活動_BloomEnergy_FY26Q2財報電話會議_20260728

重點摘要

• 首個破 10 億美元季度：FY26Q2 營收 US$1,065mn（YoY +166%、QoQ +42%）；產品營收 US$935mn（YoY +215%、QoQ +43%），佔總營收近 90%。[CFO – 00:20:19]
• 毛利率：整體 34.3%（YoY +604bps）；產品毛利率 37.2%（QoQ +193bps、對 25Q2 YoY +291bps）；服務毛利率 22%（YoY +977bps），連續第五季雙位數。[CFO – 00:21:01/00:21:54]
• 獲利與槓桿：營業利益 US$240mn（YoY +737%），營益率 22.5%（YoY +1,536bps）；調整後 EBITDA US$253mn（占營收 24%）；non-GAAP 稀釋 EPS US$0.78，GAAP US$0.62。管理層強調營運槓桿為結構性而非單季效應：營收 +166% vs 營業費用僅 +48%。[CFO – 00:23:10/00:23:52]
• FY26 全年指引上調：營收 US$3.9–4.2bn（中點約為 2025 年約 US$2bn 營收的 100% 成長）；non-GAAP 營業利益 US$800–900mn（中點約 21% 營益率，較年初 US$425–450mn／14% 大幅上修）；non-GAAP 稀釋 EPS US$2.55–2.85；全年毛利率維持約 34%。[CFO – 00:25:35/00:26:46]
• Brookfield 融資夥伴關係擴大：由 2025 秋季 US$5bn 擴大至 US$25bn（2026-06，擴大 5 倍）；Industrial Development Funding（IDF）攜手 Oaktree、MUFG Bank、Morgan Stanley，累計承諾額提升至 US$2.6bn。[CEO – 00:08:03/00:08:39]
• 現金流：營運現金流 US$226mn（YoY +US$439.5mn）；自由現金流 US$175mn；季末現金 US$2.7bn。[CFO – 00:24:37]
• 自由現金流指引已撤回：Evercore ISI 追問「為何上調營收指引同時撤回 FCF 指引」，CFO 說明過去財報會附帶非正式的補充指標（supplemental metrics，非正式指引），現已改為僅對齊正式指引，故不再單獨提供 FCF 指引；同時強調營業利益轉現金流的轉換率高——年初營業利益財測中點 US$450mn（含 CFOA US$200mn）已上修至 US$675mn，本次再上修至中點 US$850mn，較原財測增加約 US$175mn，且預期增量 100% 轉換為 CFOA，故建議以「US$375mn 以上」作為 CFOA 新基準（仍非正式指引數字）。[CFO – 00:42:43/00:43:21]
• 市場地位：資料中心現地電力市占 90% 以上；不到九個月成為 AI 資料中心現地電力標準（C&I 市場過去花了近十年）；所有主要美國 hyperscaler、十多家 neocloud、AI 實驗室與 colo 業者均已驗證核可。[CEO – 00:55:50 摘要段 / 00:04:36-00:05:21]
• Nebius 轉單：原訂購燃氣輪機與往復式引擎的客戶本季取消訂單改選 Bloom，Nebius 為本季案例。[CEO – 00:12:53]
• 合約結構：採 master service agreement，設備可跨案場互換部署；專案延遲時最終客戶可將設備改派他案，但融資方仍有義務向 Bloom 提貨。[CFO – 00:38:41]
• 2027 年展望：市場預估 2027 年將有 30–40GW 新 AI 資料中心容量上線；Bloom 用演算法預測專案時程與機率，並保留設備調度彈性。[CEO – 00:31:38]
• 產能：自 2026 年初起以完全相同規格（copy-exact）持續擴增美國產能，並在承諾訂單前先行擴充；工廠投資回收期僅數月；管理層稱「產能目前不會成為限制因素」。[CEO – 00:11:14/00:32:28]
• 鈧（scandium）：地球可經濟回收的鈧供應量足以支撐全球部署；公司對 25GW 部署有可見性；不依賴中國供應；已發布詳細部落格並提交 8-K。CEO 強調以上三點是投資人需要理解的關鍵訊息，其餘屬公司專有資訊不予透露。[CEO – 00:41:19]
• CFO 任期：Simon Edwards 為第二次主持法說、首個完整任職季度。[CFO – 00:16:12]
• Time-to-power 經濟性（CEO 對 Evercore ISI 說明）：一座 1GW 資料中心的全端 AI 業者，依客戶不同，年營收約 US$12–24bn；若能提前一個月交付電力，即可多創造 US$1–2bn 營收（毛利率 40–50%、淨利率 20–25%），市場預估 2027 年將有 35–40GW 新增 AI 資料中心容量待部署，交付速度將決定專案是否延誤。[CEO – 00:44:24/00:45:16]
• 競爭定位（對 Baird 提問）：管理層不以 LCOE／每度電成本比較，強調「total cost to tokens」（相對於 token 營收的總電力成本），Bloom 可提供 800V DC 電力、免超額建置的可靠度、可佈建於市區（不排放污染）及取得許可的能力，稱現階段無其他業者能提供相同整體價值主張；對中國開源模型／commodity model 走勢，CEO 以 Jevons paradox 回應——token 單價下降但總用量會大幅上升，長期用電需求只會增加不會減少。[CEO – 00:47:25/00:49:41]
• 資料中心市占：對 Bernstein 提問，CEO 表示 Bloom 在資料中心現地電力的市占「90% 以上」（very high 90s percentage），僅口頭揭露、未提供精確數字或 GW 出貨量。[CEO – 00:55:37]
• 產能擴充成本模型（對 Mizuho 提問）：管理層稱工廠投資回收期僅數月，商業模式類比半導體／消費電子產業（設備量增、成本下降、單位價值提升），暗示產能擴充非傳統重工業資本模式；未提供 2GW 之後具體擴產目標數字或每 GW 資本支出金額。[CEO – 00:53:33/00:53:45]
• 服務毛利率翻轉：CEO 對 Oppenheimer 提問補充，公司掛牌八年前服務毛利率為 -21%，本季已達 +22%，區間擺盪 43 個百分點；2025 年訂單中 80% 為既有客戶回購（repeat orders）。[CEO – 00:57:39/00:58:27]
• 產品願景（對 UBS 提問）：CEO 定調現地 DC 電力將是未來 3–4 年的核心產品方向，涵蓋資料中心、電動車車隊充電、大型集合住宅、社區型微電網，強調燃料綜合利用率將超過 90%、不排放空污亦不耗水。[CEO – 00:51:24/00:52:29]

