Bloom Energy Corp - Ordinary Shares - Class A

Blowout quarter + demand translating into real revenue (surprising strength) - Revenue $1.065B, +166% YoY and +42% sequentially; first time exceeding $1B in a single quarter. - Product revenue $935M (~90% of total), +215% YoY and +43% sequentially. - Gross margin 34.3% (+604 bps YoY) driven by mix + margin expansion. - Adjusted EBITDA $253M (~24% of revenue); operating income $240M and operating margin 22.5% (material leverage with scalability).

Profitability + operating leverage (good) - Non-GAAP diluted EPS $0.78 vs GAAP $0.62. - Key structural lever: revenue up 166% while operating expenses grew only 48%, implying overhead scales slower than deliveries. - Service business strengthening: services gross margin 22%, with management saying fleet/maintenance timing implies quarter-to-quarter variability but underlying service margin has reached a 20%+ long-term level.

Upgraded full-year outlook (clear forecast change) - Revenue raised to $3.9B–$4.2B (midpoint implies ~100% growth vs 2025). - Non-GAAP gross margin outlook held ~34%. - Non-GAAP operating income raised to $800M–$900M (midpoint operating margin ~21%). - Non-GAAP diluted EPS raised to $2.55–$2.85. - Guidance framework: “bottoms up” from backlog conversion + in-year bookings, with manufacturing reserved for “time-to-power” customers who need power within months.