Bloom Energy Sees Quarterly Revenue Double, Significantly Raises Guidance

The behind-the-scenes of the AI computational power arms race is an escalating battle for electricity—Bloom Energy is turning this crisis into its own business.

The local time on April 28, after the U.S. stock market closed, Bloom Energy announced its financial report for the first quarter of 2026. Revenue, profits, and gross margins have all exceeded expectations, and the company significantly raised its full-year guidance. After the news was announced, the company's stock price increased by about 12%.

This Silicon Valley-based energy company, focusing on solid oxide fuel cells, is becoming an increasingly undeniable name in the AI infrastructure boom. Their product is a distributed power generation system that can be directly deployed in data center parks—in other words, they sell "electricity plants that are off-grid".

In the news, one day before the financial report was released, Oracle announced that its "Project Jupiter" AI factory in New Mexico, a data center project with a scale reaching several gigawatts, will replace all previously planned gas turbines and diesel generators with Bloom's fuel cells, and it will be a 100% Bloom solution.

Quarterly Report Data: Revenue Doubles, Profits Turn from Loss to Profit

In the first quarter, Bloom Energy achieved revenues of $751.1 million, a year-over-year increase of 130%, far exceeding Wall Street's expectations of $540 million.

The changes on the profit side are even more significant. GAAP net profit was $70.7 million, compared to a net loss of $23.8 million in the same period last year – within a year, from loss to profit, a qualitative leap has been made.

Adjusted (non-GAAP) earnings per share were $0.44, about four times the analysts' expectations of $0.12. This result surprised the market.

Breaking it down specifically:

• Product Revenue: $653.3 million, a year-over-year increase of 208%, setting a historical record.

• Service Revenue: $61.9 million, a year-over-year increase of 15.6%.

• Non-GAAP Gross Margin: 31.5%, an increase of 2.8 percentage points compared to the same period last year.

• Non-GAAP Operating Profit: $129.7 million, compared to only $13.2 million in the same period last year, nearly a tenfold increase.

• Adjusted EBITDA: $143 million, compared to $25.2 million in the same period last year, an increase of about six times.

• Operating Cash Flow: $73.6 million, an increase of $184.3 million compared to the same period last year, marking the first time in the company's history to achieve positive operating cash flow in the first quarter (traditional off-season).

CFO Simon Edwards stated in the conference call: "This is the first quarter in Bloom's history as a public company with year-over-year growth exceeding 100%."

CEO and founder KR Sridhar said: "Bloom is quickly becoming the standard and preferred solution for on-site power supply."