BE$217.77▼ 8.7%Bloom Energy earned a record $249 million. Its operations used $27.1 million of cash
Bloom Energy reported record sales on Oct. 22 and raised its forecast for a third time. Its quarterly report shows that $464 million of the quarter's sales had not been billed by Sept. 30.
KeyVex News··6 min readFact-checked against 5 public recordsKeyVex News··6 min readFact-checked against 5 public recordsBE$217.77▼ 8.7%Close, Oct. 22. Prices from Tiingo.The short versionTap to readTap to close
- Analysts expected Bloom's operations to bring in $165.3 million of cash in the third quarter, Finimize reported, citing FactSet. Instead they used $27.1 million, in a quarter Bloom earned $249 million.
- The biggest piece is billing. Bloom counted revenue it had not yet billed, and its finance chief said billing follows contract milestones that can occur in a different quarter.
- By Sept. 30, Bloom had not billed $464 million of the quarter's sales, about 38 cents of every dollar. It also paid suppliers in advance and built up inventory.
- That revenue brings in cash only when Bloom bills it and the customer pays. Bloom's fourth-quarter report will show its year-end unbilled balance and full-year cash flow.
The quarter: Bloom Energy, which makes fuel-cell systems that generate electricity on site, reported record revenue of $1.24 billion for the third quarter on Oct. 22, up 138% from a year earlier.8-K It earned $249 million, the most for any quarter since it went public in 2018.8-K It raised its 2026 outlook, including revenue of $4.4 billion to $4.6 billion, "for the third time this year," finance chief Simon Edwards said in the release.8-K
The cash: The same release shows that Bloom's operations used $27.1 million of cash in the quarter, after bringing in $226.4 million in the second.8-K Analysts had expected them to bring in $165.3 million, according to FactSet, Finimize reported.Finimize Bloom also spent $153.5 million on property and equipment, nearly triple the second quarter.8-K Free cash flow, operating cash less that spending, was a use of about $181 million, the figure Edwards gave on the call.Call
Why it matters: Bloom's quarterly report, filed that evening, shows where the money went. Of the quarter's revenue, $463.9 million had been counted but not billed by Sept. 30, about 38 cents of every dollar, by KeyVex's math.10-Q That revenue brings in cash only when Bloom bills it and the customer pays. Bloom's total of unbilled revenue has risen every quarter this year.10-Q10-Q "Billing follows contract milestones that can occur in a different quarter," Edwards said on the call.Call
The stock: Bloom closed at $217.77 on Oct. 22, down 8.7% on the day, before the results came out after the close.Chart dataEDGAR Finimize reported that the shares fell 11%.Finimize Tiingo's last IEX price at 4 p.m. Eastern on Oct. 23 was $193.30, 11.2% below the Oct. 22 close.Quote
Bloom Energy's stock and its three 2026 quarterly reportsDaily close, Dec. 31, 2025 to Oct. 22, 2026 ▲ 150.6%Show chartHide chart
- 1April 28, 2026 First-quarter report: contract assets of $305.9 million. Contract assets, revenue recorded but not yet billed, stood at $305.9 million on March 31. Released after the close; Bloom closes at $226.37 that day.
- 2June 22, 2026 Record close: $345.85. The highest close in KeyVex's data, which runs from July 2018.
- 3July 28, 2026 Second-quarter report: contract assets of $428.3 million. Contract assets on June 30. Released after the close; Bloom closes at $166.84 that day.
- 4Oct. 22, 2026 Third-quarter report: contract assets of $858.6 million. Record revenue of $1.24 billion; operations used $27.1 million of cash. Released after the close; Bloom closes at $217.77, down 8.7%, before it.
