Live update #3

Bloom Energy Options Traders Brace for a Massive Earnings Move Tonight

From live coverage: Live: Will Bloom Energy's Q3 Earnings Tonight Spark a Recovery After 10% Selloff?
BE
Bloom Energy

Options positioning


ATM implied vol
168.3%
Expiry
Fri, Oct 23chain as of Wed, Oct 21

At-the-money implied volatility of 168.3% on the $240 strike expiring Oct. 23 shows traders expect a large move on tonight's earnings report. Put open interest sits heaviest right at and just below $240, which reads as downside protection stacked into the event, though crowded put walls just as often mark the point where a squeeze starts if the numbers land well, while calls dominate at $245, the first real resistance shelf above.

Open interest near the money · puts / calls
  • $232.5

    443 / 276

  • $235

    1.7k / 845

  • $237.5

    345 / 309

  • $240

    2.2k / 1.2k

  • $242.5

    236 / 433

  • $245

    841 / 1.4k

Contact [email protected] for any questions or corrections.

More From This Coverage

Newest first

Bloom Energy Q3 Earnings Coverage Wrap-Up

Thomas Richmond

That wraps up our initial coverage of Bloom Energy’s Q3 results. Thank you for stopping by!

Bloom Energy's Full Q3 Key Numbers

Thomas Richmond
BE
Bloom Energy

Q3 2026 reported

4:25pm ET

  • Revenue$1.24B+138%
  • Gross profit$417M+175%
  • Operating income$225M+2773%
  • Net income$250M+1184%
  • Operating cash flow-$27M-238%
  • Capex$153M+1148%
  • Cash$2.49B+318%
  • Total assets$6.57B+149%
Segments

  • Product$1.07B+179%
  • Installation$85M
  • Service$68M
  • Electricity$10M

Product is now 87% of the business, and its 179.4% growth is what carried operating income to $225 million from almost nothing a year ago. Installation and service, at $84.9 million and $67.6 million, barely register by comparison. Operating cash flow stayed negative at -$27.1 million as capex ramped to build the capacity behind those orders.

Bloom Energy's Bull vs Bear Case After Tonight's Earnings

Thomas Richmond
BE
Bloom Energy

Thesis check

4:20pm ET

strengthening$217.77 -8.7% today
“AI data center power demand turns Bloom's fuel cells into a scaled, profitable growth business”

Bull case
  • Product revenue up 179.4% year over year to $1.07 billion, driving record quarterly revenue
  • Third full-year guidance raise of 2026, now $4.4B to $4.6B, roughly 122% growth at the midpoint
  • Non-GAAP operating margin expanded to 23.1% from 8.9%, real operating leverage
  • EPS of $0.94 against $0.67 expected, a 39.8% beat
Bear case
  • Shares down 8.7% after the report, so the beat was already priced into a multiple flagged near 314 times trailing earnings this afternoon
  • Growth leans on one end market, with management citing a potential AI adoption slowdown as a risk
  • Air permitting delays could stall financing for Energy Server deployments
  • Tariffs and trade policy named among company risks

Bloom Energy is converting AI power orders into profit rather than backlog alone, as evidenced by the operating margin jump to 23.1% from 8.9%. Additionally, the full-year guidance raise is the third this year. The thesis breaks only if data center order flow slows or permitting stalls deployments, and the post-report selling points to valuation as the sticking point.

Bloom Energy Delivers Third Consecutive FY Guidance Raise

Thomas Richmond
BE
Bloom Energy

Q3 2026

4:09pm ET

EPS
$0.94
est $0.67
+39.8%

Revenue
$1.24B
est $1.07B
+15.4%

AI data center customers are pulling fuel cell deployments forward fast enough to force a third full-year guidance raise, now $4.4 billion to $4.6 billion in revenue.

Bloom Energy Q3 Earnings Are Out - Stock Drops 5% Despite Double Beat

Thomas Richmond

Bloom Energy just reported Q3 earnings, with shares initially falling 5% despite beating Wall Street’s expectations on both revenue and earnings. Here are the key numbers:

  • Revenue: $1.236 billion vs. $1.07 billion expected (Beat by 16%)
  • EPS: $0.94 vs. $0.67 expected (Beat by 40%)

Quick Read:

  • Massive earnings beat: Bloom Energy crushed EPS expectations by 40%, with earnings surging an incredible 527% year over year and 21% quarter over quarter.
  • Explosive revenue growth: Sales jumped 138% year over year and 16% sequentially, highlighting accelerating demand for the company’s power generation technology.

