Bloom Energy Corporation · Q2 2026 call

It took Bloom 21 years to deliver its first billion-dollar year in 2022. It took us another three years to double our 2022 revenue. Now, we are guiding to double that revenue in just one year, having achieved our first $1 billion quarter.

These customers are now placing longer-term orders, leading to our backlog growing at a faster pace than revenue. Let me repeat, leading to our backlog growing at a faster pace than revenue.

Bloom Energy has emerged as a standard for on-site power, as we predicted we would in our third quarter call last year. At that time, we had just announced our first direct hyperscaler customer, Oracle, and delivered them power for a data center within 55 days. Today, all the major U.S. hyperscalers and over a dozen U.S. neo clouds, AI labs, and colocation data center operators have validated and approved our power solutions for their AI factories.

We formed the partnership last fall at $5 billion. Nine months later, in June, Brookfield expanded its commitment fivefold to $25 billion. […] Capital of that quality and quantity does not follow letters of intent, MOUs, or press releases. It follows performance, happy customers, and firm bankable orders.

Which brings me to speed, because time to power is really time to token revenue. Bloom is increasingly seen as the solution that eliminates the power availability friction point for AI. Chips without power are inventory, not intelligence.

Grid operators quote years, timelines on which billion-dollar compute clusters go obsolete in a warehouse. Legacy suppliers celebrate backlogs stretching to 2029 and beyond. We think a four-year backlog is not a trophy. It's a confession of constrained supply.

Will AI investment keep growing at the breakneck pace? Our engagement with customers suggests that the pace of investment will not just continue, but accelerate. However, I do not know for sure, and I will not insult you by pretending to. Henry Ford could not control whether America wanted to drive. He controlled the cost, quality, and availability of the Model T. Like Ford, we are focused on managing the controllables.

When you see the word customer in our filings, it can mean either party, the financier that buys from us and appears in our revenue and concentration disclosures, or the end customer whose demand created the deal.

large campus deliveries are lumpy. One or two customers could lead our revenue in any given quarter, and the customers rotate as different projects reach their delivery windows. Revenue can look concentrated in any single quarter. That concentration reflects delivery timing, not the composition of our backlog.

Revenue was $1.065 billion, up 166% year-over-year and 42% sequentially. This was another record quarter for Bloom, and the first time we exceeded $1 billion in quarterly revenue, reflecting accelerating data center deliveries and disciplined execution converting signed demand into revenue.

Revenue grew 166%, while operating expenses grew just 48%, and the mechanics behind that should persist. The leverage comes from how we have built our cost structure. Our R&D base and our G&A infrastructure are largely fixed against a rapidly growing revenue base. Each incremental gigawatt of deliveries carries little incremental overhead.

On the strength of our year-to-date performance, as well as the visibility and confidence we have for our second half, we are raising our full-year revenue outlook to $3.9 billion-$4.2 billion. At the midpoint, that represents 100% growth over 2025 revenue of just over $2 billion.

On operating income, we are raising our full-year non-GAAP operating income outlook to $800 million-$900 million. At the updated revenue midpoint, this implies an operating margin of approximately 21%. That is a material step-up from the $425 million-$450 million operating income guide at the beginning of the year, which represented a 14% margin at the midpoint.

to the extent that there are any project delays, the end customer is able to redeploy that equipment to other projects. Ultimately, the financier is on the hook to take delivery of the equipment from Bloom.

There is enough scandium on the planet that can be recovered economically viably to power the planet. That is what's available on the planet. We have visibility currently based on what we are working for 25 GW of deployments. We are not dependent on China.

the company has historically included a supplemental presentation that has included some metrics that are not formal guidance. We've just really aligned now the presentation to where we truly guide. […] There's about a $175 million raise versus our prior op income guidance, and we see 100% of that dropping down to CFOA. You should think about $375+ million as being our new baseline.

A full stack AI provider that is responsible for everything in the data center financially, the 1 GW data center in one single year, depending on the nature of the AI customer, will deliver between $12 billion and $24 billion in revenue per year. You pull in power for them within a month, which is the tall pole, that is $1 billion-$2 billion of revenue that they would not have had, on a 40%-50% gross margin and a 20%-25% net margin.

That means the token price point will come down, but the total token usage will go up like crazy because that's Jevons paradox. When that happens, you need more power, not less power. If anything, this is going to accelerate. If anything, whatever we are predicting on AI is an underestimate, not an overestimate.

Today, within the data center space, I would say we would be in the very high 90s in terms of our market share, okay? If somebody is going to get in and think that they're going to compete with us, competition is a very good thing, okay? Competition makes us hungrier, competition makes us run faster, competition makes us paranoid, and we will thrive in competition.

I remember seven years ago, most of you, the same folks, the analysts, the only thing you worried about is our service losses. Okay? That's the only thing you worried about. We kept telling you the technology product is going to get robust, and you will see us get to the 20% gross margin that we talked to you about. We just reported this quarter a 22% gross margin.

If you look at 2025, 80% of the orders that we booked were repeat orders from customers who have given us multiple repeat orders. That speaks more loudly than anything else about how happy our customers are.