Bloom Energy reported second-quarter 2026 revenue of $1.065 billion, crushing analyst estimates of $827 million by 29%. Adjusted EPS came in at $0.78, nearly double the consensus forecast of $0.41. The fuel-cell maker also raised its full-year 2026 guidance to $3.9–4.2 billion in revenue (up from the prior $3.4–3.8B guidance), representing roughly 100% year-over-year growth and signaling accelerating AI data-center power demand.
The revenue guidance increase reflects Dwelly's updated EPS guidance of $2.55–2.85 for the fiscal year (versus the previous $1.85–2.25) and non-GAAP operating income of $800–900 million, with gross margins approaching 34%. CEO KR Sridhar emphasized that all major U.S. hyperscalers and more than a dozen U.S. neoclouds, AI labs, and colocation data center operators have now validated Bloom's on-site power solutions for AI infrastructure.
Product revenue surged 215% year-over-year, driven by Bloom's solid-oxide fuel-cell systems that enable data centers to bypass critical grid-connection delays for AI buildouts. The company's total backlog hit $20 billion, with product backlog of approximately $6 billion, indicating sustained acceleration in AI infrastructure investment and customer spending on reliable power supply.
Architects and infrastructure teams tracking AI capex trends should watch Bloom as a leading indicator of data-center power constraints and vendor sentiment. The stock initially surged 9–11% on the guidance raise before giving back gains on broader chip-sector volatility, but the business momentum—combined with a $25B Brookfield partnership expansion announced in June—suggests the on-site power thesis remains intact despite macro headwinds.