Bloom Energy Shares Rise After Q2 Results Ease Growth Targets for Second Half

BE shares finished July 28 at $166.84, a decline of 11.3% for the day. By 7:00 p.m. Eastern, they recovered to $180.69, rising 8.3% in after-hours trading. The turnaround came after the company reported record quarterly revenue and raised its full-year financial forecast. Earlier losses were driven by a broader decline in AI stocks and ongoing short-seller worries. The stock’s intraday range swung widely from $157.70 to $191.00 on Tuesday. Public

Bloom reported a second-quarter revenue of $1.065 billion, up 165.5% from the prior year. FactSet consensus was $826.1 million, putting the revenue ahead by around 29%. Adjusted EPS came in at $0.78, nearly twice the $0.41 anticipated. GAAP net income totaled $196.3 million, compared to a $42.6 million loss in the same quarter last year. GAAP gross margin expanded by 6.7 percentage points to 33.4%. Bloom Energy

The company raised its revenue forecast to $3.9–$4.2 billion, up from its earlier $3.4–$3.8 billion estimate. Revenue for the first half reached $1.816 billion, following two quarters of record performance. To hit the updated target, Bloom needs to generate $2.084–$2.384 billion in revenue over the next two quarters. Meeting the midpoint of the guidance involves around $1.117 billion per quarter for the rest of the year, which is 4.8% above the revenue reported in the second quarter. Delivery timetables for major campuses may still shift reported revenue between quarters. SEC

GAAP gross margin for the second quarter was 33.4%, up 6.7 percentage points from a year earlier. Non-GAAP operating margin increased to 22.5%, compared to 7.1% the previous year. Operating cash flow totaled $226.4 million, and free cash flow amounted to $175 million. Non-GAAP operating income for the full year is now projected between $800 and $900 million. Bloom is unable at this time to reconcile this full-year forecast with GAAP figures quantitatively. Bloom Energy

Product revenue totaled $935.4 million, making up nearly 88% of sales for the quarter. Management reports that all leading U.S. hyperscalers have given approval to Bloom’s power systems. Over a dozen U.S.-based neocloud companies, AI laboratories, and colocation providers have also granted approval. According to management, the backlog spans multiple customer segments and project types. Still, one or two customers could represent a significant share of revenue in any given quarter. No specific backlog figure or second-quarter customer concentration details were disclosed in the release. Bloom Energy

The framework does not secure $25 billion in Bloom revenue. It funds AI power initiatives and represents a fivefold increase from the earlier $5 billion figure. The majority of clients pay through installments, while financiers acquire Bloom’s in-use energy equipment. Revenue remains reliant on contracted locations, financial agreements, project readiness, and the timeline for equipment delivery. In a separate move, IDF and Oaktree revealed a $1.7 billion program for Nebius. Although a large financing pool is positive, it does not count as booked sales. Reuters

Management reports that factory capacity and supply chains are not currently restricting company expansion. Bloom is increasing domestic manufacturing capacity using repeatable production increments. The company also states it has scandium access supporting 25 gigawatts in annual fuel-cell output and says its scandium supply chain is not reliant on China. A short-seller challenges that assertion, but Bloom does not disclose its supplier information. This results in a real gap in external verification. MarketBeat

The disagreement remains unresolved. Hunterbrook accused Bloom of exaggerating its $20 billion backlog and misrepresenting its exposure in China. Bloom dismissed the allegations in an SEC filing, calling them false and misleading. The short-seller revealed a bet that profits from further drops in Bloom’s share price. Bloom’s strong revenue and cash flow in the second quarter support its ongoing business case, but do not address historical backlog or accounting matters. More detailed backlog figures would help clarify the situation. Investors

Bloom reported cash and cash equivalents of $2.667 billion at the end of June. Recourse debt totaled close to $2.475 billion as of the same quarter’s close. Free cash flow for the second quarter increased by about $175 million. The number of shares outstanding climbed 4.8% since the end of the prior year, reaching roughly 293.4 million. Quarterly expenses for stock-based compensation were $56.4 million, up from $30.2 million the year before. Liquidity remains strong, but the continued rise in share count is notable for investors. Bloom Energy

At the close of regular trading, the shares traded at approximately 62 times the midpoint of adjusted EPS guidance. By 7:00 p.m. Eastern, the after-hours move pushed that figure close to 67 times. The midpoint for 2026 guidance stands at $2.70 per diluted share. This outlook is on a non-GAAP basis, and no quantitative reconciliation to GAAP was provided. The company’s adjusted results for the second quarter did not include $56.4 million in stock-based compensation costs. Expectations remain elevated. Public