Bloom Energy (NYSE: BE) reported Q2 2026 revenue of $1.065 billion, beating expectations of $827 million by 29%, with adjusted EPS of $0.78 versus consensus of $0.41—a 90% beat. The fuel cell maker posted operating margin of 17.1% (up 18 points YoY) and free cash flow of $174.8M, swinging from -$220.4M in Q2 2025.
Management raised full-year 2026 revenue guidance from $3.4–3.8B to $3.9–4.2B (midpoint $4.05B, implying 100% YoY growth) and adjusted EPS guidance from $1.85–2.25 to $2.55–2.85 per share. The company also guided for ~34% non-GAAP gross margin and $800–900M in non-GAAP operating income. This marks the second consecutive quarter of raised guidance.
The surge reflects rampant demand for on-site power from hyperscalers and neo-clouds building AI data centers. CEO KR Sridhar stated that all major US hyperscalers and over a dozen US neoclouds, AI labs, and colocation operators have validated Bloom as a standard for AI onsite power. Product backlog reached ~$6B, with total backlog at $20B, backed by four straight beats and Oracle's Project Jupiter (2.45 GW Bloom power block).
For infrastructure architects, this is a critical signal: AI capex is translating from GPU procurement and cloud spend into on-site power as a binding constraint. Bloom's contracted backlog and margin expansion suggest data center power will remain a supply-limited and high-margin category through 2026+.