Bloom Energy delivered fourth-quarter revenue of $777.7 million, up 35.9% from $572.4 million a year earlier, driven by robust demand in both product and service offerings. Non-GAAP gross margin was 31.9%, a decline of 7.4 percentage points year-over-year due to mix and one-time costs, while GAAP operating income reached $87.5 million. The quarter generated $418.1 million of operating cash flow, marking the company’s second consecutive quarter of positive free cash flow and reflecting improved working capital management.

For full-year 2025, Bloom Energy reported record revenue of $2.02 billion, a 37.3% increase from $1.47 billion in 2024, with product and service revenue up 35.5% to $1.76 billion. Full-year non-GAAP gross margin expanded to 30.3%, up 1.6 percentage points, and non-GAAP operating income nearly doubled to $221.0 million. The company generated $113.9 million of operating cash flow, marking the second straight year of positive free cash flow, and achieved a 29.0% GAAP gross margin, up from 27.5% in 2024.

The current backlog stands at approximately $20 billion, including a product backlog of $6 billion, which represents a 250% year-over-year increase. Management highlighted secular shifts in power procurement among AI hyperscalers and manufacturing customers, with ‘bring-your-own-power’ strategies now considered essential. Service backlog growth also underscores long-term recurring revenue, with contracts ranging from 5 to 20 years for operation and maintenance of installed Energy Servers.

Bloom Energy is guiding 2026 non-GAAP net sales of $3.10 billion to $3.30 billion, implying year-over-year growth of more than 50%. Adjusted earnings per share are expected between $1.33 and $1.48, versus a consensus of $1.07, supported by targeted non-GAAP gross margin of approximately 32% and non-GAAP operating income of $425 million to $475 million. Management plans continued investments in cost reduction and operational leverage to sustain margin expansion and cash-flow generation.