Bloom Energy Shares Drop as Q3 Operating Cash Flow Turns Negative

Bloom Energy shares traded near $209 in Friday premarket, about 4% below Thursday’s $217.77 close, after the fuel-cell maker reported negative operating cash flow for the third quarter. Bloom’s shares had fallen 8.7% Thursday before the company released results after the market closed Oct. 22.

Cash from operations was a $27.1 million outflow for the quarter, compared with a $226.4 million inflow in Q2. Adjusted diluted earnings were 94 cents per share, above the 69-cent analyst estimate. Bloom makes fuel-cell systems that generate electricity at customer sites, including data centers. Its third-quarter revenue and 2026 outlook update covered the company’s earnings results.

Chief Financial Officer Simon Edwards attributed the cash use to increased working-capital needs, particularly inventory, contract assets and receivables. Bloom can recognize product revenue before reaching contractual billing milestones, leaving some customer payments for later periods.

Capital spending on property, plant and equipment totaled $153.5 million, up from $51.6 million in Q2. After those purchases, free cash flow was negative $180.6 million, compared with positive $174.8 million in the prior quarter. Operating cash flow for the first nine months of 2026 remained positive at $272.9 million.