Bloom Energy said on 22 October 2026 that third-quarter revenue rose 138.1% year over year to a record $1,235.8 million, and it raised its full-year 2026 revenue guidance to $4.4 billion to $4.6 billion, which the company says is 122% growth at the midpoint. Chief financial officer Simon Edwards said customer demand gave the company confidence “to raise our 2026 outlook for the third time this year.”
The fuel-cell maker’s first-quarter release in April put its growth guidance midpoint at about 80%, “up from prior guidance of ~60%.” By our arithmetic, the midpoint of its 2026 revenue range has moved from $3.6 billion after the first quarter to $4.5 billion now, about 25% higher. Cash went the other way in the quarter: net cash used in operating activities was $27.1 million, after $226.4 million was provided in the second quarter.
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The key insight: As we read it, the new element is the pace of the raises: Bloom Energy has lifted its 2026 revenue guidance after every quarter this year, and by our arithmetic the midpoint now sits about 25% above where it stood after the first quarter, while operating cash flow turned negative in the latest quarter.
The figures below come from the company’s press release, filed with an 8-K on 22 October 2026, for the quarter ended 30 September 2026:
Revenue. $1,235.8 million, up 138.1% from $519.0 million a year earlier. Product revenue of $1,073.6 million rose 179.4%.
Margins. Gross margin of 33.8%, up 453 basis points; non-GAAP gross margin of 34.5%, up 412 basis points.
Operating income. $225.4 million, against $7.8 million a year earlier; non-GAAP operating income of $285.7 million.
Earnings. Diluted earnings per share of $0.78 and non-GAAP diluted earnings per share of $0.94; adjusted EBITDA of $299.5 million.
Index. The release lists being “Added to the S&P 500” among the quarter’s highlights; S&P Dow Jones Indices announced on 4 September that Bloom Energy would join the index before the open on 21 September.
The results topped forecasts. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share and revenue of $1.07 billion, the Associated Press reported.
Founder and chief executive KR Sridhar said in the release: “What began with hyperscalers is rapidly moving across market segments because every business needs reliable power to grow.”
Bloom Energy’s third-quarter revenue, 2025 against 2026, from its 22 October 2026 release.
The midpoint of Bloom Energy’s 2026 revenue guidance after each quarter’s results, from its first-, second- and third-quarter 2026 releases. Midpoints are our arithmetic.Bloom Energy’s quarterly revenue, third quarter of 2025 and the first three quarters of 2026, from its 2026 results releases (8-K Exhibit 99.1). Third-quarter revenue rose 138.1% year over year, the company says.
Wall St Engine posted Bloom Energy’s highlights at 20:05 UTC on 22 October, the day of the results: revenue of $1.24 billion, up 138.1%, adjusted EPS of $0.94, the raised 2026 guidance and the S&P 500 addition. The estimates in the post (revenue $1.05 billion, EPS $0.68) are the poster’s figures. As we read it, its company figures match Bloom’s release.
A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here’s a full recap:
1. The Nasdaq $QQQ was down 2.60% on today, its worst session since June 5, while the Nasdaq 100 fell 2.90%, erasing nearly $1.2T in market value. The selloff was fueled by concerns over AI spending and profitability, with Meta $META dropping 7% despite beating revenue expectations, as investors questioned its massive AI investments and negative free cash flow. Semiconductors were hit hardest, with the Philadelphia Semiconductor Index falling 6.7%, led by AMD $AMD (-8%), Micron $MU (-6%), and NVIDIA $NVDA (-4%). AI and chip stocks accounted for roughly 90% of the Nasdaq 100’s losses. However, broader market participation remained positive, with the Dow and Russell 2000 gaining. Meanwhile, Brent crude surged 4% toward $113 amid Middle East tensions. Despite the decline, the Nasdaq remains up 11.9% YTD, sitting 5.8% below its October 6 record high.
2. NVIDIA $NVDA CEO Jensen Huang pushed back against concerns surrounding neocloud financing, arguing that demand for AI computing infrastructure remains โoff the chartsโ and that strong customer demand will ultimately help companies secure the capital needed to expand. Huang emphasized that โyou can’t solve the absence of demand,โ but when demand is high, financing challenges can be addressed. He noted that neocloud providers already have excellent customers and significant demand, with their primary challenge being access to working capital to fund additional compute capacity. Huang expressed confidence that financing solutions will emerge, reinforcing his view that the industry’s biggest challenge is not finding customers, but securing the capital and infrastructure needed to meet accelerating AI demand.
