Bloom Energy stock has climbed 1,500% since the start of 2024 as demand for its solid-oxide fuel cells surges among hyperscalers racing to lock in power for data centers. The company is due to report earnings on April 28, with investors watching whether the rapid run can keep pace with the order boom.
The numbers behind that surge are already large. Analysts expect first-quarter earnings of 13 cents a share, up from 3 cents a share a year earlier, on revenue of $536 million, which would mark growth of 64.3%. Bloom said its backlog was $6 billion at the end of last year, and Wells Fargo analysts said it is less supply-constrained than competitors such as FuelCell.
That demand has not been abstract. Bloom said this month that it extended its partnership with Oracle, which plans to procure up to 2.8 gigawatts of its fuel cell systems. Last year, Bloom delivered a system to Oracle in 55 days, a pace that underscores why the company is drawing attention from data center operators that cannot wait years for new power to come online.
The backdrop is the buildout of huge AI data centers, where speed matters as much as scale. Bloom’s fuel cells can be deployed in months rather than years and are positioned as on-site power using natural gas, biogas and hydrogen, giving the company a way to sell itself as a practical bridge for customers who need electricity now. The backlog is now described as $20 billion, a sharp sign of how far demand has run ahead of supply.
That also leaves the stock trading at a level that demands flawless execution. Bloom is valued at 163 times its projected 2026 earnings of $1.41 a share, and analysts see earnings reaching $4.92 by 2028, which would still imply a valuation of 47 times earnings. The company recently added Simon Edwards as chief financial officer, bringing in an executive with nearly 20 years of experience scaling technology companies, as it tries to turn a fast-growing pipeline into durable results.
Bloom now has the kind of growth story investors usually spend years waiting for. The question on April 28 is whether the company can show the profits and execution to justify a rally that has already rewritten its market value.