逐字稿

僅保留英文原文、講者與時間戳；中文機翻部分因翻譯品質不穩（含鈧/scandium 誤譯，見下方待校正紀錄）不予保留。數字以 8-K／財報為準。

Presentation

Operator – 00:00:01 Well, good day, everyone, and welcome to the Bloom Energy second quarter 2026 earnings call. Just a reminder that today's call is being recorded. At this time, I would like to hand things over to Mr. Michael Tierney. Please go ahead.

Michael Tierney, Investor Relations – 00:00:15 Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's second quarter 2026 earnings call. To supplement this conference call, we have filed our second quarter 2026 earnings press release and supplemental financial information with the SEC on Form 8-K. We have also posted these materials, which we will reference throughout this call, on our investor relations website. During this conference call, both in our prepared remarks and in answers to your questions, we may make forward-looking statements that represent our expectations regarding future events and our future financial performance.

Michael Tierney, Investor Relations – 00:00:49 These include statements about the company's business results, products, markets, customers, strategy, financial position, liquidity, and full-year outlook for 2026. These statements are predictions based on our expectations, estimates, and assumptions. However, as these statements concern future events, they are subject to numerous known and unknown risks and uncertainties, as discussed in detail in our documents filed with the SEC, including our most recently filed Forms 10-K and 10-Q. We assume no obligation to revise any forward-looking statements made on today's call.

Michael Tierney, Investor Relations – 00:01:23 During this call and in our second quarter 2026 earnings press release and supplemental financial information, we refer to GAAP and non-GAAP financial measures. The non-GAAP financial measures are not prepared in accordance with U.S. generally accepted accounting principles and are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between the GAAP and non-GAAP financial measures is included in these materials, which are available on our investor relations website.

Michael Tierney, Investor Relations – 00:01:54 Joining me today on the call are K.R. Sridhar, founder, chairman, and chief executive officer. And Simon Edwards, our Chief Financial Officer. KR will begin with an overview of our progress, and then Simon will review the financial highlights for the quarter. After our prepared remarks, we will have time to take your questions. I will now turn the call over to KR.

K.R. Sridhar, CEO – 00:02:14 Good afternoon, everyone, and thank you for joining us. It took Bloom 21 years to deliver its first billion-dollar year in 2022. It took us another three years to double our 2022 revenue. Now, we are guiding to double that revenue in just one year, having achieved our first $1 billion quarter. Bloom Energy's business is accelerating. We are expanding at breakneck speed and continue to grow more profitable. We have successfully demonstrated the earning power of our agile business model, doing exactly what we built it to do.

K.R. Sridhar, CEO – 00:03:00 And through all of it, we have kept the promise we make to our customers. Bloom will not be your bottleneck. We deliver power at AI speed and enable our customers to grow. This makes us a vital strategic partner and builds customer loyalty. And demand is compounding. New customers are arriving at a faster pace than ever. Landing a mega customer used to take us years, a moat that protected the incumbents. Now, the proven success of our technology, coupled with an increasingly urgent need for efficient, clean, and reliable power, has collapsed the time from first engagement to first order.

K.R. Sridhar, CEO – 00:03:50 Because we can book, ship, and convert orders to revenue within the same fiscal year, that demand shows up in results now, while also adding to and diversifying our backlog. Notably, just this year, several customers who had alternative solutions in place abandoned them and came to Bloom. Once customers are in, they see the total economic value of our solution and place more orders. We have booked major customers as of today who were not in our reported backlog at the end of last year, for whom we will ship some of our systems this year.

K.R. Sridhar, CEO – 00:04:36 These customers are now placing longer-term orders, leading to our backlog growing at a faster pace than revenue. Let me repeat. This is leading to our backlog growing at a faster pace than revenue. Bloom Energy has emerged as a standard for onsite power, as we predicted we would in our third quarter call last year. At that time, we had just announced our first direct hyperscaler customer, Oracle, and delivered power to their data center within 55 days. Today, all the major U.S. hyperscalers, along with over a dozen U.S.

K.R. Sridhar, CEO – 00:05:21 neoclouds, AI labs, and co-location data center operators, have validated and approved our power solutions for their AI factories. Our commercial and industrial business continues to grow. We are the standard for onsite power at hospitals, factories, telecom providers, university campuses, and retail stores. However, it took us nearly a decade to become the accepted solution in these verticals. In contrast, we have become a standard in AI data centers in less than a year. I founded Bloom on the conviction that onsite power would be essential to powering the world and driving digital transformation.

K.R. Sridhar, CEO – 00:06:13 We have built our company to offer the best onsite power solution that removes friction for our customers. Our solutions are clean, reliable, fast, and affordable. Customers do not have to choose or compromise. Over time, we are reducing friction and turning headwinds into tailwinds. Let's take a moment to discuss four friction points: capital, community, permitting, and speed. Starting with capital. For a century, the cost of power plants and the grid was spread across millions of ratepayers and amortized over decades.

K.R. Sridhar, CEO – 00:06:58 A new load simply plugged into surplus capacity and paid only a monthly bill. But surplus grid capacity is now gone. New data center load now requires new infrastructure, involving heavy capital, long lead times, and ratepayers who will not fund or subsidize capacity for corporate customers. The faster, cheaper, and more predictable path for that customer is islanded onsite power. However, that solution demands either a capital budget most end customers do not have or a financing partner behind a power purchase agreement.

