Bloom Energy Corp: revenue tops $1 billion for the first time in a quarter, but the stock fell 11.3% on the day of the report

28 июля 2026 года Bloom Energy Corp раскрыла результаты за второй квартал 2026 года. Выручка выросла на 165,5% год к году до $1 065,4 млн, EBITDA – до $253,4 млн, чистая прибыль составила $196,3 млн против убытка годом ранее. Несмотря на сильные цифры, акции в день отчёта подешевели на 11,3%, но к 9 сентября выросли на 43,1% от уровня после падения. На текущей цене бумага выглядит скорее привлекательно, учитывая ускорение роста и улучшение рентабельности, хотя оценка остаётся высокой.

Key takeaways

— Revenue exceeded $1 billion for the first time in a quarter, up 165.5% driven by products

— EBITDA margin rose from 2.3% to 23.8% over the year, helped by operating leverage

— Net profit of $196.3 million resulted from record operating income and absence of one-off losses

— Operating cash flow increased by $439.5 million to $226.4 million, but capex also rose

— The company raised its 2026 revenue guidance to $3.9–4.2 billion

— Net debt fell to $144.8 million, with a debt-to-EBITDA ratio of 0.65

— Shares fell 11.3% on the day of the report but then rose 43.1%, valuation remains high

Attractiveness

Key figures, USD bn

Revenue exceeded $1 billion for the first time in a quarter, up 165.5% driven by products

In the second quarter of 2026, Bloom Energy Corp's revenue reached $1,065.4 million, up 165.5% from $401.2 million a year earlier. This is the first quarter in the company's history with revenue above $1 billion. The main driver was product revenue, which grew 215.4% to $935.4 million, while installation and service revenue grew more slowly.

Growth accelerated compared to previous quarters: in the first quarter of 2026, revenue grew 130.4% year-over-year, and in the second quarter – 165.5%. The company attributes this to rising demand for its fuel cells for data centers, which have been validated by all major US hyperscalers and more than a dozen neoclouds.

EBITDA margin rose from 2.3% to 23.8% over the year, helped by operating leverage

EBITDA in the second quarter of 2026 was $253.4 million versus $9.1 million a year earlier, and the EBITDA margin rose from 2.3% to 23.8%. The main contribution came from product revenue with high margins: product gross margin reached 36.5% on a GAAP basis and 37.2% on a non-GAAP basis.

Operating income increased to $182.2 million from a loss of $3.5 million a year earlier. The margin expansion is explained by operating leverage: with revenue growing 165.5%, operating expenses rose only 56.7% to $173.3 million.

Net profit of $196.3 million resulted from record operating income and absence of one-off losses

Net profit attributable to shareholders in the second quarter of 2026 was $196.3 million versus a loss of $42.2 million a year earlier. Net margin reached 18.4% versus minus 10.5% in the second quarter of 2025.

Unlike last year, when the company recorded a loss on debt extinguishment of $32.3 million, there were no such one-off items in the reporting quarter. Operating income of $182.2 million and a positive balance of non-operating income and expenses of $14.1 million resulted in pre-tax profit of $200.3 million.

Operating cash flow increased by $439.5 million to $226.4 million, but capex also rose

In the second quarter of 2026, operating cash flow was $226.4 million versus an outflow of $213.1 million a year earlier, an improvement of $439.5 million. This was driven by higher net profit and inflows from changes in customer deposits and other liabilities.

Capital expenditures rose to $51.6 million from $7.2 million a year earlier, reflecting investments in expanding production capacity. Free cash flow, nevertheless, remained positive: $174.8 million versus an outflow of $220.4 million a year earlier.

The company raised its 2026 revenue guidance to $3.9–4.2 billion

Bloom Energy Corp raised its full-year 2026 revenue guidance to $3.9–4.2 billion, implying growth of about 100% at the midpoint compared to 2025. The company also expects non-GAAP operating income in the range of $800–900 million and non-GAAP EPS of $2.55–2.85.

The guidance raise reflects management's confidence in sustained strong demand from data center operators. In the second quarter of 2026, revenue already reached $1,065.4 million, corresponding to an annualized pace above $4 billion.

Net debt fell to $144.8 million, with a debt-to-EBITDA ratio of 0.65

At the end of the second quarter of 2026, the company's net debt was $144.8 million, significantly lower than $704.3 million a year earlier. Over the trailing twelve months, net debt declined by about $0.6 billion.

The ratio of net debt to EBITDA for the trailing twelve months is 0.65, indicating a moderate level of leverage. Cash and cash equivalents on the balance sheet reached $2,666.9 million, providing a safety cushion to finance growth.

Shares fell 11.3% on the day of the report but then rose 43.1%, valuation remains high

Despite strong results, Bloom Energy Corp shares fell 11.3% on the day of the report. However, from the report date to September 9, 2026, the shares rose 43.1%, indicating a positive reassessment by investors.

At current levels, the market capitalization is $64,735.5 million. The P/E multiple for the trailing twelve months is 260.6, and EV/EBITDA is 141.0, significantly above historical levels. According to the portal's model, the upside to fair value is estimated at minus 22%, reflecting an overvalued stock.

Valuation on the latest reported figures

Bottom line

Bloom Energy Corp's second-quarter 2026 report was strong: revenue exceeded $1 billion for the first time, EBITDA margin rose to 23.8%, and net debt fell to $144.8 million. The company raised its full-year guidance, confirming the sustainability of growth drivers. However, the valuation remains extremely high: a P/E of 260.6 and EV/EBITDA of 141.0 imply that investors have already priced in continued hypergrowth. According to the portal's model, the downside potential is 22%, making the share rather attractive for long-term investors, but with limited upside over the next year.