Bloom Energy CorporationNYSE: BE

Third Quarter 2026 Q3 Supplemental Financial Information

· Issued by Bloom Energy Corporation

Summary by 6ix AI

Bloom Energy reported revenue of $1,235.8 million for the third quarter of 2026, up 138% from $519.0 million a year earlier. Net income to common stockholders was $250.3 million under standard accounting rules (GAAP), compared with a net loss of $23.1 million a year earlier.

Key details

  • Diluted GAAP earnings per share were $0.78, compared with a loss of $0.10 a share a year earlier. Non-GAAP diluted earnings per share were $0.94, compared with $0.15. Non-GAAP figures are adjusted measures that exclude items such as stock-based compensation.
  • GAAP gross margin was 33.8%, compared with 29.2% a year earlier. Non-GAAP gross margin was 34.5%, compared with 30.4%.
  • GAAP operating income was $225.4 million, compared with $7.8 million a year earlier. Non-GAAP operating income was $285.7 million, compared with $46.2 million.
  • Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with further adjustments) was $299.5 million, compared with $59.0 million a year earlier.
  • Product revenue was $1,073.6 million, compared with $384.3 million a year earlier. Install revenue was $84.9 million, service revenue $67.6 million and electricity revenue $9.8 million.

What’s still pending

  • Bloom Energy expects 2026 revenue of $4.4 billion to $4.6 billion and a non-GAAP gross margin of about 34%.
  • Bloom Energy also expects 2026 non-GAAP operating income of $960 million to $1,030 million and non-GAAP earnings per share of $3.10 to $3.40.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/bloom-energy-third-quarter-2026-q3-supplemental-financial-information

Watch Bloom Energy's latest callBloom Energy (NYSE:BE) Q3 2026 Earnings Call · Replay · Oct 22Read the transcript of Bloom Energy (NYSE:BE) Q3 2026 Earnings Call
October 22, 2026

To Make Clean, Reliable Energy Affordable for Everyone in the World.

$ in millions

Q3'26

Q3'25

YoY

Revenue

$1,235.8

$519.0

138%

Non-GAAP Gross Margin1

34.5%

30.4%

4.1 pts

Non-GAAP Operating Income1

$285.7

$46.2

~↑ 6x

Adjusted EBITDA1

$299.5

$59.0

~↑ 5x

Non-GAAP EPS1

$0.94

$0.15

~↑ 6x

Note: Dollars in millions, except per share figures and YoY information

  1. Please reference appendix for GAAP to Non-GAAP reconciliations

Metric

2026 Guidance

YoY

Revenue

$4.4B - $4.6B

122%1

Non-GAAP Gross Margin2

~34%

~374 bps

Non-GAAP Operating Income2

$960M - $1,030M

~↑ 4.5x1

Non-GAAP EPS2

$3.10 - $3.40

~↑ 4.3x1

  1. YoY change based on midpoint of range. EPS is fully dilutive.

  2. With respect to Bloom's expectations regarding its 2026 Guidance, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, and non-GAAP EPS measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense.

Growing Revenue and Expanding Margins

34%

29%

30%

26%

22%

23%

Revenue ($ in billions)

$4.4B - $4.6B

Non-GAAP Gross Margin2

$2.0

$1.0

$1.2

$1.3

$1.5

2021

22 23

24 25

2026E

2021 22 23 24 25 2026E

2026 Guidance: Revenue Growth >120% 1, Gross Margin % +~374 bps

  1. YoY change based on midpoint of range

  2. Please reference appendix for GAAP to Non-GAAP reconciliations for 2025 and prior. With respect to Bloom's expectations regarding its 2026 Guidance, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, and non-GAAP EPS measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based

compensation expense.

Demonstrating Operating Leverage Non-GAAP Operating Expenses as % of Revenue1

Non-GAAP Operating Income1

$960- $1,030

26%

26%

24%

21%

19%

$221

$108

$19

12%

2021

22 23

24 25

2026E

$(38) $(33)

2021 22 23 24 25 2026E

1. Please reference appendix for GAAP to Non-GAAP reconciliations for 2025 and prior. With respect to Bloom's expectations regarding its 2026 Guidance, Bloom Energy is not able to provide a quantitative reconciliation of non-GAAP gross margin, non-GAAP Operating Expenses, non-GAAP operating income, and non-GAAP EPS measures to the corresponding GAAP measures without unreasonable efforts due to the uncertainty regarding, and the potential variability of, reconciling items such as stock-based compensation expense. Non-GAAP Operating Expenses as % of revenue figure reflects midpoint of the guidance range

