Bloom Energy (BE) Sees Revenue Surge in Q3 2025
Earnings Release Date: October 28, 2025
Key Points
- Revenue: $519.0M (+57% YoY)
- Non-GAAP Gross Margin: 30.4% (vs 25.2%)
- Non-GAAP Operating Income: $46.2M (vs $8.1M)
- Adjusted EBITDA: $59.0M (vs $21.3M)
- Non-GAAP EPS: $0.15 (vs –$0.01)
- GAAP EPS: –$0.10 (vs –$0.06)
Quarter Highlights
- Revenue grew 57% YoY, driven by strong commercial and industrial demand.
- Margins expanded across all segments: product, install, service, and electricity.
- Non-GAAP operating margin rose to 8.9%, from 2.5% a year ago.
- GAAP operating income turned positive at $7.8M (vs –$9.7M).
- Free cash flow details not disclosed in press release.
AI Infrastructure Role and Strategic Positioning
- Bloom Energy is emerging as a critical enabler of AI infrastructure, solving the power bottleneck for data centers:
- Provides onsite modular power systems deployable in as little as 90 days.
- Supports scalable workloads from 20MW to 500MW, ideal for AI compute nodes.
- Offers reliability of 99.9%+ uptime, mitigating grid instability risks.
- Power cost is competitive with traditional sources but offers lower emissions.
- Strategic Partnerships:
- $5B collaboration with Brookfield to power global AI factories.
- Working with Oracle to deploy power to data centers in <90 days.
- Management highlights that AI-driven demand is a long-term secular tailwind, with Bloom positioned as a direct beneficiary.
Financial Summary
| Metric | Q3 2025 | Q3 2024 | YoY Change |
|---|---|---|---|
| Revenue | $519.0M | $330.4M | +57% |
| GAAP Gross Margin | 29.2% | 23.8% | +540 bps |
| Non-GAAP Gross Margin | 30.4% | 25.2% | +520 bps |
| GAAP Operating Income | $7.8M | –$9.7M | NM |
| Non-GAAP Operating Income | $46.2M | $8.1M | +470% |
| Adjusted EBITDA | $59.0M | $21.3M | +177% |
| GAAP EPS | –$0.10 | –$0.06 | ↓ |
| Non-GAAP EPS | $0.15 | –$0.01 | NM |
About Bloom Energy
Bloom Energy (NYSE: BE) delivers highly efficient, modular fuel-cell-based power solutions that serve commercial, industrial, and hyperscale customers. Its Energy Servers generate clean, reliable power onsite, reducing dependence on the grid—an advantage increasingly critical for AI data center growth.
Key Takeaways
- Massive top-line acceleration fueled by industrial and data center deployment.
- AI-driven demand is emerging as a defining theme, with Bloom uniquely positioned to meet scale, speed, and uptime needs.
- Margin expansion and positive GAAP operating income indicate improving financial leverage.
- Strategic partnerships with Brookfield and Oracle further embed Bloom in future hyperscale AI ecosystems.
- Bloom Energy is evolving into a backbone utility provider for AI infrastructure growth.
- Stock surges +20.43 (18.03%) closing today at 133.71