K.R. Sridhar, CEO – 00:07:39 Negotiating bespoke terms across financiers, developers, operators, OEMs, and end users is complicated and slow. We eliminate that friction with strong financial partners who provide our customers with project capital. Brookfield anchors that financing shelf. We formed the partnership last fall with $5 billion. Nine months later, in June, Brookfield expanded its commitment fivefold to $25 billion. One of the largest and most experienced infrastructure investors in the world evaluated our technology, delivery record, and pipeline, backed us with $5 billion, watched us execute, and then multiplied that backing by 500%.

K.R. Sridhar, CEO – 00:08:39 Capital of that quality and quantity does not follow letters of intent, MOUs, or press releases. It follows performance, satisfied customers, and firm, bankable orders. Brookfield is not alone. This quarter, Industrial Development Funding, which has previously funded Bloom deployments, partnered with Oaktree, MUFG Bank, and Morgan Stanley to fund Bloom deployments, cumulatively bringing their total commitment to $2.6 billion. More financing partners are also in the wings. Gigawatt demand requires gigadollars of capital.

K.R. Sridhar, CEO – 00:09:27 We arranged that in advance. Next friction point: community. Communities have learned they cannot live with combustion. However, they have also learned they can live next to Bloom Energy Servers. No combustion, negligible air pollution compared to turbines and engines, and negligible water use. A power server that is aesthetically appealing and runs quieter than air conditioning equipment. No construction project is NIMBY-proof, but communities welcome Bloom, which is proving to be a real competitive advantage.

K.R. Sridhar, CEO – 00:10:05 Our customers can obtain air permits with our technology, faster than they can with a combustion alternative. And every month saved on permits brings us a month closer to power availability. This brings me to speed, because time to power is essentially time to token revenue. Bloom is increasingly recognized as the solution that removes the power availability bottleneck for AI. Chips without power remain inventory. They do not represent intelligence. Grid operators cite timelines of years during which billion-dollar compute clusters become obsolete in warehouses.

K.R. Sridhar, CEO – 00:10:51 Legacy suppliers boast backlogs extending to 2029 and beyond. We believe a four-year backlog is not a trophy. It is an admission of constrained supply. By contrast, Bloom meets the time-critical needs of our customers and delivers power within months. Since the start of the year, we have continuously expanded our American manufacturing capacity in copy-exact increments and will continue to do so ahead of committed orders. Our speed is reliable because we have built a resilient supply chain using broadly available materials by design.

K.R. Sridhar, CEO – 00:11:38 We have multiple qualified suppliers across several countries for every critical input. We maintain inventory ahead of the production ramp. Our relationships have been forged over two decades. No single supplier or country determines our destiny. Every part of our supply chain is prepared to scale with our growth. When the business case is measured in months of AI compute, the fastest dependable path to power wins. We are on that path. Nobody else is close. None of this is by accident. We built scale into our model years ago for a simple reason.

K.R. Sridhar, CEO – 00:12:24 If we were correct about the market need for onsite power, the company had to be able to scale rapidly. Now you are seeing that play out in practice. Capital, community, permitting, and speed—remove all four frictions, and the market renders its verdict. Supplier of choice. I choose those words deliberately because customers are choosing. Customers who had ordered combustion turbines and reciprocating engines are canceling those orders and choosing Bloom. Nebius did so this quarter. Existing customers are returning with expansion opportunities.

K.R. Sridhar, CEO – 00:13:07 The largest infrastructure investors in the world are underwriting our deployments at scale. We are a trusted partner to customers, communities, and capital. The market has taken notice. Customers now approach us late in their development process and ask Bloom to serve as the primary onsite power solution. The entry point may differ, but the outcome does not. Once they see our capability, execution, and the total value we deliver over the life of ownership, the conversation expands from one project to a portfolio.

K.R. Sridhar, CEO – 00:13:49 So let me be very clear. Bloom Energy is not dependent on one customer or one project. It involves multiple customers and multiple projects across every stage of development. Because our copy-exact Lego block servers redeploy from site to site seamlessly, unlike bespoke traditional equipment, every project in the portfolio is fungible. Diversity, fungibility, and nimbleness allow us to navigate the fast-changing AI landscape. Consequently, we have visibility and conviction in our growth trajectory for 2026 and beyond.

K.R. Sridhar, CEO – 00:14:40 Let me close with how we run this company, because I know what's on your minds. Will AI investment continue growing at a breakneck pace? Our engagement with customers suggests that the pace of investment will not only continue but accelerate. However, I do not know for sure, and I will not insult you by pretending to. Henry Ford could not control whether America wanted to drive. He controlled the cost, quality, and availability of the Model T. Like Ford, we are focused on managing the controllables. We drive costs down every single year.

K.R. Sridhar, CEO – 00:15:27 While others benefiting from these build-outs talk only about raising prices. We innovate continuously to better serve our customers and meet every commitment we make. We are experiencing the tailwinds of rapid time growth and increasing market share simultaneously, and we are grateful we can meet the market's demands. At the same time, we are building a durable advantage by earning the trust of both our customers and the communities. With that, let me hand it to Simon to take you through the numbers.

K.R. Sridhar, CEO – 00:16:07 I'll rejoin you for Q&A. Simon?

Simon Edwards, CFO – 00:16:12 Thank you, KR. Good afternoon, everyone. This is my second earnings call as Bloom's CFO, and my first with a full quarter behind me. In April, I told you why I joined Bloom. Belief in the mission, the architectural shift in power, the quality of the team, and the chance to help build a generational company. Three months in, that conviction has only strengthened. The demand environment is robust, and we are neither gated by capacity nor our supply chain. The operating discipline is real. The factory improves every week, and cost out is a rhythm here, not a program.

Simon Edwards, CFO – 00:16:54 And in finance, we have a strong foundation, and my focus is on scaling our systems and processes to keep pace with our rapid growth. Before the results, let me come back to the Brookfield announcement KR discussed: a five-fold expansion of our strategic partnership as Brookfield increases its framework to finance balloon power projects for AI infrastructure. Commitment of that size from one of the world's largest infrastructure investors is significant on its own. It is also the best way into our revenue model because you cannot fully appreciate what that partnership does without understanding the model behind it.

