The story

Bloom Energy closed at $185.81 on Friday, July 24, down 43.32% over the past month. The company is set to report second quarter earnings on July 28. Analysts project Q2 revenue of $827.02 million, compared to $401.24 million in the prior year quarter, and earnings per share of $0.41, up from $0.10 a year ago. Full year 2026 revenue is projected to reach $3.74 billion, an 85% increase year over year.

Bloom Energy manufactures fuel cells that provide on-site power for data centers without relying on the power grid. The company has a $20 billion total backlog, including $14 billion in service contracts spanning 10 to 15 years. Q1 2026 revenue grew 130.37% year over year to $751.054 million, and management raised full year guidance to $3.40 billion to $3.80 billion. The company holds $2.491 billion in cash, up 213.49% year over year, and is funding a factory ramp from 1GW to 2GW by year-end 2026.

Bloom Energy expanded its strategic partnership with Oracle to deploy up to 2.8 gigawatts of fuel cells this year. Oracle announced Project Jupiter, a planned AI data center campus in New Mexico that could use up to 2.45 gigawatts of Bloom equipment. Bloom also formed a partnership with Brookfield Asset Management, which initially planned to invest up to $5 billion in deploying Bloom's fuel cells and recently expanded that partnership fivefold to $25 billion. Brookfield's AI Infrastructure Fund features Nvidia as a cornerstone investor and aims to invest up to $100 billion in AI infrastructure.