Bloom Energy delivered a record $2.02 billion in revenue for the full year 2025, representing a 37.3% increase over the prior year’s $1.47 billion. Growth was led by significant demand from AI data centers, which contributed to service and product revenues rising 35.5% to $1.76 billion. The company also achieved a non-GAAP gross margin of 30.3%, up 1.6 percentage points from 2024, and reported its second consecutive year of positive free cash flow, generating $113.9 million in operating cash flow.

In the fourth quarter, revenue climbed 35.9% to $777.7 million from $572.4 million a year earlier, outperforming consensus estimates by more than $125 million. Product and service revenue reached $700.2 million, up 33.2% year-over-year. Non-GAAP operating income held steady at $133.0 million, while non-GAAP gross margin stood at 31.9%, down 7.4 percentage points year-over-year as the company invested in operating leverage. Service gross margin improved dramatically to 19.5%, from 0.5% in Q4 2024, reflecting ramped-up maintenance contracts for installed systems.

Management provided guidance for fiscal 2026 non-GAAP net sales of $3.10 billion to $3.30 billion, versus street forecasts of $2.54 billion, and expects adjusted EPS of $1.33 to $1.48, compared with consensus of $1.07. The company’s total backlog stands at approximately $20 billion, including a $6 billion product backlog that has grown roughly 250% year-over-year, underscoring robust long-term demand from hyperscale computing and commercial customers.