Simon Edwards, CFO – 00:17:38 And given our shareholder base has grown considerably this past year, let me take a minute to walk through how a Bloom deal works. Every Bloom deal starts with a contract with the end customer. The party that will actually use the power. That contract takes one of two basic forms. Either the customer buys the equipment outright, which is a capex sale, or they contract for power or capacity without owning the equipment. As our 10-K describes, the second form comes in a few flavors: a power purchase agreement priced per kilowatt hour, a capacity agreement, or an equipment lease priced on installed capacity.

Simon Edwards, CFO – 00:18:18 Economically, they all work the same way. The customer pays over time rather than owning the asset. In any case, every contract carries committed commercial operation dates. Since most customers choose to pay over time rather than own, we bring in a financier—an institution like Brookfield—that purchases the energy service from Bloom, owns them, and delivers to the end customer under the contract we originated. So when you see the word customer in our filings, it can mean either party: the financier that buys from us and appears in our revenue and concentration disclosures, or the end customer whose demand created the deal.

Simon Edwards, CFO – 00:19:02 The IDF partnership that was recently announced is another live example of that model, and it was a meaningful contributor to the quarter. Mechanically, it is our standard structure. NEVI has signed the offtake, and IDF, an independent third party, is purchasing the energy service on cash terms against identified site and delivery schedules. One feature of this model worth understanding, especially for newer investors, is that large campus deliveries are lumpy. One or two customers could lead our revenue in any given quarter, and the customers rotate as different projects reach their delivery windows.

Simon Edwards, CFO – 00:19:43 The revenue can look concentrated in any single quarter, but that concentration reflects delivery timing, not the composition of our backlog. The backlog spans multiple hyperscalers, neoclouds, colocation providers, and commercial and industrial operators. And our contracts carry payment security appropriate to the transaction size. Now, let's review the results. As a reminder, I will focus on non-GAAP adjusted metrics. A full GAAP to non-GAAP reconciliation is included in the press release. It is also available in the supplemental deck on our Investor Relations website.

Simon Edwards, CFO – 00:20:19 Revenue was $1.065 billion, up 166% year-over-year and 42% sequentially. This marks another record quarter for Bloom Energy, and the first time we exceeded $1 billion in quarterly revenue, reflecting accelerating data center deliveries and disciplined execution in converting signed demand into revenue. Product revenue reached $935 million, up 215% year-over-year and 43% sequentially, representing nearly 90% of total revenues for the quarter. Gross margin was 34.3%, an increase of 604 basis points year-over-year.

Simon Edwards, CFO – 00:21:08 This improvement reflects both a favorable mix and margin expansion across product and services. Product gross margin was 37.2%, up 193 basis points sequentially and 291 basis points compared to Q2 of 2025. A word on pricing. We deliver value, not a commodity kilowatt. Our customers pay for time-to-power and the capabilities of the solution, whether that involves following the load profile of an AI campus or readiness for carbon capture. Our pricing reflects this value proposition. Regarding costs, we continue to drive product costs down across materials, labor, and overhead.

Simon Edwards, CFO – 00:21:54 We are achieving this while ramping up capacity and adding new capabilities. Services margin was 22%, up 977 basis points year-over-year, marking our fifth consecutive quarter with double-digit service margins. Service revenue is recognized rapidly, net of guarantees, while service costs are recorded as incurred. Therefore, the timing of fleet maintenance, particularly stack replacements, causes margin fluctuations quarter to quarter. Beyond timing effects, margins have now reached over 20%, driven by fleet performance, longer stack life, and scale.

Simon Edwards, CFO – 00:22:34 We believe these margins will be sustained over the long term. Blended gross margin will vary quarter to quarter. This is driven by the pricing mix of projects delivered during any given period. It also reflects deliberate tradeoffs between cost optimization and expediting, where the customer's time-to-power is valued more than incremental cost, as well as the service maintenance timing I just described. Overall, we remain confident in our full-year gross margin outlook of approximately 34%, which we revised upward last quarter.

Simon Edwards, CFO – 00:23:10 Operating income was $240 million, up 737% year-over-year, with an operating margin of 22.5%, expanding approximately 1,536 basis points. Adjusted EBITDA was $253 million, representing approximately 24% of revenue. Non-GAAP diluted EPS was 78 cents, while GAAP diluted EPS was 62 cents. The increase in profitability reflects both higher volume and substantial operating leverage as the business scales. Notably, the operating leverage in these results is significant. It is structural, not a one-quarter effect.

Simon Edwards, CFO – 00:23:56 Revenue grew 166%, while operating expenses increased just 48%. The mechanics behind this leverage should persist. The leverage stems from how we have structured our cost base. Our R&D base and G&A infrastructure are largely fixed against a rapidly growing revenue base. Therefore, each incremental gigawatt of deliveries carries little additional overhead. We operate our support functions like our factories, utilizing automation and analytics across SG&A, service operations, and supply chain. Consequently, these functions grow with technology rather than headcount.

Simon Edwards, CFO – 00:24:37 We will continue to invest across the business, including G&A and R&D, but expect operating expense growth to remain well below revenue growth, driving continued operating margin expansion. Cash flow from operations was $226 million, an increase of $439.5 million from the same period last year, driven by profitability and favorable working capital performance. Free cash flow was $175 million, and we ended the quarter with $2.7 billion in cash. Generating significant operating cash flow while growing revenue at this pace truly reflects the strength of the underlying business and the team's working capital discipline.

Simon Edwards, CFO – 00:25:27 Now, turning to guidance. Based on our year-to-date performance and the visibility and confidence we have for the second half, we are raising our full-year revenue outlook to $3.9 to $4.2 billion. At the midpoint, this represents 100% growth over 2025 revenue, which was just over $2 billion. Our outlook is built from the bottom up in two layers. The foundation is backlog conversion. This involves signed commitments delivering against customer site readiness dates. The second layer is in-year bookings.

