To The Moon

Management View

• "At the end of September, as we were closing out another record quarter, I celebrated Bloom's 25th anniversary and our inclusion in the S&P 500" (Co-Founder, CEO & Chairman K. Sridhar).

• "We started our 2026 Q1 earnings call expecting a year-on-year revenue growth of 60%. Today, we are upward revising that guidance and projecting over 120% year-on-year revenue growth at the midpoint" (CEO Sridhar).

• "AEP revealed that 700 megawatts of carbon capture and sequestration-enabled Bloom Energy Servers will be used to provide Google with near net zero electricity in a first-of-its-kind project" (CEO Sridhar).

• "Revenue of $1.24 billion was up 138% year-over-year" (Chief Financial Officer Simon Edwards).

Outlook

• "We are raising our full year revenue outlook to $4.4 billion to $4.6 billion" (CFO Edwards).

• "We are maintaining our most recent non-GAAP gross margin outlook of approximately 34%" (CFO Edwards).

• "We are also raising our non-GAAP operating income outlook to $960 million to $1.03 billion" (CFO Edwards).

• "Our non-GAAP diluted EPS outlook is now $3.10 to $3.40" (CFO Edwards).

Financial Results

• "Operating margin for the quarter expanded to 23.1% from 8.9% a year ago" (CFO Edwards).

• "Product revenue was $1.07 billion... crossing $1 billion in the quarter for the first time and representing 87% of total revenue" (CFO Edwards).

• "Product gross margin was 38.4%" and "services margin was 21.4%" (CFO Edwards).

• "Cash flow from operations in the quarter was a use of $27 million" and "free cash flow was a use of $181 million in the quarter" (CFO Edwards).

• "We ended the quarter with $2.5 billion of cash" (CFO Edwards).

Q&A

• Mark W. Strouse, JPMorgan Chase & Co.: "why make that decision now?" Title Sridhar: "the 5 gigawatt milestone... we can clearly see that coming, and we need to get prepared for what is after that."

• Nicholas Amicucci, Evercore ISI: "drill into just the free cash flow profile" Title Edwards: "we really do believe that this business will be a free cash flow positive business" and "look at cash generation over the full year rather than extrapolating from any one quarter."

• Nicholas Amicucci, Evercore ISI: "the opportunity and TAM... within kind of that regulated utility opportunity" Title Sridhar: "we are a distribution asset" and "we see this as a huge growth business for us going forward."

• David Arcaro, Morgan Stanley: "address where those stand... carbon capture... 800-volt DC" Title Sridhar: "Combustion technologies do not offer an affordable and scalable pathway to carbon capture today" and "800-volt DC is a no-brainer."

• Christopher Dendrinos, RBC Capital Markets: "is the time to power still sub-90 days?" Title Sridhar: "We will not be the bottleneck" and "there is no faster technology available to power a customer on."

• Manav Gupta, UBS: "help us... understand... total cost" Title Sridhar: "LCOE... is an absurd construct for on-site power" and "the real cost for a data center is... the token cost of electricity."

• Ben Kallo, Baird: "any kind of supply constraints" Title Sridhar: "We have not given any numbers on quarter-to-quarter growth... it's a dial" and on international, "international markets are very attractive to us."

• Ameet Thakkar, BMO: "What's the largest single-site... deployment" Title Sridhar: "We are in the 100-megawatt class already" and "our largest systems are approaching the gigawatt scale."

• Sunaina Ocalan, Bernstein: "are you seeing CCS come up more" Title Sridhar: "there is significant interest" and "customers would very soon at a minimum, start buying systems from us that are carbon capture ready."

• Colin Rusch, Oppenheimer: "contract asset growth" Title Edwards: "what I do expect is they're going to turn"; Colin Rusch, Oppenheimer: "strategy for monetizing carbon capture" Title Sridhar: "We will cater to the needs of the end customer" and "We are agnostic to all of them."

Sentiment Analysis

• Analysts: slightly positive, with repeated execution questions on scaling, cash conversion, and speed, including "time to power" and "free cash flow profile" (Christopher Dendrinos, RBC Capital Markets; Nicholas Amicucci, Evercore ISI).

• Management: positive and expansion-oriented, including "we are raising our full year outlook" (CFO Edwards) and "Our future is bright" (CEO Sridhar).

• Versus last quarter: management continued the high-confidence framing around AI-driven demand, shifting from "capacity is not going to be our constraint" (CEO Sridhar, Q2) to "get prepared for what is after" the "5 gigawatt milestone" (CEO Sridhar, Q3).

Quarter-over-Quarter Comparison

• Guidance language intensified: Q2 said "we are raising our full year revenue outlook to $3.9 billion to $4.2 billion" (CFO Edwards, Q2), while Q3 raised it again to "$4.4 billion to $4.6 billion" (CFO Edwards, Q3).

• Cash discussion shifted: Q2 highlighted "cash flow from operations was $226 million" (CFO Edwards, Q2), while Q3 emphasized working-capital-driven volatility with "cash flow from operations... was a use of $27 million" (CFO Edwards, Q3).

• Analyst focus broadened from Q2’s supply chain and project-delay protections to Q3’s manufacturing footprint expansion, utility/channel strategy, and monetization pathways for CCS.

Risks and Concerns

• "The timing of large deliveries and related cash collections will vary from quarter-to-quarter" (CFO Edwards).

• "We expect to continue investing in working capital to support future growth" (CFO Edwards).

• "scaling comes with start-up costs" (CFO Edwards).

• "there's a lot of uncertainty in the world, and there's volatility in the market" (CEO Sridhar).

Final Takeaway

Management framed Q3 as another record quarter alongside a third increase this year to full-year revenue, operating income, and EPS outlook, while highlighting expanding scale plans, growing utility-channel ambitions, and new commercialization vectors such as carbon capture readiness and 800-volt DC, with the main near-term execution watchpoints centered on delivery timing, working-capital needs, and scaling costs. $Bloom Energy Corp(BE)$