Q3 2026

$ in millions

Q3'26

Q3'25

GAAP revenue

$1,235.8

$519.0

GAAP cost of sales

818.7

367.4

GAAP gross profit

$417.1

$151.7

Non-GAAP adjustments:

Stock-based compensation expense

9.0

5.7

Restructuring

-

0.0

Other

0.1

0.2

Non-GAAP gross profit

$426.2

$157.6

GAAP gross margin

33.8%

29.2%

Non-GAAP adjustments

0.7%

1.1%

Non-GAAP gross margin

34.5%

30.4%

Operating Income and Margin

$ in millions

Q3'26

Q3'25

GAAP operating income

$225.4

$7.8

Non-GAAP adjustments:

Stock-based compensation expense

60.1

38.2

Restructuring

0.0

0.0

Other

0.1

0.2

Non-GAAP operating income

$285.7

$46.2

GAAP operating margin

18.2%

1.5%

Non-GAAP adjustments

4.9%

7.4%

Non-GAAP operating margin

23.1%

8.9%

Gross Profit and Margin

$ in millions

2025

2024

2023

2022

2021

GAAP revenue

$2,024.0

$1,473.9

$1,333.5

$1,199.1

$972.2

GAAP cost of sales

1,436.6

1,069.2

1,135.7

1,050.8

774.6

GAAP gross profit

$587.4

$404.6

$197.8

$148.3

$197.6

Non-GAAP adjustments:

Stock-based compensation expense

24.1

16.6

17.5

19.0

13.8

Restructuring

0.2

(0.4)

3.4

-

-

Impairment of assets

-

-

123.7

108.8

-

Other

0.7

2.0

1.6

-

-

Non-GAAP gross profit

$612.4

$422.8

$344.0

$276.1

$211.4

GAAP gross margin

29.0%

27.5%

14.8%

12.4%

20.3%

Non-GAAP adjustments

1.2%

1.2%

11.0%

10.7%

1.4%

Non-GAAP gross margin

30.3%

28.7%

25.8%

23.0%

21.7%

Non-GAAP Operating Expenses as % of Revenue

$ in millions

2025

2024

2023

2022

2021

GAAP operating expenses

Non-GAAP adjustments:

$514.6

$381.7

$406.7

$409.3

$312.1

Stock-based compensation expense

120.9

66.4

69.6

95.0

62.3

Restructuring

2.1

(0.0)

5.7

-

-

Other

0.1

0.1

6.6

4.8

-

Non-GAAP operating expenses

$391.4

$315.2

$324.8

$309.5

$249.8

GAAP Revenue

$2,024.0

$1,473.9

$1,333.5

$1,199.1

$972.2

Non-GAAP operating expenses as % of Revenue

19.3%

21.4%

24.4%

25.8%

25.7%

Operating Income (Loss) and Margin

$ in millions

2025

2024

2023

2022

2021

GAAP operating income (loss)

$72.8

$22.9

($208.9)

($261.0)

($114.5)

Non-GAAP adjustments:

Stock-based compensation expense

145.0

83.0

87.1

114.0

76.1

Restructuring

2.4

(0.4)

9.2

-

-

Impairment of assets

-

-

130.1

113.3

-

Other

0.8

2.1

1.7

0.2

0.0

Non-GAAP operating income (loss)

$221.0

$107.6

$19.2

($33.5)

($38.4)

GAAP operating margin

3.6%

1.6%

(15.7%)

(21.8%)

(11.8%)

Non-GAAP adjustments

7.3%

5.7%

17.1%

19.0%

7.8%

Non-GAAP operating margin

10.9%

7.3%

1.4%

(2.8%)

(3.9%)

$ in millions, except per share

Q3'26

Dilutive earnings

per share

Q3'25

Dilutive earnings

per share1

GAAP net income (loss) to common stockholders

$250.3

$0.78

($23.1)

($0.10)

Net Income (Loss) and EPS

Non-GAAP adjustments:

Add back: (Loss)Income for non-controlling interests

(1.3)

(0.00)

0.1

0.00

(Gain) loss on derivative liabilities

(0.0)

(0.00)

0.4

0.00

Restructuring

0.0

0.00

0.0

0.00

Equity in loss of unconsolidated affiliates

2.9

0.01

19.6

0.06

Stock-based compensation expense

60.1

0.19

38.2

0.12

Effect of Assets Buyout and Repowering

(9.3)

(0.03)

-

-

Other

0.1

0.00

0.2

0.00

Non-GAAP net income to common stockholders

$302.8

$0.94

$35.5

$0.15

$ in millions

Q3'26

Q3'25

GAAP net income (loss) to common stockholders

$250.3

($23.1)

Non-GAAP adjustments:

Add back: (Loss) Income for non-controlling interests

(1.3)

0.1

Stock-based compensation expense

60.1

38.2

Restructuring

0.0

0.0

(Gain) loss on derivative liabilities

(0.0)

0.4

Effect of Assets Buyout and Repowering

(9.3)

-

Equity in loss of unconsolidated affiliates

2.9

19.6

Depreciation & amortization

13.8

12.8

Income tax provision

0.8

0.3

Interest (income) expense / other misc.

