Q1 2026 revenue was $751.1M, up 130.4% year over year, with $653.3M of product revenue.
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Security report / BE
BE Operating Console
Bloom Energy has real AI power validation from Oracle and Nebius, and Q1 2026 revenue more than doubled. The console tracks whether that demand becomes accepted revenue, durable product margin, better installation and service economics, positive cash conversion, and controlled share count after a large valuation reset.
Ticker
BE
Knowledge reviewed
2026-05-24
Links checked
2026-06-24
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Module 01 / Price
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Execution test
Current Company View
Next read
Q2 and Q3 must validate the raised 2026 guide while lifecycle margin and working capital hold.
Product margin was about 34%, but installation margin was about -35% and service margin was about 13%.
The lane's May 22 snapshot showed EV/sales above 35x; StockAnalysis showed 37.58x on June 23.
Oracle acceptance milestones, Nebius project status, warranty reserves, deposits, contract assets, and share count.
Q1 revenue
$751.1M
Up 130.4% year over year
Product revenue
$653.3M
About 87% of Q1 revenue
GAAP gross margin
30.0%
Product margin about 34%
Operating cash flow
$73.6M
Q1 2026 result
FY2026 revenue guide
$3.4B-$3.8B
Raised after Q1
Shares / Oracle warrant
284.44M / 3.53M
Share count plus warrant watch
Trade Plan
Selected Security Trade Plan
Exposure Map
Business Profile, Segments, And Exposure
Bloom is now mainly an onsite AI power conversion story. Revenue is product-led, but project lifecycle economics are still mixed.
Business model
Solid oxide onsite power
Bloom designs, manufactures, sells, installs, and services fuel-cell systems for always-on power. Data centers, industrial customers, commercial sites, utilities, and critical infrastructure are the main demand routes.
Disclosure map
Revenue categories, not customer economics
Public materials split product, installation, service, and electricity revenue. Oracle and Nebius unit economics, acceptance terms, and project cash timing are not fully visible.
Product channel
Product revenue carries the current model.
Q1 product revenue was $653.3M and about 87% of total revenue.
More useful evidence
Accepted systems, product gross margin, backlog conversion, and customer breadth.
Installation and service
Lifecycle costs can offset product economics.
Q1 installation gross margin was about -35%, while service margin was about 13%.
More useful evidence
Installation margin recovery, service costs, field replacements, and warranty reserves.
Oracle framework
Oracle validates demand and raises acceptance risk.
The April 2026 agreement supports up to 2.8 GW, with an initial 1.2 GW contracted and deploying.
More useful evidence
Revenue recognition, deployment timing, customer receipts, and warrant exercise detail.
Nebius project
Second named AI customer broadens the test.
Nebius announced a first 328 MW project expected to be operational in 2026.
More useful evidence
Project acceptance, contract duration, site readiness, and service obligations.
Value Driver Board
Relative Value And Value Drivers
The stock already prices a large AI deployment path. Revenue, margin, cash conversion, and per-share capture must work together.
Revenue conversion
$3.4B-$3.8B FY2026 guide
Management raised guidance after Q1; Q2 and Q3 need to support the new run-rate.
Next: product revenue, project acceptance, Oracle, Nebius, and backlog commentary.
Lifecycle margin
34% product / -35% installation / 13% service
Product margin supports the thesis; installation and service decide consolidated quality.
Next: installation losses, service margin, warranty reserves, and field replacements.
Cash conversion
$73.6M OCF, $47.4M estimated FCF
Q1 cash flow was positive, but inventory, receivables, contract assets, and deposits drive quality.
Next: working-capital bridge, customer deposits, capex, and milestone billings.
Per-share capture
Shares up 14.99% year over year
Convertibles, SBC, and customer-linked warrants can absorb enterprise growth.
Next: share count, Oracle warrant, convertible behavior, and new financing terms.
Guidance Tests
Guidance Path And What Changed
Q1 changed the scale debate. The next test is whether raised guidance turns into repeatable economics.
Can Q2 and Q3 support the new run-rate?
Confirm revenue and product mix remain consistent with the $3.4B-$3.8B FY2026 revenue guide.
Warn if revenue cadence slows or management backs away from the raised guide.
Does product margin survive project scale?
Confirm product margin near the Q1 level while installation losses and service costs narrow.
Warn if warranty reserves, service obligations, or site work erase product economics.
Can deployments fund themselves?
Confirm deposits and milestone billings keep pace with inventory, contract assets, and capex.
Warn if growth requires more equity-linked financing before cash conversion is proven.
Operating Evidence
Operating Evidence And KPIs
These tiles carry the main measured facts from the filed lane and dated web check.
