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Bloom Energy Reports Record Third Quarter 2026 Financial Results and Raises Full Year 2026 Guidance

By Business Wire | October 22, 2026, 4:05 PM
  • Achieved record quarterly revenue of $1,235.8 million, delivering 138.1% year-over-year growth
  • Raises full year 2026 revenue guidance to $4.4 billion - $4.6 billion, representing 122% year-over-year growth at the midpoint
  • Added to the S&P 500, marking an important milestone for Bloom Energy as a public company

SAN JOSE, Calif.--(BUSINESS WIRE)--Bloom Energy Corporation (NYSE: BE) (“Bloom,” “Bloom Energy,” “We,” or the “Company”) today reported its financial results for the third quarter ended September 30, 2026.



Third Quarter 2026 Highlights

All comparisons are to the third quarter of 2025.

  • Revenue of $1,235.8 million increased 138.1%. Product revenue of $1,073.6 million increased 179.4%.
  • Gross margin of 33.8% increased 453 basis points. Non-GAAP gross margin of 34.5% increased 412 basis points.
  • Operating income of $225.4 million increased $217.6 million. Non-GAAP operating income of $285.7 million increased $239.4 million.
  • EPS of $0.78 increased $0.88. Non-GAAP EPS of $0.94 increased $0.79.

KR Sridhar, Founder, Chairman and Chief Executive Officer of Bloom Energy, said, “Electricity is the foundation of economic growth, human well-being and national competitiveness. Today, the world is moving from a century-old model of centralized power to a new architecture that includes firm, distributed onsite generation. Bloom is leading that transformation. What began with hyperscalers is rapidly moving across market segments because every business needs reliable power to grow. We are building the electricity platform for the digital era: power where it is needed, when it is needed, clean and always on.”

Simon Edwards, Chief Financial Officer of Bloom Energy, added, “Our third quarter results reflect strong execution across the business, with significant revenue growth and expanded operating margins. We continue to invest with discipline to build the capabilities and capacity needed to scale the business. Our year-to-date performance and customer demand give us confidence to raise our 2026 outlook for the third time this year.”

Summary of Key Financial Metrics

Summary of GAAP Financial Information

 

 

 

 

 

($000), except EPS data

Q3'26

 

Q2'26

 

Q3'25

Revenue

$

1,235,837

 

$

1,065,365

 

$

519,048

 

Cost of Revenue

 

818,733

 

 

709,793

 

 

367,373

 

Gross Profit

 

417,104

 

 

355,572

 

 

151,675

 

Gross Margin

 

33.8

%

 

33.4

%

 

29.2

%

Operating Expenses

 

191,655

 

 

173,335

 

 

143,829

 

Operating Income

 

225,449

 

 

182,237

 

 

7,846

 

Operating Margin

 

18.2

%

 

17.1

%

 

1.5

%

Non-operating (Income) Expenses

 

(24,822

)

 

(14,053

)

 

30,939

 

Net Profit (Loss) to Common Stockholders

$

250,271

 

$

196,290

 

$

(23,093

)

GAAP EPS, Basic

$

0.85

 

$

0.68

 

$

(0.10

)

GAAP EPS, Diluted

$

0.78

 

$

0.62

 

$

(0.10

)

Summary of Non-GAAP Financial Information1

 

($000), except EPS data

Q3'26

 

Q2'26

 

Q3'25

Revenue

$

1,235,837

 

$

1,065,365

 

$

519,048

 

Cost of Revenue

 

809,621

 

 

700,002

 

 

361,410

 

Gross Profit

 

426,216

 

 

365,363

 

 

157,637

 

Gross Margin

 

34.5

%

 

34.3

%

 

30.4

%

Operating Expenses

 

140,525

 

 

125,721

 

 

111,389

 

Operating Income

 

285,691

 

 

239,642

 

 

46,249

 

Operating Margin

 

23.1

%

 

22.5

%

 

8.9

%

Adjusted EBITDA

$

299,496

 

$

253,388

 

$

59,049

 

Non-GAAP EPS, Basic

$

1.03

 

$

0.86

 

$

0.15

 

Non-GAAP EPS, Diluted

$

0.94

 

$

0.78

 

$

0.15

 

1.

