Bloom Energy recorded a $27.1 million operating cash outflow in the third quarter despite adjusted earnings above the analyst estimate, highlighting a gap between reported earnings and cash generation.
Bloom makes fuel cells for on-site power, including at data centers. Its results were released after market close Oct. 22. Cash from operations moved from generating $226.4 million in Q2 to using $27.1 million in Q3.
Adjusted diluted earnings came to 94 cents per share, compared with a 69-cent analyst estimate. Chief Financial Officer Simon Edwards tied the cash outflow to working-capital demands, especially inventory, contract assets and receivables.
The company may book product revenue before customer contracts reach billing milestones, delaying some payments. Purchases of property, plant and equipment reached $153.5 million in Q3, compared with $51.6 million in Q2. On a free-cash-flow basis, the quarter ended with a $180.6 million deficit; Q2 had recorded a $174.8 million surplus.
Across the first nine months of 2026, operating activities produced a net $272.9 million for Bloom.
