Revenue growth reached 130.4% in 2026Q1, yet operating margins remain volatile, fluctuating between a negative 20.8% and a positive 9.6% over the last ten quarters.
| Sales/Revenue | 2.45B | 2.02B | 1.47B | 1.33B | 1.2B | 972.18M | 794.25M | 785.18M | 742.04M | 376M | 208.54M | 172.89M | 248.14M |
| Revenue Growth % | 56.53% | 37.33% | 10.53% | 11.2% | 23.34% | 22.4% | 1.16% | 5.81% | 97.35% | 80.3% | 20.62% | -30.33% | - |
| Cost of Goods Sold | 1.69B | 1.44B | 1.07B | 1.14B | 1.05B | 777.17M | 632.85M | 690.35M | 532.54M | 397.26M | 309.84M | 347.62M | 351.1M |
| COGS % of Revenue | - | 70.98% | 72.54% | 85.17% | 87.63% | 79.94% | 79.68% | 87.92% | 71.77% | 105.65% | 148.58% | 201.06% | 141.49% |
| Gross Profit | 761.91M | 587.4M | 404.65M | 197.79M | 148.29M | 195.01M | 161.4M | 94.83M | 100.11M | -21.26M | -101.3M | -174.73M | -102.95M |
| Gross Margin % | 31.11% | 29.02% | 27.46% | 14.83% | 12.37% | 20.06% | 20.32% | 12.08% | 13.49% | -5.65% | -48.58% | -101.06% | -41.49% |
| Gross Profit Growth % | - | 45.16% | 104.58% | 33.38% | -23.96% | 20.82% | 70.21% | -5.28% | 570.87% | 79.01% | 42.03% | -69.71% | - |
| Operating Expenses | 560.17M | 514.6M | 381.74M | 406.7M | 409.28M | 312.08M | 246.58M | 330.39M | 270.93M | 139.24M | 137.49M | 125.76M | 125.68M |
| OpEx % of Revenue | - | 25.42% | 25.9% | 30.5% | 34.13% | 32.1% | 31.05% | 42.08% | 36.51% | 37.03% | 65.93% | 72.74% | 50.65% |
| Selling, General & Admin | 357.94M | 328.61M | 233.11M | 250.84M | 258.67M | 208.69M | 163M | 226.22M | 181.79M | 88.09M | 90.65M | 78.52M | 67.01M |
| SG&A % of Revenue | - | 16.24% | 15.82% | 18.81% | 21.57% | 21.47% | 20.52% | 28.81% | 24.5% | 23.43% | 43.47% | 45.42% | 27% |
| Research & Development | 202.23M | 185.99M | 148.63M | 155.87M | 150.61M | 103.4M | 83.58M | 104.17M | 89.14M | 51.15M | 46.85M | 43.93M | 53M |
| R&D % of Revenue | - | 9.19% | 10.08% | 11.69% | 12.56% | 10.64% | 10.52% | 13.27% | 12.01% | 13.6% | 22.46% | 25.41% | 21.36% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.33M | 3.31M | -9.56M |
| Operating Income | 201.73M | 72.8M | 22.91M | -208.91M | -260.99M | -117.08M | -85.18M | -235.56M | -170.65M | -160.5M | -244.12M | -300.49M | -232.53M |
| Operating Margin % | 8.24% | 3.6% | 1.55% | -15.67% | -21.77% | -12.04% | -10.72% | -30% | -23% | -42.69% | -117.06% | -173.81% | -93.71% |
| Operating Income Growth % | - | 217.79% | 110.97% | 19.96% | -122.93% | -37.45% | 63.84% | -38.04% | -6.33% | 34.26% | 18.76% | -29.23% | - |
| EBITDA | 240.31M | 123.37M | 75.96M | -146.3M | -199.38M | -53.91M | -27.57M | -156.98M | -116.76M | -114.39M | -201.02M | -264.85M | -202.41M |
| EBITDA Margin % | 9.81% | 6.1% | 5.15% | -10.97% | -16.63% | -5.55% | -3.47% | -19.99% | -15.74% | -30.42% | -96.4% | -153.19% | -81.57% |
| EBITDA Growth % | 62.87% | 62.42% | 151.92% | 26.63% | -269.82% | -95.54% | 82.44% | -34.45% | -2.07% | 43.1% | 24.1% | -30.85% | - |
| D&A (Non-Cash Add-back) | 38.58M | 50.57M | 53.05M | 62.61M | 61.61M | 63.16M | 57.61M | 78.58M | 53.89M | 46.1M | 43.1M | 35.64M | 30.11M |
