entity related to a joint venture in the Republic of Korea, which represents a portion of the consolidated balances recorded within these financial statement line items.
²	Including amounts from related parties of $0.6 million and $151.9 million as of March 31, 2026 and December 31, 2025, respectively.
³	Including amounts from related parties of $74.1 million and $3.0 million as of March 31, 2026 and December 31, 2025, respectively.
⁴	Including amounts from related parties of $1.5 million and $1.2 million as of March 31, 2026 and December 31, 2025, respectively.
⁵	Including amounts from related parties of $48.0 million and $48.8 million as of March 31, 2026 and December 31, 2025, respectively.
⁶	Including amounts from related parties of $6.7 million and $6.0 million as of March 31, 2026 and December 31, 2025, respectively.
⁷	Including amounts from related parties of $4.1 million and $0.8 million as of March 31, 2026 and December 31, 2025, respectively.
⁸	Including amounts from related parties of $1.7 million as of March 31, 2026. Related party balance as of December 31, 2025, was inconsequential.
⁹	Including amounts from related parties of $8.1 million and $6.9 million as of March 31, 2026 and December 31, 2025, respectively.
¹⁰	Represent related party investments in the joint ventures between Brookfield Asset Management and the Company.
¹¹	Represent the excess of unrealized profit from sales to the joint ventures between Brookfield Asset Management and the Company over the carrying value of the related equity‑method investments.


Condensed Consolidated Statements of Operations
(in thousands, except per share data)

	Three Months Ended March 31, 2026			Three Months Ended December 31, 2025			Three Months Ended March 31, 2025

Revenue:
Product	$	653,348		$	638,487		$	211,869
Installation		25,931			67,272			33,651
Service		61,879			61,691			53,548
Electricity		9,896			10,233			26,953
Total revenue¹		751,054			777,683			326,021
Cost of revenue:
Product		429,232			404,728			139,573
Installation		35,080			74,486			33,315
Service		53,664			51,289			52,858
Electricity		7,534			7,285			11,568
Total cost of revenue		525,510			537,788			237,314
Gross profit		225,544			239,895			88,707
Operating expenses:
Research and development		56,849			55,889			40,612
Sales and marketing		38,439			41,902			22,265
General and administrative²		58,066			54,575			44,900
Total operating expenses		153,354			152,366			107,777
Income (loss) from operations		72,190			87,529			(19,070	)
Interest income		20,601			13,602			8,553
Interest expense³		(8,604	)		(10,647	)		(14,411	)
Equity in loss of unconsolidated affiliates⁴		(17,002	)		(20,822	)		—
Other income (expense), net		6,197			(909	)		2,048
Debt conversion inducement expense		—			(66,241	)		—
Gain (loss) on revaluation of embedded derivatives		754			(135	)		(103	)
Profit (loss) before income taxes		74,136			2,377			(22,983	)
Income tax provision		445			952			431
Net profit (loss)		73,691			1,425			(23,414	)
Less: Net income attributable to noncontrolling interest		3,038			334			400
Net income (loss) attributable to common stockholders	$	70,653		$	1,091		$	(23,814	)
Net earnings (loss) per share available to common stockholders:
Basic	$	0.25		$	.00		$	(.10	)
Diluted	$	0.23		$	.00		$	(.10	)
Weighted average shares used to compute net earnings (loss) per share available to common stockholders:
Basic		281,719			263,616			230,210
Diluted		319,708			263,616			230,210

¹	Including related party revenue of $373.3 million, $574.2 million and $2.8 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
²	Including related party general and administrative expenses of $0.2 million for the three months ended March 31, 2025. There was no related party general and administrative expenses for the three months ended March 31, 2026, and December 31, 2025.
³	Including related party interest expenses of $0.1 million for the three months ended March 31, 2025. There was no related party interest expense for the three months ended March 31, 2026, and December 31, 2025.
⁴	Represent related party equity in loss of the joint ventures between Brookfield Asset Management and the Company.


Condensed Consolidated Statement of Cash Flows (in thousands)

