Bloom Energy Raises 2026 Outlook as Data-Center Power Demand Supports Fuel-Cell Deployments
DataNews Editorial Team
Bloom Energy reported third-quarter 2026 revenue of $1.236 billion, up 138% year on year, and raised its 2026 revenue outlook to $4.4 billion–$4.6 billion. The company cited rapid deployment of fuel-cell systems for a 300 MW New Jersey data-center project, while AEP and Google are planning an approximately 700 MW Wyoming project using CCS-compatible fuel cells.
- Bloom Energy reported $1.236 billion of third-quarter 2026 revenue, up 138% year on year, and raised 2026 revenue guidance to $4.4 billion–$4.6 billion.
- The New Jersey project is described as 300 MW, but only its first fuel-cell units—not the full project—were reported to have entered operation.
- AEP and Google’s approximately 700 MW Wyoming fuel-cell project is planned and has not been presented as operational capacity.
- Negative operating and free cash flow show that reported earnings growth has not yet eliminated working-capital and expansion-funding pressure.
- Onsite generation could shorten the path to power for data-center developments facing grid constraints, subject to project economics and execution.
Bloom Energy has raised its 2026 outlook after reporting strong third-quarter results amid demand for rapidly deployable power infrastructure, including data-center applications. Third-quarter revenue reached $1.236 billion, up 138% year on year, while product revenue was approximately $1.07 billion, up 179%.
The company reported adjusted EBITDA of approximately $299 million, adjusted earnings per share of $0.94 and an adjusted gross margin of 34.5% for the quarter. Bloom increased its 2026 revenue guidance to $4.4 billion–$4.6 billion and lifted its adjusted operating-income outlook to $960 million–$1.03 billion.
For data-center operators facing long grid-interconnection timelines, the cited New Jersey deployment illustrates the potential role of onsite generation. The project is described as a 300 MW data-center project. Planning approval was obtained three months after contract signing, and the first units entered operation two months later. This timing applies to the first installations, not to completion of the full 300 MW project.
A separate AEP and Google project in Wyoming is planned at approximately 700 MW and is intended to use fuel-cell systems compatible with carbon capture and storage. The project remains planned; the cited information does not establish operational capacity, a delivery schedule or project CAPEX. Its commercial model and economics, including the CCS element, remain to be clarified.
Bloom is also pursuing a manufacturing expansion trajectory of more than 5 GW per year, according to Morgan Stanley. However, its quarterly cash generation remained negative: operating cash flow was negative $27 million and free cash flow was negative $181 million, alongside $153 million of capital expenditure. The reported cash-flow pressure was attributed to working capital and expansion spending.
For the data-center power market, the company’s deployments could indicate growing use of distributed onsite generation where utility supply is constrained or interconnection is delayed. The pace at which this segment scales will nonetheless depend on project-level economics, manufacturers’ ability to fund working-capital requirements, and the speed with which announced orders convert into deliveries and payment.
The results highlight how constrained or delayed grid interconnection can support demand for onsite generation at data-center sites. They also underline that equipment-sector growth will depend on project economics, working-capital funding and the conversion of orders into delivered, paid-for systems.
- — / October 23, 2026 · ChineseSource →
This article was prepared by the DataNews editorial team based on the sources listed above.