(18.0)

10.5

Other

0.1

0.2

Adjusted EBITDA

$299.5

$59.0

$ in millions

2025

2024

2023

2022

2021

GAAP net loss to common stockholders

Non-GAAP adjustments:

($88.4)

($29.2)

($302.1)

($301.4)

($164.4)

Add back: Income (loss) for non-controlling interests

1.3

2.0

(5.8)

(13.7)

(28.9)

Equity in loss of unconsolidated affiliates

40.4

-

-

-

-

Stock-based compensation expense

145.0

83.0

87.1

114.0

76.1

Restructuring

2.4

(0.4)

9.2

-

-

Loss (gain) on derivative liabilities

0.5

0.7

1.6

(0.6)

15.0

Effects of assets buyout and repowering

(2.6)

(21.0)

0.4

-

-

Loss on debt extinguishment and conversion inducement expenses

98.6

27.2

4.3

9.0

-

Depreciation & amortization

50.6

53.0

62.6

61.6

53.5

Impairment charge (PPA V, PPA IIIa, PPA IV and Goodwill)

-

-

130.1

115.3

(1.1)

Income tax provision

2.7

0.8

1.9

1.1

1.0

Interest expense / other misc.

20.2

42.2

90.8

43.2

55.6

Other

0.8

2.3

1.7

1.6

7.3

Adjusted EBITDA

$271.6

$160.7

$81.8

$30.1

$14.0

Numerator for basic earnings per share:

GAAP Net income (loss) attributable to common stockholders Non-GAAP Net income attributable to common stockholders

$250.3

$302.8

($23.1)

$35.5

Numerator for diluted earnings per share:

GAAP Net income (loss), adjusted numerator Non-GAAP Net income, adjusted numerator

$253.8

$306.4

($12.6)

$46.0

Denominator for GAAP and non-GAAP basic earnings per share: Weighted average common shares outstanding

Denominator for GAAP and non-GAAP diluted earnings per share:

Weighted average common shares outstanding

294.8

234.9

324.3

312.5

GAAP net earnings (loss) per share

$ and count in millions, except per share Q3'26 Q3'251

Diluted Earnings (Loss) Per Share

Basic

$0.85

($0.10)

Diluted

$0.78

($0.10)

Non-GAAP net earnings (loss) per share

Basic

$1.03

$0.15

Diluted

$0.94

$0.15

1.In cases of a net loss, the weighted average number of common shares outstanding is the same as the basic weighted average number of common shares outstanding.

Bloom Energy Proprietary & Confidential 17

Gross Profit (Loss) and Margin

Q3'26

Q3'25

$ in

GAAP

Revenue gross profit

(loss)

SBC1

Other Non- Non-GAAP GAAP gross profit Adj 1 (loss)

GAAP

gross margin

Non-GAAP

gross margin

Revenue

GAAP

gross profit

SBC1

Other Non- Non-GAAP

GAAP gross profit Adj 1

GAAP

gross margin

Non-GAAP

gross margin

Millions

Product

$1,073.6

$406.6

$5.6

$0.0

$412.2

37.9%

38.4%

$384.3

$134.5

$3.5

$0.0

$138.0

35.0%

35.9%

Install

$84.9

($4.1)

$1.1

$0.0

($3.0)

(4.8%)

(3.5%)

$65.8

$5.9

$0.8

$0.0

$6.6

8.9%

10.0%

Service

$67.6

$12.0

$2.4

$0.1

$14.5

17.8%

21.4%

$58.6

$6.8

$1.5

$0.2

$8.5

11.6%

14.4%

Electricity

$9.8

$2.5

$0.0

$0.0

$2.5

25.7%

25.7%

$10.4

$4.5

$0.0

$0.0

$4.5

43.8%

43.8%

Total

$1,235.8

$417.1

$9.0

$0.1

$426.2

33.8%

34.5%

$519.0

$151.7

$5.7

$0.2

$157.6

29.2%

30.4%

1. Please reference section "GAAP to Non-GAAP reconciliation: Gross profit and margin" of the appendix for detailed GAAP to Non-GAAP reconciliations

Bloom Energy Proprietary & Confidential 18

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