Bloom Energy (BE) saw its stock climb more than 13% in after-hours trading Tuesday after the fuel-cell technology company reported first-quarter results that handily beat Wall Street expectations and raised its revenue forecast for 2026, driven by surging demand from artificial intelligence data centers.
The San Jose, California-based company posted revenue of $751.1 million for the three months ended March 31, a 130.4% increase compared to the same period last year. Net profit attributable to common shareholders reached $70.7 million, reversing a $23.8 million loss from a year earlier. The results underscore how AI's insatiable appetite for electricity is translating into tangible sales for providers of on-site power generation.
Product revenue led the surge, soaring 208.4% to $653.3 million. Gross margin stood at 30.0%, while operating income swung to $72.2 million, an improvement of $91.3 million year-over-year. Operating cash flow turned positive at $73.6 million, compared to a negative outflow in the prior year.
Bloom Energy now expects 2026 revenue in the range of $3.4 billion to $3.8 billion, up from its previous outlook. The company also projects adjusted (non-GAAP) earnings of $1.85 to $2.25 per share, excluding items such as stock-based compensation. Adjusted earnings per share for the quarter came in at $0.44, well above analyst estimates.
Founder and CEO KR Sridhar described the current environment as “the era of digital power for the digital age.” CFO Simon Edwards credited the company’s “differentiated technology” and “disciplined execution” for the strong performance.
Adding to the bullish sentiment, Oracle (ORCL) and BorderPlex Digital Assets announced that Bloom fuel cells will power all of Oracle’s Project Jupiter AI data center in Doña Ana County, New Mexico. The facility is expected to draw up to 2.45 gigawatts of Bloom fuel-cell capacity, replacing previously planned gas turbines and diesel generators. According to the companies, the switch will reduce nitrogen oxide emissions by approximately 92% and virtually eliminate water use.
Earlier this month, Bloom signed a master services agreement with Oracle to supply up to 2.8 gigawatts of fuel-cell systems, with 1.2 gigawatts already under contract and installations underway. Bloom previously delivered a fuel-cell system to Oracle in just 55 days, well ahead of the 90-day schedule.
The broader market for distributed power is heating up as AI buildouts accelerate. Solaris Energy Infrastructure also saw its shares rise after securing a long-term deal to deliver over 600 megawatts to a major tech company’s data center, according to Barron’s. The trend highlights how data center operators are turning to on-site generation to bypass lengthy utility connections.
Despite the upbeat outlook, Bloom cautioned that risks remain. Potential setbacks include construction delays, supply chain bottlenecks, utility interconnection issues, tariffs, financing constraints, and manufacturing challenges. Any real or perceived slowdown in AI adoption could also dampen data center growth. Additionally, the company noted that its backlog does not always convert smoothly into revenue.
For now, Bloom Energy has a clear narrative: revenue is climbing, margins are improving, and major AI deals are becoming reality. But with a higher forecast comes higher expectations. The company must now prove it can deliver and install at the pace investors have already priced in.
