BE changes
Pick any two versions below to diff them.
- Price
- $185.42
- Discount category
- Pricey
- Next earnings
- Jan 22, 2027
- Next earnings is estimate
- Yes
- Company name
- added: Bloom Energy
- Sector
- added: Fuel cells and on-site power
- About
- added: Bloom Energy Corporation (Bloom) makes a solid oxide fuel cell platform that supplies reliable on-site power. Its fuel cell systems, which it calls Energy Servers, make electricity where the customer uses it. Bloom sells them to data centers, utilities and commercial and industrial customers, and it also earns revenue from service, installation and electricity. Revenue was $2.02 billion in 2025 and $1,235.8 million in Q3 2026, of which product revenue was $1,073.6 million. Demand from AI data centers drives much of the recent growth. Bloom has a partnership with Oracle to supply on-site power for AI data centers, and joint ventures with Brookfield Asset Management that buy Bloom systems. In Q3 2026, two customers gave about 43% and 26% of revenue. The Class A shares trade on the New York Stock Exchange, and Bloom joined the S&P 500 in 2026. The head office is in San Jose, California. KR Sridhar founded the company in 2001 and is Chairman and Chief Executive Officer.
- Thesis
- added: Investors pay a very high multiple for Bloom because its revenue more than doubled in 2026 with demand for power at AI data centers. Bloom expects revenue of $4.4 billion to $4.6 billion in 2026, against $2.02 billion in 2025, and its non-GAAP operating margin rose to 23.1% in Q3 2026. For this price to hold, three things must be true. Orders from data centers and other customers must keep growing after 2026, also if AI spending slows. Bloom must add factory capacity fast and keep its non-GAAP gross margin near 34%. And a small number of large customers and partners, such as Oracle and the Brookfield joint ventures, must keep buying. The Q4 2026 report and the first 2027 outlook, expected in February 2027, are the next test. A slower year can lower the multiple fast.
- Risks
- added: Much of the demand comes from AI data centers. If AI spending or data center financing slows, orders can fall fast. Two customers gave about 43% and 26% of revenue in Q3 2026. Bloom must expand its factories fast. Delays, supply limits or product problems can delay deliveries and increase costs. At September 30, 2026, its warranty reserve included a specific reserve of $42.5 million. Gas turbines, engines, batteries and power from the grid compete with Bloom's systems. Lower prices from competitors or faster grid connections can reduce demand. A short seller published a report in July 2026 that questioned Bloom's accounting and supply chain. Bloom rejects it, but such reports cause large changes in the share price. Non-GAAP results do not include stock-based compensation, which was $60.1 million in Q3 2026. The 0% convertible notes can convert into a maximum of 19,554,000 shares. Tax credits, air permits and trade policies, including tariffs, affect the cost and the timing of projects.
- Balance sheet
- added: Cash: $2.5B Debt: $2.5B Net debt: $39M Debt due within 12 months: $3.0M Last debt due: 2030 Bloom funds itself mainly with convertible notes, customer deposits and cash flow. At September 30, 2026, cash and cash equivalents were $2,486.7 million. Recourse debt had a principal of $2,522.8 million: $2,500.0 million of 0% convertible senior notes due November 2030 and $22.8 million of 3.0% green convertible senior notes due June 2029. The 0% notes can convert into a maximum of 19,554,000 Class A shares. The Korean joint venture had non-recourse debt of $3.0 million. Long-term deferred revenue and customer deposits were $475.4 million, against $42.8 million at December 31, 2025. Inventories were $927.7 million, and contract assets were $792.8 million. At October 19, 2026, there were 295,656,689 shares. Bloom pays no dividend on its common stock. As of Sep 30, 2026.
- Checkpoints
- added: Oct 22, 2026: Q3 2026 results: growth and margins. Passed. Watch: Revenue growth above 100% and a non-GAAP gross margin near 34% pass; a lower outlook fails. Outcome: Revenue grew 138.1%, the non-GAAP gross margin was 34.5%, and Bloom raised its 2026 revenue guidance to $4.4 billion to $4.6 billion. Feb 2027 (estimate): Q4 2026 results and the 2027 outlook. Pending. Watch: 2026 revenue of $4.4 billion or more and an outlook for strong growth in 2027 pass; flat 2027 revenue fails. Apr 2027 (estimate): Q1 2027 results: orders after 2026. Pending. Watch: Revenue growth over Q1 2026 and new large orders pass; lower revenue than in Q1 2026 fails.
- Recent events
- added: Oct 22, 2026: Bloom reported Q3 2026 results. Revenue rose 138.1% to a record $1,235.8 million, and product revenue rose 179.4%. Operating income was $225.4 million, and non-GAAP EPS was $0.94. Bloom raised its 2026 guidance for the third time this year, to revenue of $4.4 billion to $4.6 billion and non-GAAP EPS of $3.10 to $3.40. Jul 28, 2026: Bloom reported Q2 2026 results. Revenue rose 165.5% to $1,065.4 million, and non-GAAP EPS was $0.78. Bloom raised its 2026 revenue guidance to $3.9 billion to $4.2 billion. Jul 8, 2026: Hunterbrook Media, which said that it may profit from a fall in the share price, published a report on Bloom's accounting and its supply of scandium oxide. On July 9, 2026, Bloom rejected the claims and said that its supply of scandium oxide does not depend on China. Jun 15, 2026: The board gave KR Sridhar a performance award of 271,076 share units at the target level. May 1, 2026: Oracle exercised its warrant for 3,531,073 shares at $113.28 per share without cash. Bloom issued 1,905,433 shares and 248,798 more shares to make Oracle choose this net settlement. Apr 28, 2026: Bloom reported Q1 2026 results. Revenue rose 130.4% to $751.1 million, and non-GAAP EPS was $0.44. Bloom raised its 2026 revenue guidance to $3.4 billion to $3.8 billion. Mar 26, 2026: Bloom named Simon Edwards Chief Financial Officer from April 13, 2026. He was Chief Executive Officer of Groq, an AI inference company. Feb 5, 2026: Bloom reported 2025 results. Revenue rose 37.3% to $2.02 billion, and product backlog grew 2.5 times.