$BE · Bloom Energy Corp
Bloom Energy filed its 10-Q for Q3 FY2026, reporting revenue of $1.236B (+138.1% YoY), net income attributable to common stockholders of $250.3M (vs a $23.1M loss in Q3 2025), and diluted EPS of $0.78. Product revenue drove the surge at $1.07B (+179.4% YoY). For the nine months, revenue reached $3.05B (+144.9% YoY) with net income of $517.2M.
- Q3 revenue of $1.236B grew 138.1% YoY, driven by product revenue up 179.4% to $1.07B
- Net income attributable to common stockholders was $250.3M vs a $23.1M loss in Q3 2025
- Gross margin reached 33.8% with gross profit of $417.1M, up from $151.7M a year ago
- Operating income swung to $225.4M from $7.8M; operating margin hit 18.2%
- Nine-month revenue of $3.05B already exceeds full-year 2025 revenue of $1.25B by 2.4x
Stock dropped 8.70% in the regular session to $217.77 and extended-hours trading shows an additional 5.16% decline to $206.53. Despite blowout earnings, the $64B market cap may have already priced in hypergrowth expectations.
Bloom's Q3 marks a definitive profitability inflection: $250M net income on $1.24B revenue at 18.2% operating margins, yet the stock is selling off hard, suggesting the $64B valuation already priced a
Bloom's 138% revenue growth and swing to profitability at 18.2% operating margins signal that the fuel-cell/clean-hydrogen sector may be crossing from speculative to commercial scale, though the after-hours selloff suggests valuation concerns at a ~52x annualized revenue multiple.
Related-party revenue concentration: $321.6M (26% of Q3 revenue) came from related parties, up from $288.0M in Q3 2025. Customer consideration asset of $306.5M represents upfront share-based consideration payable to a customer's customer, a novel and potentially risky structure.
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