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Bloom Energy reported record third-quarter revenue of $1.236 billion for the period ended September 30, up 138.1% from a year earlier. Product revenue was $1.074 billion, up 179.4%. The company’s October 22 release also reported GAAP operating income of $225.4 million, compared with $7.8 million in the 2025 quarter, and diluted GAAP earnings of $0.78 per share, versus a $0.10 loss. These are the company’s results for one quarter; they do not by themselves establish a continuing growth rate.
Gross margin rose to 33.8%, from 29.2% a year earlier. Bloom separately reported non-GAAP gross margin of 34.5%, compared with 30.4%, and non-GAAP operating income of $285.7 million, compared with $46.2 million. Those adjusted measures exclude specified items, including stock-based compensation and other adjustments, so they should not be treated as interchangeable with GAAP figures. The company’s filing includes reconciliations for historical periods.
The company raised its full-year 2026 revenue guidance to a range of $4.4 billion to $4.6 billion. It also set non-GAAP gross-margin guidance at about 34%, non-GAAP operating-income guidance of $960 million to $1.03 billion, and non-GAAP diluted earnings per share of $3.10 to $3.40. Bloom said it could not quantitatively reconcile these forward-looking non-GAAP measures to GAAP without unreasonable effort because some reconciliation items, such as stock-based compensation, are uncertain and variable. These are estimates, not reported future outcomes.
Bloom sells solid-oxide fuel-cell systems for onsite electricity and related applications. In its release, management described demand from data centers and other markets as a reason for its confidence, and said it was investing in capacity and capabilities. That is management’s account of the business outlook; the quarterly release does not quantify how much revenue came from AI or data-center customers, nor does it report a new customer contract or a new generating facility entering service.
The financial statements show current assets and reported cash balances, but revenue growth also came with changes in working capital, inventory and contract assets. The quarter’s growth rate compares with a $519.0 million revenue base in Q3 2025; the comparison therefore should be read with its prior-period base in view. Bloom also noted it had been added to the S&P 500, a market-index inclusion that does not itself establish future operating performance. Bloom’s Form 10-Q and results release provide the detailed financial statements, definitions and risk disclosures behind the headline figures.
The 10-Q adds a cash-flow qualification to the growth story. For the first nine months of 2026, Bloom reported $272.9 million of cash from operating activities, compared with $304.1 million used in the same period of 2025. The company said working-capital movements drove much of the change: receivables and contract assets rose by a combined $879.3 million, while inventory increased $285.5 million and deferred revenue and customer deposits rose $178.0 million. A $583.5 million benefit from the timing of vendor payments partly offset these uses. These are nine-month movements, not a standalone third-quarter cash-flow figure.