3. Bloom Energy $BE delivered a massive Q3 2026 earnings beat, with revenue surging 138% YoY to $1.24B, well above the $1.05B estimate, while adjusted EPS of $0.94 exceeded expectations of $0.68. Adjusted operating income reached $285.7M, beating the $214M estimate, while adjusted gross margins expanded 412 basis points to 34.5%, reflecting significant improvements in profitability. The company also raised its FY2026 revenue guidance to $4.4Bโ$4.6B, above the $4.1B consensus, and increased its adjusted EPS outlook to $3.10โ$3.40, compared with $2.73 expected. Despite the strong results, operating cash flow was negative $27.1M during the quarter.
4. OpenAI is reportedly nearing a $30B funding round at a $1.25T valuation, with UAE investors and Coatue Management leading the financing, according to CNBC. The round is being positioned as a bridge ahead of a potential 2027 IPO, with OpenAI targeting investor signatures by the end of next week, although the final fundraising amount remains subject to change. Separately, OpenAI is negotiating an additional agreement to secure AI computing capacity from the UAE, highlighting the company’s continued need for massive infrastructure investment as it scales its frontier AI models and expands its commercial operations. If completed at the proposed valuation, the financing would further cement OpenAI’s position among the world’s most valuable private technology companies.
5. SK Hynix has reportedly scrapped plans for a U.S. IPO of its Solidigm subsidiary and halted a related pre-IPO investment round following regulatory concerns and shareholder opposition, according to Bloomberg. South Korean regulators argued that separately listing the company’s flash-memory business could constitute a โduplicate listing,โ potentially diluting the economic interests of existing SK Hynix shareholders. The proposed IPO, which had Goldman Sachs $GS and Morgan Stanley $MS lined up as lead underwriters, was previously targeted for 2027. The decision represents a significant development in South Korea’s efforts to strengthen minority shareholder protections and address the longstanding โKorea discount,โ as regulators increasingly scrutinize corporate structures that could disadvantage existing public shareholders.
6. The top 10 most active options today by contracts traded were $NVDA with 3.5M contracts, $TSLA with 2.6M contracts, $SPCX with 1.7M contracts, $AAPL with 1.4M contracts, $MU with 1.2M contracts, $META with 1.2M contracts, $INTC with 1.2M contracts, $AMZN with 1.0M contracts, $NFLX with 967K contracts, and $CRWV with 941K contracts.
7. SpaceX $SPCX is reportedly seeking access to at least 80,000 cell tower sites across the United States as it accelerates plans to turn Starlink into a fourth nationwide wireless carrier, according to Bloomberg. The company is in discussions with major tower operators, including Crown Castle $CCI, over potential agreements that could be worth billions of dollars. The push follows SpaceX’s recent acquisition agreement for nationwide low-band spectrum and FCC approval for a constellation of 15,000 direct-to-device satellites, giving Starlink the foundation to combine satellite connectivity with terrestrial cellular infrastructure. If successful, the expansion would position SpaceX to compete more directly with AT&T $T, Verizon $VZ, and T-Mobile $TMUS, potentially reshaping the U.S. wireless market.
8. China is continuing to accumulate significant amounts of gold, with Goldman Sachs estimating that Chinese purchases through the London OTC market reached 25 tonnes in August, approximately 25% above the 20 tonnes officially reported by China’s central bank. The bank estimates China purchased 35 tonnes in July, 40 tonnes in June, and 48 tonnes in May, with estimated OTC purchases exceeding officially reported central bank purchases by 83 tonnes, or 128%, over the four-month period. Meanwhile, global central banks are estimated to have purchased 79 tonnes of gold in August, roughly 365% above the pre-2022 monthly average of 17 tonnes. The figures highlight exceptionally strong demand for gold amid ongoing geopolitical uncertainty, reserve diversification, and efforts by central banks to reduce reliance on traditional reserve assets, although estimated OTC purchases are not necessarily all central bank acquisitions.
9. NVIDIA $NVDA CEO Jensen Huang told CNBC that he believes a surplus of memory supply is unlikely by 2029, signaling continued confidence in long-term demand for DRAM, HBM, and other advanced memory technologies as AI infrastructure expands. Huang emphasized that โone of the things thatโs really great about memory is that you can always use more of it,โ highlighting how increasingly sophisticated AI models, larger context windows, and more demanding inference workloads continue to drive memory requirements higher.
