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Investing.com - Shares of Bloom Energy spiked by more than 18% in premarket U.S. trading on Wednesday after the fuel-cell technology group posted third-quarter revenue and profit that surpassed estimates.
Revenue for the period came in at $519 million, exceeding analyst expectations of $428 million and marking a 57.1% increase compared to the same period last year.
The clean energy company also posted adjusted earnings per share of $0.15, beating the analyst consensus of $0.10.
Adjusted operating income stood at $46.2 million for the quarter, up from $8.1 million in the third quarter of 2024. Gross margin improved to 29.2%, rising by 5.4 percentage points year-over-year, while adjusted gross margin reached 30.4%.
"Bloom is at the center of a once-in-a-generation opportunity to redefine how power is generated and delivered," said CEO KR Sridhar in a statement. "Powerful tailwinds -- surging demand for electricity driven by AI, nation-state priorities, and our relentless pace of innovation -- are converging to accelerate our audacious journey to becoming a standard for onsite power globally."
The firm highlighted its $5 billion artificial intelligence infrastructure partnership with Brookfield Asset Management, which was announced earlier this month, as a key development during the quarter. Bloom also achieved its second consecutive quarter of double-digit adjusted profit margin percentage in its services segment.
In a note, analysts at Wolfe Research said the group had assumed a "bullish tone" on soaring demand for the data centers underpinning the development of cutting-edge AI models.
"We now assume Bloom Energy moves ahead with capacity expansion, in line with current stock expectations [...]. However, Brookfield is a financing vehicle not just new demand and overall disclosure remains limited."
(Scott Kanowsky contributed reporting.)