A detailed reconciliation of GAAP to Non-GAAP financial measures is provided at the end of this press release

Guidance

Bloom Energy is increasing its financial guidance for full-year 2026 as follows:

• Revenue:

$4.4B - $4.6B

• Non-GAAP Gross Margin:

~34%

• Non-GAAP Operating Income:

$960M - $1,030M

• Non-GAAP EPS:

$3.10 - $3.40

Investor Conference Call/ Webcast Details

Bloom Energy will host a conference call today, October 22, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call toll-free dial-in number: +1 833-461-5787 and toll-dial-in-number +1 585 542 9983. The conference ID is 713 024 124. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com. Following the webcast, an archived version will be available on Bloom Energy’s website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 833 309 1852 or +1 929 828 5978 and entering passcode 713 024 124.

Additional Information and Where to Find It

The Investor Relations section of Bloom Energy’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. Bloom Energy encourages investors to visit this website from time to time, as information is updated and new information is posted. The information contained on, or that may be accessed through Bloom Energy's website is not incorporated by reference into, and is not part of, this press release.

Forward-Looking Statements

This press release contains certain forward-looking statements relating to future events and expectations, including with respect to changes in the architecture to provide electricity to users, movement towards distributed onsite generation, building the electricity platform in an evolving marketplace, source of funding for investments to be made, and projections for our business outlook for the 2026 fiscal year, each of which is based on current expectations, estimates, and projections about our industry, management’s beliefs, and certain assumptions made by management based on information currently available to management at the time they are made. These forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going forward basis.

Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual results, performance, and/or trends. In addition to general industry and global economic conditions, factors that could cause actual results, performance, and/or trends to differ materially from those discussed in the forward-looking statements made in this press release include, but are not limited to: (1) the emerging nature of distributed energy generation and rapidly evolving market trends; (2) the significant upfront costs of Bloom Energy’s Energy Servers and Bloom Energy’s ability to secure financing for its products; (3) Bloom Energy’s ability to drive cost reductions and to successfully mitigate against potential price increases; (4) Bloom Energy’s ability to service its existing debt obligations; (5) Bloom Energy’s ability to be successful in new markets; (6) the risk of manufacturing defects; (7) the accuracy of Bloom Energy’s estimates regarding the useful life of its Energy Servers, (8) delays in the development and introduction of new products or updates to existing products; (9) supply constraints; (10) the availability of rebates, tax credits and other tax benefits; (11) the impact of the Inflation Reduction Act of 2022 and the One Big Beautiful Bill Act; (12) changes in the regulatory landscape; (13) Bloom Energy’s lengthy sales and installation cycle, construction, utility interconnection and other delays related to the installation of its Energy Servers; (14) evolution of Bloom’s approach to installation to a consult only model particularly for large load sites; (15) business and economic conditions and growth trends in commercial and industrial energy markets; (16) trade policies including tariffs; (17) the overall electricity generation market; (18) our ability to increase production capacity for our products in a timely and cost-effective manner; (19) any actual or perceived slowdown in the adoption of AI resulting in a slower expansion of AI data centers; (20) the availability of financing for data center developments, (21) air permitting delays which affect the ability to finance the use of Energy Servers for customers, (22) Bloom Energy’s ability to protect its intellectual property; (23) the ability of current product and service backlog to ultimately be recognizable as revenue; (24) commodity price volatility; (25) inflationary pressures and/or (26) the risks relating to forward-looking statements and other “Risk Factors” identified from time to time in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequently filed reports, including on Form 10-Q, which filings are available from the SEC. Bloom Energy assumes no obligation to, and does not currently intend to, update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures as defined in the SEC rules. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Some numbers may not foot due to rounding. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As required by Regulation G, we have provided reconciliations of our non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release. Bloom Energy urges you to review the reconciliations of its non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to Bloom Energy’s expectations regarding its 2026 outlook, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP operating income, and non-GAAP EPS measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. The variability of these items could significantly impact our future U.S. GAAP financial results and we believe that any reconciliation provided would imply a degree of precision that could be confusing or misleading to investors.

About Bloom Energy

Bloom Energy empowers enterprises to meet soaring energy demands and responsibly take charge of their power needs. The company’s solid oxide fuel cell systems provide ultra-resilient, highly scalable onsite electricity for Fortune 500 customers around the world, including data centers, semiconductor manufacturing, large utilities, and other commercial and industrial sectors as well as mission-critical organizations in local communities, such as hospitals, college campuses and retailers. Headquartered in Silicon Valley, Bloom Energy employs more than 2,000 people worldwide and manufactures its systems in the United States. For more information, visit BloomEnergy.com.