10. SpaceX $SPCX is reportedly finalizing a $40B debt financing package at significantly higher borrowing costs than its previous financing, according to Semafor. The deal, led by Apollo and Goldman Sachs, is expected to include a lower-rated tranche carrying an interest rate of approximately 8.3%, while a more secure portion backed by AI chips could price around 7.75%. Even the chip-backed debt is expected to carry a yield more than 100 basis points above SpaceX’s existing bonds, highlighting the rising cost of financing large-scale AI infrastructure. The transaction is expected to close next week and underscores the growing financial burden associated with SpaceX’s aggressive expansion into AI computing and data centers.
11. Nebius $NBIS secured a $3.5B senior secured credit facility from Citi to finance its accelerating global AI data center expansion and GPU purchases. The facility carries a 364-day maturity, with borrowing costs starting at SOFR + 2.75% and potentially increasing to SOFR + 3.50%, giving Nebius additional access to capital as it scales its infrastructure. The company also highlighted more than $40B in long-term contracts with investment-grade customers, which could support further asset-backed financing as it expands AI computing capacity throughout 2027 and beyond. The agreement underscores how neocloud providers are increasingly leveraging contracted AI demand to secure billions in financing for next-generation data centers and GPU infrastructure.
12. The U.S. 10-year Treasury yield fell below 5.00% for the first time since September 23, as the selloff in technology and AI-related stocks intensified. The decline in yields suggests investors are rotating capital toward the relative safety of U.S. government bonds, pushing Treasury prices higher as risk appetite weakens. The move highlights a growing divergence between the bond and equity markets, with falling yields reflecting demand for defensive assets even as concerns over AI valuations, capital spending, and broader market volatility continue to pressure technology stocks.
Amit’s market recap, posted at 03:11 UTC on 23 October, puts Bloom’s beat third in a list of the day’s moves led by the Nasdaq’s 2.6% fall on AI spending worries. It notes the raised guidance and that operating cash flow was negative $27.1 million; the estimates it cites ($1.05 billion revenue, $0.68 EPS, $4.1 billion guidance consensus) are the poster’s. As we read it, the recap places Bloom’s results on a day when AI stocks sold off.
Three Raises in One Year
Bloom Energy has raised its 2026 outlook after each quarter this year. On the earnings call, Sridhar said: “We started our 2026 Q1 earnings call expecting a year-on-year revenue growth of 60%. Today we are upward revising that guidance and projecting over 120% year-on-year revenue growth, at the midpoint,” according to a transcript published by Benzinga.
Guidance given
2026 revenue
Midpoint (our arithmetic)
Growth at midpoint (company)
Non-GAAP operating income
Non-GAAP EPS
After first-quarter results
$3.4B to $3.8B
$3.6B
about 80%
$600M to $750M
$1.85 to $2.25
After second-quarter results
$3.9B to $4.2B
$4.05B
100%
$800M to $900M
$2.55 to $2.85
After third-quarter results
$4.4B to $4.6B
$4.5B
122%
$960M to $1,030M
$3.10 to $3.40
Guidance ranges from Bloom Energy’s first-, second- and third-quarter 2026 results releases. The first-quarter release gives the growth midpoint as “~80%”; the other growth figures are the company’s. Midpoints are our arithmetic.
Edwards told analysts that “the timing of a small number of deliveries around year-end will determine where in the range we land,” according to the transcript. Sridhar said the company’s “backlog is continuing to expand faster than our revenue,” without giving a backlog figure.
Where the Cash Went
Profit and cash moved apart in the quarter. The cash-flow statement shows net income of $249.0 million and net cash used in operating activities of $27.1 million. Inventories rose to $927.7 million at 30 September from $643.3 million at the end of 2025, and contract assets rose to $792.8 million from $178.9 million, according to the balance sheet.
On the call, Edwards said: “Capital expenditures were $153 million in the quarter and $231 million year to date, driven primarily by investments in machinery and production capacity to support expansion within our existing Fremont and Newark facilities.” He added: “Free cash flow was a use of $181 million in the quarter and positive $42 million year to date, and we ended the quarter with $2.5 billion of cash.”
Why Hyperscalers Came First
Sridhar tied the demand to data centres. “Hyperscalers have been the first to embrace on-site power. They need power rapidly and at large scale,” he said on the call. “The speed and scale of the AI revolution made the grid shortcomings obvious.”
