We use cookies to improve your experience, analyze site usage, and show relevant ads. Go to our Privacy Policy for details.
The call conveyed a strongly positive operational and financial picture: record quarter metrics, meaningful margin expansion, materially raised full‑year guidance, strong cash balance, marquee data center wins (Oracle), and confidence in scalable manufacturing. Challenges noted were primarily external or timing related (customer build schedules, permitting/community acceptance, and upfront working capital), along with an inconsistency in the presentation of YoY revenue growth that could cause temporary confusion. Management positioned these as manageable or expected constraints while emphasizing competitive advantages in speed‑to‑power, modularity, and cost reduction.
Bloom raised its fiscal‑2026 guidance materially, increasing revenue to $3.4–$3.8 billion (up from a prior range of $3.1–$3.3B), which management said implies roughly 80% year‑over‑year growth at the midpoint; it now expects non‑GAAP gross margin of ~34% (versus ~30% in 2025 and above prior guidance), non‑GAAP operating income of $600–$750 million, and non‑GAAP diluted EPS of $1.85–$2.25. Management cited Q1 results that supported the raise: Q1 revenue $751.1 million (product $653.3M; service $61.9M), Q1 gross margin 31.5% (≈+280 bps YoY), product margin 35.3%, services margin 18%, operating income $129.7M (17.3% operating margin), adjusted EBITDA $143M (~19% margin), non‑GAAP diluted EPS $0.44, operating cash flow +$73.6M, and $2.52 billion of cash on the balance sheet, while manufacturing capacity is targeted at 5 GW/year with plans to add hundreds of megawatts per quarter.
Reported record Q1 results and materially raised 2026 guidance to $3.4B–$3.8B (prior $3.1B–$3.3B). Management stated the updated midpoint implies ~80% year‑over‑year revenue growth and positioned the lower end of the new range above the prior range's upper bound.
Revenue for Q1 was reported at $751.1M. Product revenue reached an all‑time high of $653.3M. (Note: the prepared remarks included an inconsistent statement on YoY growth—one comment referenced >100% YoY growth while the prepared numeric disclosure reported +13.4% YoY.)
Non‑GAAP gross margin expanded to 31.5% in Q1, up ~280 basis points YoY. Product margin was 35.3% (+22 bps YoY) and services margin was 18% (up ~13 percentage points YoY). Q1 operating income was $129.7M vs. $13.2M a year ago, an increase of $116.5M, with operating margin of 17.3% (up >1,300 bps YoY).
Adjusted EBITDA for the quarter was $143M vs. $25.2M a year ago (increase of $117.8M), with EBITDA margin ~19% (expanding >1,100 bps). Non‑GAAP diluted EPS was $0.44 vs. $0.03 a year ago.
Operating cash flow was a positive inflow of $73.6M in Q1 (seasonally weak quarter), and total cash on the balance sheet ended the quarter at $2.52B.
Company raised full‑year non‑GAAP gross margin outlook to ~34% (management cited a ~4‑point improvement YoY) and set non‑GAAP operating income guidance of $600M–$750M and non‑GAAP EPS guidance of $1.85–$2.25.
Announced partnership to supply Bloom Energy Servers as the sole power provider for Oracle’s Project Jupiter (up to 2.45 GW), replacing planned gas turbines and diesel backup and positioning Bloom as a community‑friendly, water‑efficient, grid‑independent solution for large AI facilities.
Management reported a diverse and robust AI/data center pipeline (more than half of current data center backlog from hyperscalers/neo‑clouds/colocation providers) and reiterated a 100% attach rate between product sales and long‑duration service contracts (average data center service durations of ~10–15 years).
Current manufacturing footprint can deliver ~5 GW annually; company is shifting to continuous capacity additions (hundreds of MWs per quarter) with a 'copy exact' model to scale further and stated they are not order‑ or capacity‑constrained today.
Management highlighted engineering and product innovations: modular/skid installations and automation yielding an order‑of‑magnitude reduction in field install time and reduced time‑to‑power for customers.
Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bloom Energy First Quarter 2026 Conference Call. [Operator Instructions] And I would now like to turn the conference over to Michael Tierney, Vice President, Investor Relations. You may begin.
Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's First Quarter 2026 Earnings Call. To supplement this conference call, we furnished our first quarter 2026 earnings press release and supplemental financial information with the SEC on Form 8-K and have posted these materials, which we will reference throughout this call to our Investor Relations website. During this conference call, both in our prepared remarks and in answers to your questions, we may make forward-looking statements that represent our expectations regarding future events and our future financial performance. These include statements about the company's business results, products, technology, customers, new markets, strategy, financial and competitive position, investments, liquidity and full year outlook for 2026. These statements, which relate to matters including time to both power and market with standard for on-site power cost efficiency, capacity expansion, innovation, affordability and community acceptance as we look to keep pace with the rapid evolution of our markets are predictions based upon our expectations, estimates and assumptions. However, as these statements deal with future events, they are subject to nu...