Record full-year revenue of $2.0B, up 37.3% YoY (CFO). Q4 revenue was $777.7M, up 35.9% YoY (CFO).
Full-year non-GAAP gross margin improved to 30.3% from 28.7% in 2024 (CFO). Q4 gross margin was 31.9% vs. 39.3% in Q4 2024 (CFO).
Q4 non-GAAP operating income was $133M vs. $133.4M in Q4 2024 (CFO). Full-year non-GAAP operating profit was $221M, up from $113.4M in 2024 (CFO).
Full-year adjusted EBITDA was $271.6M (CFO). Q4 adjusted EBITDA was $146.1M vs. $147.3M in Q4 2024 (CFO).
Product backlog increased 140% YoY to ~$6B (CEO, CFO). Service backlog is ~$14B (CEO, CFO).
Service business profitable for eight consecutive quarters; Q4 service gross margin reached 20% (CEO). Full-year non-GAAP service gross profit was $29.7M, a significant improvement from 2024 (CFO).
C&I backlog grew over 135% YoY (CEO).
Geographic mix shift: 80%+ of US backlog now from states outside California and Northeast (two years ago 80%+ was in those high-cost states) (CEO).
Free cash flow positive for the second consecutive year (CFO).
Ended Q4 with $2.5B in total cash on the balance sheet (CFO). Inventory at $643M (CFO). Q4 CapEx was $57M (CFO).
Q4 cash flow from operations was $113.9M (CFO). Q4 non-GAAP EPS was $0.45 vs. $0.43 a year ago (CFO).
Official Guidance (FY 2026, CFO):
Revenue: $3.1B – $3.3B
Non-GAAP gross margin: ~32%
Non-GAAP operating income: ~$125M – $475M
CapEx: $150M – $200M
Cash flow from operations: close to $200M
Management Quotes
"Bloom is rapidly becoming the standard for on-site power. As evidenced by our excellent fourth quarter capping our best year yet." (CEO)
"Our product backlog increased 140% year over year to about $6 billion." (CEO)
"We demonstrated this recently by delivering a hyperscale AI factory order in fifty-five days against a ninety-day commitment." (CEO)
"Bloom, and only Bloom, natively produces 800 volts DC today. No Band-Aids, or adapters needed." (CEO)
"While 2025 was a great year for Bloom, we expect 2026 to accelerate." (CFO)
Pricing is a market phenomenon; customers value time to power, ease of permitting, and no air pollution backlash.
Company does not see a need to choose between growth and profitability due to continuous cost reductions and efficiencies.
Legacy suppliers (turbines/engines) are increasing prices, so electricity costs for customers are rising in one direction only.
On M&A: can be selective about acquisitions that enhance the smart platform, but the addressable market is "unthinkably big" and "lighting up the planet" is sufficient focus.
Mgmt stance: Bullish — pricing leverage exists without sacrificing growth; M&A not needed given massive organic opportunity.
Q7 — Mark Strouse
Topic: Book-and-ship business mix and backlog geography
Key points:
Over 80% of backlog is in lower-cost states (outside California and Northeast), partly driven by data centers.
For non-AI business mix, mgmt declined to provide a breakdown.
In 2025, book-and-ship was a "significant double-digit percentage" of revenue; example: powered a data center in 55 days.
Expects book-and-ship to remain double-digit percentage going forward, driven by urgent customer needs (often due to other vendors failing).
Mgmt stance: Neutral on non-AI mix (no disclosure); bullish on book-and-ship as a competitive advantage.
Q8 — Sherif Elmaghrabi
Topic: AEP agreement and Oracle warrant transaction
Key points:
AEP’s sale of fuel cells under the gigawatt agreement is unconditional; AEP will take possession regardless of offtake finalization (Q2 2025).
AEP and Bloom are working on several projects together; combined business expected to grow.
Bloom’s energy servers are not perishable and can be deployed in multiple other locations.
On Oracle warrant transaction: not yet executed; details cannot be shared; warrants were at market pricing, not in lieu of other value.
Future similar transactions will be evaluated case-by-case based on enterprise value enhancement.
Mgmt stance: Bullish on AEP partnership (unconditional order, growth expected); neutral on Oracle-style deals (case-by-case, no commitment).