Line chart of Bloom Energy's share price by minute on October 23, 2026. The stock starts the session near $205, well below the October 22 close of $217.77, and slides to $192.74 by 10:06 AM ET, down 11.5%. The S&P 500 is down 0.5% at the same time.

Bloom Energy (BE) stock is down today even after the fuel cell maker posted record quarterly revenue and raised its full-year outlook for the third time this year. Investors are focused on cash instead, after operating cash flow turned negative and spending on new factory capacity jumped.

As of 10:06 AM ET, Bloom Energy was down 11.5% at $192.74, while the S&P 500 was down 0.5%.

  • Third-quarter revenue rose 138% to a record $1.24 billion

  • Adjusted earnings of $0.94 a share topped the $0.69 analysts expected

  • Operating cash flow was negative $27 million, while purchases of property and equipment jumped to $153 million from $12 million a year earlier

  • Bloom now expects 2026 revenue of $4.4 billion to $4.6 billion

The drop leaves the stock 45% below its 52-week high of $351.28.

It also adds to a rough week for AI infrastructure names, after CoreWeave and IREN fell to 2026 lows on Thursday.

More earnings coverage is on our stocks page.

Record sales got the headline, but this morning the market only wanted to read the cash flow statement.

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Phil Rosen
Phil Rosen

Phil Rosen is co-founder and CEO of Opening Bell Media and chief market strategist for Silvia Inc. (NASDAQ: SVIA). He hosts Full Signal and writes Opening Bell Daily — the markets briefing read by over 200,000 investors and published on Bloomberg Terminals — and has also published two books and won a Fulbright award for his reporting. Contact him at [email protected].