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Side-by-side financial comparison of Bloom Energy Corp (BE) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
Bloom Energy Corp is the larger business by last-quarter revenue ($751.1M vs $382.7M, roughly 2.0× INNOVATE Corp.). Bloom Energy Corp runs the higher net margin — 9.4% vs -1.9%, a 11.3% gap on every dollar of revenue. On growth, Bloom Energy Corp posted the faster year-over-year revenue change (130.4% vs 61.7%). Over the past eight quarters, Bloom Energy Corp's revenue compounded faster (51.7% CAGR vs 10.2%).
KR Sridhar is an Indian American engineer, inventor, professor, and entrepreneur. He is the founder, chairman, and chief executive officer (CEO) of Bloom Energy. Prior, Sridhar was a professor of Aerospace and Mechanical Engineering and the Director of the Space Technologies Laboratory (STL) at the University of Arizona. He worked with and advised NASA, and is a member of the National Academy of Engineering.
Innovate Corp. is an American public financial services company founded in 1994.
BE vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $751.1M | $382.7M |
| Net Profit | $70.7M | $-7.4M |
| Gross Margin | 30.0% | 15.4% |
| Operating Margin | 17.3% | 3.7% |
| Net Margin | 9.4% | -1.9% |
| Revenue YoY | 130.4% | 61.7% |
| Net Profit YoY | — | 55.4% |
| EPS (diluted) | $0.44 | $-0.57 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $751.1M | — | ||
| Q4 25 | $772.8M | $382.7M | ||
| Q3 25 | $513.3M | $347.1M | ||
| Q2 25 | $396.3M | $242.0M | ||
| Q1 25 | $319.3M | $274.2M | ||
| Q4 24 | $567.0M | $236.6M | ||
| Q3 24 | $321.8M | $242.2M | ||
| Q2 24 | $326.5M | $313.1M |
| Q1 26 | $70.7M | — | ||
| Q4 25 | $1.4M | $-7.4M | ||
| Q3 25 | $-23.0M | $-8.9M | ||
| Q2 25 | $-42.2M | $-19.8M | ||
| Q1 25 | $-23.4M | $-24.5M | ||
| Q4 24 | $105.2M | $-16.6M | ||
| Q3 24 | $-14.6M | $-15.0M | ||
| Q2 24 | $-61.2M | $14.4M |
| Q1 26 | 30.0% | — | ||
| Q4 25 | 31.0% | 15.4% | ||
| Q3 25 | 29.5% | 14.3% | ||
| Q2 25 | 27.0% | 18.8% | ||
| Q1 25 | 27.8% | 16.6% | ||
| Q4 24 | 38.7% | 19.6% | ||
| Q3 24 | 24.5% | 19.9% | ||
| Q2 24 | 21.0% | 21.0% |
| Q1 26 | 17.3% | — | ||
| Q4 25 | 11.3% | 3.7% | ||
| Q3 25 | 1.5% | 1.8% | ||
| Q2 25 | -0.9% | 2.0% | ||
| Q1 25 | -6.0% | 1.2% | ||
| Q4 24 | 18.5% | 1.1% | ||
| Q3 24 | -3.0% | 2.4% | ||
| Q2 24 | -7.1% | 9.2% |
| Q1 26 | 9.4% | — | ||
| Q4 25 | 0.2% | -1.9% | ||
| Q3 25 | -4.5% | -2.6% | ||
| Q2 25 | -10.6% | -8.2% | ||
| Q1 25 | -7.3% | -8.9% | ||
| Q4 24 | 18.5% | -7.0% | ||
| Q3 24 | -4.5% | -6.2% | ||
| Q2 24 | -18.7% | 4.6% |
| Q1 26 | $0.44 | — | ||
| Q4 25 | $99.91 | $-0.57 | ||
| Q3 25 | $-100.00 | $-0.71 | ||
| Q2 25 | $-0.18 | $-1.67 | ||
