# Bloom Energy (BE) Sector: Fuel cells and on-site power | Field | Value | |---|---| | Price | $185.42 | | Market cap | $55B | | Intrinsic value source | Analysts | | Data as of | 2026-11-11 | | Next earnings | 2027-01-22 (estimate) | Analysts: Leaning bullish Picks: Research only Discount category: Pricey ## In short Investors pay a very high multiple for Bloom's fast growth in power for AI data centers, and only strong orders and margins after 2026 can support this price. ## Themes and gap - Themes: AI supplier (ai-supplier), Power and energy (power-energy) - Gap type: Can close (closable) - Why: The Q4 2026 report and the first 2027 outlook, expected in February 2027, show whether data center orders keep growing after 2026. ## About Bloom Energy Corporation (Bloom) makes a solid oxide fuel cell platform that supplies reliable on-site power. Its fuel cell systems, which it calls Energy Servers, make electricity where the customer uses it. Bloom sells them to data centers, utilities and commercial and industrial customers, and it also earns revenue from service, installation and electricity. Revenue was $2.02 billion in 2025 and $1,235.8 million in Q3 2026, of which product revenue was $1,073.6 million. Demand from AI data centers drives much of the recent growth. Bloom has a partnership with Oracle to supply on-site power for AI data centers, and joint ventures with Brookfield Asset Management that buy Bloom systems. In Q3 2026, two customers gave about 43% and 26% of revenue. The Class A shares trade on the New York Stock Exchange, and Bloom joined the S&P 500 in 2026. The head office is in San Jose, California. KR Sridhar founded the company in 2001 and is Chairman and Chief Executive Officer. ## Thesis Investors pay a very high multiple for Bloom because its revenue more than doubled in 2026 with demand for power at AI data centers. Bloom expects revenue of $4.4 billion to $4.6 billion in 2026, against $2.02 billion in 2025, and its non-GAAP operating margin rose to 23.1% in Q3 2026. For this price to hold, three things must be true. Orders from data centers and other customers must keep growing after 2026, also if AI spending slows. Bloom must add factory capacity fast and keep its non-GAAP gross margin near 34%. And a small number of large customers and partners, such as Oracle and the Brookfield joint ventures, must keep buying. The Q4 2026 report and the first 2027 outlook, expected in February 2027, are the next test. A slower year can lower the multiple fast. ## Checkpoints - Oct 22, 2026: Q3 2026 results: growth and margins. Status: Passed. Watch: Revenue growth above 100% and a non-GAAP gross margin near 34% pass; a lower outlook fails. Outcome: Revenue grew 138.1%, the non-GAAP gross margin was 34.5%, and Bloom raised its 2026 revenue guidance to $4.4 billion to $4.6 billion. - Feb 2027 (estimate): Q4 2026 results and the 2027 outlook. Status: Pending. Watch: 2026 revenue of $4.4 billion or more and an outlook for strong growth in 2027 pass; flat 2027 revenue fails. - Apr 2027 (estimate): Q1 2027 results: orders after 2026. Status: Pending. Watch: Revenue growth over Q1 2026 and new large orders pass; lower revenue than in Q1 2026 fails. ## Balance sheet - Cash: $2.5B - Debt: $2.5B - Net debt: $39M - Debt due within 12 months: $3.0M - Last debt due: 2030 Bloom funds itself mainly with convertible notes, customer deposits and cash flow. At September 30, 2026, cash and cash equivalents were $2,486.7 million. Recourse debt had a principal of $2,522.8 million: $2,500.0 million of 0% convertible senior notes due November 2030 and $22.8 million of 3.0% green convertible senior notes due June 2029. The 0% notes can convert into a maximum of 19,554,000 Class A shares. The Korean joint venture had non-recourse debt of $3.0 million. Long-term deferred revenue and customer deposits were $475.4 million, against $42.8 million at December 31, 2025. Inventories were $927.7 million, and contract assets were $792.8 million. At October 19, 2026, there were 295,656,689 shares. Bloom pays no dividend on its common stock. As of 2026-09-30. Sources: - https://www.sec.gov/Archives/edgar/data/1664703/000162828026066931/be-20260930.htm - https://www.sec.gov/Archives/edgar/data/1664703/000162828026066890/ex991_q326financialresults.htm - https://www.sec.gov/Archives/edgar/data/1664703/000162828025049016/be-20251030.htm ## Dividends Bloom Energy does not pay a dividend. Source: company filings and market data, read on 2026-11-10. ## Recent events - 2026-10-22: Bloom reported Q3 2026 results. Revenue rose 138.1% to a record $1,235.8 million, and product revenue rose 179.4%. Operating income was $225.4 million, and non-GAAP EPS was $0.94. Bloom raised its 2026 guidance for the third time this year, to revenue of $4.4 billion to $4.6 billion and non-GAAP EPS of $3.10 to $3.40. - 2026-07-28: Bloom reported Q2 2026 results. Revenue rose 165.5% to $1,065.4 million, and non-GAAP EPS