Bloom Energy Corporation

Revenue was $1.065 billion, up 166% year over year and 42% sequentially. Product revenue was $935 million, up 215% year over year and 43% sequentially, and gross margin was 34.3%, up 604 basis points year over year. Product gross margin was 37.2%, up 291 basis points from Q2 2025, and services margin was 22%, up 977 basis points year over year. Operating income was $240 million, up 737% year over year; adjusted EBITDA was $253 million, or about 24% of revenue; non-GAAP diluted EPS was $0.78 and GAAP diluted EPS was $0.62. Cash flow from operations was $226 million, free cash flow was $175 million, and cash ended at $2.7 billion. Full-year 2026 guidance was raised to revenue of $3.9 billion to $4.2 billion, gross margin of approximately 34%, non-GAAP operating income of $800 million to $900 million, and non-GAAP diluted EPS of $2.55 to $2.85.

K.R. Sridhar’s message was that Bloom has moved from proving the market to scaling into it: the company said it reached its first $1 billion quarter, is converting demand to revenue inside the same fiscal year, and is becoming a standard for on-site power in AI data centers. He emphasized that Bloom removes the main frictions to deployment—capital, community acceptance, permitting, and speed—and framed the business as increasingly indispensable because customers need power in months, not years. His tone was highly confident and expansive, while still acknowledging that the pace of AI investment could change, saying Bloom is focused on controlling what it can: cost, quality, availability, and execution.

Simon Edwards emphasized the financial leverage in the model, pointing to revenue up 166% while operating expenses grew just 48%, which he said reflects a largely fixed R&D and G&A base scaling over a larger revenue stream. He highlighted non-GAAP gross margin of 34.3%, product gross margin of 37.2%, services margin of 22%, operating income of $240 million, adjusted EBITDA of $253 million, and strong cash generation with $226 million of operating cash flow and $175 million of free cash flow. He also said the company is holding full-year gross margin at about 34%, raising operating income guidance to $800 million to $900 million, and views $375 million-plus as a new baseline for CFOA based on the updated outlook, though he noted Bloom does not provide formal FCF guidance in the earnings release.

Analysts focused on hyperscaler adoption, capacity planning, the Brookfield financing expansion, project-delay exposure, scandium supply, and whether Bloom is seeing demand beyond training into inference. Management said it would not break out how many hyperscalers are active versus in backlog, but stressed that all major U.S. hyperscalers and over a dozen neoclouds and data-center operators have validated the solution. On project delays, Simon said contracts have strong protections and equipment can be redeployed, while KR said 2026 guidance is not dependent on any single project. On scandium, KR said Bloom has visibility for 25 gigawatts of like deployments, said there is enough economically recoverable scandium on the planet, and said Bloom is not dependent on China; on inference, he said both training and inference are robust opportunities.