Fuel cell and electrolyzer manufacturer Bloom Energy has reported a revenue of $519.05 million for the third quarter (Q3) of 2025, a 57% year-over-year (YoY) increase from $330.4 million. The revenue exceeded analysts’ expectations by $90.98 million.

The company’s earnings per share (EPS) came in at $0.15, exceeding analysts’ expectations by $0.05.

Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to $59.05 million from $21.34 million in the corresponding quarter last year.

The company reported a net loss of $23.09 million compared to $14.71 million in Q3 2024.

During the earnings call, KR Sridhar, Founder and CEO at Bloom Energy, said the company has delivered its fourth consecutive quarter of record revenue and added that 2025 is tracking better than its previously stated annual guidance with a setup for an even stronger 2026 and beyond.

He said three main tailwinds are driving the business: the growing power needs of artificial intelligence, supportive government policy, and rapid product cost reductions, which together create a once-in-a-generation opportunity for on-site power.

On the AI front, Sridhar emphasized speed and reliability. He said Bloom promised to deliver in 90 days and delivered in 55 days, referring to its first AI factory project with Oracle. He said commercial momentum is accelerating across AI and traditional commercial and industrial segments.

Bloom is now competing beyond its traditional markets in California and the Northeast, with growing activity across the Midwest, Mid Atlantic, Mountain West, Texas, and several European and Asian cities.

The company reaffirmed plans to double its manufacturing capacity to 2 GW by December 2026, which management believes could support about four times its 2025 revenue. Sridhar said the company will not be the bottleneck and is investing in talent and research to expand beyond the 2 GW goal.

On policy and grid access, Sridhar welcomed efforts to speed up grid interconnections but said data centers are entering what he called the age of bring your own power. He described a model in which utilities can install Bloom’s fuel cells in front of the meter to supply data centers quickly while also supporting local grid stability. He said Bloom’s systems are a stabilizing factor.

Bloom also reported progress across seven parts of the AI ecosystem with key customers and partners. These include hyperscalers such as Oracle, utilities such as AEP, which is supplying AWS, gas providers serving another hyperscaler, colocation companies such as Equinix with more than 100 MW deployed, neoclouds such as CoreWeave in Illinois, data center developers filing permits, and infrastructure investors such as Brookfield.

Sridhar said Bloom anticipated the industry’s move toward 800-volt direct current racks. He said the company built an architecture capable of delivering 800-volt DC, and that every unit shipped over the last 15 years already includes this capability. He described this as digital-native power that reduces the number of energy conversion steps compared with alternating current systems used in legacy power generation.

Bloom Energy reported a revenue of $401.2 million for the second quarter of 2025, a 25.9% YoY increase from $278.8 million.