Shares of Bloom Energy surged in after-hours trading on Tuesday as the renewable energy and power provider continues to ride the artificial-intelligence energy wave, reporting record first-quarter results and raising its full-year outlook.

The company reported first-quarter adjusted earnings of 44 cents a share, compared to 3 cents a share a year ago, and revenue that increased 130% to $751 million. Wall Street expected adjusted earnings of 12 cents a share and revenue of $539 million, according to FactSet.

Bloom Energy stock soared 11.4% in late trading after falling 3.5% to $226.37 in regular action on Tuesday. The stock has soared 161% so far this year, with investors viewing Bloom’s solid oxide fuel cell as a robust source of power for the surging energy demand from AI data centers.

Bloom’s cells operate independent of traditional power grids. They are also highly efficient, emitting only heat and clean water, according to the company.

Looking ahead, Bloom Energy raised its full-year revenue outlook to the tune of $3.4 billion to $3.8 billion, up from its previous $3.1 billion to $3.3 billion forecast. The company also now expects 2026 adjusted earnings of $1.85 a share to $2.25 a share. In February, Bloom Energy had predicted full-year earnings of $1.33 a share to $1.48 a share.

“We at Bloom are ushering in the era of digital power for the digital age. Bloom is rapidly becoming the standard and ‘go-to choice’ for on-site power,” CEO KR Sridhar said in the earnings release.