Simon Edwards, CFO – 00:26:04 We intentionally reserve manufacturing capacity to serve time-to-power customers who require power within months and for whom we expect to book and convert capacity at rates consistent with recent experience. Regarding gross margin, we are maintaining our full-year margin rate at approximately 34% on a non-GAAP basis. I will also take this opportunity to clarify how we operate the business. When choosing between protecting a margin point in a given quarter and expediting an order to a customer who will be with us for years, we prioritize the customer and the long-term strategic value of that relationship.

Simon Edwards, CFO – 00:26:46 Time to power is what our customers value most right now, and we will continue to deliver on that. Over the full year, this discipline aligns fully with the margin rate we are guiding to. On operating income, we are raising our full-year non-GAAP operating income outlook to $800 to $900 million. At the updated revenue midpoint, this implies an operating margin of approximately 21%. This represents a significant increase from the $425 to $450 million operating income guidance at the start of the year, which reflected a 14% margin at the midpoint.

Simon Edwards, CFO – 00:27:26 This is the operating leverage I described earlier flowing directly through the model. The full-year non-GAAP diluted EPS outlook is now expected to be $2.55 to $2.85. Finally, a word on how to interpret our guidance. Demand in the AI business does not follow the traditional sales cycle. Today, we see the demand, book the order, and ship the equipment when the customer is ready. Both the level and shape of our outlook come from the same inputs: signed commitments and their schedules, our capacity, and our time-to-power pipeline.

Simon Edwards, CFO – 00:28:11 What was once seasonality is now simply delivery timing based on customer readiness. To conclude, this was a milestone quarter. We exceeded $1 billion in quarterly revenue for the first time, delivered record profitability, and generated strong cash flows, while raising our full-year outlook. We are executing with discipline against a demand environment that continues to strengthen.

Q&A

Simon Edwards, CFO – 00:28:39 With that, operator, we are now ready for questions.

Operator – 00:28:43 Thank you. Ladies and gentlemen, we will now take your questions. If you have a question today, please press star 1 on your telephone keypad. To start, we ask that you limit your questions to one initial and one follow-up. Our first question comes from Mark Strouse of JP Morgan.

Mark Strouse, JPMorgan – 00:29:02 Yes, good afternoon. Thank you very much for taking our questions. KR, I want to revisit your comment about all the major U.S. hyperscalers and over a dozen other operators now being validated and approved to use your technology. Can you elaborate on how many are actively using your technology today versus those in your backlog or near-term pipeline? And I have a quick follow-up. Thank you.

K.R. Sridhar, CEO – 00:29:34 Mark, as you know, we let our customers speak about their deployments and activities. What I can share is that the combination of customers already using the technology, those who have booked orders and received shipped units under construction, and those with definitive agreements, all fall into that category. We do not break that down further, but it includes all the major U.S. hyperscalers, over a dozen neoclouds, and the surrounding ecosystem, including co-location partners. That is all accurate.

K.R. Sridhar, CEO – 00:30:21 We do not separate it further. But let's take a moment to consider this. Nine months ago, we announced our first direct hyperscaler customer and stated our intention to enter this market and become a standard, as we did in commercial and industrial (C&I). It took us 10 years to achieve that previously in C&I. I can honestly say I never expected to become the standard within nine months. This speaks to the strength of our value proposition across the industry. Okay. This is not a faster horse. This is a car, which is why this transformation is happening and is irreversible.

K.R. Sridhar, CEO – 00:31:12 Thank you.

Mark Strouse, JPMorgan – 00:31:13 Okay, very helpful. If I may, I'd like to ask one more question. Referring back to the last call, I understand you prefer not to discuss specific capacity details anymore, but given your repeated comments today about acceleration, is it fair to assume that your timeline or the scale of planned capacity is also accelerating?

K.R. Sridhar, CEO – 00:31:38 Yes. Here's how we approach capacity planning. We base it clearly on our commercial pipeline and confirmed orders. We also consider when our customers need their products and when they plan to activate the units. As you know, depending on the reports you read, between 30 and 40 gigawatts of new AI data center capacity is expected to come online in 2027. These projects are at various stages of development. All are greenfield developments. We use a sophisticated algorithm to predict the timing and likelihood of these projects coming to fruition.

K.R. Sridhar, CEO – 00:32:28 Fortunately, unlike others, our units are fungible. When units are on a truck, we can redirect them to different sites if necessary. That demonstrates the flexibility of our systems. Based on this, we can forecast our capacity needs to ensure we never become a bottleneck for our customers. As of today, we are confident in fulfilling all orders in our book and those we anticipate. That is all we will comment on regarding capacity. Capacity is not expected to be a constraint at this time. Thank you.

Operator – 00:33:12 Your next question comes from Chris Dendrinos of RBC Capital Markets.

Chris Dendrinos, RBC Capital Markets – 00:33:17 Thank you, and congratulations on a strong quarter. I wanted to ask about the supply chain. When you speak with hyperscalers, what are their concerns, and how do you reassure them that you won't be a bottleneck in timely delivery? Thanks.

K.R. Sridhar, CEO – 00:33:40 That's an excellent question. You raise a very important point. These customers are extremely sophisticated. Their diligence covers not only our product and performance but also our economic value proposition. They want to understand our status regarding committed orders and potential new orders coming online. Most are not just signing up for a single transaction. They are committing to a long-term partnership with us. They want to be strategic partners for the future. They confidentially share their capacity expansion plans with us, asking if we can meet those needs.

K.R. Sridhar, CEO – 00:34:39 We then walk through detailed plans under NDA to convince them of our scalability. That is when we receive validation. So, regarding the earlier question about validation, this is the rigorous process we follow. It is a thorough and demanding process. Each customer undergoes this rigorous evaluation.

Chris Dendrinos, RBC Capital Markets – 00:35:06 Understood. I assume you follow a similar process with Industrial Development Funding and Brookfield. Regarding Brookfield, you recently expanded that partnership by $20 billion. How should we think about the timing for executing that expansion? Is there a specific timeframe you anticipate for completing $20 billion in transactions? Thanks.