	Three Months Ended March 31, 2026			Three Months Ended December 31, 2025			Three Months Ended March 31, 2025
Cash flows from operating activities:
Net profit (loss)	$	73,691		$	1,426		$	(23,414	)
Adjustments to reconcile net (loss) profit to net cash provided by (used in) operating activities:
Depreciation and amortization		13,279			13,184			11,986
Non-cash lease expense		8,002			8,011			8,068
Equity in loss of unconsolidated affiliates, net of distributions		17,002			20,822			—
Distributions received from unconsolidated affiliates¹⁰		138			—			—
Loss on disposal of property, plant and equipment		115			355			102
Revaluation of derivative contracts		(754	)		135			103
Impairment of assets		—			12,669			—
Stock-based compensation expense		48,215			42,813			30,054
Amortization of debt issuance costs		3,426			2,711			1,859
Debt conversion inducement expense		—			66,241			—
Net gain on failed sale-and-leaseback transactions		(9,405	)		—			(767	)
Share-based consideration payable to customer’s customer¹¹		(3,090	)		15,947			—
Inventory reserve and other assets impairment		—			31			—
Unrealized foreign currency exchange loss (gain)		2,827			(198	)		(2,208	)
Other		(281	)		(26	)		(26	)
Changes in operating assets and liabilities:
Accounts receivable¹		11,782			40,156			2,257
Contract assets²		(64,690	)		17,698			1,543
Inventories		(88,584	)		59,950			(65,575	)
Deferred cost of revenue		7,122			(7,237	)		(4,501	)
Prepaid expenses and other current assets³		(54,155	)		(5,062	)		(5,102	)
Other long-term assets⁴		(25,993	)		(12,820	)		2,256
Operating lease right-of-use assets and operating lease liabilities⁵		(8,526	)		(8,212	)		(8,335	)
Financing lease liabilities		89			1,410			451
Accounts payable		36,962			34,736			52,564
Accrued warranty⁶		18,352			5,331			(6,276	)
Accrued expenses and other current liabilities⁷		(1,367	)		52,614			(34,881	)
Deferred revenue and customer deposits⁸		89,539			55,495			(70,802	)
Deferred profit with equity method investees and other long-term liabilities		(86	)		(107	)		(38	)
Net cash provided by (used in) operating activities		73,610			418,073			(110,682	)
Cash flows from investing activities:
Purchase of property, plant and equipment		(26,182	)		(22,954	)		(14,259	)
Proceeds from sale of property, plant and equipment		91			55			43
Investments in unconsolidated affiliates⁹		(19,848	)		(11,921	)		—
Net cash used in investing activities		(45,939	)		(34,820	)		(14,216	)
Cash flows from financing activities:
Proceeds from issuance of debt		—			2,500,000			—
Payment of debt issuance costs		(806	)		(59,364	)		—
Repayment of debt		—			(975,945	)		—
Repayment of financing obligations		(7,972	)		(2,863	)		(2,671	)
Proceeds from issuance of common stock		15,835			9,088			7,651
Other		—			—			150
Net cash provided by financing activities		7,057			1,470,916			5,130
Effect of exchange rate changes on cash, cash equivalent, and restricted cash		1,976			396			155
Net increase (decrease) in cash, cash equivalents, and restricted cash		36,704			1,854,565			(119,613	)
Cash, cash equivalents, and restricted cash:
Beginning of period		2,481,580			627,015			950,971
End of period	$	2,518,284		$	2,481,580		$	831,358

¹	Including changes in related party balances of $151.3 million, $3.4 million and $6.8 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
²	Including changes in related party balances of $70.4 million, $36.4 million and $0.1 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
³	Including changes in related party balances of $0.3 million, $1.2 million and $0.3 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
⁴	Including changes in related party balances of $0.7 million, $6.0 million and $0.4 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
⁵	Including changes in related party balances of $0.1 million for the three months ended December 31, 2025. There were no related party balances as of March 31, 2026, and December 31, 2025.
⁶	Including changes in related party balances of $3.3 million, $0.8 million for the three months ended March 31, 2026, December 31, 2025, respectively. There were no changes in related party balances for the three months ended March 31, 2025.
⁷	Including changes in related party balances of $1.7 million, $3.5 million and $1.7 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
⁸	Including changes in related party balances of $1.2 million, $6.9 million and $3.6 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
⁹	Represent related party investments in the joint ventures between Brookfield Asset Management and the Company.
¹⁰	Represent related party distributions from the joint ventures between Brookfield Asset Management and the Company.
¹¹	Represent related party non-cash consideration payable to customer’s customer for three months ended December 31, 2025, and respective adjustment for the three months ended March 31, 2026.


Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
(in thousands, except percentages)

	Q1'26			Q4'25			Q1'25
GAAP revenue	$	751,054		$	777,683		$	326,021
GAAP cost of revenue		525,510			537,788			237,314
GAAP gross profit		225,544			239,895			88,707
Non-GAAP adjustments:
Stock-based compensation expense		10,405			7,841			4,829
Restructuring		181			95			(212	)
Other		175			128			168
Non-GAAP gross profit	$	236,305		$	247,958		$	93,492
GAAP gross margin %		30.0	%		30.8	%		27.2	%
Non-GAAP adjustments		1.4	%		1.0	%		1.5	%
Non-GAAP gross margin %		31.5	%		31.9	%		28.7	%