Financial Trends — 5/10
Revenue re-accelerating from +10.5% (2024) to +37.3% (2025) to +130.4% YoY in Q1'26 — among the
strongest trajectories in industrials. Non-GAAP gross margins expanded 860bps over 4 years to 31.5%.
GAAP operating income inflected positive in 2024. But initial score of 8 penalized -2 for likely
negative FCF (raised $1.6B in convertible debt Q4'25) and -1 for 22.4% YoY share dilution.
Weight: 25%
Quarterly Revenue Trajectory ($K)
| Metric | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | 2025Q1 | 2025Q2 | 2025Q3 | 2025Q4 | 2026Q1 |
|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | $235K | $336K | $330K | $572K | $326K | $401K | $519K | $778K | $751K |
| YoY | — | — | — | — | +39% | +20% | +57% | +36% | +130% |
| Non-GAAP GM | 17.5% | 21.8% | 25.2% | 39.3% | 28.7% | 28.2% | 30.4% | 31.9% | 31.5% |
| GAAP Op Income ($K) | -$49K | -$23K | -$10K | $105K | -$19K | -$4K | $8K | $88K | $72K |
| Adj EBITDA ($K) | -$18K | $10K | $21K | $147K | $25K | $41K | $59K | $146K | $143K |
| Non-GAAP EPS | -$0.17 | -$0.06 | -$0.01 | $0.43 | $0.03 | $0.10 | $0.15 | $0.45 | $0.44 |
Revenue YoY accelerating decisively: +39% → +20% → +57% → +36% → +130%.
The Q1'26 result ($751M vs $326M prior year) marks a step-function inflection driven by AI data center
power demand and $20B backlog conversion. Management guided 2026 to $3.4B-$3.8B (raised from $3.1B-$3.3B),
implying +68-88% full-year growth.
Annual Financial Summary (Calendar Year)
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue ($K) | $972K | $1,199K | $1,333K | $1,474K | $2,024K |
| Rev YoY | — | +23% | +11% | +11% | +37% |
| Non-GAAP GM | 21.7% | 23.0% | 25.8% | 28.7% | 30.3% |
| GAAP Op Income ($K) | -$115K | -$261K | -$209K | $23K | $73K |
| Adj EBITDA ($K) | $14K | $30K | $82K | $161K | $272K |
| Non-GAAP EPS | — | — | -$0.10 | $0.28 | $0.76 |
| Total Debt ($K) | $501K | $386K | $847K | $1,014K | $2,614K |
Penalty Assessment
| Penalty | Detail | Impact |
|---|---|---|
| Negative FCF | Company raised $1.6B in zero-coupon convertible notes Q4'25 to fund growth ramp. Cannot self-fund at current scale. Adj EBITDA positive ($272M) but after interest, capex, and SBC, GAAP FCF is likely negative. | -2 (cap at 6) |
| Share dilution >10% YoY | Shares grew from 230K (Q1'25) to 282K (Q1'26) = +22.4% YoY, driven by convertible note conversions as stock surged. 32% cumulative dilution over 2.5 years. | -1 |
| Rev growing, op inc declining | Operating income improving — inflected positive 2024, scaling fast. No penalty. | None |
| Debt > rev growth 3+ qtrs | Only 2 of 5 quarters had debt growing faster than revenue. Below threshold. | None |
Initial score 8 → Final score 5 after penalties.
The top-line and margin trajectory would otherwise score an 8 — but until Bloom demonstrates
positive and growing FCF without relying on external capital raises, and until the convertible-driven
share dilution stabilizes, the financial trends story remains incomplete.
Score Rationale
Score of 5/10 after penalties on an initial 8. Revenue acceleration is exceptional, margins are expanding, and profitability is inflecting. But the company cannot self-fund its growth (-2 FCF penalty) and is diluting shareholders at 22% YoY (-1 dilution penalty).
Quality Gate: positiveGrowingFcf = NO
Data sourced from Daloopa (company_id: 10820). Calendar year fiscal. Analysis date: 2026-07-16.