Bloom Energy revenue jumps 138% and full-year guidance rises again, but shares slide in AI-power selloff

Bloom Energy (BE) reported record third-quarter 2026 results after the close on Oct. 22. Revenue rose 138.1% to $1,235.8 million and non-GAAP EPS was $0.94 (GAAP $0.78), beating expectations by about 15% on revenue and 36% on earnings; one widely shared tally put consensus at $1.07 billion and $0.68. Gross margin was 33.8%, or 34.5% on a non-GAAP basis. The fuel-cell maker also noted it had been added to the S&P 500.

Management raised full-year 2026 guidance for the third time this year, to revenue of $4.4 billion to $4.6 billion, which it said is 122% growth at the midpoint, and non-GAAP EPS of $3.10 to $3.40. Both ranges sit above the pre-report consensus of $4.12 billion and $2.71. Bloom's on-site power systems have become a play on data-center electricity demand, which is why the stock trades with the AI-infrastructure group.

That link cut the other way this week. The shares fell about 8.7% in the regular session on Oct. 22, closing at $217.77 before the report, as worries about AI capital spending hit power and chip names, and they were down about 21% over the prior month. After the release the stock slid further in after-hours trading, down roughly 4.5% to around $208 according to Investing.com. At about 314 times trailing earnings, the valuation leaves little room for doubts about AI spending, even as BMO raised its price target to $260 from $227. The next markers are Q4 bookings from data-center customers and whether margins keep expanding as volumes scale.