K.R. Sridhar, CEO – 00:35:35 Sure. That's a great two-part question. You slipped in one question, but I'm happy to address both. They are very relevant, indeed. To start, financial customers ultimately take title to our equipment. When they take title, it's not just about whether they can place it in service. They also consider how it will operate throughout the entire period to deliver value. They conduct additional diligence on our performance capabilities, availability, and maintenance to ensure the equipment meets the financial model requirements for their returns.

K.R. Sridhar, CEO – 00:36:28 So, it involves two extra layers of detail in their diligence, following the same process we discussed earlier. Even today, $20 billion is a significant amount of money. Naturally, they conduct this process thoroughly with us. And remember, they did not enter at the first step. They initially invested $5 billion, monitored our performance, observed our capabilities, and evaluated our execution. They also spoke with several of our customers, some of whom have been with us for over 15 years, to assess satisfaction and performance.

K.R. Sridhar, CEO – 00:37:21 Having satisfied customers is absolutely essential. Based on all this, they decide to invest. Regarding timing, think of this as a financial shelf. This shelf is now available. The rate at which it will be utilized depends on the uptake of those funds. I can say it's similar to how we became the standard for AI in less than nine months. I wouldn't have predicted nine months ago, when they invested $5 billion, that they would return so quickly with the next $20 billion. This reflects the rapid acceleration in both AI and our business.

K.R. Sridhar, CEO – 00:38:07 Thank you.

Operator – 00:38:10 David Arcaro from Morgan Stanley has the next question.

David Arcaro, Morgan Stanley – 00:38:16 Thank you very much. I appreciate you taking my questions. There have been some project development challenges making headlines at a few large projects. Could you characterize your financial exposure to project delays, any contractual protections you typically have, and alternatives you may pursue with customers?

Simon Edwards, CFO – 00:38:41 Thanks for the question. While we don't comment on individual projects, I can explain how we structure contracts. Our contracts use master service agreements, allowing flexibility to deploy identical equipment across various customer projects. That said, we have strong contractual protections, and ultimately, our financiers require those same protections. So, if there are project delays, the end customer can redeploy equipment to other projects, but the financier remains obligated to take delivery from Bloom.

K.R. Sridhar, CEO – 00:39:36 Another important point to address regarding projects, as it may be on people's minds. When we provided and then upwardly revised guidance, the 2026 revenue guidance was not dependent on any single project. We use a sophisticated algorithm. We expect some projects to be delayed, others to come in early, and some unexpected projects to arise and be absorbed within the same year, as explained in our script. We factor all this into our guidance. Construction projects have always experienced delays, though I'm not a historian, that's the expectation.

K.R. Sridhar, CEO – 00:40:30 We should account for that. However, this will not affect our revenue guidance because our algorithm accounts for such variations within the year. Therefore, our 2026 guidance does not depend on any single project.

David Arcaro, Morgan Stanley – 00:40:48 Understood. Thank you both for providing that additional insight. That is very helpful. And I appreciate your additional comments regarding the supply chain and your confidence in it. I was wondering if you could address your access to scandium, which has attracted significant attention. Could you characterize your use of scandium, including the available supply and stockpiles?

K.R. Sridhar, CEO – 00:41:19 We have published a detailed blog on this topic. Additionally, we have filed an 8-K. The three key takeaways for investors to understand are as follows. There is sufficient scandium on the planet that can be economically recovered to power the world. That represents the total available supply on the planet. Currently, we have visibility based on our work for 25 gigawatts of deployments. And we are not dependent on China. Those are the statements we have made. That is all we will say on the matter. Everything else is proprietary to the company.

K.R. Sridhar, CEO – 00:42:08 Next question.

Operator – 00:42:09 The next question comes from Nicholas Amicucci of Evercore ISI.

Nicholas Amicucci, Evercore ISI – 00:42:15 Hello, everyone. How are you? Simon, sorry to put you on the spot for a moment. Just curious, there was an impressive raise in guidance following a strong second quarter, but the free cash flow guidance was withdrawn. I wanted to get some context around that, especially considering you have $2.7 billion in cash on the balance sheet, and to understand your capital allocation approach.

Simon Edwards, CFO – 00:42:43 Yes. Hi, Nick. Thanks for the question. To set the context, the company has historically included a supplemental presentation with metrics that are not formal guidance, and we have now aligned our presentation strictly to formal guidance. Regarding your question on cash, which is important, we see significant conversion from operating income to free cash flow. At the start of the year, we guided operating income at a midpoint of $450 million with $200 million of CFOA. We raised that to $675 million, and now we are targeting $850 million at the midpoint.

Simon Edwards, CFO – 00:43:21 This represents about a $175 million increase over our prior operating income guidance. We expect 100% of that increase to convert to CFOA. You should consider $375 million plus as our new baseline. However, as you know, we do not provide formal guidance as part of our earnings release. I want to assure you that we see strong conversion here. Understood.

Nicholas Amicucci, Evercore ISI – 00:43:47 Got it. That makes perfect sense. As we consider the longer-term AI demand and why capital expenditures from every hyperscaler are currently so high, and as we think about where returns will actually be generated, considering your backlog and ongoing conversations, KR, are you beginning to discuss inference reasoning, or is the focus still primarily on speed to power for AI training?

K.R. Sridhar, CEO – 00:44:24 Yes. It is both. Absolutely, it is both. Time to power is extremely important. That is the number one priority. Okay. Let me try to explain "time to power" in a slightly different way because for many analysts who cover utilities and power, as well as some of our investors, it's important to understand this concept. A full-stack AI provider responsible for everything in a one-gigawatt data center, within a single year, depending on the AI customer, will generate between $12 billion and $24 billion in revenue annually.

