Bloom Energy 2027 product and service SOTP

Sources

1. Q2 2026: revenue $1,065.4M (+165.5% YoY), product $935.4M (+215.4%), installation $51.0M, service $69.0M. GAAP gross margin 33.4%, non-GAAP 34.3%. GAAP operating income $182.2M, non-GAAP $239.6M. Adjusted EBITDA $253.4M. Operating cash flow $226.4M. GAAP diluted EPS $0.62, non-GAAP $0.78. Raised FY2026 guidance to revenue $3.9B-$4.2B, non-GAAP gross margin ~34%, non-GAAP operating income $800M-$900M, non-GAAP EPS $2.55-$2.85. — sec.gov (accessed 2026-08-26)
2. June 30, 2026 10-Q/A: cash $2,666.9M, restricted cash $21.6M, recourse debt carrying $2,475.4M, financing obligations $206.5M, 293,354,001 shares outstanding. Unpaid principal: $2,500.0M 0% converts due November 2030 (initial conversion $194.97, 12.82M base / 19.55M make-whole max), $27.0M 3.0% greens due June 2029 ($20.84), $0.8M 3.0% greens due June 2028 ($18.85), $2.6M Korean JV non-recourse. Q2 basic WAS 287.288M, diluted 323.331M (converts 19.598M, warrant 0.423M, options and awards 16.022M). Unsatisfied product/install performance obligations $442.4M; deferred service obligations $51.7M. — sec.gov (accessed 2026-08-26)
3. Q2 2026 call (July 28): all major U.S. hyperscalers and over a dozen neoclouds, AI labs, and colos have validated Bloom for AI factories. Brookfield shelf went from $5B to $25B in June; IDF with Oaktree, MUFG, and Morgan Stanley added $2.6B. FY2026 guide is not dependent on any single project. Backlog growing faster than revenue. Nebius offtake with IDF as financier. Capacity not the constraint. Scandium: company says visibility for 25 GW and is not dependent on China. CFO implied ~$375M+ operating cash flow baseline after the raise; formal FCF guide was pulled from the deck. — seekingalpha.com (accessed 2026-08-26)
4. June 2026: Brookfield expanded its prospective financing framework for qualifying Bloom-powered AI infrastructure from $5B to $25B. Framework is demand and project capital, not Bloom backlog or guaranteed revenue. — investor.bloomenergy.com (accessed 2026-08-26)
5. August 25, 2026: stock off about 42% from a $351.28 52-week high. Consensus 12-month target about $275 with 15 Buy/Strong Buy, 12 Hold, 2 Sell. Evercore ISI Outperform $350 (Amicucci). Forward multiple still rich versus industrial power OEMs. — 247wallst.com (accessed 2026-08-26)
6. Named post-Q2 targets include UBS Buy $300 (cut from $350 on July 29), J.P. Morgan Overweight $314 (cut from $346), Barclays Equal-Weight $276, Roth Neutral $285, Baird Outperform $310, Mizuho Outperform $242 (upgrade from Neutral with a cut from $285), Wells Fargo Equal-Weight $176, Truist Hold $218. Street 2027 revenue books in a wide $5-7B range. — benzinga.com (accessed 2026-08-26)
7. August 14, 2026: Jefferies (Julien Dumoulin-Smith) cut Bloom to Hold with a $229 price target on permitting and execution risk, after an earlier $246 Hold. Yahoo FY2026/FY2027 revenue consensus $4.13B / $6.77B. Oracle MSA is 1.2 GW contracted / up to 2.8 GW. AEP Cheyenne ~$2.65B equipment purchase still has a December 2026 offtake condition. — finance.yahoo.com (accessed 2026-08-26)