Bloom Energy (BE +9.18%) stock is off to the races Wednesday, surging 22.5% through 10:35 a.m. ET after crushing on Q1 2026 earnings last night.
Analysts expected Bloom to earn $0.13 per share pro forma on sales of $530.4 million, but Bloom blew past those numbers. Earnings of $0.44 per share were more than 3x expectations, and sales of $751.1 million beat forecasts by 42%.
Image source: Bloom Energy.
Bloom Energy Q1 earnings
Bloom Energy Q1 sales exploded 130% year over year, with hardware sales more than tripling and comprising 87% of total revenue. Gross margins earned on revenue inched higher, hitting 30%, and operating profit flipped from negative (a year ago) to positive (today).
Earnings calculated under generally accepted accounting principles (GAAP) were not quite as strong as the non-GAAP number shown above. Still, Bloom posted $0.23 per share in GAAP profits, versus a $0.10 per share loss in last year's Q1.
Free cash flow likewise flipped from deeply negative (burning $124.9 million in last year's Q1) to a respectable positive $47.4 million this time around.
NYSE: BE
Key Data Points
What's next for Bloom stock?
Bloom's on a roll, and the speedy increase in hardware sales (Bloom's "boxes," which convert hydrogen and natural gas to electricity) lays the groundwork to drive services revenue higher down the road as well. Turning to guidance, Bloom raised its 2026 revenue forecast to a range of $3.4 billion to $3.8 billion -- versus the $3.2 billion Wall Street was expecting. Earnings will also be much higher than expected -- $1.85 to $2.25 per share (albeit non-GAAP).
Granted, even at the top of this range, Bloom's selling for more than 120 times forward earnings. But if Bloom is being priced like a growth stock -- at least it's growing to match.