Condensed Consolidated Balance Sheets*

(in thousands, except share data)

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

2026

 

2025

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents1

 

$

2,486,702

 

 

$

2,454,108

 

Restricted cash

 

 

852

 

 

 

1,973

 

Accounts receivable, less allowance for credit losses of $2,998 and $460 as of September 30, 2026 and December 31, 2025, respectively1

 

 

634,743

 

 

 

371,796

 

Contract assets

 

 

792,833

 

 

 

178,928

 

Inventories1

 

 

927,670

 

 

 

643,306

 

Deferred cost of revenue

 

 

95,743

 

 

 

30,651

 

Customer consideration asset

 

 

90,967

 

 

 

—

 

Prepaid expenses and other current assets1

 

 

178,244

 

 

 

49,805

 

Total current assets

 

 

5,207,754

 

 

 

3,730,567

 

Property, plant and equipment, net1

 

 

539,726

 

 

 

398,507

 

Investments in unconsolidated affiliates

 

 

28,236

 

 

 

10,037

 

Operating lease right-of-use assets1

 

 

99,947

 

 

 

108,541

 

Restricted cash

 

 

20,592

 

 

 

25,499

 

Contract assets

 

 

65,813

 

 

 

62,258

 

Deferred cost of revenue

 

 

21,867

 

 

 

4,099

 

Customer consideration asset

 

 

215,533

 

 

 

—

 

Other long-term assets1

 

 

372,115

 

 

 

57,203

 

Total assets

 

$

6,571,583

 

 

$

4,396,711

 

Liabilities and stockholders’ equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable1

 

$

493,033

 

 

$

203,129

 

Accrued warranty

 

 

70,267

 

 

 

20,013

 

Accrued expenses and other current liabilities1

 

 

479,782

 

 

 

222,254

 

Deferred revenue and customer deposits

 

 

278,985

 

 

 

100,975

 

Operating lease liabilities1

 

 

24,022

 

 

 

22,000

 

Financing obligations

 

 

42,783

 

 

 

51,308

 

Non-recourse debt1

 

 

2,950

 

 

 

4,153

 

Total current liabilities

 

 

1,391,822

 

 

 

623,832

 

Deferred revenue and customer deposits

 

 

475,395

 

 

 

42,840

 

Operating lease liabilities1

 

 

96,509

 

 

 

106,935

 

Financing obligations

 

 

142,212

 

 

 

192,460

 

Recourse debt

 

 

2,473,499

 

 

 

2,613,726

 

Deferred profit in transactions with unconsolidated affiliates

 

 

20,062

 

 

 

13,928

 

Other long-term liabilities

 

 

8,974

 

 

 

10,027

 

Total liabilities

 

$

4,608,473

 

 

$

3,603,748

 

Commitments and contingencies

 

 

 

 

Stockholders’ equity:

 

 

 

 

Common stock: 0.0001 par value; 600,000,000 shares authorized, and 295,537,217 shares and 280,045,459 shares issued and outstanding, at September 30, 2026 and December 31, 2025, respectively2

 

 

30

 

 

 

28

 

Additional paid-in capital

 

 

5,403,998

 

 

 

4,755,965

 

Accumulated other comprehensive loss

 

 

(457

)

 

 

(369

)

Accumulated deficit

 

 

(3,470,694

)

 

 

(3,986,983

)

Total stockholders’ equity attributable to common stockholders

 

 

1,932,877

 

 

 

768,641

 

Noncontrolling interest

 

 

30,233

 

 

 

24,322

 

Total stockholders’ equity

 

$

1,963,110

 

 

$

792,963

 

Total liabilities and stockholders’ equity

 

$

6,571,583

 

 

$

4,396,711

 

1

We have a variable interest entity related to a joint venture in the Republic of Korea, which represents a portion of the consolidated balances recorded within these financial statement line items.

2

On May 27, 2026, the Company filed with the Delaware Secretary of State a Certificate of Second Amendment to its Restated Certificate of Incorporation which (among other things) renamed its Class A common stock as common stock and eliminated outdated references to Class B common stock. Prior to such amendment, the Company had 470,092,742 shares of Class B common stock authorized, but as of December 31, 2025, no such shares were issued or outstanding.

