Bloom Energy vs. Plug Power: 1 Stock Clearly Wins the AI Revenue Race
Key Points
Bloom Energy's revenue base is significantly larger than Plug Power's.
Bloom Energy's revenue maintained an upward trajectory in recent quarters, whereas Plug Power's remained relatively flat and consistent.
With Plug Power turning around, can the revenue gap between the two companies narrow?
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Bloom Energy: Evaluating Recent Upswings in Quarterly Revenue Generation
Bloom Energy (NYSE:BE) makes solid-oxide fuel cell systems that utilize an electrochemical process to convert various fuel sources directly into onsite electricity for critical infrastructure clients.
It recently expanded a multibillion-dollar infrastructure financing arrangement and reported a net income margin of 18% for the quarter ended June 30, 2026.
Plug Power: Tracking a Stagnant Trajectory in Recent Quarterly Revenue
Plug Power (NASDAQ:PLUG) primarily earns its revenue by selling clean hydrogen fuel cell solutions, constructing green ecosystem infrastructure, and delivering proton exchange membrane technology for both mobility and stationary applications.
It announced multiple strategic infrastructure asset divestitures to raise funds and recently secured new international electrolyzer deployment contracts, while reporting a negative 1% gross margin for the quarter ended June 30, 2026.
Why Tracking Historical Revenue Patterns Matters for Individual Retail Investors
Revenue here refers to the data provider's standardized income-statement revenue line item, and tracking this foundational financial metric helps individual investors fully understand the total volume of incoming funds a specific enterprise collects from its core business operations over time, long before management accounts for any ongoing operating expenses, applicable taxes, or internal capital costs.
Comparing the Historical Quarterly Revenue Trends for Bloom Energy and Plug Power
| Calendar quarter | Bloom Energy Revenue | Plug Power Revenue |
|---|---|---|
| Q3 2024 | $330.4 million (quarter ended Sept. 30, 2024) | $173.7 million (quarter ended Sept. 30, 2024) |
| Q4 2024 | $572.4 million (quarter ended Dec. 31, 2024) | $191.5 million (quarter ended Dec. 31, 2024) |
| Q1 2025 | $326.0 million (quarter ended March 31, 2025) | $133.7 million (quarter ended March 31, 2025) |
| Q2 2025 | $401.2 million (quarter ended June 30, 2025) | $174.0 million (quarter ended June 30, 2025) |
| Q3 2025 | $519.0 million (quarter ended Sept. 30, 2025) | $177.1 million (quarter ended Sept. 30, 2025) |
| Q4 2025 | $777.7 million (quarter ended Dec. 31, 2025) | $225.2 million (quarter ended Dec. 31, 2025) |
| Q1 2026 | $751.1 million (quarter ended March 31, 2026) | $163.5 million (quarter ended March 31, 2026) |
| Q2 2026 | $1.1 billion (quarter ended June 30, 2026) | $178.3 million (quarter ended June 30, 2026) |
Data source: Company filings. Data as of Aug. 17, 2026.
Foolish Take
Both Bloom Energy and Plug Power operate in the hydrogen and clean technology ecosystem, but they are on very different revenue trajectories, as the table above shows.
Artificial intelligence (AI) data centers consume humongous amounts of power and are scrambling for clean, reliable, always-on, onsite power. Bloom Energy's fuel-cell systems provide just that, which is why it is experiencing unprecedented demand driven. Its Q2 2026 revenue topped $1 billion for the first time, surging 165% year over year, prompting management to raise full-year 2026 revenue guidance to $3.9 billion to $4.2 billion.
Plug Power's story is in stark contrast. Despite being a frontrunner in green hydrogen, the company has struggled to scale production and cut costs over the years. Things are turning around, though. Plug Power's revenue is stabilizing, with management even bumping up full-year growth guidance to 15%-16%. Its gross margin improved significantly from a negative 31% in Q2 2025 to breakeven in Q2 2026.
Bloom Energy has some massive contracts and partnerships, including a $25 billion mega-partnership with Brookfield Asset Management (NYSE:BAM) and contracts with tech giants.
Plug Power, unfortunately, cannot boast the same, which is why I expect the wide revenue gap between the two companies to remain so, even if Plug's revenue growth accelerates from here.
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Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy and Brookfield Asset Management. The Motley Fool has a disclosure policy.
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