| EBIT | 50.25M | -30.52M | 36.28M | -197.74M | -260.5M | -123.3M | -100.04M | -228.6M | -183.82M | -172.01M | -254.4M | -304.34M | -239.81M |
| Net Interest Income | -1.96M | -19.82M | -37.29M | -88.41M | -49.61M | -68.76M | -77.31M | -88.58M | -101.59M | -123.55M | -80.8M | 0 | 0 |
| Interest Income | 46.12M | 34.07M | 25.34M | 19.89M | 3.89M | 262K | 1.48M | 5.66M | 4.32M | 759K | 394K | 40.63M | 22.11M |
| Interest Expense | 48.08M | 53.89M | 62.64M | 108.3M | 53.49M | 69.03M | 78.79M | 94.24M | 105.91M | 124.3M | 81.19M | 0 | 0 |
| Other Income/Expense | -189.02M | -157.21M | -49.27M | -97.14M | -53M | -75.25M | -93.65M | -87.27M | -119.09M | -120.13M | -91.46M | -44.48M | -28.88M |
| Pretax Income | 12.71M | -84.4M | -26.36M | -306.04M | -313.99M | -192.32M | -178.83M | -322.83M | -257.95M | -280.63M | -335.59M | -344.97M | -261.41M |
| Pretax Margin % | 0.52% | -4.17% | -1.79% | -22.95% | -26.18% | -19.78% | -22.52% | -41.12% | -34.76% | -74.64% | -160.92% | -199.53% | -105.35% |
| Income Tax | 2.75M | 2.74M | 846K | 1.89M | 1.1M | 1.05M | 256K | 633K | 1.54M | 636K | 729K | 707K | 574K |
| Effective Tax Rate % | 21.63% | -3.24% | -3.21% | -0.62% | -0.35% | -0.54% | -0.14% | -0.2% | -0.6% | -0.23% | -0.22% | -0.2% | -0.22% |
| Net Income | 6.03M | -88.43M | -29.23M | -302.12M | -301.41M | -164.44M | -157.55M | -304.41M | -273.54M | -262.6M | -279.66M | -341M | -217.62M |
| Net Margin % | 0.25% | -4.37% | -1.98% | -22.66% | -25.14% | -16.92% | -19.84% | -38.77% | -36.86% | -69.84% | -134.1% | -197.24% | -87.7% |
| Net Income Growth % | 34.55% | -202.58% | 90.33% | -0.23% | -83.29% | -4.37% | 48.24% | -11.29% | -4.17% | 6.1% | 17.99% | -56.7% | - |
| Net Income (Continuing) | 9.96M | -87.14M | -27.2M | -307.94M | -315.09M | -193.37M | -179.09M | -323.47M | -291.28M | -281.26M | -336.32M | -345.68M | -261.99M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 26.54M | 24.32M | 22.75M | 18.59M | 38.04M | 42.8M | 62.57M | 91.73M | 182.37M | 213.53M | 234.99M | 133.13M | 77.73M |
| EPS (Diluted) | 0.02 | -0.37 | -0.13 | -1.42 | -1.69 | -1.11 | -1.29 | -2.81 | -4.54 | -4.48 | -4.81 | -35.01 | -23.17 |
| EPS Growth % | 40.67% | -184.62% | 90.85% | 15.98% | -52.25% | 13.95% | 54.09% | 38.11% | -1.34% | 6.86% | 86.26% | -51.1% | - |
| EPS (Basic) | - | -0.37 | -0.13 | -1.42 | -1.69 | -1.11 | -1.29 | -2.81 | -4.54 | -4.52 | -4.81 | -35.01 | -23.18 |
| Diluted Shares Outstanding | 319.71M | 240.4M | 227.37M | 212.68M | 185.91M | 173.44M | 138.72M | 115.12M | 53.27M | 58.56M | 58.14M | 9.74M | 9.39M |
| Basic Shares Outstanding | 281.72M | 240.4M | 227.37M | 212.68M | 185.91M | 173.44M | 138.72M | 115.12M | 53.27M | 58.14M | 58.14M | 9.74M | 9.39M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
High project financing sensitivity
According to recent financial filings, Bloom Energy achieved a significant 130.4% year-over-year revenue growth in 2026Q1, reflecting the company's increasing success in capturing large-scale data center power demand, though the historical quarterly data reveals substantial volatility in top-line performance that warrants caution regarding future growth durability.