| Q1 25 | $-0.10 | $-1.89 | ||
| Q4 24 | $0.45 | $-0.72 | ||
| Q3 24 | $-0.06 | $-1.18 | ||
| Q2 24 | $-0.27 | $1.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $948.0K | $-240.1M |
| Total Assets | $4.7B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $112.1M | ||
| Q3 25 | $595.1M | $35.5M | ||
| Q2 25 | $574.8M | $33.4M | ||
| Q1 25 | $794.8M | $33.3M | ||
| Q4 24 | $802.9M | $48.8M | ||
| Q3 24 | $495.7M | $51.0M | ||
| Q2 24 | $581.7M | $80.2M |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $80.3M | ||
| Q3 25 | $1.1B | $97.3M | ||
| Q2 25 | $1.1B | $160.1M | ||
| Q1 25 | $1.1B | $139.9M | ||
| Q4 24 | $1.1B | $500.6M | ||
| Q3 24 | $1.1B | $502.4M | ||
| Q2 24 | $1.1B | $638.3M |
| Q1 26 | $948.0K | — | ||
| Q4 25 | $768.6M | $-240.1M | ||
| Q3 25 | $653.1M | $-233.3M | ||
| Q2 25 | $594.6M | $-224.8M | ||
| Q1 25 | $578.3M | $-204.2M | ||
| Q4 24 | $562.5M | $-180.4M | ||
| Q3 24 | $430.9M | $-163.1M | ||
| Q2 24 | $423.3M | $-149.0M |
| Q1 26 | $4.7B | — | ||
| Q4 25 | $4.4B | $950.1M | ||
| Q3 25 | $2.6B | $913.2M | ||
| Q2 25 | $2.5B | $890.9M | ||
| Q1 25 | $2.6B | $868.0M | ||
| Q4 24 | $2.7B | $891.1M | ||
| Q3 24 | $2.6B | $897.2M | ||
| Q2 24 | $2.5B | $898.9M |
| Q1 26 | — | — | ||
| Q4 25 | 3.41× | — | ||
| Q3 25 | 1.73× | — | ||
| Q2 25 | 1.91× | — | ||
| Q1 25 | 1.96× | — | ||
| Q4 24 | 2.01× | — | ||
| Q3 24 | 2.62× | — | ||
| Q2 24 | 2.66× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $101.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $418.1M | $101.1M | ||
| Q3 25 | $19.7M | $19.2M | ||
| Q2 25 | $-213.1M | $40.4M | ||
| Q1 25 | $-110.7M | $-14.1M | ||
| Q4 24 | $484.2M | $41.4M | ||
| Q3 24 | $-69.5M | $-28.4M | ||
| Q2 24 | $-175.5M | $21.5M |
| Q1 26 | — | — | ||
| Q4 25 | $395.1M | — | ||
| Q3 25 | $7.4M | $19.0M | ||
| Q2 25 | $-220.4M | — | ||
| Q1 25 | $-124.9M | $-18.8M | ||
| Q4 24 | $473.1M | $34.2M | ||
| Q3 24 | $-83.8M | $-31.5M | ||
| Q2 24 | $-187.5M | $18.4M |
| Q1 26 | — | — | ||
| Q4 25 | 51.1% | — | ||
| Q3 25 | 1.4% | 5.5% | ||
| Q2 25 | -55.6% | — | ||
| Q1 25 | -39.1% | -6.9% | ||
| Q4 24 | 83.4% | 14.5% | ||
| Q3 24 | -26.0% | -13.0% | ||
| Q2 24 | -57.4% | 5.9% |
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | — | ||
| Q3 25 | 2.4% | 0.1% | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 4.5% | 1.7% | ||
| Q4 24 | 2.0% | 3.0% | ||
| Q3 24 | 4.4% | 1.3% | ||
| Q2 24 | 3.7% | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | 293.18× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.60× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BE
| Product | $653.3M | 87% |
| Service | $61.9M | 8% |
| Installation | $25.9M | 3% |
| Electricity | $9.9M | 1% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
