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Sep 30
Bloom Energy Q3 2025 Earnings Report
Bloom Energy reported record revenue and improved non-GAAP profitability in Q3 2025, despite posting a GAAP net loss.
Key Takeaways
Bloom Energy achieved its fourth consecutive quarter of record revenue in Q3 2025, driven by strong growth in product and service sales. Non-GAAP margins improved significantly, though the company reported a GAAP net loss primarily due to equity losses from joint ventures.
Revenue reached $519 million, up from $330 million in Q3 2024.
Non-GAAP operating income surged to $46.2 million from $8.1 million a year earlier.
GAAP net loss was $23.1 million, while non-GAAP EPS was $0.15.
Gross margin expanded to 29.2% GAAP and 30.4% non-GAAP, reflecting operational improvements.
Bloom Energy
Bloom Energy
Bloom Energy Revenue by Segment
Bloom Energy Revenue by Geographic Location
Revenue by Segment
Product Revenue
CapyFin.comInstallation Revenue
CapyFin.comService Revenue
CapyFin.comElectricity Revenue
CapyFin.comRevenue by Geographic Location
Total Revenue
CapyFin.com Forward Guidance
Bloom expects to continue leveraging strong demand for distributed power and AI-driven infrastructure to sustain revenue growth and margin expansion.
Positive Outlook
- Strong demand from data centers and industrial clients.
- Fourth consecutive quarter of record revenue.
- Non-GAAP margins improving across business lines.
- Positive cash flow from operations in Q3.
- $5B strategic partnership with Brookfield to support AI infrastructure growth.
Challenges Ahead
- GAAP net loss driven by equity investment losses.
- Significant stock-based compensation expenses continue.
- High inventory levels and contract asset growth affecting working capital.
- Electricity segment revenue declined YoY.
- Equity losses from international joint ventures impact bottom line.
Revenue & Expenses
Visualization of income flow from segment revenue to net income