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Sep 30, 2025
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.
Revenue by Segment
Revenue by Geographic Location
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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