Bloom Energy Corp - Ordinary Shares - Class A

Q3 performance was record-breaking; strong operating leverage - Revenue $1.24B, up 138% YoY (and +16% sequentially). - Operating income $286M, up >500% YoY (and +19% sequentially). - Operating margin 23.1% vs 8.9% a year ago; driven by revenue growing far faster than operating expenses (OpEx +26% YoY). - Product revenue $1.07B (system deliveries/acceptances), up 179% YoY; service and installation revenues grew more moderately. - Gross margin improving: Total gross margin 34.5% (+412 bps YoY); product gross margin 38.4% (+250 bps YoY).

Company raised 2026 guidance again (clear demand/visibility improvement) - Full-year revenue outlook raised to $4.4B–$4.6B (implies about ~122% YoY growth at midpoint). - Full-year non-GAAP operating income raised to $960M–$1.03B (midpoint implies ~22% operating margin vs 14% at midpoint of the February outlook). - Non-GAAP diluted EPS raised to $3.10–$3.40. - Gross margin outlook maintained around ~34% (despite higher revenue), suggesting confidence but also that margin expansion is being managed amid ramp/mixture factors.

Cash flow: near-term headwind but management expects self-funded growth - Q3 cash flow from operations was a use of $27M (notably due to working capital build: inventory, contract assets, receivables). - Free cash flow (FCF) was -$181M in Q3, but FCF YTD was +$42M. - Balance sheet: ended quarter with ~$2.5B cash. - CFO emphasized the business is “self-funding”: operating cash generation should reduce dependence on external capital over time (important for execution risk).