Despite the impressive results, Bloom Energy shares initially fell 5% in after-hours trading, extending the stock’s earlier 11% selloff as investors weigh its lofty valuation against its rapid growth.

$BE Just Plunged 11%. Will Tonight's Earnings Spark a Rebound or More Pain?

Thomas Richmond
THE WIRE
3:42pm ET

Bloom Energy shares plunged 10.6% to $213 just minutes before tonight's Q3 earnings report, with at-the-money options pricing in significant volatility at an annualized 168%. The stock has also fallen below its 200-day moving average of $218.83, making the $196 support level a key price to watch when earnings arrive after 4:05 PM ET.

Analysts' Top Questions for Bloom Energy Ahead of Q3 Earnings

Thomas Richmond
BE
Bloom Energy

Call preview · Q3 2026

3:41pm ET

Thu, Oct 22
Earnings call · after close

Manufacturing capacity and scaling has come up on all four of the last calls, and with hyperscaler demand and gas turbine competition equally persistent threads, the question analysts keep circling is whether Bloom can build fast enough to hold the AI power orders it is winning. The Brookfield partnership resurfaced last quarter after two quarters off the agenda, so any update on execution there is the swing factor on a stock already sitting below both its 50-day and 200-day averages.

Analyst hot topics · last 4 calls
Q3 25Q4 25Q1 26Q2 26
  • Manufacturing capacity & scaling
  • Hyperscaler & AI demand
  • Competition with gas turbines
  • Supply chain & material sourcing
  • Stack life & service profitability
  • Brookfield partnership execution

Bloom Energy's Technical Setup Heading Into Q3 Earnings Tonight

Thomas Richmond
BE
Bloom Energy

Technical setup

3:15pm ET

Support & resistance · chart through Thu, Oct 22
  • R2$302.05+41.9%
  • R1$285.91+34.3%
  • Now$212.84
  • S1$196.05-7.9%
  • S2$157.33-26.1%
50-day avg
$249.04-14.5% below
200-day avg
$218.83-2.7% below
52-week range
$75.70 – $351.28

At $212.84, Bloom Energy heads into tonight's report sitting just under its 200-day average of $218.83 and well below the 50-day at $249.04, so reclaiming that $218.83 line is the first real test of any post-earnings bounce. A disappointment puts $196.05 support in play, and only a run back toward $285.91 resistance would undo the slide from the $351.28 52-week high.

Key Takeaways From Bloom Energy Last Quarter

Thomas Richmond
BE
Bloom Energy

Last quarter — Q2 2026

3:00pm ET

EPS
$0.78vs $0.41 est +91.8%
Revenue
$1.06Bvs $827M est +28.8%
Earnings-day move -1.9%Since report +27.0%

Q2 showed Bloom can convert AI data center demand into real operating leverage, with both lines clearing estimates by wide margins. Q3 tonight is the test of whether that delivery validates the multiple.

Price since the report

$306$230$153

Reported Tue, Jul 28 · next print Thu, Oct 22

Bloom Energy Just Plunged 10%. Here's Why Q3 Earnings Tonight Could Change Everything

Thomas Richmond

Bloom Energy is expected to report Q3 earnings at 4:05 PM ET tonight after a brutal selloff for the AI power infrastructure company.

Analysts expect $1.07 billion in revenue and earnings of approximately $0.67 per share, putting significant pressure on Bloom to deliver strong results.

Shares plunged 10.04% today and have fallen 21.37% over the past month. With Bloom trading at roughly 314 times trailing earnings, expectations for future growth remain enormous. Analysts currently project earnings of approximately $4.94 per share in 2027.

Investors will be watching whether Bloom can maintain gross margins near its 34% full-year target and how quickly its financing partnership with Brookfield Asset Management can translate into actual deployments and revenue.

Tonight, strong margins and faster deployments could help restore confidence, while execution delays could extend the stock’s recent slide.

View the full live blog (11 updates) →