View the data (204 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-22 | $217.77 | −8.7% |
| 2026-10-21 | $238.53 | +7.1% |
| 2026-10-20 | $222.65 | −1.6% |
| 2026-10-19 | $226.22 | +2.2% |
| 2026-10-16 | $221.31 | −6.3% |
| 2026-10-15 | $236.30 | −1.3% |
| 2026-10-14 | $239.34 | −9.2% |
| 2026-10-13 | $263.45 | +0.4% |
| 2026-10-12 | $262.28 | −6.5% |
| 2026-10-09 | $280.50 | +2.8% |
| 2026-10-08 | $272.82 | −6.3% |
| 2026-10-07 | $291.29 | −1.5% |
| 2026-10-06 | $295.78 | +3.2% |
| 2026-10-05 | $286.65 | −0.9% |
| 2026-10-02 | $289.15 | +4.2% |
| 2026-10-01 | $277.58 | +0.2% |
| 2026-09-30 | $276.98 | −4.9% |
| 2026-09-29 | $291.25 | +10.8% |
| 2026-09-28 | $262.87 | −8.9% |
| 2026-09-25 | $288.70 | +8.3% |
| 2026-09-24 | $266.65 | −3.1% |
| 2026-09-23 | $275.19 | −0.5% |
| 2026-09-22 | $276.53 | +1.3% |
| 2026-09-21 | $272.89 | +2.7% |
| 2026-09-18 | $265.63 | −5.4% |
| 2026-09-17 | $280.76 | +4.0% |
| 2026-09-16 | $270.02 | +4.1% |
| 2026-09-15 | $259.35 | +0.9% |
| 2026-09-14 | $257.05 | −6.8% |
| 2026-09-11 | $275.75 | +6.7% |
| 2026-09-10 | $258.49 | −4.0% |
| 2026-09-09 | $269.28 | −2.9% |
| 2026-09-08 | $277.22 | +9.6% |
| 2026-09-04 | $252.87 | +7.4% |
| 2026-09-03 | $235.55 | +8.4% |
| 2026-09-02 | $217.28 | +1.7% |
| 2026-09-01 | $213.63 | +3.6% |
| 2026-08-31 | $206.30 | −2.1% |
| 2026-08-28 | $210.77 | −3.2% |
| 2026-08-27 | $217.83 | −0.2% |
| 2026-08-26 | $218.21 | +0.3% |
| 2026-08-25 | $217.45 | +6.6% |
| 2026-08-24 | $204.02 | +1.3% |
| 2026-08-21 | $201.45 | −0.5% |
| 2026-08-20 | $202.48 | −2.0% |
| 2026-08-19 | $206.63 | −1.1% |
| 2026-08-18 | $209.01 | −10.0% |
| 2026-08-17 | $232.16 | +1.0% |
| 2026-08-14 | $229.94 | −2.7% |
| 2026-08-13 | $236.22 | −0.4% |
| 2026-08-12 | $237.16 | +12.3% |
| 2026-08-11 | $211.21 | +0.3% |
| 2026-08-10 | $210.63 | −4.0% |
| 2026-08-07 | $219.34 | −4.2% |
| 2026-08-06 | $228.96 | −2.3% |
| 2026-08-05 | $234.33 | +2.7% |
| 2026-08-04 | $228.11 | +4.5% |
| 2026-08-03 | $218.32 | +6.1% |
| 2026-07-31 | $205.81 | −0.6% |
| 2026-07-30 | $207.12 | +26.5% |
| 2026-07-29 | $163.75 | −1.9% |
| 2026-07-28 | $166.84 | −11.3% |
| 2026-07-27 | $188.18 | +1.8% |
| 2026-07-24 | $184.89 | −14.9% |
| 2026-07-23 | $217.30 | −0.4% |
| 2026-07-22 | $218.22 | −3.6% |
| 2026-07-21 | $226.26 | +14.8% |
| 2026-07-20 | $197.06 | −8.3% |
| 2026-07-17 | $214.96 | +4.0% |
| 2026-07-16 | $206.73 | −13.6% |
| 2026-07-15 | $239.38 | −1.7% |
| 2026-07-14 | $243.40 | +4.2% |
| 2026-07-13 | $233.49 | −4.5% |
| 2026-07-10 | $244.61 | −4.8% |
| 2026-07-09 | $257.02 | +1.1% |
| 2026-07-08 | $254.29 | −5.7% |
| 2026-07-07 | $269.57 | −8.6% |
| 2026-07-06 | $295.05 | +8.9% |
| 2026-07-02 | $270.89 | −6.4% |
| 2026-07-01 | $289.50 | −4.4% |
| 2026-06-30 | $302.70 | +10.1% |
| 2026-06-29 | $275.01 | +9.1% |
| 2026-06-26 | $252.02 | −18.5% |
| 2026-06-25 | $309.18 | −5.2% |
| 2026-06-24 | $326.19 | +1.3% |
| 2026-06-23 | $321.98 | −6.9% |
| 2026-06-22 | $345.85 | +5.2% |
| 2026-06-18 | $328.91 | +15.4% |
| 2026-06-17 | $284.99 | +1.5% |
| 2026-06-16 | $280.88 | +2.3% |
| 2026-06-15 | $274.50 | +5.5% |
| 2026-06-12 | $260.22 | +4.6% |
| 2026-06-11 | $248.88 | +6.3% |
| 2026-06-10 | $234.23 | −9.8% |
| 2026-06-09 | $259.61 | +2.4% |
| 2026-06-08 | $253.57 | −3.8% |
| 2026-06-05 | $263.61 | −9.5% |
| 2026-06-04 | $291.37 | +1.4% |