 

Condensed Consolidated Statements of Operations*

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

Three Months
Ended
September
30,
2026

 

Three Months
Ended
June
30,
2026

 

Three Months
Ended
September
30,
2025

 

 

 

 

 

 

Revenue:

 

 

 

 

 

Product

$

1,073,610

 

 

$

935,413

 

 

$

384,314

 

Installation

 

84,855

 

 

 

50,978

 

 

 

65,773

 

Service

 

67,557

 

 

 

69,023

 

 

 

58,607

 

Electricity

 

9,815

 

 

 

9,951

 

 

 

10,354

 

Total revenue

 

1,235,837

 

 

 

1,065,365

 

 

 

519,048

 

Cost of revenue:

 

 

 

 

 

Product

 

666,978

 

 

 

593,957

 

 

 

249,794

 

Installation

 

88,954

 

 

 

52,829

 

 

 

59,921

 

Service

 

55,508

 

 

 

56,148

 

 

 

51,834

 

Electricity

 

7,293

 

 

 

6,859

 

 

 

5,824

 

Total cost of revenue

 

818,733

 

 

 

709,793

 

 

 

367,373

 

Gross profit

 

417,104

 

 

 

355,572

 

 

 

151,675

 

Operating expenses:

 

 

 

 

 

Research and development

 

64,146

 

 

 

58,873

 

 

 

48,724

 

Sales and marketing

 

52,409

 

 

 

43,045

 

 

 

41,995

 

General and administrative

 

75,100

 

 

 

71,417

 

 

 

53,110

 

Total operating expenses

 

191,655

 

 

 

173,335

 

 

 

143,829

 

Income from operations

 

225,449

 

 

 

182,237

 

 

 

7,846

 

Interest income

 

22,129

 

 

 

20,881

 

 

 

5,292

 

Interest expense

 

(7,525

)

 

 

(8,906

)

 

 

(14,390

)

Equity in (loss) earnings of unconsolidated affiliates

 

(2,897

)

 

 

4,346

 

 

 

(19,599

)

Other income (expense), net

 

12,627

 

 

 

2,307

 

 

 

(1,362

)

Gain (loss) on revaluation of embedded derivatives

 

10

 

 

 

(539

)

 

 

(411

)

Profit (loss) before income taxes

 

249,793

 

 

 

200,326

 

 

 

(22,624

)

Income tax provision

 

817

 

 

 

1,470

 

 

 

336

 

Net profit (loss)

 

248,976

 

 

 

198,856

 

 

 

(22,960

)

Less: Net (loss) income attributable to noncontrolling interest

 

(1,295

)

 

 

2,566

 

 

 

133

 

Net income (loss) attributable to common stockholders

$

250,271

 

 

$

196,290

 

 

$

(23,093

)

Net earnings (loss) per share available to common stockholders:

 

 

 

 

 

Basic

$

0.85

 

 

$

0.68

 

 

$

(0.10

)

Diluted

$

0.78

 

 

$

0.62

 

 

$

(0.10

)

Weighted average shares used to compute net earnings (loss) per share available to common stockholders:

 

 

 

 

 

Basic

 

294,757

 

 

 

287,288

 

 

 

234,931

 

Diluted

 

324,289

 

 

 

323,331

 

 

 

234,931

 

 

Condensed Consolidated Statement of Cash Flows*

(in thousands)

 

 

 

 

 

 

 

 

 

Three Months
Ended
September
30,
2026

 

Three Months
Ended
June
30,
2026

 

Three Months
Ended
September
30,
2025

Cash flows from operating activities:

 

 

 

 

 

Net income (loss)

$

248,976

 

 

$

198,856

 

 

$

(22,960

)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

13,805

 

 

 

13,746

 

 

 

12,800

 

Non-cash lease expense

 

9,862

 

 

 

8,024

 

 

 

8,057

 

Equity in loss (earnings) of unconsolidated affiliates, net of distributions

 

2,897

 

 

 

(4,346

)

 

 

19,599

 

Stock-based compensation expense

 

57,209

 

 

 

52,217

 

 

 

37,255

 

Amortization of debt issuance costs

 

3,180

 

 

 

3,372

 

 

 

1,814

 

Net gain on failed sale-and-leaseback transactions

 

(9,400

)

 

 

(4,122

)

 

 

—

 

Share-based consideration payable to customer’s customer

 

(520

)

 

 

5,012

 

 

 

—

 

Allowance for credit losses

 

—

 

 

 

3,080

 

 

 

340

 

Inventory reserve and assets impairment

 

3,143

 

 

 

—

 

 

 

21,846

 

Unrealized foreign currency exchange (gain) loss

 

(1,083

)

 

 

(353

)

 

 

2,703

 

Other12

 

792

 

 

 

869

 

 

 

407

 

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

(175,235

)

 

 

(101,372

)

 

 

54,223

 

Contract assets

 

