Bloom Energy Q3 2026: Selling Time to Power

Exponential Learning · Oct 23, 2026 · 16m

Bloom Energy's Q3 2026: record revenue of $1.24B (+138% YoY) beat the ~$1.07B consensus, non-GAAP EPS of $0.94 beat the $0.69 estimate, product revenue crossed $1B in a quarter for the first time, and gross margin expanded to 34.5%. Management raised FY26 guidance for the third time this year (revenue $4.4-4.6B, EPS $3.10-3.40). Alex and Jordan break down the margins and backlog, the behind-the-meter data center power story (Oracle Utah powered in under two months, Nebius's 300 MW New Jersey build, the ~700 MW AEP carbon-capture project supplying Google), the negative free cash flow debate…