Bloom Energy’s fourth quarter results were propelled by surging demand from data center and commercial customers, as management highlighted. CEO KR Sridhar credited the company’s expanding product and service backlog to a shift in customer attitudes, describing on-site power as “a vital business necessity” rather than a last resort. Management pointed to rapid execution on large projects, a growing base of repeat customers, and geographic expansion into lower-cost power states as key factors supporting strong revenue growth and positive market reaction.
Is now the time to buy BE? Find out in our full research report (it’s free for active Edge members).
Bloom Energy (BE) Q4 CY2025 Highlights:
- Revenue: $777.7 million vs analyst estimates of $655.1 million (35.9% year-on-year growth, 18.7% beat)
- Adjusted EPS: $0.45 vs analyst estimates of $0.30 (50.4% beat)
- Adjusted EBITDA: $146.1 million vs analyst estimates of $107 million (18.8% margin, 36.6% beat)
- Operating Margin: 11.3%, down from 18.3% in the same quarter last year
- Market Capitalization: $43.64 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Bloom Energy’s Q4 Earnings Call
- David Arcaro (Morgan Stanley) asked about the likelihood of repeat orders from existing customers. CEO KR Sridhar responded that two-thirds of business comes from repeat clients, emphasizing growing traction in both C&I and hyperscale segments.
- Christopher Dendrinos (RBC Capital Markets) inquired about the adoption timeline for the new 800 volt DC architecture. Sridhar explained that all new servers are now shipped DC-ready and that Bloom aims to stay ahead of customer needs by anticipating future requirements.
- Manav Gupta (UBS) probed the opportunity for absorption chillers in data centers and whether they could accelerate versus traditional cooling methods. Sridhar noted that using on-site high-quality heat for absorption chillers can reduce data center electricity usage by at least 20%.
- Michael Blum (Wells Fargo) questioned the international versus U.S. backlog mix and long-term global opportunities. Sridhar stated that while the U.S. is the primary growth driver, Bloom intends to expand globally as LNG and infrastructure become available in other regions.
- Noel Parks (Tuohy) asked about input cost visibility and supply chain strategy. Sridhar replied that Bloom focuses on continuous cost and process efficiencies, holding strategic inventory, and achieving consistent double-digit annual cost reductions.
Catalysts in Upcoming Quarters
In coming quarters, the StockStory team will focus on (1) the pace of AI-driven data center project wins and repeat orders, (2) execution and customer uptake of the new 800 volt DC product line, and (3) service margin and revenue growth as the installed base expands. Additional attention will be paid to the company’s ability to deliver rapid, cost-effective solutions in new geographic markets and the progress of R&D-driven applications like absorption chillers.
Bloom Energy currently trades at $155.19, up from $136.60 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).
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