Bloom Energy Earnings Rise on AI Data-Center Demand

Bloom Energy earnings showed a turnaround on April 28, 2026, when the company reported record first-quarter results and said accelerating AI data-center demand, including an Oracle partnership, prompted management to raise full-year guidance and shift to profitability.

Quarter Results and Profitability

Bloom Energy reported first-quarter revenue of $751.1 million, up 130.4% from $326.0 million in the year-earlier period. The company posted GAAP net income to common stockholders of $70.7 million, reversing a $23.8 million loss in Q1 2025. Diluted GAAP earnings per share were $0.23.

On a non-GAAP basis, diluted EPS rose to $0.44 from $0.03, operating income increased to $129.7 million from $13.2 million, and adjusted EBITDA climbed to $143.0 million from $25.2 million. GAAP gross margin expanded to 30.0% from 27.2%, while non-GAAP gross margin improved to 31.5% from 28.7%.

Operating cash flow turned positive at $73.6 million, compared with a negative $110.7 million in the prior year. The company held $2.52 billion in cash, cash equivalents, and restricted cash against about $2.60 billion of convertible-note debt. Related-party revenue for the quarter totaled $373.3 million.

Guidance and AI Demand

Management raised full-year 2026 guidance to revenue of $3.4 billion to $3.8 billion, reflecting roughly 80% year-over-year growth at the midpoint. The company targets a non-GAAP gross margin of about 34%, non-GAAP operating income between $600 million and $750 million, and non-GAAP EPS of $1.85 to $2.25, compared with a consensus estimate of $1.32.

Product revenue surged to $653.3 million, up 208.4% from $211.9 million in Q1 2025. Management attributed the growth to accelerating AI data-center demand and cited large-scale deployments, including Oracle’s Project Jupiter, which involves as much as 2.45 gigawatts of fuel-cell capacity.

Founder and CEO KR Sridhar said, "We at Bloom are ushering in the era of digital power for the digital age."