Bloom Energy Posts 37% Revenue Surge to $2.02B, Backs $3.1B 2026 Outlook
Bloom Energy closed 2025 with record revenue of $2.02 billion, up 37.3% year over year, driven by AI data center and manufacturing hub demand for on-site power. Product backlog soared 140% to $6 billion and total backlog reached roughly $20 billion as the company launched its native 800 V DC fuel cell offering.
1. Record 2025 Revenue Performance
Bloom Energy reported full-year revenue of $2.02 billion for 2025, a 37.3% increase over 2024, marking its strongest annual top-line result. CEO KR Sridhar attributed the growth to rising demand from AI data centers and energy-intensive manufacturing facilities seeking on-site power solutions.
2. Native 800 V DC Offering
To capitalize on AI data center growth, Bloom introduced a native 800 V DC fuel cell system, eliminating AC-to-DC conversion inefficiencies. Sridhar emphasized that only Bloom natively produces 800 V DC power, positioning the company as a primary power layer for next-generation compute infrastructure.
3. Surge in Backlog
Product backlog climbed 140% year over year to $6 billion, while total backlog approached $20 billion as more enterprises adopt the “bring your own power” model. This surge reflects a shift from fuel cells being seen as green alternatives to becoming core infrastructure necessities.
4. Aggressive 2026 Guidance
For 2026, Bloom Energy set revenue guidance of $3.1 billion to $3.3 billion, exceeding analyst projections. CFO Maciej Kurzymski highlighted $271.6 million in adjusted EBITDA as evidence of operating leverage, forecasting faster deployment of its power platform than traditional utilities.