A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Bloom Energy delivered a sharp turnaround in Q2 FY2026 with total revenue more than doubling to $1,065.4M and net income attributable to common stockholders of $196.3M (vs. a $42.6M loss a year ago), driven by strong product revenue growth and a return to operating profitability.
Filed · Source: SEC EDGAR 10-Q filing
Bloom Energy swung to a $196.3M profit in Q2 FY2026 as revenue more than doubled year-over-year to $1,065.4M, with operating income of $182.2M versus an operating loss a year earlier.
Last 4 quarters: 4 beats
Total revenue for the three months ended June 30, 2026 was $1,065.4M, up from $401.2M in the prior-year quarter, driven primarily by Product revenue growth to $935.4M from $296.6M. For the six-month period, total revenue rose to $1,816.4M from $727.3M.
Source: 10-Q Income Statement (XBRL)
Income from operations was $182.2M in Q2 FY2026 compared to a loss from operations of $3.5M in Q2 FY2025, and six-month operating income was $254.4M versus a $22.6M loss in the prior-year period, reflecting operating leverage as revenue scaled faster than costs.
Source: 10-Q Income Statement (XBRL)
The company generated $300.0M of positive operating cash flow for the six months ended June 30, 2026, a significant improvement from cash used in operations of $323.8M in the same period of 2025; cash and cash equivalents grew to $2,666.9M from $2,454.1M at year-end 2025.
Source: 10-Q Item 1 Notes, Note 1 Liquidity
During the six months ended June 30, 2026, revenue from one customer accounted for approximately 73% of total revenue, and U.S. revenue represented 90% of total revenue for both the three and six month periods, up sharply from 59% and 58% in the prior-year periods, indicating a shift toward concentrated domestic, large-customer deployments.
Source: 10-Q Item 1 Notes, Note 1 Concentration of Risk
Total outstanding recourse debt declined to $2,475.4M as of June 30, 2026 from $2,613.7M at December 31, 2025, aided by $144.6M of Green Notes conversions to equity during the six-month period, reducing long-term recourse debt while increasing additional paid-in capital.
Source: 10-Q Item 1 Notes, Note 1 Liquidity / Statement of Changes in Stockholders' Equity
Revenue from a single customer accounted for approximately 73% of total revenue for the six months ended June 30, 2026, and two customers together accounted for approximately 65% of Q2 revenue, creating significant dependence on a small number of counterparties whose purchasing decisions could materially affect results.
Source: 10-Q Item 1 Notes, Note 1 Concentration of Risk
As of June 30, 2026, three customers accounted for approximately 36%, 34%, and 17% of accounts receivable, meaning a large majority of receivables are concentrated with very few counterparties, one of which is a related party, raising collection risk if any of these customers face financial difficulty.
Source: 10-Q Item 1 Notes, Note 1 Concentration of Risk
The company consolidates a variable interest entity related to a Korean joint venture and uses the HLBV equity method (with a one-quarter reporting lag) for Fund JV investments, including a $215.5M long-term customer consideration asset tied to related-party arrangements, adding complexity and estimation risk to reported results.
Source: 10-Q Item 1 Notes, Note 2 & Note 11
The company carries $2,470.7M of long-term recourse debt as of June 30, 2026 (down from $2,613.7M at year-end 2025), and continues to rely on convertible debt, exchanges, and conversions to manage its capital structure, which could pressure liquidity or dilute shareholders if further conversions or refinancing are needed.
Source: 10-Q Item 1 Notes, Note 1 Liquidity
U.S. revenue jumped to 90% of total revenue in both the three and six month periods ended June 30, 2026, up from 59% and 58% in the prior year, indicating reduced international diversification and greater exposure to U.S. market and policy conditions such as the One Big Beautiful Bill Act.
Source: 10-Q Item 1 Notes, Note 1 Concentration of Risk
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
See the BE earnings preview — expected date, analyst estimates and what to watch →
The filing does not disclose analyst consensus estimates, so a beat/miss cannot be confirmed from this data. However, Bloom Energy reported diluted EPS of $0.62 and net income attributable to common stockholders of $196.3M in Q2 FY2026, a sharp improvement from a $0.18 diluted loss per share in Q2 FY2025.
Total revenue grew to $1,065.4M in Q2 FY2026 from $401.2M in Q2 FY2025, an increase of about 165%, driven primarily by Product revenue rising to $935.4M from $296.6M. Six-month revenue also more than doubled to $1,816.4M from $727.3M.
Yes, Bloom Energy reported net income attributable to common stockholders of $196.3M in Q2 FY2026, compared to a net loss of $42.6M in Q2 FY2025. Operating income also turned positive at $182.2M versus an operating loss of $3.5M a year earlier.
Key risks include extreme customer concentration, with one customer representing approximately 73% of six-month revenue and three customers accounting for over 87% of accounts receivable. The company also carries $2,470.7M in long-term recourse debt and has complex related-party/joint-venture accounting arrangements, including a Korean VIE and Fund JV equity-method investments.
Bloom Energy generated $300.0M in positive operating cash flow for the six months ended June 30, 2026, reversing a $323.8M cash outflow in the same period of 2025. Cash and cash equivalents stood at $2,666.9M as of June 30, 2026, up from $2,454.1M at year-end 2025.
Expected release date, analyst estimates & what to watch
Bloom Energy (BE) delivered a dramatic Q1 2026 turnaround, with revenue surging 130.4% YoY to $751.1M and operating income swinging from a $19.1M loss to a $72.2M profit, driven by strong product demand and significant margin expansion.
Bloom Energy (BE) delivered strong FY2025 revenue growth of 37.3% to $2.02B, with operating income surging 217.8% to $72.8M, though the company still reported a negative EPS of -$0.37 amid a significant balance sheet expansion driven by a large financing round.