Bloom Energy reported record full-year revenues driven by AI data center demand and strong C&I business, alongside positive cash flow from operations for the second consecutive year. The company demonstrated improved gross margins and operating leverage, positioning for accelerated growth in 2026.
Record full year revenues of $2.02 billion, an increase of 37.3% YoY.
positiveSecond consecutive year of positive cash flow from operations ($113.9 million in 2025).
positiveFull year gross margin increased to 29.0% (GAAP) and 30.3% (Non-GAAP), up from 27.5% and 28.7% respectively in 2024.
positiveProduct backlog grew ~2.5x YoY to ~$6 billion.
positiveService gross margin improved significantly to 16.9% (GAAP) and 19.5% (Non-GAAP) in Q4 2025, compared to -1.7% and 0.5% in Q4 2024.
positiveQ4 2025 gross margin decreased to 30.8% (GAAP) and 31.9% (Non-GAAP), down 7.5 and 7.4 percentage points year-over-year, respectively.
negativeQ4 2025 operating income decreased by $17.2 million year-over-year to $87.5 million (GAAP).
negativeQ4 2025 Non-GAAP operating income decreased by $0.5 million year-over-year to $133.0 million.
negativeGAAP Net Loss attributable to common stockholders was $88.4 million in 2025, compared to a net loss of $29.2 million in 2024.
negativeGAAP EPS diluted was $(0.37) in 2025, compared to $(0.13) in 2024.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Product | N/A | — | — | — |
Installation | N/A | — | — | — |
Service | N/A | — | — | — |
Electricity | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Record full year revenues driven by significant growth from the AI data center industry and continued strong demand from the C&I business.
Bring-your-own-power has shifted from a slogan to a business necessity for AI hyperscalers and manufacturing facilities. This shift is secular and growing.
We have built a solid state digital power platform for the digital age that is superior to any legacy solution.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.