(430,348

)

 

 

(122,964

)

 

 

(129,086

)

Inventories

 

(170,401

)

 

 

(26,473

)

 

 

(36,562

)

Deferred cost of revenue

 

(42,651

)

 

 

(47,168

)

 

 

4,310

 

Prepaid expenses and other current assets

 

3,894

 

 

 

(78,178

)

 

 

(4,673

)

Other long-term assets

 

(178,028

)

 

 

(70,647

)

 

 

902

 

Operating lease right-of-use assets and operating lease liabilities

 

(8,628

)

 

 

(8,545

)

 

 

(8,481

)

Financing lease liabilities

 

214

 

 

 

166

 

 

 

206

 

Accounts payable

 

184,664

 

 

 

63,460

 

 

 

23,385

 

Accrued warranty

 

(7,530

)

 

 

39,432

 

 

 

2,689

 

Accrued expenses and other current liabilities

 

158,758

 

 

 

90,758

 

 

 

50,309

 

Deferred revenue and customer deposits

 

309,333

 

 

 

211,693

 

 

 

(19,293

)

Deferred profit with equity method investees and other long-term liabilities

 

(50

)

 

 

(85

)

 

 

(121

)

Net cash (used in) provided by operating activities

 

(27,147

)

 

 

226,432

 

 

 

19,669

 

Cash flows from investing activities:

 

 

 

 

 

Purchase of property, plant and equipment

 

(153,487

)

 

 

(51,641

)

 

 

(12,301

)

Proceeds from sale of property, plant and equipment

 

60

 

 

 

36

 

 

 

—

 

Investments in unconsolidated affiliates

 

(3,781

)

 

 

(2,948

)

 

 

(24,570

)

Net cash used in investing activities

 

(157,208

)

 

 

(54,553

)

 

 

(36,871

)

Cash flows from financing activities:

 

 

 

 

 

Repayment of debt

 

—

 

 

 

(1,347

)

 

 

—

 

Repayment of financing obligations

 

(5,379

)

 

 

(3,844

)

 

 

(2,939

)

Proceeds from issuance of common stock

 

10,782

 

 

 

7,324

 

 

 

42,354

 

Dividend paid

 

—

 

 

 

(925

)

 

 

—

 

Other

 

(37

)

 

 

18

 

 

 

—

 

Net cash provided by financing activities

 

5,366

 

 

 

1,226

 

 

 

39,415

 

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

 

(1,373

)

 

 

(2,881

)

 

 

(1,245

)

Net (decrease) increase in cash, cash equivalents, and restricted cash

 

(180,362

)

 

 

170,224

 

 

 

20,968

 

Cash, cash equivalents, and restricted cash:

 

 

 

 

 

Beginning of period

 

2,688,508

 

 

 

2,518,284

 

 

 

606,047

 

End of period

$

2,508,146

 

 

$

2,688,508

 

 

$

627,015

 

____________________

*

These preliminary results are not a comprehensive statement of the Company’s financial results and should not be viewed as a substitute for full financial statements prepared in accordance with GAAP.

 

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)

(in thousands, except percentages)

 

 

 

 

 

 

 

 

 

Q3'26

 

Q2'26

 

Q3'25

GAAP revenue

$

1,235,837

 

$

1,065,365

 

$

519,048

 

GAAP cost of revenue

 

818,733

 

 

709,793

 

 

367,373

 

GAAP gross profit

 

417,104

 

 

355,572

 

 

151,675

 

Non-GAAP adjustments:

 

 

 

Stock-based compensation expense

 

9,048

 

 

9,675

 

 

5,719

 

Restructuring

 

—

 

 

—

 

 

31

 

Other

 

64

 

 

116

 

 

213

 

Non-GAAP gross profit

$

426,216

 

$

365,363

 

$

157,637

 

GAAP gross margin %

 

33.8

%

 

33.4

%

 

29.2

%

Non-GAAP adjustments

 

0.7

%

 

0.9

%

 

1.1

%

Non-GAAP gross margin %

 

34.5

%

 

34.3

%

 

30.4

%

 

Q3'26

 

Q2'26

 

Q3'25

GAAP operating income

$

225,449

 

$

182,237

 

$

7,846

 

Non-GAAP adjustments:

 

 

 

Stock-based compensation expense

 

60,109

 

 

56,402

 

 

38,153

 

Restructuring

 

34

 

 

848

 

 

—

 

Other

 

101

 

 

153

 

 

250

 

Non-GAAP operating income

$

285,691

 

