Companies · BE
Bloom Energy
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Latest analysis
Updated Jul 29, 2026
Bloom Energy posts $1.82B in H1 2026 revenue and swings to $267M net income, driven by a massive Oracle AI data center deployment concentrated in Q1.
Bloom Energy's H1 2026 revenue of $1.82 billion nearly tripled the $727 million reported in H1 2025, driven by a transformative deployment of solid-state Energy Servers for Oracle's AI data center infrastructure — a single customer that accounted for approximately 44% of six-month revenue and 73% of Q2 revenue alone. The company swung from a $66 million net loss in H1 2025 to a $267 million net income, with operating income of $254 million and $300 million in positive operating cash flow. The Oracle partnership introduces significant customer concentration risk and a novel equity-warrant consideration structure — Oracle exercised a $324 million fair-value warrant on May 1, 2026, creating a $307 million Customer Consideration Asset that will amortize as a revenue reduction over the life of the arrangement.
Tone: bullishRevenue
$2B
BE 10-K · FY 2025
Revenue growth YoY
+37.3%
Headquarters
San Jose, CA
Profile
BE 10-K Item 1 · Feb 9, 2026Bloom Energy Corporation designs, manufactures, and sells solid oxide fuel cell systems — branded as Energy Servers — that generate electricity on-site for commercial, industrial, and utility customers. The company also offers hydrogen production solutions and managed services including long-term power purchase agreement structures. Its customer base increasingly includes hyperscale data center operators driven by AI workload growth.
Read filing description ↓ Collapse description ↑
Bloom Energy Corporation develops, manufactures, sells, and installs solid oxide fuel cell-based power generation systems, referred to as Energy Servers, which provide distributed on-site electricity generation. The company operates across product, installation, service, and electricity revenue streams, serving customers across the commercial, industrial, and utility sectors. A growing share of its revenue is attributable to AI data center customers, including a major hyperscaler project facilitated through a joint venture with Brookfield. The company also develops hydrogen production technologies through its Electrolyzer product line, though this segment has faced inventory impairments. Revenue is generated through direct product sales, installation contracts, long-term service and maintenance agreements, and electricity contracts that may include lease components under managed services or power purchase agreement structures. Bloom Energy operates internationally, with markets in South Korea, Europe, and other regions, and benefits from U.S. federal tax incentives including tax equity financing arrangements, as well as incentives in Korean and European markets. The company continues to invest in manufacturing automation and efficiency to reduce material, labor, and overhead costs as it scales production capacity.
Primary products
- Energy Server systems
- Electrolyzer
- Managed Services
- power purchase agreements (PPA)
End markets
Geographies
Named customers
“We face significant competition.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased by $550.1 million, or 37.3%, for the year ended December 31, 2025, compared to the prior year period, driven primarily by stronger product and installation revenue.
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