Fuel cell and electrolyzer manufacturer Bloom Energy reported revenue of $751.1 million in the first quarter (Q1) of the financial year (FY) 2026, a 130.4% year-over-year (YoY) increase from $326 million. Revenue exceeded analyst estimates of $529 million by 42%.

Product revenue rose 208.4% to $653.3 million from $211.9 million.

Bloom Energy attributed the performance to higher product demand and continued operating leverage, which supported margin expansion and profitability improvements.

Earnings before interest, taxes, depreciation, and amortization stood at $143 million, up 467.5% from $25.2 million a year earlier. Net profit rose to $70.7 million from $23.8 million.

Basic earnings per share increased to $0.25 from $0.10 last year.

Cash flow from operating activities stood at $73.6 million, compared to an implied outflow of $110.7 million in the same period last year. Install revenue declined to $25.9 million from $33.7 million.

Business Highlights

A major growth driver highlighted in Q1 is the rapid expansion of AI and data center power demand. As hyperscale data centers increasingly prioritize both reliability and low-carbon energy, onsite generation is expected to become more prevalent over the next decade.

Renewable sources like solar and wind, while critical, cannot, on their own, provide consistent, dispatchable power. In this context, Bloom’s offering is positioned as a complementary solution that addresses intermittency, enhances reliability, and meets baseload power requirements.

One of the most significant strategic highlights of the quarter was the partnership with Oracle under “Project Jupiter.”

The partnership reflects a broader shift in how large technology companies are approaching energy, particularly for data centers.

The company is also investing in next-generation clean energy capabilities to strengthen its value proposition. These include integrating carbon capture technologies, enabling combined heat and power applications to improve overall efficiency, developing direct current architectures tailored for data centers, and enhancing hydrogen compatibility.

Outlook

For 2026, Bloom Energy raised its revenue guidance to $3.4-$3.8 billion, implying approximately 80% YoY growth. Its earlier guidance implied about 60% growth.

The company expects a gross margin of 34%, operating income of $600 million to $750 million, and earnings per share of $1.85 to $2.25 for the year.

Bloom Energy reported a revenue of $519.05 million for the third quarter of 2025, a 57% YoY increase from $330.4 million. The company reported a revenue of $401.2 million for the second quarter of 2025, up 25.9% YoY from $278.8 million.