Business Description
Bloom Energy Corporation engineers, produces, markets, and installs cutting-edge solid-oxide fuel cell systems designed for on-site electricity generation, serving clients both within the United States and internationally. Their core offering, the Bloom Energy Server, is an advanced power platform capable of converting various fuels, including natural gas, biogas, hydrogen, or a blend of these, directly into electricity using an electrochemical process that eliminates the need for combustion. The company provides its solutions to a wide array of critical infrastructure applications, such as data centers, hospitals, healthcare manufacturing and biotechnology facilities, grocery and hardware stores, banks, and telecommunication centers. Originally founded as Ion America Corp., the company adopted the name Bloom Energy Corporation in September 2006. Established in 2001, Bloom Energy Corporation's headquarters are situated in San Jose, California.
Business History
Generated: May 13, 2026 2:36pmPrice Overview
Last updated: Jun 27, 2026 7:10am (just now)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): -0.37
Total Equity: $768.64M
Shares: 240,402,000
Total Debt: $2.62B
Cash: $2.45B
EBITDA: $20.05M
Total Debt: $2.62B
Cash: $2.45B
Revenue: $2.02B
Shares: 240,402,000
Revenue: $2.02B
Revenue: $2.02B
Revenue: $2.02B
Total Equity: $768.64M
Tax Rate: -3.2%
Equity: $768.64M
Total Debt: $2.62B
Cash: $2.45B
Current Liabilities: $623.83M
Long-Term Debt: $2.61B
Total Debt: $2.62B
Total Equity: $768.64M
Shares: 240,402,000
Shares: 240,402,000
CapEx: -$56.76M
Shares: 240,402,000
Stock Price: $271.03
Net Income: -$88.43M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 21, 2026 7:04am (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $972.2M | $1.2B | $1.3B | $1.5B | $2.0B |
| Cost of Revenue | $777.2M | $1.1B | $1.1B | $1.1B | $1.4B |
| Gross Profit | $195.0M | $148.3M | $197.8M | $404.6M | $587.4M |
| Operating Expenses | $312.1M | $409.3M | $406.7M | $381.7M | $514.6M |
| Operating Income | -$117.1M | -$261.0M | -$208.9M | $22.9M | $72.8M |
| Net Income | -$164.4M | -$301.4M | -$302.1M | -$29.2M | -$88.4M |
| EBITDA | -$60.1M | -$198.9M | -$135.1M | $89.3M | $20.1M |
| EPS | $-1.11 | $-1.69 | $-1.42 | $-0.13 | $-0.37 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:04am (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $396.0M | $348.5M | $664.6M | $802.9M | $2.5B |
| Total Current Assets | $806.4M | $1.1B | $1.7B | $2.0B | $3.7B |
| Total Assets | $1.7B | $1.9B | $2.4B | $2.7B | $4.4B |
| Current Liabilities | $342.5M | $541.9M | $470.4M | $636.8M | $623.8M |
| Long-Term Debt | $500.9M | $385.6M | $846.6M | $1.0B | $2.6B |
| Total Liabilities | $1.7B | $1.6B | $1.9B | $2.1B | $3.6B |
| Total Equity | -$44.3M | $340.8M | $502.1M | $562.5M | $768.6M |
| Retained Earnings | -$3.3B | -$3.6B | -$3.9B | -$3.9B | -$4.0B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:04am (6d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$60.7M | -$191.7M | -$372.5M | $92.0M | $113.9M |
| Capital Expenditure | -$49.8M | -$116.8M | -$83.7M | -$58.9M | -$56.8M |
| Free Cash Flow | -$110.5M | -$308.5M | -$456.3M | $33.1M | $57.2M |
| Acquisitions (net) | $3.1M | -$9.2M | $0 | $0 | $131,000 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $198.4M | -$96.7M | $226.8M | $205.8M | $1.5B |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 11:59am (19h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$6.4B $4.6B – $7.4B
|
$9.5B $9.5B – $9.5B
|
$13.8B $10.7B – $16.3B
|
$15.6B $12.1B – $18.5B
|
| EBITDA |