| 2026-06-03 | $287.32 | −5.1% |
| 2026-06-02 | $302.85 | +10.7% |
| 2026-06-01 | $273.51 | −4.0% |
| 2026-05-29 | $285.00 | −1.7% |
| 2026-05-28 | $290.01 | −1.3% |
| 2026-05-27 | $293.80 | −2.8% |
| 2026-05-26 | $302.40 | 0.0% |
| 2026-05-22 | $302.49 | −1.8% |
| 2026-05-21 | $307.88 | +9.1% |
| 2026-05-20 | $282.31 | +8.0% |
| 2026-05-19 | $261.34 | +1.0% |
| 2026-05-18 | $258.71 | −6.2% |
| 2026-05-15 | $275.95 | −9.1% |
| 2026-05-14 | $303.41 | +4.7% |
| 2026-05-13 | $289.76 | +3.2% |
| 2026-05-12 | $280.69 | −1.1% |
| 2026-05-11 | $283.92 | +8.8% |
| 2026-05-08 | $261.03 | +0.9% |
| 2026-05-07 | $258.64 | −9.4% |
| 2026-05-06 | $285.47 | −3.3% |
| 2026-05-05 | $295.25 | +2.3% |
| 2026-05-04 | $288.64 | −0.6% |
| 2026-05-01 | $290.52 | +2.5% |
| 2026-04-30 | $283.36 | −1.6% |
| 2026-04-29 | $287.97 | +27.2% |
| 2026-04-28 | $226.37 | −3.5% |
| 2026-04-27 | $234.68 | +1.5% |
| 2026-04-24 | $231.17 | −2.7% |
| 2026-04-23 | $237.57 | +3.4% |
| 2026-04-22 | $229.75 | +4.0% |
| 2026-04-21 | $220.91 | +1.2% |
| 2026-04-20 | $218.27 | +5.0% |
| 2026-04-17 | $207.86 | −1.0% |
| 2026-04-16 | $210.06 | −1.8% |
| 2026-04-15 | $213.84 | −2.4% |
| 2026-04-14 | $219.03 | +24.0% |
| 2026-04-13 | $176.67 | +6.0% |
| 2026-04-10 | $166.70 | +4.1% |
| 2026-04-09 | $160.13 | +9.1% |
| 2026-04-08 | $146.78 | +8.0% |
| 2026-04-07 | $135.91 | +0.7% |
| 2026-04-06 | $135.00 | −0.5% |
| 2026-04-02 | $135.63 | +2.4% |
| 2026-04-01 | $132.45 | −2.2% |
| 2026-03-31 | $135.49 | +13.4% |
| 2026-03-30 | $119.51 | −10.3% |
| 2026-03-27 | $133.24 | −0.2% |
| 2026-03-26 | $133.52 | −11.1% |
| 2026-03-25 | $150.22 | +3.0% |
| 2026-03-24 | $145.88 | +3.2% |
| 2026-03-23 | $141.33 | −5.9% |
| 2026-03-20 | $150.12 | −9.9% |
| 2026-03-19 | $166.69 | +6.5% |
| 2026-03-18 | $156.58 | −2.2% |
| 2026-03-17 | $160.05 | +4.1% |
| 2026-03-16 | $153.68 | −0.5% |
| 2026-03-13 | $154.51 | −1.7% |
| 2026-03-12 | $157.17 | −1.3% |
| 2026-03-11 | $159.21 | +3.4% |
| 2026-03-10 | $154.00 | +1.8% |
| 2026-03-09 | $151.32 | +11.9% |
| 2026-03-06 | $135.19 | −15.5% |
| 2026-03-05 | $159.99 | −2.9% |
| 2026-03-04 | $164.78 | +7.7% |
| 2026-03-03 | $153.02 | −7.8% |
| 2026-03-02 | $166.00 | +6.6% |
| 2026-02-27 | $155.67 | −7.7% |
| 2026-02-26 | $168.57 | −3.5% |
| 2026-02-25 | $174.77 | +5.2% |
| 2026-02-24 | $166.20 | +3.7% |
| 2026-02-23 | $160.28 | +8.6% |
| 2026-02-20 | $147.55 | −7.2% |
| 2026-02-19 | $159.00 | +1.1% |
| 2026-02-18 | $157.27 | +8.2% |
| 2026-02-17 | $145.32 | +4.0% |
| 2026-02-13 | $139.74 | +0.5% |
| 2026-02-12 | $139.03 | −10.6% |
| 2026-02-11 | $155.54 | +4.6% |
| 2026-02-10 | $148.70 | −4.2% |
| 2026-02-09 | $155.17 | +8.5% |
| 2026-02-06 | $143.03 | +4.7% |
| 2026-02-05 | $136.60 | −7.3% |
| 2026-02-04 | $147.35 | −12.8% |
| 2026-02-03 | $168.89 | +8.2% |
| 2026-02-02 | $156.13 | +3.1% |
| 2026-01-30 | $151.37 | −3.3% |
| 2026-01-29 | $156.51 | −5.4% |
| 2026-01-28 | $165.39 | +8.6% |
| 2026-01-27 | $152.31 | +9.1% |
| 2026-01-26 | $139.62 | −3.6% |
| 2026-01-23 | $144.89 | −0.5% |
| 2026-01-22 | $145.63 | −3.3% |
| 2026-01-21 | $150.56 | −0.8% |
| 2026-01-20 | $151.75 | +1.5% |
| 2026-01-16 | $149.50 | +7.4% |
| 2026-01-15 | $139.17 | +4.3% |
| 2026-01-14 | $133.46 | −4.5% |
| 2026-01-13 | $139.77 | +2.1% |
| 2026-01-12 | $136.87 | +2.1% |
| 2026-01-09 | $134.07 | +10.0% |
