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"Energy storage darling" Bloom Energy's Q3 revenue surged 138% to $1.24 billion, with profit skyrocketing over 500%. This marks the third time this year the company has raised its full-year guidance.
Fuel cell technology company Bloom Energy announced strong third-quarter results, with revenue up 138% year-over-year to $1.24 billion, net income reaching $250.3 million, and adjusted earnings per share (EPS) of $0.94, all exceeding market expectations. The company raised its full-year revenue guidance to $4.4 billion to $4.6 billion and adjusted EPS guidance to $3.10 to $3.40. The CEO stated that the AI wave has led to data center power demand that is overwhelming traditional grids, and tech giants are turning to on-site power generation solutions, citing NVIDIA's CEO who said "every quarter of data center delay costs $10 billion."
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