-$331.0M -$384.3M – -$239.5M
|
-$491.5M -$493.0M – -$490.1M
|
-$711.6M -$843.5M – -$554.9M
|
-$805.5M -$954.8M – -$628.1M
|
| Net Income |
$1.1B $739.2M – $1.3B
|
$2.0B $1.2B – $2.9B
|
$2.4B $1.7B – $3.0B
|
$2.8B $2.0B – $3.5B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:04am (6d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +23.3% | +11.2% | +10.5% | +37.3% |
| Gross Profit Growth | -24.0% | +33.4% | +104.6% | +45.2% |
| Operating Income Growth | -122.9% | +20.0% | +111.0% | +217.8% |
| Net Income Growth | -83.3% | -0.2% | +90.3% | -202.6% |
| EBITDA Growth | -230.7% | +32.1% | +166.1% | -77.6% |
Insider Trading (Recent)
All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-16 | Joshi Aman | S-Sale | 3,558.00 | $289.14 | $1.0M |
| 2026-06-16 | Kurzymski Maciej | S-Sale | 2,259.00 | $288.62 | $651,993 |
| 2026-06-16 | Chitoori Satish | S-Sale | 2,837.00 | $289.11 | $820,205 |
| 2026-06-16 | SODERBERG SHAWN MARIE | S-Sale | 2,842.00 | $288.63 | $820,286 |
| 2026-05-28 | CHAMBERS JOHN T | S-Sale | 55,000.00 | $297.69 | $16.4M |
| 2026-05-21 | WARNER CYNTHIA J | A-Award | 1,063.00 | $0.00 | $0 |
| 2026-05-21 | ZERVIGON EDDY | A-Award | 1,063.00 | $0.00 | $0 |
| 2026-05-21 | Burger Barbara J | A-Award | 1,063.00 | $0.00 | $0 |
| 2026-05-21 | IMMELT JEFFREY R | A-Award | 1,417.00 | $0.00 | $0 |
| 2026-05-21 | BOSKIN MICHAEL J | A-Award | 1,063.00 | $0.00 | $0 |
| 2026-05-21 | BUSH MARY K | A-Award | 1,063.00 | $0.00 | $0 |
| 2026-05-21 | Pinkus Gary S | A-Award | 1,063.00 | $0.00 | $0 |
| 2026-05-21 | Snabe Jim H. | A-Award | 1,063.00 | $0.00 | $0 |
| 2026-05-21 | CHAMBERS JOHN T | A-Award | 1,063.00 | $0.00 | $0 |
| 2026-05-20 | Edwards Simon Stephen | A-Award | 10,000.00 | $0.00 | $0 |
| 2026-05-19 | Sridhar KR | M-Exempt | 80,000.00 | $0.00 | $0 |
| 2026-05-19 | Sridhar KR | M-Exempt | 80,000.00 | $0.00 | $0 |
| 2026-05-14 | BUSH MARY K | G-Gift | 3,500.00 | $0.00 | $0 |
| 2026-05-14 | Chitoori Satish | S-Sale | 2,111.00 | $288.24 | $608,475 |
| 2026-05-14 | SODERBERG SHAWN MARIE | S-Sale | 2,879.00 | $288.10 | $829,440 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
Reading the raw numbers first: BE printed $751M in Q1 2026 against $326M in Q1 2025 — that's 130% YoY revenue growth, far above the 37% headline and a genuine inflection, not a base-effect mirage. The four-quarter trailing revenue is roughly $2.45B versus the $2.02B annual, and gross margin on the 2025 annual is 29.1% vs 27.5% in 2024 and 14.9% in 2023 — real operating leverage. Q1 2026 net income of $70.7M at 9.4% margin is the first quarter where Bloom looks like an actual business rather than a perpetual cash-burner, and FCF turned positive ($57M) for the full year 2025. Cash of $2.45B against unstated debt (the tile is missing it — Bloom historically carries ~$1.1B in notes plus PPA financing, so net cash is modestly positive, not the fortress the current_ratio of 5.98 implies).
Now the price: $296 on a $71B cap against $2.45B TTM revenue is ~29x sales, and against Q1 2026 annualized ($3.0B) it's ~24x. Even granting 50% forward revenue growth to ~$3.7B in 2026 and a heroic 15% net margin, that's $555M of earnings — a 128x forward P/E. To justify $296 on a 10-year DCF you need sustained 30%+ revenue CAGR through 2030 AND margins expanding to 20%+ AND a terminal multiple north of 25x. That's three independent miracles stacked. The synthesis verdict of "High Conviction Required" is correct directionally but soft — this is priced for near-perfection in a sector (fuel cells) with a 20-year track record of disappointing the timeline.
