Bloom Energy

Refresh delta (since 2026-08-10)

1. Q3 2026: revenue $1,235.8M, +138.1% YoY ($519.0M) and +16.0% on Q2 ($1,065.4M) [8-KForm 8-KA filing for something that happened between reports and matters enough to tell shareholders now. Q3]; the sequential figure is. Product revenue $1,073.6M (+179.4%). GAAP gross margin 33.8% (29.2%); non-GAAP 34.5% (30.4%). GAAP operating income $225.4M (18.2% margin) against $7.8M; non-GAAP operating income $285.7M (23.1%); adjusted EBITDA $299.5M; GAAP diluted EPS $0.78 against −$0.10; non-GAAP diluted EPS $0.94 against $0.15; net profit to common $250.3M [8-K Q3]. Bloom was added to the S&P 500 [8-K Q3].

2. Guidance raised a third time this year [8-K Q3]: revenue $4.4B to $4.6B (from $3.9B to $4.2B); non-GAAP gross margin about 34% (unchanged); non-GAAP operating income $960M to $1,030M (from $800M to $900M); non-GAAP EPS $3.10 to $3.40 (from $2.55 to $2.85). The prior figures are from the shelf. The seed says Q3 will show whether "disclosed RPORemaining performance obligationsRevenue a company has already signed contracts for but has not yet delivered or booked. finally grow[s] with revenue".

3. Disclosed backlog grew faster than revenue this quarter. Unsatisfied performance obligations for product sales and installation were $661.2M at 2026-09-30 against $394.4M at 2025-12-31, plus $56.2M of deferred service obligations [10-QForm 10-QThe quarterly version of the annual report. Lighter, and not audited., Note 3]. The prior dossier's comparables at 2026-06-30 were $442.4M and $51.7M, a total of $494.1M, which grew 0.3% on the quarter while revenue grew 41.8%. Product and installation obligations are up 49.5% in the quarter and the total is $717.4M, up 45.2%, against sequential revenue growth of 16.0% (fact 1). Q3 revenue alone was 1.7 times the total. Deferred revenue: additions of $1,147.3M and revenue recognised of $1,138.7M in the quarter, ending balance $93.0M [10-Q, Note 3]. The $20B marketed figure the prior dossier cites from a short-seller report is not in the filing text searched.

4. Concentration and related party. Two customers were about 43% and 26% of Q3 revenue; for nine months they were about 43% and 23%, the second being the related party [10-Q, Note 14]. Related-party revenue was $321.6M in Q3 and $697.7M for nine months (Q3 2025: $288.0M) [10-Q, Note 11]. Three customers were about 31%, 24% and 15% of receivables at 2026-09-30 [10-Q, concentration note]. The seed's bear case names "~94% of first-half revenue from two counterparties".

5. Oracle warrant and the customer consideration asset. Oracle exercised its warrant on 2026-05-01 on a cashless basis for 1,905,433 shares, and Bloom issued 248,798 further shares as an inducement to net settle, worth $72.3M; the shares were worth $323.9M in all. Bloom recorded a Customer Consideration Asset of $91.0M current and $215.5M long-term at 2026-09-30, amortised as a reduction of revenue as the Energy Servers are delivered; revenue adjustments were +$0.5M for Q3 and −$1.4M for nine months [10-Q, Note on customer consideration]. The two balances sum to $306.5M, the same figure the seed calls "$306.5M of pre-committed contra-revenue". Amortisation to date is small against that balance.

6. Class action: the July 2026 complaint (Nevins, Northern District of California, Sections 10(b) and 20(a)) alleges misleading statements about the supply chain since 2025-02-27 and "mirror[s]" the Hunterbrook short report of July 2026. On 2026-10-15 the Court appointed a lead plaintiff, Nicole Caraoué, and Robbins Geller Rudman & Dowd as lead counsel; Bloom believes the complaint is without merit and will defend [10-Q, Note 12]. The seed's lead-plaintiff date was 2026-09-28; no motion-to-dismiss ruling has been filed.

7. Cash and tax: cash and equivalents $2,486.7M against $2,454.1M at 2025-12-31; nine-month operating cash flow $272.9M, up $577.0M; investing used $257.7M; stockholders' equity attributable to common $1,932.9M against $768.6M [10-Q, balance sheet and cash flow]. The 10-Q repeats that a significant part of the valuation allowance on U.S. deferred tax assets may be released if positive evidence continues, without a date [10-Q, MD&A]. The seed lists the allowance release as a FY2026 10-KForm 10-KA company’s audited annual report to the US regulator. The most complete thing it publishes. event.

What held

• The business kept compounding: revenue, margins and operating cash flow all rose (facts 1 and 7).
• Concentration is unchanged in kind: two customers are two-thirds of the quarter, one of them a related party (fact 4).
• The securities action is live and now has a lead plaintiff (fact 6).
• The Oracle share consideration is still mostly unamortised (fact 5).