$Bloom Energy Corp(BE)$ The EPS inflection might be one of the most overlooked parts of the Bloom story.
The shift over roughly two years is pretty striking:
2024 non-GAAP diluted EPS: $0.28
2025: $0.76
2026 guidance: $2.55–$2.85
That works out to about a 9–10x increase in just two years at the midpoint of the 2026 guidance.
So what is actually driving the EPS jump?
1. Revenue is scaling quickly.
AI/data-center demand is translating into much larger deployments.
2. Gross margins are expanding.
More revenue is turning into disproportionately more gross profit.
3. Operating expenses are not scaling nearly as fast as revenue.
That incremental gross profit is increasingly dropping to the bottom line.
4. Bloom is shifting from a growth company losing money toward a growth company with meaningful operating leverage.
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