Bloom Energy: revenue more than doubled, the cash has not caught up yet

Q3 revenue rose 138% to $1.24B and the full-year guide went up for the third time. But two customers made 69% of sales, Q3 free cash flow was −$181M, and the stock already prices a decade of 35% growth.

By A (Akash Chaudhari), 2026-11-05

Price is $219.69 on Oct 27, 2026. Research only, not advice.

Price Oct 27$219.69Up 100% in 52 weeks; ~36% under the June record before the print
Market cap~$65B295.7M shares; EV ~$65.3B
Q3 revenue$1.24B+138% y/y, +16% q/q
Op. margin18.2%GAAP, Q3; 1.5% a year ago
Deposits$661MCustomer deposits, Sep 30; $78M at Dec 31
Q3 FCF−$181MWorking capital build; 9M FCF +$42M

The print: revenue doubled, margins followed

Revenue by quarter$M, GAAP
Q3 25
Q4 25
Q1 26
Q2 26
$1,236M
Q3 26▲ 16%
Q4 2025 and Q1 2026 derived from the FY2025 10-K and the 9-month 10-Q totals

Source: Bloom 10-K FY2025, 10-Q Q3 2026, 8-K Oct 22, 2026

This is no longer a fuel cell company selling to retailers. Product revenue was 87% of the total in Q3. Bloom crossed $1B of product sales in a quarter for the first time. The guide implies about $1.45B in Q4 at the midpoint, after $3.05B in the first nine months.

Margins are scaling with volumeGAAP, % of revenue
▲ 4.6 pts Q3 25 → Q3 26
33.8%
Q3 25Q2 26Q3 26

Source: 8-K Ex. 99.1, Oct 22, 2026

Gross margin rose 4.5 points in a year. The CFO called it "a direct read on both our pricing strength and the cost reductions". One caveat: in Q2 Bloom identified $37.4M of recoverable tariffs that had been charged to cost of product, and $35.5M was refunded by Sep 30. Tariff refunds can flatter a quarter's margin, so watch Q4 without them.

Sources