Bloom Energy reported record third-quarter revenue of $1.24 billion, up 138% year over year, and raised its 2026 revenue forecast to $4.4 billion–$4.6 billion for the third time this year. Despite the results, shares fell about 9% to $217.77 on Oct. 22 and dropped to roughly $203 after hours, still about 37% below the June 22 record close of $345.85. The weak spot was cash: operations used $27 million in the third quarter, contract assets (revenue booked but not yet billed) rose to $793 million, and free cash flow was negative $181 million. The author says the stock now looks cheaper relative to the raised earnings forecast and could be considered for gradual investment, but wants to see contract assets convert to cash before increasing the position more aggressively.
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