Bloom Energy reported record Q3 2026 sales of $1.24 billion, above the $1.07 billion consensus, and raised its full-year outlook for the third time this year. However, operating cash flow swung to negative $27.1 million as inventory, contract assets and receivables climbed, and $153.5 million in capacity spending at Fremont and Newark pushed free cash flow to a use of $181 million. Shares fell 4% to $208.74 in morning trading, though still up 140% year to date, while FuelCell Energy and Plug Power were little changed. Management said the cash use is "not the beginning of a trend", ended the period with $2.5 billion in cash, and forecasts full-year revenue of $4.4 billion to $4.6 billion. Bloom's Q4 2026 report will show whether collections catch up with deliveries.
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