Bloom Energy Sets Revenue Records and Strengthens Margins on AI Power Demand and Strategic Partnership
Fourth Straight Quarter of Record Revenue Highlights Strong Momentum
Bloom Energy (NYSE: BE) reported another standout quarter, registering $519 million in revenue for Q3 2025—a jump of 57.1% compared to $330.4 million a year ago. This marks the fourth consecutive quarter of record sales, a sign of mounting commercial traction as enterprises pursue more resilient, onsite energy solutions. The company attributes its accelerated growth to surging demand for electricity, especially from AI data centers and Fortune 500 customers looking to future-proof operations against grid volatility.
Profitability Metrics Signal Continued Financial Improvement
Bloom Energy demonstrated notable gains in margins and operating performance. Non-GAAP gross margin reached 30.4%, up from 25.2% a year ago, while GAAP gross margin improved by 5.4 points to 29.2%. On a non-GAAP basis, operating income grew to $46.25 million, significantly above Q3 2024’s $8.1 million, while operating margin climbed to 8.9%—a major improvement reflecting efficiency in both production and services.
| Financial Metric | Q3 2025 | Q2 2025 | Q3 2024 |
|---|---|---|---|
| Revenue | $519.05M | $401.24M | $330.40M |
| Non-GAAP Gross Margin | 30.4% | 28.2% | 25.2% |
| Non-GAAP Operating Income | $46.25M | $28.64M | $8.10M |
| Non-GAAP Operating Margin | 8.9% | 7.1% | 2.5% |
| Adjusted EBITDA | $59.05M | $41.24M | $21.34M |
Services Segment Delivers Double-Digit Margins, Operational Cash Flow Turns Positive
The company’s services segment posted its second consecutive quarter with double-digit non-GAAP profit margins, further cementing its recurring revenue model. Cash flow from operating activities swung positive for the quarter, underlining improved discipline and sustainability even as the company invests for future growth.
Strategic Partnership Aims to Capitalize on AI-Powered Energy Growth
Bloom Energy announced a $5 billion AI infrastructure partnership with Brookfield Asset Management, setting the stage for large-scale deployments tailored to the data center industry. As AI and digital infrastructure demand explodes, this partnership could unlock new opportunities for expansion and market leadership.
Balance Sheet Remains Healthy as Company Eyes Global Expansion
With $595.06 million in cash and cash equivalents as of September 30, 2025, Bloom Energy remains well capitalized. Inventories and accounts receivable also increased to support growth. Despite a net loss of $23.09 million on a GAAP basis for the quarter, non-GAAP adjusted net income of $35.45 million points to strong underlying performance once one-time and non-cash charges are excluded.
| Balance Sheet Item | Sep 30, 2025 | Dec 31, 2024 |
|---|---|---|
| Cash & Equivalents | $595.06M | $802.85M |
| Accounts Receivable | $411.65M | $335.84M |
| Inventories | $705.00M | $544.66M |
| Total Current Assets | $2,047.90M | $2,044.13M |
| Total Liabilities | $1,960.72M | $2,072.14M |
| Total Stockholders’ Equity | $677.48M | $585.22M |
Growth Outlook Buoyed by Favorable Industry Tailwinds
Bloom Energy’s leadership believes the company sits at the heart of a once-in-a-generation opportunity as electrification and AI reshape global power needs. Its continued innovation and execution put it on track to benefit from broader decarbonization trends, distributed power adoption, and strategic infrastructure investments.
What’s Next for Bloom Energy?
The company will discuss these results further on its conference call today. While future market dynamics—including regulatory changes and supply chain risks—bear watching, Bloom Energy’s trajectory is firmly upward, supported by record results and strengthening market position. For investors and industry observers, this quarter signals Bloom’s readiness to capitalize on the AI-driven energy transition and ongoing global shift toward decentralized, resilient power solutions.
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