| 2026-01-08 | $121.84 | +12.8% |
| 2026-01-07 | $108.00 | +4.8% |
| 2026-01-06 | $103.05 | −0.8% |
| 2026-01-05 | $103.87 | +5.2% |
| 2026-01-02 | $98.69 | +13.6% |
| 2025-12-31 | $86.89 |
Bloom ended 2025 at $86.89 and more than doubled by Oct. 22. Each quarterly report came out after the close, so each dot's close comes before the news. Source: Tiingo end-of-day closes, as traded, via KeyVex.
Where the money went
Revenue that a company has recorded but not yet billed sits on its balance sheet as "contract assets." Bloom's doubled in three months, to $858.6 million on Sept. 30 from $428.3 million on June 30. At the end of 2025 it was $241.2 million.10-Q The total rose $430.3 million, not the full $463.9 million, because $33.5 million of earlier unbilled revenue was billed during the quarter.10-Q8-K
View the data
| Quarter end | Contract assets | Note |
|---|---|---|
| Sept. 30, 2025 | $259M | |
| Dec. 31, 2025 | $241M | |
| March 31, 2026 | $306M | |
| June 30, 2026 | $428M | |
| Sept. 30, 2026 | $859M | Doubled in three months |
Sources: Bloom Energy's Form 10-Qs for the quarters ended March 31 and Sept. 30, 2026 (contract balances, Note 3).
The report gives three other big uses of cash in the quarter. Bills Bloom had sent but had not been paid for rose $175.2 million. Inventory rose $170.4 million. And $178.0 million went into long-term assets, where advances to suppliers reached $327.0 million, up from $17.4 million at the end of 2025.8-K10-Q The report says those are payments made ahead "related to future purchases of goods and services and capital advances."10-Q
Cash came in the other way too. Deposits and up-front payments from customers rose $309.3 million in the quarter, and the bills Bloom owed its own suppliers rose $184.7 million.8-K Customer deposits stood at $661.4 million on Sept. 30, up from $78.2 million at the end of 2025.10-Q
For the first nine months of 2026, Bloom's operations brought in $272.9 million. In the same months of 2025 they used $304.1 million.10-Q It had $2.49 billion of cash on Sept. 30, a little more than at the end of 2025.10-Q
Bloom's third-quarter profit beside the biggest changes in its cashShow chartHide chart
View the data
| Third quarter | Amount | Note |
|---|---|---|
| Net income (Third quarter) | $249M | $248,976 thousand |
| Revenue not yet billed (Rise in contract assets) | $430M | $430,348 thousand |
| Advances and other long-term assets (Mostly payments to suppliers) | $178M | $178,028 thousand; vendor advances rose to $327.0 million from $17.4 million at Dec. 31 |
| Bills sent, not yet paid (Rise in receivables) | $175M | $175,235 thousand |
| Inventory (Rise in inventory) | $170M | $170,401 thousand |
| Customer deposits (Cash received ahead of revenue) | $309M | $309,333 thousand, deferred revenue and customer deposits |
| Bills owed to suppliers (Rise in accounts payable) | $185M | $184,664 thousand |
| Accrued expenses (Rise in accrued expenses and other current liabilities) | $159M | $158,758 thousand |
The bars are lines from the cash-flow statement, not the whole of it. Non-cash items added $79.9 million and the other working-capital lines took $54.8 million, by KeyVex's math; with the bars, that comes to the $27.1 million used. Source: Bloom Energy's third-quarter results release (Form 8-K, Exhibit 99.1).