was $0.78. Bloom raised its 2026 revenue guidance to $3.9 billion to $4.2 billion. - 2026-07-08: Hunterbrook Media, which said that it may profit from a fall in the share price, published a report on Bloom's accounting and its supply of scandium oxide. On July 9, 2026, Bloom rejected the claims and said that its supply of scandium oxide does not depend on China. - 2026-06-15: The board gave KR Sridhar a performance award of 271,076 share units at the target level. - 2026-05-01: Oracle exercised its warrant for 3,531,073 shares at $113.28 per share without cash. Bloom issued 1,905,433 shares and 248,798 more shares to make Oracle choose this net settlement. - 2026-04-28: Bloom reported Q1 2026 results. Revenue rose 130.4% to $751.1 million, and non-GAAP EPS was $0.44. Bloom raised its 2026 revenue guidance to $3.4 billion to $3.8 billion. - 2026-03-26: Bloom named Simon Edwards Chief Financial Officer from April 13, 2026. He was Chief Executive Officer of Groq, an AI inference company. - 2026-02-05: Bloom reported 2025 results. Revenue rose 37.3% to $2.02 billion, and product backlog grew 2.5 times. ## Latest news and filings - Last earnings: 2026-10-22 (8-K: https://www.sec.gov/Archives/edgar/data/1664703/000162828026066890/) - Next earnings: 2027-01-22 (expected; the company has not confirmed it) | Filed | Form | Headline | Period end | XBRL document | Link | | --- | --- | --- | --- | --- | --- | | 2026-10-22 | 10-Q | Quarterly report for the period ended Sep 30, 2026 | 2026-09-30 | be-20260930 | https://www.sec.gov/Archives/edgar/data/1664703/000162828026066931/be-20260930.htm | | 2026-10-22 | 8-K | Earnings release and Investor disclosure | | be-20261022 | https://www.sec.gov/Archives/edgar/data/1664703/000162828026066890/ | | 2026-07-28 | 10-Q | Quarterly report for the period ended Jun 30, 2026 | 2026-06-30 | be-20260630 | https://www.sec.gov/Archives/edgar/data/1664703/000162828026050247/be-20260630.htm | | 2026-07-28 | 8-K | Earnings release and Investor disclosure | | be-20260728 | https://www.sec.gov/Archives/edgar/data/1664703/000162828026050150/ | | 2026-07-09 | 8-K | Investor disclosure | | be-20260709 | https://www.sec.gov/Archives/edgar/data/1664703/000162828026047734/be-20260709.htm | | 2026-06-17 | 8-K | Change of directors or officers | | | https://www.sec.gov/Archives/edgar/data/1664703/000119312526274388/d100413d8k.htm | | 2026-05-27 | 8-K | Change to shareholder rights or bylaws and Shareholder vote results | | be-20260521 | https://www.sec.gov/Archives/edgar/data/1664703/000162828026038451/be-20260521.htm | | 2026-04-29 | 10-Q | Quarterly report for the period ended Mar 31, 2026 | 2026-03-31 | be-20260331 | https://www.sec.gov/Archives/edgar/data/1664703/000162828026028021/be-20260331.htm | | 2026-04-28 | 8-K | Earnings release and Investor disclosure | | be-20260428 | https://www.sec.gov/Archives/edgar/data/1664703/000162828026027913/ | | 2026-04-27 | 8-K | Other company news | | | https://www.sec.gov/Archives/edgar/data/1664703/000119312526179381/d133915d8k.htm | Every filing on SEC EDGAR (CIK 1664703): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001664703&type=&dateb=&owner=include&count=40 ## Risks - High: Much of the demand comes from AI data centers. If AI spending or data center financing slows, orders can fall fast. Two customers gave about 43% and 26% of revenue in Q3 2026. - Medium: Bloom must expand its factories fast. Delays, supply limits or product problems can delay deliveries and increase costs. At September 30, 2026, its warranty reserve included a specific reserve of $42.5 million. - Medium: Gas turbines, engines, batteries and power from the grid compete with Bloom's systems. Lower prices from competitors or faster grid connections can reduce demand. - Medium: A short seller published a report in July 2026 that questioned Bloom's accounting and supply chain. Bloom rejects it, but such reports cause large changes in the share price. - Medium: Non-GAAP results do not include stock-based compensation, which was $60.1 million in Q3 2026. The 0% convertible notes can convert into a maximum of 19,554,000 shares. - Low: Tax credits, air permits and trade policies, including tariffs, affect the cost and the timing of projects. ## Links - Page: https://picks.utilarium.app/company/BE/ - History of changes: https://picks.utilarium.app/company/BE/history/ - JSON with full history: https://picks.utilarium.app/data/company/BE.json > Picks is a personal record of stock picks. It gives general opinions about stocks, including a "Top pick" label. They are not tailored to your needs, goals or risk tolerance. Kevin is not a registered adviser and relies on the general-advice exemption in Canadian securities law (NI 31-103 s.8.25). Do your own research, or ask a registered adviser. Kevin may hold any stock on this site. Prices, intrinsic values and ratings can be delayed or wrong; check the original source. Full disclaimer: /disclaimer/.