Bloom Energy Posts $1.065B Q2 Revenue, Raises 2026 Outlook to $4.2B

Bloom Energy Corp. (BE) reported Q2 revenue of $1.065 billion, marking 166% year-over-year growth and the company's first quarter exceeding $1 billion. The San Jose, California-based fuel-cell energy provider posted earnings per share of $0.78, up from $0.10 in the prior-year quarter, and raised its full-year 2026 revenue outlook to $3.9 billion to $4.2 billion, representing 100% growth at the midpoint. CEO KR Sridhar attributed the results to accelerating demand from AI data centers and hyperscalers adopting Bloom's on-site power solutions. The company's shares jumped over 10% following the announcement.

Bloom Energy Posts $1.065B Q2 Revenue, Raises 2026 Outlook

Bloom Energy surpassed $1 billion in quarterly revenue for the first time, delivering $1.065 billion in Q2, a 166% increase from the prior-year quarter. Earnings per share came in at $0.78, compared to $0.10 in the previous comparable quarter. The company raised its full-year 2026 revenue outlook to $3.9 billion to $4.2 billion, representing 100% growth over 2025 revenue at the midpoint.

Bloom Energy Backlog Grows Faster Than Revenue

Bloom Energy reported a total backlog of approximately $20 billion at the end of 2025, with product backlog growing about 2.5x year-over-year to approximately $6 billion. CEO KR Sridhar stated on the earnings call, "We have booked major customers as of today who were not in our reported backlog at the end of last year, for whom we will ship some of our systems this year. These customers are now placing longer-term orders, leading to our backlog growing at a faster pace than revenue."

Sridhar said the backlog spans multiple hyperscalers, neo clouds, colocation providers, and commercial and industrial operators, with contracts carrying payment security appropriate to the transaction size.

Bloom Energy Becomes Standard for AI Data Center Power

Bloom Energy stated that all major U.S. hyperscalers and over a dozen U.S. neoclouds, AI labs, and colocation data center operators have validated and approved its power solutions for their AI facilities. "Bloom is now a standard for AI onsite power," Sridhar said.

The CEO noted that companies traditionally using combustion technologies are now choosing Bloom as a power solution. "Several customers who had alternative solutions in place abandoned them and came to Bloom," Sridhar stated.

Bloom Energy Expands Brookfield Financing to $25B

Bloom Energy and Brookfield Asset Management expanded their strategic partnership to a $25 billion financing framework, marking a fivefold increase from their initial $5 billion agreement made in October 2025. Sridhar said, "We kill that friction with strong financial partners who provide our customers project capital," adding that Brookfield anchors that financing shelf.

Bloom Energy Reports 80% Repeat Customer Orders

Bloom Energy said its growth is driven by a broad mix of customers and projects rather than a few large deals. The company reported that a majority of orders booked in 2025 came from repeat customers. "80% of the orders that we booked were repeat orders from customers who have given us multiple repeat orders," Sridhar noted.

Apart from Oracle as its first hyperscaler customer, the company said all major U.S. hyperscalers, along with more than a dozen AI labs, neoclouds, and colocation operators, have validated its power solutions. The CEO also said multiple customers like Nebius have switched to Bloom from competing technologies.

Bloom Energy Forward P/E Drops to 54x

Bloom Energy's forward price-to-earnings multiple declined to approximately 54x, down from peaks above 190x earlier this year. The company raised its full-year 2026 guidance following the record quarter, while management highlighted revenue growth of 166% versus a 48% increase in operating expenses. CFO Simon Edwards said he expects "operating expense growth to remain well below revenue growth, which should drive continued operating margin expansion."

Bloom Energy Stock Gains Over 90% Year-to-Date

BE stock has gained more than 90% so far in 2026 and is on track to more than double in value from its price at the start of the year. On Stocktwits, retail sentiment improved from 'bullish' to 'extremely bullish' over 24 hours, while message volume surged 590% in the same time. Watchers on the stock have climbed approximately 88% in the past year.

FAQ

What did Bloom Energy report for Q2 2026? Bloom Energy reported Q2 revenue of $1.065 billion, representing 166% year-over-year growth, and earnings per share of $0.78, up from $0.10 in the prior-year quarter. The company also raised its full-year 2026 revenue outlook to $3.9 billion to $4.2 billion.

How large is Bloom Energy's backlog? Bloom Energy reported a total backlog of approximately $20 billion at the end of 2025, with product backlog growing about 2.5x year-over-year to approximately $6 billion. CEO KR Sridhar stated that the backlog is growing at a faster pace than revenue due to customers placing longer-term orders.

What is Bloom Energy's financing partnership with Brookfield? Bloom Energy and Brookfield Asset Management expanded their strategic partnership to a $25 billion financing framework in the latest month, a fivefold increase from their initial $5 billion agreement made in October 2025.