Bloom Energy Q1 Revenue Surges 130%, Swings to Profit; FY Guidance Raised 80%

Bloom Energy (BE) reported record Q1 FY2026 results on the 28th, with revenue, gross margin, and operating income all hitting all-time highs. Driven by surging AI data center power demand, the company substantially raised its annual revenue guidance.

Q1 Key Results

Q1 revenue jumped 130.4% year-over-year to $751.1 million. Product revenue surged 208.4% to $653.3 million, a record for any quarter, while service revenue grew 15.6% to $61.9 million.

• Revenue: $751.1 million (+130.4% YoY)
• Product revenue: $653.3 million (+208.4% YoY) — quarterly record
• Gross margin: 31.5% (+280 bps YoY)
• Operating income: $129.7 million (+$116.5 million YoY) / operating margin 17.3% (+1,300 bps)
• Adjusted EBITDA: $143 million (~19% margin)
• Non-GAAP EPS: $0.44 (vs. $0.03 prior year; 14x growth)
• Operating cash flow: $73.6 million positive — first profitable Q1

Full-Year Guidance Raised 80% YoY

The centerpiece of this earnings release was guidance expansion. Bloom Energy raised FY2026 revenue guidance to $3.4–$3.8 billion, representing approximately 80% YoY growth at the midpoint. The company also guided gross margin of ~34%, non-GAAP operating income of $600–$750 million, and non-GAAP EPS of $1.85–$2.25.

The structural growth in power demand created by AI is giving us confidence in sustained capacity expansion. This expansion is a continuous process, not a staged one.

K.R. Sridhar, CEO, Bloom Energy

Oracle Project Jupiter — 2.45GW New Mexico Data Center

A significant partnership was also announced. Project Jupiter, executed with Oracle, involves replacing existing gas turbines and backup diesel generators at Oracle's New Mexico data center with Bloom Energy fuel cell servers. The project scope reaches 2.45GW of capacity.

CEO Sridhar highlighted this as a concrete example of AI inference growth potential. Inference consumes more power than training and is more likely to be deployed near urban centers, creating structural demand for clean, silent fuel cell solutions. Bloom's fuel cells require no battery backup and enable fast deployment without air permit requirements — a key differentiation advantage.