Bloom Energy 2Q26 First Take: the company delivered another strong quarter. Management raised FY26 guidance again.
1) Q2 results: revenue and profit beat sharply.
Total revenue came in at $10.7bn, well above the Street's $8.3bn, driven by much stronger product revenue from direct SOFC sales. Product revenue reached $9.4bn (+215% YoY), topping the $6.8bn estimate.
Assuming ASP fell ~5% YoY, implied shipments were ~308MW (+232% YoY). Robust deliveries eased concerns around capacity ramp execution and potential order cancellations.
2) GPM: scale benefits continued to unlock, with steady margin expansion.
GP was $3.6bn, with GPM up 340bps QoQ to 33.4%, mainly on scale from the volume ramp. Product GPM rose 220bps QoQ to 36.5%. This was the key driver of the overall margin beat.
3) OP: top-line and GP upside drove a sharp step-up.
Stronger SOFC shipments drove revenue and GP to beat, which in turn lifted OP and NP materially. OP reached $1.8bn, with OPM up 750bps YoY to 18.4%.
4) FY guide: raised again, momentum remains strong.
Following strong Q2 deliveries, the company raised its FY26 outlook again, reflecting continued momentum. Guidance was lifted across revenue, shipments, and profitability.
Total revenue guidance increased to $3.9-4.2bn (+93%-108% YoY). Implied SOFC product shipments are ~1.14-1.25GW, with H2 at ~606-716MW, above the prior full-year guide of ~0.9-1.0GW.
Non-GAAP OP was raised to $0.8-0.9bn; implied H2 Non-GAAP OP is $430-530mn, for OPM of 20.7%-22.3% (vs. 22.5% this quarter). With shipments still set to rise QoQ in H2, OPM should remain elevated, underscoring ongoing profitability improvement. $Bloom Energy(BE.US)
