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Sentiment · FY2026 Q1
Reported Tuesday, Jul 28. Earnings call pending.
A pre-earnings brief is ready for BE: the setup, what peers and partners said this season, and which analysts to watch. Reading it is a Tellvest Pro feature.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Chris Dendrinos | RBC Capital Markets | 12 (8%) |
| Colin Rusch | Oppenheimer | 10 (0%) |
| Manav Gupta | UBS | 9 (0%) |
| Dave Arcaro | Morgan Stanley | 8 (0%) |
| Sherif Elmaghrabi | BTIG | 7 (14%) |
| Noel Parks | Tuohy Brothers | 5 (0%) |
| Mark Strouse | JPMorgan | 5 (0%) |
| Mike Blum | Wells Fargo | 5 (40%) |
| Dushyant Ailani | Jefferies | 5 (0%) |
| Ameet Thakkar | BMO Capital Markets | 4 (50%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 2 | 12 (8%) |
| RBC Capital Markets | 1 | 12 (8%) |
| Oppenheimer | 1 | 10 (0%) |
| UBS | 1 |
| 9 (0%) |
| BTIG | 1 | 7 (14%) |
| Robert W. Baird | 2 | 6 (0%) |
| Tuohy Brothers | 1 | 5 (0%) |
| Wells Fargo | 1 | 5 (40%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $572M | +60.4% | $0.36 | +2095.1% | 38.3% | 18.3% | 18.3% | $473M |
| FY2025 Q1 | $326M | +38.6% | $-0.10 | +60.0% | 27.2% | -5.8% | -7.3% | $-125M |
| FY2025 Q2 | $401M | +19.5% | $-0.18 | +33.3% | 36.1% | 8.5% | -10.6% | $-220M |
| FY2025 Q3 | $519M | +57.1% | $-0.10 | -52.4% | 29.2% | 1.5% | -4.4% | $7M |
| FY2025 Q4 | $778M | +35.9% | $0.00 | -98.9% | 30.8% | 11.3% | 0.1% | $398M |
| FY2026 Q1 | $751M | +130.4% | $0.23 | +330.0% | 30.0% | 9.6% | 9.4% | $48M |
| FY2026 Q2 | $1.07B | +165.5% | $0.62 | +444.4% | 33.4% | 17.1% | 18.4% | $175M |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 | $1.47B | — | $-0.22 | — | 30.3% | 4.4% | -2.0% | $33M |
| FY2025 | $2.02B | +37.3% | $-0.37 | -66.7% | 30.9% | 5.5% | -4.4% | $61M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Bloom Energy finished 2025 with fourth quarter revenue of $777.7 million, up 35.9% year over year, and full year revenue of $2 billion, up 37.3%, while product backlog increased 140% to about $6 billion against roughly $14 billion of service backlog. The service business turned in its eighth consecutive profitable quarter and reached 20% gross margin in Q4, and management introduced 2026 guidance of $3.1 billion to $3.3 billion in revenue with approximately 32% non-GAAP gross margin. Profitability did not keep pace with the top line in the quarter: gross margin fell to 31.9% from 39.3% a year earlier on project mix, non-GAAP operating income was flat at $133 million versus $133.4 million, and GAAP EPS of $0.0041 was effectively breakeven against $0.36 a year ago. Management leaned on two structural arguments for the year ahead, a US backlog that has shifted so that over 80% now sits outside California and the Northeast, and native 800 volt DC output that it says no competing on-site technology can match without conversion equipment.
Demand | Revenue Growth | Competitive Dynamics | Guidance Reliability | Margin | Innovation & R&D | Capex Investment | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 6 | 4 | 4 | 1 | 1 | 1 | 2 |
| 2025Q1 | 6 | 3 | 2 | 2 | 4 | 1 | 1 | |
| 2025Q2 | 8 | 2 | 2 | 2 | 2 | 2 | 1 | 1 |
| 2025Q3 | 5 | 6 | 3 | 4 | 1 | 2 | 3 | 5 |
| 2025Q4 | 5 | 5 | 3 | 3 | 2 | 4 | 1 | 2 |
| 2026Q1 | 4 | 2 | 3 | 3 | 3 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 7 | 6 | 8 | 5 | 5 | 4 |
| Revenue Growth | 6 | 3 | 2 | 6 | 5 | 2 |
| Competitive Dynamics | 4 | 2 | 2 | 3 | 3 | 3 |
| Guidance Reliability | 4 | 2 | 2 | 4 | 3 | |
| Margin | 1 | 4 | 2 | 1 | 2 | 3 |
| Innovation & R&D | 1 | 1 | 2 | 2 | 4 | 3 |
| Capex Investment | 1 | 1 | 1 | 3 | 1 | 4 |
| Capital Allocation | 2 | 1 | 5 | 2 |
What BE and other companies said about each other on FY2025 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“through deals like the Bloom Energy deal and perhaps the deployment of batteries and some other opportunities”
AEP is using Bloom Energy fuel cells to bring data-center load online faster, including a ~$2.65B fuel-cell purchase for a Wyoming facility.
“Google did the same thing yesterday. Or yeah. Yeah. Yesterday after the bell. And, upping their CapEx heavily to a 175 to a 185 billion.”
Google raised 2026 CapEx to $175 to $185 billion, reinforcing Bloom's argument that hyperscaler buildout is outrunning grid capacity.
“Amazon came out today along with us after the market. And said, they're upping their capital expense almost 100% to $200 billion for the year. 2026.”
Amazon nearly doubled its 2026 capital expense plan to $200 billion, which Bloom cites as digital infrastructure spend that must be powered.
“one of your suppliers, MTAR Technologies, had extremely bullish comments on their earnings call. Projecting 30% growth CAGR to 2030 for Bloom Energy.”
Supplier MTAR Technologies publicly projected a 30% growth CAGR to 2030 for Bloom, a projection Bloom management explicitly disavowed as not its own guidance.
“AEP very clearly said that in their press release, and we reiterated that. That our sale of that product is unconditional. And they will take possession.”
AEP's fuel cell purchase is an unconditional sale that it will take possession of regardless of when its own offtake agreement finalizes.
“Oracle would be a very good example. That is, you know, you know, that's happening on a daily basis. We have great conversations with them on so many projects, and we are working with them on many projects.”
Oracle has become a repeat Bloom customer with multiple projects under discussion following its first deployment.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BE Bloom Energy Corporation | 10 | +130.4% | |
| HUBB Hubbell Incorporated | 8 | +11.1% | |
| VRT Vertiv Holdings Co | 9 | +30.1% |