Bloom Energy Raised Outlook as Revenue More Than Doubled
The fuel-cell power-system maker earned $0.62 a share, reversing a year-earlier loss.
Bloom Energy Corp. (BE), the fuel-cell power-system maker, posted record quarterly revenue as product sales accelerated and margins widened. Revenue rose 165.5% from a year earlier and 41.9% from the first quarter, reversing the sequential decline at the start of 2026.
The growth came from customers outside Bloom’s related-party business. Related-party revenue fell to $2.8 million from $373.3 million in the first quarter even as total revenue climbed.
Revenue reached $1.065 billion, compared with $401.2 million a year earlier and $751.1 million in the preceding quarter. GAAP diluted earnings increased from a loss of $0.18 a share a year earlier and $0.23 a share in the first quarter, while adjusted earnings rose to $0.78 a share from $0.10 and $0.44, respectively.
Product revenue rose 215.4% to $935.4 million and increased 43.2% sequentially, accounting for most of the expansion. Installation revenue nearly doubled from the first quarter to $51.0 million, while service revenue increased 11.5% to $69.0 million and electricity revenue was essentially unchanged at $10.0 million.
GAAP gross margin widened to 33.4% from 26.7% a year earlier and 30.0% in the first quarter. Product margin increased to 36.5%, while the installation business narrowed its gross-margin loss to 3.6% from 35.3% in the preceding quarter. Service margin also improved, reaching 18.7%.
The wider margins lifted GAAP operating income to $182.2 million from a $3.5 million loss a year earlier. Adjusted EBITDA reached $253.4 million, up from $41.2 million, and operating cash flow swung to an inflow of $226.4 million from usage of $213.1 million.
Bloom now expects 2026 revenue of $3.9 billion to $4.2 billion, up from its previous range of $3.4 billion to $3.8 billion. The midpoint implies year-over-year growth of about 100%, compared with roughly 80% under the earlier forecast.
The company also raised its adjusted operating-income forecast to $800 million to $900 million and its adjusted earnings outlook to $2.55 to $2.85 a share, while maintaining an adjusted gross-margin target of about 34%. Bloom did not highlight backlog in either of its first two 2026 releases after reporting roughly $20 billion at the end of 2025.