Bloom Energy Corporation (BE) reported record third-quarter revenue of $1,235.8 million, up 138.1% from a year earlier, and raised its full-year 2026 revenue outlook for the third time this year to $4.4 billion–$4.6 billion, representing 122% year-over-year growth at the midpoint.

The solid-oxide fuel-cell maker also said it was added to the S&P 500. Chief Financial Officer Simon Edwards said year-to-date performance and customer demand gave the company confidence to lift the 2026 outlook.

Product sales were the engine of the quarter. Product revenue reached $1,073.6 million, up 179.4% from $384.3 million a year earlier. Installation revenue was $84.9 million, service revenue $67.6 million, and electricity revenue $9.8 million.

GAAP gross margin was 33.8%, up 453 basis points from 29.2% a year earlier. Non-GAAP gross margin was 34.5%. Product GAAP gross margin was 37.9%. Installation remained loss-making, with a $4.1 million GAAP gross loss, or a 4.8% margin. Service gross margin was 17.8% and electricity gross margin 25.7%.

GAAP operating income was $225.4 million, or an 18.2% margin, compared with $7.8 million, or a 1.5% margin, a year earlier. Non-GAAP operating income was $285.7 million, or a 23.1% margin. GAAP diluted earnings were $0.78 a share, versus a $0.10 loss a year earlier. Non-GAAP diluted earnings were $0.94 a share.

Operating expenses were $191.7 million. Interest income was $22.1 million and interest expense $7.5 million. Net profit attributable to common stockholders was $250.3 million.

Cash from operations reversed. The company used $27.1 million of cash in operating activities in the third quarter, after generating $226.4 million in the second quarter. Cash, cash equivalents, and restricted cash ended at $2.51 billion. Purchases of property, plant and equipment were $153.5 million.

Contract assets and inventories both increased from year-end 2025. Current contract assets were $792.8 million and long-term contract assets $65.8 million, versus $178.9 million and $62.3 million at year-end 2025. Inventories were $927.7 million. Current deferred revenue and customer deposits were $279.0 million and long-term deferred revenue and customer deposits $475.4 million. Recourse debt was $2.47 billion.

Founder, Chairman and Chief Executive Officer KR Sridhar said the company is building an electricity platform for the digital era and that demand that began with hyperscalers is moving across market segments.

Bloom Energy now guides full-year 2026 non-GAAP operating income of $960 million–$1,030 million, up from $800 million–$900 million after the second quarter, and non-GAAP EPS of $3.10–$3.40, up from $2.55–$2.85. Non-GAAP gross margin guidance remains about 34%.