Bloom Energy Q2 earnings recap: A record breaking quarter

Introduction

Bloom Energy took 21 years to hit its first billion dollar year in 2022. It took three more years to double that. Now management is guiding to double 2025 revenue again, in a single year, off the back of $1B dollar quarter.

In Q2 2026, revenue hit $1.065 billion, up 166% year over year, the first time Bloom has crossed the billion dollar mark in a single quarter. Non-GAAP gross margin expanded to 34.3%, up over 600 basis points.

Full year guidance got raised to $3.9B to $4.2B, roughly doubling 2025 revenue at the midpoint. And Brookfield, one of the largest infrastructure investors in the world, just expanded its financing commitment to Bloom five-fold, from $5 billion to $25 billion, in nine months.

1 - What Bloom energy does

Bloom Energy makes solid oxide fuel cell systems, which are power generators that produce electricity on-site rather than pulling it from the grid. Think of it less as a backup generator and more as a small, clean power plant a customer parks next to their building or data center.

Their pitch is speed and reliability, since new grid connections for large loads can now take years to permit and build, while Bloom can ship and commission a system in months. Customers pay either by buying the equipment outright or by contracting for the power itself through a lease or power purchase agreement, which is where the financing story becomes central to understanding the business. I'll touch on that in this recap briefly as well.

2 - Key numbers

Revenue: $1,065.4M, up 165.5% year over year, up 42% sequentially, first ever $1B quarter
Product revenue: $935.4M, up 215.4% year over year, representing nearly 90% of total revenue
GAAP gross margin: 33.4%, up 668 basis points year over year
Non-GAAP gross margin: 34.3%, up 604 basis points year over year
GAAP operating income: $182.2M, versus a $3.5M operating loss a year ago
Non-GAAP operating income: $239.6M, up from $28.6M a year ago, an 8.4x increase
Adjusted EBITDA: $253.4M, up 6.1x year over year
Non-GAAP EPS: $0.78, up from $0.10 a year ago
Cash flow from operating activities: $226.4M, up from negative $213.1M a year ago
Cash and cash equivalents: $2.67B as of quarter end