What Bloom says about the timing
"This quarter we used cash from operations, but that's not the beginning of a trend," Edwards said on the call.Call He also said: "We expect to continue investing in working capital to support future growth and scale alongside our customers."Call
Colin Rusch, an analyst at Oppenheimer, opened his questions on the call with "the contract asset growth and how you expect that to move" into bills.Call Edwards answered that "making sure that we're turning both our receivables and contract assets is our primary focus."Call
Who the sales are with
Two customers accounted for about 43% and 26% of Bloom's third-quarter revenue, the 10-Q says.10-Q The second is a related party, and $321.6 million of the quarter's revenue came from related parties.10-Q For that disclosure, the 10-Q says, a "customer" may be "a project-finance affiliate rather than the ultimate end user of the products."10-Q
Over the first nine months, the 10-Q says, receivables and contract assets grew "primarily due to higher revenue volume, increased project activity driven by growing demand for our products and installation services, and the timing of billing milestones."10-Q Bloom's next quarterly report, for the fourth quarter, will show the year-end balance and full-year cash flow.
What to watch
Bloom's 2026 ends; its revenue forecast is $4.4 billion to $4.6 billion.
The fourth-quarter report, with the year-end balance of revenue not yet billed and full-year cash flow.
The paper trail
Bloom Energy's quarterly reports in 2026, with the time EDGAR accepted each one.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| April 28, 5:33 p.m. | 10-Q | Bloom Energy | First quarter: contract assets of $305.9 million on March 31; operations brought in $73.6 million. |
| Oct. 22, 4:09 p.m. | 8-K | Bloom Energy | Third-quarter results: revenue of $1.24 billion, net income of $249.0 million, operations used $27.1 million. |
| Oct. 22, 5:25 p.m. | 10-Q | Bloom Energy | Third quarter: $463.9 million of revenue recorded and not billed; contract assets of $858.6 million. |
Related coverage
Sources
9 sources, 5 of them public records
Public records
- Bloom Energy Corp., Form 8-K, Exhibit 99.1: third-quarter 2026 resultsSEC EDGAR · Oct. 22, 2026
- Bloom Energy Corp., Form 8-K filing indexSEC EDGAR · Oct. 22, 2026
- Bloom Energy Corp., Form 10-Q for the quarter ended Sept. 30, 2026SEC EDGAR · Oct. 22, 2026
- Bloom Energy Corp., Form 10-Q filing index, quarter ended Sept. 30, 2026SEC EDGAR · Oct. 22, 2026
- Bloom Energy Corp., Form 10-Q for the quarter ended March 31, 2026SEC EDGAR · April 28, 2026
Reporting
- Earnings call transcript: Bloom Energy Q3 2026Investing.com · Oct. 23, 2026
- "Bloom Energy's Cash Flow Gap Is Spooking Wall Street"Finimize · Oct. 2026
Data
- End-of-day prices for BE, and for SPY and QQQ on the chart (Tiingo); the Oct. 23 intraday quote (Tiingo IEX)KeyVex · through Oct. 23, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for BEKeyVex · through Oct. 22, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends, through Oct. 22, the last close in KeyVex's data when this was written. The Oct. 23 price is Tiingo's last IEX price at 4 p.m. Eastern, from KeyVex's intraday quote, not an official close. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to Bloom's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's Bloom Energy stock page: congressional trades, insider sales, Form 144 notices, 8-Ks and lobbying filings. It shows a selection, not every filing, and not only those tied to this story.
- "Not yet billed" is the 10-Q's line "revenue recognized and not billed as of the end of the period": $463,887 thousand in the third quarter. The 38 cents is that figure divided by third-quarter revenue of $1,235,837 thousand (37.5%), KeyVex's math. Contract assets are the 10-Q's total, current and long-term ($858,646 thousand on Sept. 30).
- The bars in the cash chart are the changes in operating assets and liabilities from the cash-flow statement in the results release, in thousands of dollars: contract assets -430,348, other long-term assets -178,028, accounts receivable -175,235, inventories -170,401, deferred revenue and customer deposits +309,333, accounts payable +184,664, accrued expenses and other current liabilities +158,758. Free cash flow is operating cash flow less purchases of property, plant and equipment: -27,147 - 153,487 = -180,634, KeyVex's math, which matches the $181 million the finance chief gave on the call.
- Call quotes are from Investing.com's transcript of the Oct. 22 call.