The recent acceleration in revenue suggests that the company is successfully leveraging its 'always-on' value proposition to penetrate the power-hungry AI infrastructure market. However, investors should monitor whether this growth is sustainable or merely a reflection of lumpy, project-based recognition cycles that may mask underlying demand trends.
As reported in financial statements, Bloom Energy's gross margin has fluctuated between 16.2% and 38.3% over the last ten quarters, indicating that while the company possesses some pricing power, its profitability remains structurally tethered to the high costs of stack replacements and specialized manufacturing inputs.
The inability to maintain consistent gross margins above the 30% level suggests that the company has yet to achieve the manufacturing efficiencies required to decouple profitability from commodity-linked stack degradation costs. This volatility implies that margin expansion may remain elusive until the company can significantly extend the operational lifespan of its core fuel cell technology.
Based on reported figures, Bloom Energy's operating income has shown inconsistent scaling relative to gross profit, with operating margins swinging from a negative 20.8% in 2024Q1 to a positive 9.6% in 2026Q1, highlighting the persistent burden of high R&D and SG&A expenses on the bottom line.
The data suggests that the company is still in a heavy investment phase where incremental gross profit is largely absorbed by overhead rather than flowing through to operating income. Investors should monitor whether the current operating margin improvement represents a permanent shift in cost discipline or a temporary benefit from higher revenue volume.
Analysis of recent income statements reveals that stock-based compensation remains a significant non-cash expense, reaching $48.2M in 2026Q1, which complicates the assessment of GAAP net income and suggests that reported earnings may overstate the company's underlying cash-generating capability for shareholders.
The reliance on equity-based incentives to retain specialized engineering talent creates a persistent wedge between reported net income and actual cash flow. This warrants further investigation into whether the company's path to profitability is being artificially supported by accounting treatments that do not fully reflect the economic cost of dilution.
Data from the provided income statements indicates that Bloom Energy's reliance on high-interest debt and equity dilution to fund operations, combined with a 3.77 Debt/Equity ratio, suggests a vulnerable capital structure that may struggle if project financing costs remain elevated or if market demand for fuel cells softens.
Short-sellers would likely focus on the company's historical inability to generate consistent GAAP profitability despite significant revenue growth. The risk remains that the current business model is overly dependent on external capital and favorable tax subsidies, which could lead to material margin compression if these external supports are withdrawn.
Quick answers to the most common questions about buying BE stock.
For fiscal year 2025, Bloom Energy Corporation (BE) reported total revenue of $2.02B. This represents a 715.7% increase compared to $248.1M in 2014.
Bloom Energy Corporation (BE) reported a net loss of $88.4M for the fiscal year ending 2025.
Bloom Energy Corporation (BE) reported an operating income of $72.8M, resulting in an operating profit margin of 3.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Bloom Energy Corporation (BE) generated $587.4M in gross profit for the year, representing a gross profit margin of 29.0%. This demonstrates the company's core pricing power and production efficiency.