$751.1M
Revenue increased 130.4% year over year in Q1 2026.
$653.3M
Product was about 87% of total revenue and is the main AI deployment channel.
34% / -35% / 13%
Product, installation, and service gross margins show why lifecycle quality remains the test.
$2.49B / $2.60B
Cash is high, but recourse debt and convertibles keep financing structure relevant.
$19.7M
Specific Q1 reserve shows service and reliability costs need close monitoring.
10.04%
StockAnalysis showed 28.56M shares short on June 23, 2026.
Capital Ledger
Financial Quality And Capital Allocation
Liquidity is better than the old Bloom setup, but the common-share outcome still depends on financing terms and working capital.
Financial quality
Cash-rich, working-capital sensitive
Q1 operating cash flow was $73.6M and estimated free cash flow after capex was about $47.4M. The quality test is whether deposits and milestone billings keep pace with inventory, receivables, contract assets, and deployment financing.
Capital allocation
Convertible and warrant overhang
The balance sheet includes a large convertible stack. Shares outstanding were about 284.44M and up 14.99% year over year, and Oracle holds a fully vested warrant for up to 3.53M shares at $113.28 through October 9, 2026.
Position Board
Competitive Position
Bloom has a visible time-to-power edge. The durability test is project conversion, not capacity headlines alone.
What BE has
Oracle and Nebius give Bloom direct evidence in AI data-center power demand.
Bloom says modular fuel cells can shorten time-to-power versus traditional alternatives.
Q1 product gross margin near 34% gives the bull case a measurable operating base.
What is not proven
Oracle and Nebius unit economics, acceptance terms, and cancellation or deferral rights are not fully visible.
Installation losses, service obligations, and warranty costs can dilute product gross margin.
Convertibles, SBC, warrants, and customer-linked consideration can reduce common-holder capture.
Street View
Ownership, Flows, Valuation, And Street Views
Aggregator data is dated outside-view context. The operating proof still comes from filings, releases, and accepted-project evidence.
Bloom IR analyst coverage
Checked 2026-06-24: the company-hosted analyst coverage route was available, but the page body did not expose firm detail in static HTML.
Dashboard use: official route only; use aggregators as labeled outside views. Bloom IR analyst coverage$264.53 average target
Checked 2026-06-24: 28 analysts polled by S&P Global, Buy consensus, $55 low, $335 high, last updated June 23.
Dashboard use: the average target was below the June 23 close. StockAnalysis BE forecast$91.59B market cap, $92.05B enterprise value
StockAnalysis showed 37.58x EV/sales, 22.50x forward P/S, 3.75 beta, and a 1,380.37% 52-week price gain as of June 23, 2026.
Dashboard use: valuation requires sustained deployment conversion and margin expansion. StockAnalysis BE statisticsBarclays, UBS, Bernstein, Morgan Stanley
StockAnalysis listed June 2026 actions including Barclays at $276, UBS at $322, Bernstein initiating at $276, and Morgan Stanley raising to $310.
Dashboard use: June revisions are close to or below the current share price. Latest forecastsHigh institutional ownership, material short interest
StockAnalysis showed 85.48% institutional ownership and short interest of 28.56M shares, or 10.04% of shares outstanding.
Dashboard use: event reactions can be large around earnings, project updates, or financing disclosures. Share statistics
Scenario Board
Scenario Assessment And Sensitivities
The scenario split depends on whether visible AI demand becomes profitable accepted revenue and cash flow.
Base
Revenue keeps growing from AI deployments, but installation, service, warranty, working capital, accounting complexity, and dilution keep quality mixed.
Upside
Oracle and Nebius deployments are accepted on schedule, product margins hold, installation and service leakage narrows, and deposits fund growth.
Downside
Project timing slips, lifecycle costs rise, working capital absorbs cash, financing becomes more dilutive, or disclosure complexity increases.
Trigger Stack
Monitoring Triggers
These are business evidence checks. Chart overlays remain in the shared overlay rules, outside this page.
Q2 and Q3 results
Revenue conversion versus raised guide
Confirm revenue and product mix support the $3.4B-$3.8B FY2026 guide.
Warn revenue cadence slows or management lowers project timing confidence.
Oracle / Nebius
Accepted systems and site readiness
Confirm deployments convert into accepted revenue with customer cash receipts.
Warn delays, downsizing, renegotiation, or weak contract economics.
Margin quality
Product margin versus lifecycle costs
Confirm product margin holds while installation and service margins improve.
Warn warranty reserves or service costs reverse margin improvement.
Working capital
Deposits and milestone billings
Confirm operating cash flow stays positive as inventory and contract assets rise.
Warn deposits lag inventory, receivables, contract assets, and capex.