$

239,642

 

$

46,249

 

GAAP operating margin %

 

18.2

%

 

17.1

%

 

1.5

%

Non-GAAP adjustments

 

4.9

%

 

5.4

%

 

7.4

%

Non-GAAP operating margin %

 

23.1

%

 

22.5

%

 

8.9

%

 

Reconciliation of GAAP Net Income (Loss) to non-GAAP Net Profit and Computation of non-GAAP Net Earnings per Share (EPS)

(unaudited)

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

Q3'26

 

Q2'26

 

Q3'25

Net Income (loss) to Common Stockholders

$

250,271

 

$

196,290

 

$

(23,093

)

Non-GAAP adjustments:

 

 

 

Add back: Net (loss) income attributable to noncontrolling interest

 

(1,295

)

 

2,566

 

 

133

 

Stock-based compensation expense

 

60,109

 

 

56,402

 

 

38,153

 

Equity in loss (earnings) of unconsolidated affiliates

 

2,897

 

 

(4,346

)

 

19,599

 

Effect of Assets Buyout and Repowering

 

(9,279

)

 

(4,243

)

 

—

 

Restructuring

 

34

 

 

848

 

 

—

 

(Gain) loss on derivative liabilities

 

(10

)

 

539

 

 

411

 

Other

 

101

 

 

153

 

 

250

 

Adjusted Net Profit

$

302,828

 

$

248,209

 

$

35,453

 

 

 

 

 

Adjusted net earnings per share (EPS), Basic

$

1.03

 

$

0.86

 

$

0.15

 

Adjusted net earnings per share (EPS), Diluted

$

0.94

 

$

0.78

 

$

0.15

 

Weighted average shares outstanding attributable to common stockholders, Basic

 

294,757

 

 

287,288

 

 

234,931

 

Weighted-average shares outstanding attributable to common stockholders, Diluted

 

324,289

 

 

323,331

 

 

312,479

 

 

Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

Q3'26

 

Q2'26

 

Q3'25

Net Income (loss) to Common Stockholders

$

250,271

 

$

196,290

 

$

(23,093

)

Add back: Net (loss) income attributable to noncontrolling interest

 

(1,295

)

 

2,566

 

 

133

 

Stock-based compensation expense

 

60,109

 

 

56,402

 

 

38,153

 

Equity in loss (earnings) of unconsolidated affiliates

 

2,897

 

 

(4,346

)

 

19,599

 

Effect of Assets Buyout and Repowering

 

(9,279

)

 

(4,243

)

 

—

 

Restructuring

 

34

 

 

848

 

 

—

 

(Gain) loss on derivative liabilities

 

(10

)

 

539

 

 

411

 

Other

 

101

 

 

153

 

 

250

 

Adjusted Net Profit

 

302,828

 

 

248,209

 

 

35,453

 

 

 

 

 

Depreciation & amortization

 

13,805

 

 

13,746

 

 

12,800

 

Income tax provision

 

817

 

 

1,470

 

 

336

 

Interest expense, Other (income) expense, net

 

(17,952

)

 

(10,039

)

 

10,460

 

Adjusted EBITDA

$

299,496

 

$

253,388

 

$

59,049

 

 

Reconciliation of GAAP to non-GAAP Gross Profit (Loss) and Margin

(unaudited)

(in thousands, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3'26

 

 

 

 

 

 

 

 

Revenue

 

GAAP gross profit (loss)

 

Stock-based compensation expense

 

Other Non-GAAP adj.

 

Non-GAAP gross profit (loss)

 

GAAP Gross Margin

 

Non-GAAP gross margin %

Product

$

1,073,610

 

$

406,632

 

$

5,579

 

$

2

 

$

412,213

 

37.9

%

38.4

%

Install

 

84,855

 

 

(4,099

)

 

1,095

 

 

—

 

 

(3,004

)

(4.8

)%

(3.5

)%

Service

 

67,557

 

 

12,049

 

 

2,374

 

 

63

 

 

14,486

 

17.8

%

21.4

%

Electricity

 

9,815

 

 

2,522

 

 

—

 

 

—

 

 

2,522

 

25.7

%

25.7

%

Total

$

1,235,837

 

$

417,104

 

$

9,048

 

$

64

 

$

426,216

 

33.8

%

34.5

%


Contacts

Investor Relations:
Michael Tierney
Bloom Energy
investor@bloomenergy.com

Media:
Katja Gagen
Bloom Energy
press@bloomenergy.com


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