He also pointed to a deal with American Electric Power: “AEP revealed that 700 megawatts of carbon capture and sequestration-enabled Bloom Energy Servers will be used to provide Google with near net zero electricity in a first-of-its-kind project.” The release lists “any actual or perceived slowdown in the adoption of AI resulting in a slower expansion of AI data centers” among its risk factors.
The Stock
The shares closed at $217.77 on 22 October, down 8.7%, in regular trading before the results, according to Yahoo Finance data, and slipped in after-hours trading after the release, Chartmill reported. The AP said the shares have more than doubled since the beginning of the year.
Connecting the Coverage
The AEP project is one we covered on 14 October, when AEP said it plans to invest about $4 billion in a 702-megawatt fuel-cell plant near Cheyenne, Wyoming, designed around Bloom Energy’s technology, under a 20-year power purchase agreement with Google: Google’s 20-year deal for AEP’s Bloom fuel cells. Five days later we covered Amazon’s plan to cover the costs of AEP’s 960 MW nuclear project, where Bloomberg reported that AEP needs to add another 63 gigawatts of capacity by 2030.
Power as the constraint runs through our recent pieces: Goldman Sachs’s 19 October report, in our piece on the $7.6 trillion AI build-out where power is the bottleneck; Nexans telling Reuters that a new cable line takes around three years to build, in ABB’s $12 billion of orders and the cable lines; and SK Hyper’s chief executive putting the first 5 gigawatts of a Korean plan at $350 billion, in SK Hyper’s first 5GW. What’s new here is a supplier’s own numbers: revenue up 138% and a third raise to the year’s guidance.
The Structural Read
As we read it, the growth is mostly product: product revenue of $1,073.6 million rose 179.4%, faster than total revenue, which the release puts at up 138.1%.
As we read it, cash is the part to watch: net income was $249.0 million while operating activities used $27.1 million, as inventories rose to $927.7 million and contract assets to $792.8 million.
As we read it, the company frames demand around data centres: the CEO said hyperscalers were the first to embrace on-site power, and the release lists a slowdown in AI data centre expansion as a risk.
KR Sridhar, Founder, Chairman and CEO of Bloom Energy, 22 October 2026
“What began with hyperscalers is rapidly moving across market segments because every business needs reliable power to grow.”
Three Implications
FOR DATA-CENTRE BUILDERS The CEO said on the call that hyperscalers need power rapidly and at large scale, according to the Benzinga transcript; our 14 October piece covered AEP’s 702-megawatt Bloom fuel-cell plant for Google.
FOR INVESTORS The guidance range now runs from $4.4 billion to $4.6 billion, and the CFO said the timing of a small number of year-end deliveries will determine where in that range the company lands, according to the transcript.
FOR THE POWER THREAD The results add a supplier’s numbers to the power constraint in our coverage, from Goldman’s bottleneck report to SK Hyper’s $350 billion estimate for its first 5 gigawatts.
The framework puts it this way: “The structural bottleneck isn’t computing, it’s electrons.”
As we read it, Bloom Energy sells into that bottleneck from the supply side: on-site power that its CEO said hyperscalers were the first to embrace. The framework was published in December 2025 and does not discuss Bloom Energy’s 2026 results.
What Is Not Established
Bloom Energy does not give a backlog figure or say how much of its revenue comes from data centres or AI customers. The call quotes come from a transcript published by Benzinga, not from Bloom Energy. We did not find the size of the after-hours move from a source we could read. The guidance midpoints and the 25% are our arithmetic. Nothing here is investment advice.
Business Engineer Framework
The State of AI Data Centers
A Business Engineer framework on why power, not chips, sets the pace of the AI data-centre build-out.
Bloom Energy’s third-quarter revenue rose 138.1% to $1,235.8 million, and it raised its 2026 revenue guidance for the third time this year, to $4.4 billion to $4.6 billion. Operating cash flow was negative $27.1 million in the quarter as inventories and contract assets grew.
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A note on sourcing. This piece is based on Bloom Energy’s third-quarter 2026 press release and supplemental deck, filed with an 8-K on 22 October 2026, and its first- and second-quarter 2026 releases, all read in full; on a transcript of the earnings call published by Benzinga; on the Associated Press, Chartmill and S&P Dow Jones Indices; and on our own earlier pieces. We did not contact the company. Guidance midpoints are our arithmetic. Nothing here is investment advice.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
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