Bloom Energy Corporation
BE.US Full Coverage
Last updated:
Volume
52W avg
Day Range
52W High
52W Low
Market Cap
Div Yield
Forward P/E
P/B
Headlines
FY2026 Q1
Bloom Energy delivered a record Q1, with revenue soaring 130.4% YoY to $751.1 million and prompting a material uplift to its 2026 full‑year revenue outlook to $3.4‑$3.8 billion (≈80% YoY growth at the midpoint). Non‑GAAP operating margin expanded to 17.3% from 4.0% a year earlier and the company generated $73.6 million of operating cash flow, the first such cash‑positive result in a seasonally weak quarter. Management highlighted a strategic partnership with Oracle as the sole power provider for the up‑to‑2.45‑GW AI “Project Jupiter,” noting that more than half of its data‑center backlog now comes from other hyperscalers and cloud providers.
Revenue (Q1 2026)
$751.1M
+130.4% YoY
Revenue Guidance (FY 2026)
$3.4B - $3.8B
+$400M at Midpoint
Non-GAAP Operating Margin (Q1 2026)
17.3%
+1,330 bps YoY
Non-GAAP EPS, Diluted (Q1 2026)
$0.44
vs. $0.03 YoY
Cash Flow from Operations (Q1 2026)
$73.6M
vs. ($110.7M) YoY
What We're Watching
Strategic
Oracle "Project Jupiter" Execution
📅
Ongoing
What to Monitor
Any updates on the deployment timeline, initial phases, or final sizing of the up-to-2.45 GW project.
Why It Matters
This is a transformational, "milestone" project that serves as the primary proof point for Bloom's ability to act as the sole, full-stack power provider for gigawatt-scale AI factories. Successful execution would validate the business model at an unprecedented scale.
Operational
"Continuous" Capacity Expansion Cadence
📅
Next 1-2 Quarters
What to Monitor
Evidence that the company is successfully adding "hundreds of megawatts a quarter" of capacity, and any commentary on the associated capital intensity.
Why It Matters
This tests the credibility of the new, more agile expansion philosophy. Validating this cadence is critical to proving the company can meet "hyper growth" demand and fulfill its promise to never be a "bottleneck" for customers.
Opportunity
Hyperscaler Customer Diversification
📅
Ongoing
What to Monitor
The announcement of any new "lighthouse" customer wins or further quantification of the data center backlog beyond the "well more than half" from non-Oracle customers.
Why It Matters
Demonstrating a broadening base of large-scale customers is crucial to mitigating concentration risk and validating the thesis that Bloom is becoming the undisputed "standard and go-to choice" across the AI ecosystem.
Risk
Working Capital & Inventory Management
📅
Next Quarter
What to Monitor
Whether the rate of inventory growth begins to moderate relative to revenue growth, and the impact on operating cash flow.
Why It Matters
The Q1 inventory build to $732.5 million represents a significant use of cash. While framed as strategic, this trend must translate into recognized revenue to avoid pressuring cash flow and gross margins if demand forecasts are not met.
Operational
Installation Efficiency & Profitability
📅
Next 1-2 Quarters
What to Monitor
Improvement in Installation gross margins, which were negative (GAAP -35.3%, Non-GAAP -29.4%) in Q1, and any metrics supporting the claimed "order of magnitude reduction" in field installation time.
Why It Matters
Negative installation margins are a drag on overall profitability. Demonstrating a clear path to profitability in this segment is necessary to maximize the operating leverage promised by the company's growth model.
