"AI-powered newcomer" Bloom's quarterly revenue doubled, guidance sharply raised, CEO says it is "becoming the standard for onsite power supply."

"AI-powered newcomer" Bloom's quarterly revenue doubled, guidance sharply raised, CEO says it is "becoming the standard for onsite power supply."

Behind the AI computing power arms race is an increasingly intense power struggle—and Bloom Energy is turning this crisis into its own business.

After the US stock market closed on April 28 local time, Bloom Energy released its Q1 2026 financial report, with revenue, profit, and gross margin all beating expectations, and the full-year guidance raised sharply. After the announcement, the company's stock price jumped about 12% in after-hours trading.

This energy company, headquartered in Silicon Valley and specializing in solid oxide fuel cells, is becoming an increasingly unignorable name amid the AI infrastructure boom. Its products are distributed power generation systems that can be directly deployed within data center campuses—in other words, it sells "power plants that don't plug into the grid."

In terms of news, the day before the financial report, Oracle announced that its "Project Jupiter" AI factory in New Mexico—a data center project with a scale of several gigawatts—will replace previously planned gas turbines and diesel generators entirely with Bloom's fuel cells, a 100% Bloom solution.

Quarterly Report Data: Revenue Doubled, Profit Moves From Loss to Gain

In Q1, Bloom Energy achieved revenues of $751.1 million, up 130% year-on-year, far exceeding Wall Street's expectation of $540 million.

The changes on the profit side were even more significant. GAAP net profit was $70.7 million, compared to a net loss of $23.8 million in the same period last year—a qualitative leap from loss to profit in just one year.

Adjusted (non-GAAP) earnings per share was $0.44, about four times analyst expectations of $0.12. This result surprised the market.

Breaking it down:

  • Product revenue: $653.3 million, up 208% year-on-year, a record high
  • Service revenue: $61.9 million, up 15.6% year-on-year
  • Non-GAAP gross margin: 31.5%, up 2.8 percentage points year-on-year
  • Non-GAAP operating profit: $129.7 million, compared to $13.2 million in the same period last year, almost a tenfold increase
  • Adjusted EBITDA: $143 million, compared to $25.2 million last year, about a sixfold increase
  • Operating activities cash flow: $73.6 million, up $184.3 million year-on-year, marking the first time in company history to achieve positive operating cash flow in the first quarter (traditionally a slow season)

CFO Simon Edwards said on the conference call: "This is the first quarter in Bloom's history as a publicly listed company with year-on-year growth over 100%."

CEO and founder KR Sridhar said: "Bloom is rapidly becoming the standard and preferred solution for onsite power."

Full-Year Guidance: Median Growth Rate Jumps from 60% to 80%

The full-year guidance announced simultaneously with the financial report is another highlight exciting the market.

Bloom Energy raised its full-year 2026 revenue guidance from $3.1-3.3 billion to $3.4-3.8 billion, with the median growth rate jumping from 60% to 80%. Non-GAAP gross margin guidance was raised to about 34%. Notably, the lower end of the new guidance range is already higher than the upper end of the previous guidance.

By comparison, according to the Wall Street Journal, analysts previously expected full-year adjusted EPS of $1.42 and revenue of $3.24 billion—the new company guidance far exceeds market expectations for both core metrics.

Simon Edwards added on the conference call: "We expect second-quarter revenue to be at least equal to the first quarter, which gives us the confidence to raise full-year guidance."

Oracle’s Big Order: 2.45 Gigawatts, All Bloom

A day before the financial report, a notice already provided the best footnote for this report.

On April 27, Oracle and BorderPlex Digital Assets announced that they would use Bloom Energy’s fuel cells as the sole power solution for the Project Jupiter data center campus in New Mexico, with a maximum scale of 2.45 gigawatts. This scheme will completely replace the originally planned gas turbines and diesel backup generators.

Bloom Energy Chief Commercial Officer Aman Joshi said: “Bloom’s fuel cell technology will provide power for what is expected to be one of the largest data center microgrids in the US when completed.”

CEO and founder KR Sridhar further explained the strategic significance of this order on the conference call:

Oracle’s shift to Bloom’s sole solution is driven by two core reasons: First, to be a responsible corporate citizen and respond to local concerns about air quality, water use, noise, and rising electricity prices;Second, to build a clean AI factory independent of the grid, with higher reliability and faster speed.

He also emphasized that Oracle's choice is not an exception: “At present, over half of our data center backlog orders come from other hyperscale cloud service providers, emerging cloud service providers, and managed service providers.”

Additionally, last autumn, Brookfield Asset Management announced an investment of up to $5 billion to partner with Bloom Energy to deploy fuel cells for AI data centers.

Why Bloom? The Power Supply Logic Explained

To understand Bloom Energy’s growth logic, one must first understand the power supply dilemmas faced by AI data centers.

The electricity requirements of large AI training data centers are enormous. KR Sridhar explained on the conference call: a 2.5 GW data center powered by combined cycle gas turbines (CCGT) would use as much water daily as all Rhode Island residents' showers combined, and emit as much air pollution as nearly all cars in that state.

Even in remote towns, you can see why there are objections, and why clean energy is becoming so important.

Bloom’s solid oxide fuel cells don’t burn, don’t emit, use very little water, have low noise, and a compact footprint. They can independently power data centers without relying on the grid, diesel backup generators, or large battery storage.

KR Sridhar summarizes this capability as “digital power”: “We are a power solution designed for the digital age.”

In terms of supply chain and production capacity, he said the company’s current manufacturing capacity supports 5 GW product deliveries yearly, and expansion is much faster than traditional energy equipment manufacturers. “We will not become a bottleneck for customers, and that's our promise,” he said. “The traditional power industry celebrates backlog orders delivered four or five years later, whereas our products can be delivered this year or next.”

Regarding service contracts, KR Sridhar revealed that data center customers' service contracts have an average term of 10 to 15 years, and the bundling rate of product sales and service contracts is 100%—that is, every product sale includes a service contract, creating a continuous recurring income source.

New CFO’s Debut, Emphasizing “Intergenerational Company” Vision

This is also Simon Edwards’ first appearance on Bloom Energy’s financial call as CFO, having joined the company just two weeks ago.

Simon Edwards explained his reasons for joining Bloom on the conference call:

I see strong tailwinds for AI infrastructure and electrification fields, as well as a real bottleneck in power supply. Bloom is uniquely positioned to meet this challenge, and this long-term opportunity goes far beyond AI.

He positioned Bloom as “an intergenerational company,” saying: “We have the opportunity to help build a company that can truly create long-term value.”

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