$BE · Bloom Energy Corp

Bloom Energy reported Q3 2026 results with record revenue of $1,235.8M (+138.1% YoY), GAAP diluted EPS of $0.78 (vs. -$0.10 a year ago), and non-GAAP diluted EPS of $0.94. The company raised FY2026 guidance for the third time this year: revenue of $4.4B-$4.6B, non-GAAP gross margin of ~34%, non-GAAP operating income of $960M-$1,030M, and non-GAAP EPS of $3.10-$3.40. Bloom was also added to the S&P 500 during the quarter.

Extended-hours trading shows BE at $206.25, down 5.29% from the regular-session close of $217.77, despite record revenue and a third guidance raise this year. The $64.1B market cap stock appears to be reacting to working-capital cash consumption — AR and contract assets together swelled over $600M sequentially — overshadowing the topline beat.

A 138% revenue surge and third guidance raise in a year would normally be unambiguously bullish, but the after-hours selloff signals the market is now scrutinizing Bloom's cash conversion, not just to

Bloom's hyperscaler-driven distributed generation thesis is playing out in revenue, but the cash conversion gap mirrors growing pains seen across high-growth energy-tech peers scaling to meet AI data center demand.

Working capital is ballooning: accounts receivable rose $175.2M and contract assets surged $430.3M in a single quarter, straining operating cash flow. The press release flags risks around AI data center adoption slowdowns, air permitting delays, and tariff exposure.