Bloom Energy (BE) Q3 2026: Revenue Up 138%, Guidance Raised Again

Bloom Energy posted adjusted earnings per share of $0.94 in Q3 2026, beating expectations for the fifth consecutive quarter, and the gap between what analysts projected and what management delivered has been widening steadily across that stretch.

Revenue rose 138% from the same period a year ago to $1.24 billion, ahead of estimates, as AI data center customers accelerated their fuel cell deployments faster than the market had modeled. Non-GAAP gross margin expanded year over year, which shows the volume growth is also improving unit economics.

Net income reached $250.27 million compared to a loss in the year-ago quarter, a GAAP profit swing that puts operating income and the cash balance firmly in positive territory. The cash position reflects both earnings power and the capital Bloom has raised to fund its manufacturing expansion.

Management raised full-year 2026 guidance for the third time, now targeting revenue of $4.4 billion to $4.6 billion. The repeated upward revisions matter because they signal that demand from AI infrastructure customers is arriving ahead of schedule, forcing the company to keep adjusting its own internal forecasts upward.

Capital expenditures rose to $153.5 million in the quarter as Bloom expands manufacturing capacity to meet that accelerated demand. The flag worth noting is negative operating cash flow, which the company attributed to working capital investments tied to the rapid growth in deployments. Whether installations convert to cash receipts is the near-term dynamic to follow.