Per-share economics
Share count and equity-linked claims
Confirm share-count growth slows while revenue and cash conversion improve.
Warn SBC, warrant exercise, convertibles, or new financing absorb more upside.
Cost inputs
Fuel, freight, metals, tariffs, and funding
Confirm input, logistics, and funding pressure ease in project economics.
Warn cost pressure shows up in gross margin, warranty reserves, or customer delays.
Risk Punch Cards
Risks, Invalidations, And Quality Flags
The main risks are project timing, margin quality, valuation, accounting complexity, and dilution.
Execution timing
Basis
Oracle and Nebius are the main named AI deployment proofs.
Warning
Projects slip, downsize, renegotiate, or miss acceptance milestones.
Reduce concern
Accepted systems, recognized revenue, and customer cash receipts on schedule.
Margin quality
Basis
Product margin was strong, but installation and service margins lagged.
Warning
Warranty, service, installation, or freight costs erase product margin.
Reduce concern
Product margin holds while installation and service losses narrow.
Valuation
Basis
StockAnalysis showed EV/sales of 37.58x on June 23, 2026.
Warning
Ordinary timing or margin misses trigger multiple compression.
Reduce concern
Guidance, margin, and cash conversion all improve together.
Accounting and disclosure
Basis
Product revenue timing, Fund JV accounting, and related-party revenue are material.
Warning
Headline growth becomes harder to tie to cash economics.
Reduce concern
Clear acceptance, cash receipt, contract asset, and customer-economics disclosure.
Dilution
Basis
Share count rose materially and Oracle holds a fully vested warrant.
Warning
SBC, warrants, convertibles, or new equity-linked financing absorb value.
Reduce concern
Cash conversion reduces the need for new equity-linked economics.
Customer economics
Basis
Oracle and Nebius capacity announcements do not disclose full unit economics.
Warning
Capacity converts at weaker margin, cash timing, or service terms than expected.
Reduce concern
Disclosure separates capacity, accepted systems, revenue, cash, and service obligations.
Diagnostics
Diagnostics, Freshness, And Known Unknowns
Freshness is explicit because this page is a projection of a filed source lane, not a research refresh.
Freshness
No stale-source warning
Source run
Market data
Coverage gaps
Latest filed security source run generated 2026-05-24T17:55:45Z.
Lane market snapshot as of 2026-05-22; web street-view pages checked 2026-06-24.
Full transcripts, peer filings/calls, and debt/project-finance exhibits were not fully ingested.
Known unknowns
Customer and financing detail
Customer economics
Transcript coverage
Financing structure
Oracle and Nebius unit economics and contract terms are not fully visible from public releases.
The last four full earnings call transcripts were not fully ingested in the filed source pass.
Full debt, revolver, and project-finance exhibits were summarized, not parsed in full.
Source Bay
Links And Filings
Human-useful routes to the source lane, raw projections, filings, metadata, and local chart host.
Canonical BE knowledge lane
Source-routed company research, claim/evidence map, diagnostics, and known unknowns.
Latest profile projection
Scenario, forecast, trigger, risk, and unknown objects for the report layer.
Latest research projection
Q1 metrics, valuation snapshot, source refs, claim IDs, and evidence IDs.
Bloom Energy investor relations
Official IR landing page with financial releases, presentations, filings routes, and contact information.
Bloom IR SEC filings
Company-hosted SEC filings route checked 2026-06-24.
SEC company filings
SEC company browse page for Bloom Energy, CIK 1664703.
Latest 10-Q
Form 10-Q for the quarterly period ended March 31, 2026.
Latest 10-K
Form 10-K for the year ended December 31, 2025.
Q1 2026 earnings release
Release dated April 28, 2026, with Q1 revenue, margin, cash flow, and raised FY2026 guide.
Oracle partnership release
Bloom release dated April 13, 2026, covering up to 2.8 GW and 1.2 GW initially contracted.
Nebius partnership release
Nebius release dated May 20, 2026, with first 328 MW project expected operational in 2026.
May 2026 investor presentation
Presentation route retained in the filed research source registry.
StockAnalysis forecast
Dated outside-view analyst and forecast route, checked 2026-06-24.
StockAnalysis statistics
Dated outside-view valuation, share, short-interest, and balance-sheet route, checked 2026-06-24.
Report metadata JSON
Machine provenance, page sections, source trail, chart endpoints, and web freshness notes.
Fallback chart page
Universal security chart route for BE when a detailed page is not needed.
Local chart API: supplies the daily 9-month and weekly 5-year BE chart views.
Chart overlays: this HTML and JSON do not store page-specific overlay definitions. Shared overlay rules resolve BE levels separately if they are later added.