New York, February 4, 2026, 13:09 (ET) — Regular session.
- Shares of Bloom Energy dropped roughly 18% in midday trading, pulling back some of the gains made on Tuesday.
- The drop followed a bullish price-target increase just a day before Thursday’s quarterly earnings report.
- Investors are zeroing in on guidance and order flow linked to demand for data-center power.
Shares of Bloom Energy Corporation tumbled 18.3%, closing at $137.92 on Wednesday. The fuel-cell maker’s stock fluctuated sharply during the session, hitting a high of $172.00 and a low of $134.20.
The decline erased some of Tuesday’s 8.2% gain, when shares ended at $168.89. Roth Capital raised its price target to $133 from $103 but maintained a Neutral rating, suggesting the setup ahead of earnings might improve the “risk/reward” profile thanks to expected order updates. 1
Why it matters now: Bloom has been caught up in the rush for on-site power as AI data centers put pressure on the grid, a trend pushing fuel-cell companies into the spotlight — and making them sensitive to catalysts. “Fuel cells are in the limelight and have a lot of appeal right now because grid queues are ridiculous,” Schneider Electric’s Steve Carlini told the Financial Times this week. 2
Shares tied to growth took a hit Wednesday. The Nasdaq-centric QQQ slipped roughly 2.4%. At the same time, fuel-cell names like Plug Power, FuelCell Energy, and Ballard Power Systems dropped sharply, losing between 6% and 9% by midday.
Bloom plans to release its fourth-quarter 2025 earnings after markets close on Thursday, followed by a conference call at 5 p.m. ET. 3
Analysts are forecasting around 25 cents per share in quarterly profit on approximately $649 million in revenue, per Zacks. But the focus will be on the company’s guidance for 2026 shipments and its backlog—the orders still waiting to be fulfilled. 4
The setup is brutal. After a big run into earnings, even a slight indication that major projects are delayed, margins are squeezed, or guidance is conservative could jolt the shares. That’s true even if the main numbers roughly meet expectations.
Bloom’s rally earlier this year was fueled by a $2.65 billion fuel-cell deal linked to American Electric Power, reflecting a wider trend among data-center builders to secure power outside crowded utility schedules. The company produces solid oxide fuel-cell systems that generate electricity on site, typically using natural gas, and promotes the tech as a quick-to-deploy solution for heavy power demands. 5
Bloom will face its next test Thursday after the bell, releasing its report along with an update on order flow and the 2026 outlook. 6