K.R. Sridhar, CEO – 00:45:16 So, if you can deliver power to them within a month—which is the critical bottleneck—that represents $1 to $2 billion in revenue they otherwise wouldn't have, with a 40 to 50% gross margin and a 20 to 25% net margin. Among the 35 to 40 gigawatts that need to be deployed next year, consider how many of those projects will be delayed because the power provider cannot deliver power on time. Okay? We are the go-to provider for time to power. And the math is straightforward—you don't even have to calculate it if we can provide that.

K.R. Sridhar, CEO – 00:46:01 This is why time to power is critical for large data centers. Now, as inference grows, if the country's transmission and distribution infrastructure struggles to build transmission highways, imagine how challenging it will be to upgrade distribution, which is like surface streets. That's where inference power will be needed. Bloom Energy is ideally suited for that. You cannot place a gas turbine in the middle of Manhattan. So, we see both opportunities as extremely robust for us—not just this quarter or next quarter, but for years to come.

K.R. Sridhar, CEO – 00:46:46 Thank you.

Operator – 00:46:48 Your next question is from Ben Kallo from Baird.

Ben Kallo, Baird – 00:46:52 Hey, thanks for taking my questions. I have two. I'm curious if you consider your competition and the supply-demand dynamics out there. Could you share your thoughts on where we stand regarding new capacity coming online—whether reciprocating engines, combined cycle turbines, or others—versus your decision process? Then I have a follow-up question at a higher level.

K.R. Sridhar, CEO – 00:47:25 Given the significant supply-demand gap right now, I believe every technology that can provide power quickly over the next few years will have a role. Let's start with that. So, if engine and turbine manufacturers increase their capacity, there will be demand for it. If Bloom Energy increases its capacity, there will also be demand. But let's fast forward and think competitively at a certain point. If a single customer has to choose between a turbine engine and a fuel cell, the first thing that matters is not LCOE, which is an absurd construct for onsite power.

K.R. Sridhar, CEO – 00:48:27 What matters is the total cost to tokens. The total cost of power relative to token revenue. Bloom's ability to provide 800-volt DC power, Bloom's ability to provide reliability without overbuilding, Bloom's ability to locate inside or outside a city because we do not pollute the air, and Bloom's ability to obtain permits. Okay. None of the other competitors can offer that total value proposition commercially today, other than Bloom Energy. So, we don't obsess over the competition. We obsess over the customer.

K.R. Sridhar, CEO – 00:49:19 Okay.

Ben Kallo, Baird – 00:49:22 Maybe from a commodity model or Chinese open-source models perspective, which some people find concerning or uncertain, can you discuss whether you view those as opportunities or threats going forward?

K.R. Sridhar, CEO – 00:49:41 Look, whether it's the Chinese or American labs, it really doesn't matter. It is a I would say, as a technology optimist, it's a given that token cost, token efficiency, and token capabilities will all improve. In that context, costs will improve and become cheaper. The efficiency of the token will significantly improve. The productivity capabilities of a token will continue to increase. All of these developments will occur. This means the token price point will decrease, but total token usage will surge dramatically due to Jevons paradox.

K.R. Sridhar, CEO – 00:50:27 When that happens, more power will be needed, not less. In fact, this trend will accelerate. Our AI predictions are likely underestimates rather than overestimates. Thank you.

Operator – 00:50:48 To save time, we will now take just one question. Our next question comes from Manav Gupta of UBS.

Manav Gupta, UBS – 00:50:59 K.R., you founded this company 21 years ago. You had a vision for the cell, and clearly, you have made significant progress. I'm trying to understand the product vision for the next three to four years, referring back to your primary comments and what you can control, in the context of Henry Ford. So, where do you see this product evolving over the next three to four years?

K.R. Sridhar, CEO – 00:51:24 Clearly, I believe our on-site power DC will become the primary source. Whether for data centers, fleet charging of electric vehicles, large apartment complexes, or residential microgrids, DC power is the future. DC is where the world is headed. Correct, predominantly. So, DC power generated on-site, utilizing heat for both heating and cooling, combined with decarbonization, will become critically important. Bloom Energy excels at carbon capture better than anyone else. We will focus on delivering a comprehensive solution where fuel utilization exceeds 90% combined efficiency.

K.R. Sridhar, CEO – 00:52:29 The solution will not pollute the air. It will not consume water. The same technology powering large data centers will also power neighborhood stores and local inference data centers. That is the vision. We want it to function like an appliance you can plug in to get power. This is the direction we are heading.

Operator – 00:53:01 Next, Maheep Mandloi from Mizuho Securities has a question.

Maheep Mandloi, Mizuho – 00:53:08 Thank you for taking my questions. I have a question regarding capacity expansion over the next three years. Other manufacturers in the industry are reporting inflation in capex estimates. I'm curious about your perspective on whether manufacturing equipment costs differ. How should we think about this as you expand from two gigawatts to higher capacity? Thank you.

K.R. Sridhar, CEO – 00:53:33 Thank you for that question; it highlights a key differentiator for us. Our factories have a return on investment measured in just a few months.

Colin Rusch, Oppenheimer – 00:53:44 Okay.

K.R. Sridhar, CEO – 00:53:45 We do not operate like traditional industrial companies. Okay. This is not your typical industrial-age power company. We leverage technologies that have advanced consumer electronics. Semiconductor devices are becoming more available in larger quantities, more affordable, and provide greater value globally. That is the model we are adopting. That is the model we will continue to follow. So, while others manage their challenges, from our perspective, expanding capacity offers a return on investment in a few months, and we will keep adding capacity as long as demand persists.

K.R. Sridhar, CEO – 00:54:34 Thank you.

Operator – 00:54:36 The next question will come from Sunaina Ocalan of Bernstein.

Sunaina Ocalan, Bernstein – 00:54:43 Hey, team. Thank you for taking my question. Maybe I can ask about the competitive landscape and follow up on the comments made during the call. As well as on someone else's question ahead of mine. That makes sense. I think what you're saying makes sense: the on-site power Bloom Energy solution, which does not produce NOx or SOx and does not use water, is a superior solution. That is clear and understandable. How are you thinking about market share over the next 24 to 36 months regarding some of the other fuel cell models that are...