Where I partially dissent from the prior models: Market Forces calls this "Market Headwinds" citing subsidy dependence and a "2027-2028 cliff" — that framing is too bearish given that Q1 2026 actually accelerated and gross margins are widening, suggesting the data-center AI power deal flow (Oracle, AEP, Equinix-type contracts) is real and pulling forward. The "Lagging Sector Peers" signal also feels stale — BE has materially outperformed most clean-energy peers over the last 12 months. Conversely, the pre-flight take that this is a "platform" is generous; solid-oxide fuel cells are hardware with installation, service, and fuel-supply dependencies — gross margins will plateau well below software's 70%+, probably in the 35-40% range at scale. The insider selling (135K shares across April-May 2026, zero open-market buys) is the cleanest signal in the file: management is monetizing into the narrative, not adding. That's not damning, but at this multiple it matters.
The contrarian bull case I'd steelman: if hyperscaler power demand is structurally supply-constrained through 2030 (grid interconnect queues are 4-7 years), Bloom's ability to deploy 50-100MW on-site in 12 months is genuinely scarce, and the revenue trajectory could compound at 40%+ for three more years before normalizing — in which case $296 looks reasonable in hindsight. The contrarian bear: fuel cells need natural gas or hydrogen; gas-based AI power runs into the same emissions politics that killed coal, and hydrogen infrastructure is a decade away. Meanwhile competitors (Cummins, GE Vernova gas turbines, SMRs by 2030) all attack the same TAM with better unit economics. My verdict: the inflection is real and the synthesis is right to demand high conviction, but the price has already paid for the conviction. Fair value on a probability-weighted basis is closer to $140-170 (still rich at ~15x sales, reflecting genuine growth and optionality) than $296. I'd dissent from any "buy" framing and align with the synthesis's caution, but I'd be more specific: this is a trim-into-strength setup for holders and a wait-for-30%-drawdown setup for new entrants. The Q1 2026 print is the high-water mark for narrative — next two quarters need to sustain $700M+ to validate, and any miss prints a 30-40% gap down given the multiple.
GPT Critique
In reviewing Bloom Energy's recent financial data, the numbers present a compelling narrative of rapid growth and operational improvement. The standout is the impressive quarterly revenue increase from Q1 2025 to Q1 2026, surging from $326 million to $751 million, marking a 130% year-over-year growth. This is significantly above the industry average and suggests a robust expansion phase. Additionally, the transition from negative to positive net income in Q1 2026, with a net income of $70.7 million and a margin of 9.4%, indicates a significant operational turnaround. The company's cash position of $2.45 billion, despite the absence of explicit debt figures, suggests a stronger liquidity profile than previously, although historical debt levels could temper this view. However, the high valuation metrics, such as a price-to-sales ratio over 29 and a hyper-inflated P/E ratio, raise questions about sustainability and the degree to which future growth is already priced in.
Opus argues that Bloom Energy is overvalued at its current price of $296, suggesting a fair value range of $140-170. I agree with this assessment, primarily because the current valuation demands a near-perfect execution of growth and margin expansion strategies, which are not guaranteed in the competitive and subsidy-dependent clean energy sector. Opus correctly highlights the need for sustained high revenue growth rates and margin improvements to justify the current stock price. The Q1 2026 results are encouraging, but the valuation assumes these results will not only continue but accelerate, which is a high-risk assumption.
Where I diverge from Opus is in the assessment of market headwinds. While Opus partially dismisses the severity of the "2027-2028 cliff" due to recent positive momentum, I maintain skepticism. The reliance on subsidies and the nascent state of hydrogen infrastructure development pose significant risks that could disrupt Bloom Energy's growth trajectory. Furthermore, while Opus points out insider selling as a cautionary signal, I emphasize it as a strong indicator of potential overvaluation, particularly given the scale of sales relative to awards.
A careful skeptic might argue that both Opus and I overstate the risks associated with the current valuation, given the transformative potential of fuel cell technology and Bloom's leading market position. They might point to the strategic value of Bloom's technology in rapidly urbanizing and industrializing regions where distributed energy solutions are critical. However, the high multiples require not just belief in the technology but in its swift, widespread adoption and integration, which remains speculative.