Sunaina Ocalan, Bernstein – 00:55:23 ...targeting essentially the same data center space? I'm being asked specifically about molten carbonate, for instance. If you could provide some insight on the solid oxide fuel cell market share, that would be helpful.

K.R. Sridhar, CEO – 00:55:37 Look, I think it's up to them to tell you how many megawatts or gigawatts they can install, okay? It's not for us to comment on. Today, within the data center space, I would say, we hold a very high 90s percentage in terms of our market share, okay? If someone thinks they can compete with us, competition is a very good thing, okay? Competition makes us hungrier. Competition makes us run faster. Competition makes us more vigilant. And we will thrive in a competitive environment. So, I welcome competition from anyone and everyone.

Operator – 00:56:17 Thank you very much. The next question will come from Colin Rusch of Oppenheimer.

Colin Rusch, Oppenheimer – 00:56:23 Thanks so much. If you could delve deeper into the data centers and their time-to-power advantages, can you discuss your evolving thoughts on pricing and target margins for the platform? Also, could you give us a sense of how many projects you're selling where you're displacing a different technology originally planned for those sites?

K.R. Sridhar, CEO – 00:56:45 Look, again, we don't think about LCOE or price of electricity because we're not a utility. Okay. We are a strategic partner to our customers, and we deliver value to them. Based on that value, they should be happy to buy from us and allow us to capture value. So, it is not just a cents-per-kilowatt-hour story for us. It's about the additional benefits we bring to them. It's about the entire solution we provide. For us, increasing margins by capturing value is extremely important. When you think about this, we are very excited to talk about growth.

K.R. Sridhar, CEO – 00:57:39 But we sometimes forget to highlight something extremely important happening in the company. Okay. I remember seven years ago, most of you—the same analysts—were primarily concerned about our service losses. Okay. That was the main concern. We kept telling you the technology and product would become robust. And you would see us reach the 20% gross margin we discussed. We just reported this quarter a 22% gross margin. I want to take this opportunity to give a huge shout-out to the team who worked tirelessly to achieve that result.

K.R. Sridhar, CEO – 00:58:27 Think about it. When we went public eight years ago, we had a negative 21% gross margin. This quarter, we reported plus 22%, a 43% swing in service margin. Now, let me focus on one more thing. Service margin is a financial metric, but the first word in that is service. Who are we serving? We are serving our customers. At the end of the day, satisfied customers are what truly matter. So, we are not only achieving financial metrics, but if you look at 2025, 80% of the orders we booked were repeat orders from customers who have placed multiple orders with us.

K.R. Sridhar, CEO – 00:59:20 That speaks volumes about how satisfied our customers are. I am very proud of that accomplishment. I truly believe, and I will close with this, that the service aspect of our business, including service revenue and margins, is a major driver of our enterprise value. More importantly, it reflects how we properly serve our customers. I am very proud of that team. I want to give them a huge shout-out. If you combine what I just shared by looking at our backlog, the demand in the market, and how we perfectly fit the needs of a future digitized world, unlike previous technologies,

K.R. Sridhar, CEO – 01:00:20 consider how we are executing as a team, and combine all of that to see the trust we are building within the communities we operate in and the companies we serve. I have much to be grateful for and deeply appreciate the great Bloom team that has done a phenomenal job. Thank you all.

Operator – 01:00:46 Ladies and gentlemen, this concludes today's conference. We would like to thank you all for your participation. You may now disconnect.

待校正紀錄

• 關鍵原料名稱誤譯（AI 轉寫錯誤，已於本檔英文逐字稿與 lib 頁更正）：正確原料為 鈧（scandium），英文原文 00:41:19 KR Sridhar 明確用詞 "scandium"。
• 原始 AI 中文摘要「地緣政治」段（原文對應行）將 scandium 誤譯為「釩」（vanadium）。
• 原始 AI 中文摘要「原物料／關鍵零組件」段將 scandium 誤譯為「鋯」（zirconium，Q&A 中譯段）。
• 兩處誤譯已不採用；本檔中文摘要與後續 lib 頁（lib/1.company/Overseas/BE.US(bloom_energy).md、lib/2.tech/技術_SOFC.md）一律寫「鈧」。

待確認事項

1. 鈧供應「不依賴中國」的適用範圍：CEO 00:41:19 明確限定此句用於原料鈧（scandium）的供應獨立性，未涉及上游零組件（如隔膜片／電解質）供應商是否為中國廠商這個問題。此區別已寫入 技術_SOFC.md 的一手／第三方衝突 callout，勿混用推廣至零組件層級。
2. BE 全場未揭露 GW 出貨量、ASP、良率與隔膜片供應商：本季法說全程（含 2026-08-30 補齊的後半段 Q&A）未提供具體 GW 交付量、每瓦均價、良率或隔膜片供應商名稱，僅提供營收與 EPS 財測區間、市占口頭描述（「90% 以上」）及產能擴充的定性說明；8996_高力（市）.md 更新時已標註此口徑風險，不應自行換算或推測。
3. IDF／NEVI 交易細節待查：00:19:02 CFO 提及 "NEVI has signed the offtake"，NEVI 疑為客戶或專案代稱，本檔未查證其全名與背景，vault 內尚無對應頁面，暫不建連結。
4. 自由現金流指引已撤回：00:42:43/00:43:21 CFO 明確說明公司不再提供正式 FCF 指引（僅保留過去慣例的非正式補充指標，現已改為對齊正式指引），公司頁「風險與注意事項」／「財測假設」需標明此變化，日後看 BE 財測不應預期有官方 FCF guidance 區間。
5. Colin Rusch（Oppenheimer）分軌片段疑似誤植：00:53:44 出現「Colin Rusch - Oppenheimer, Analyst：Okay.」，位置在 Maheep Mandloi（Mizuho）提問回答中間，與 Colin Rusch 本輪完整提問（00:56:23）明顯不連貫，判斷為 AI 講者辨識誤植，逐字稿原樣保留、未刪改，供日後校對參考。