Bloom Energy Corp.’s (BE) shares jumped over 10% overnight after the company reported a stellar second-quarter (Q2) performance, posting a double beat on both revenue and earnings, and also raising its 2026 full-year revenue outlook.
The San Jose, California-based company surpassed $1 billion in quarterly revenue for the first time, delivering a 166% year-over-year growth at $1.065 billion.
Meanwhile, its earnings per share came in at $0.78, increasing from $0.10 in the previous comparable quarter. The fuel-cell-based energy provider attributed the to accelerating demand for its solutions.
Bloom Energy also raised its full-year revenue outlook to $3.9 billion to $4.2 billion, representing a 100% growth over 2025 revenue at the midpoint.
However, beyond the top line figures, the management highlighted an increasingly bullish picture of its competitive positioning in AI infrastructure, growing backlog, customer wins and a strengthening financing advantage, among others.
BE’s Backlog Is Growing Faster Than Revenue
Through the latest quarter, Bloom Energy has booked multiple large customers that were not reported in the backlog at the end of last year, the management said on the earnings call.
At the end of 2025, the company had posted total backlog of about $20 billion, with product backlog growing about 2.5x year-over-year to about $6 billion.
CEO KR Sridhar said in the latest call, “We have booked major customers as of today who were not in our reported backlog at the end of last year, for whom we will ship some of our systems this year. These customers are now placing longer-term orders, leading to our backlog growing at a faster pace than revenue.”
Sridhar said that the backlog spans multiple hyperscalers, neo clouds, colocation providers, and commercial and industrial operators, with contracts carrying payment security that are appropriate to the transaction size. He also said that Bloom would “never become the bottleneck to the customer.”
The ‘Standard’ For AI Data Center Power
The company said that demand from AI data centers has accelerated as companies that traditionally used combustion technologies are now choosing Bloom as a power solution.
“Today, all the major US hyperscalers and over a dozen US neoclouds, AI labs, and colocation data center operators have validated and approved our power solutions for their AI factories. Bloom is now a standard for AI onsite power,” Sridhar said.
The CEO said that Bloom’s solutions are the standard for on-site power for hospitals, factories, telecom providers, university campuses, and retail stores, and confidence was built up over a decade.
“We have built our company to offer the best on-site power solution that removes friction for our customers. We are clean and reliable and fast and affordable. Customers do not have to choose or compromise. Over time, we are reducing friction and turning headwinds to tailwinds,” he said.
He added that customer engagement suggests that the pace of investment will not just continue, but accelerate for the company. "Several customers who had alternative solutions in place abandoned them and came to Bloom," Sridhar said.
BE Is Backed By Strong Financing
Even as data center demand grows, new infrastructure to meet requirements need heavy capital investments and long lead times. The best solution for customers is on-site power, as per the CEO.
“That solution demands either a capital budget most end customers do not have, or a financing partner behind a power purchase agreement. Negotiating bespoke terms across financiers, developers, operators, OEMs, and end users is complicated and slow. We kill that friction with strong financial partners who provide our customers project capital,” Sridhar said, adding that Brookfield anchors that financing shelf.
Last month, Bloom Energy and the massive alternative asset management firm Brookfield Asset Management expanded their strategic partnership to a $25 billion financing framework, marking a fivefold increase from their initial $5 billion agreement made in October 2025.
BE Reiterated A Diversified Customer Base
Bloom Energy also said that its growth is being driven by a broad mix of customers and projects rather than a few large deals.
"Bloom Energy is not dependent on one customer or one project. It is multiple customers and multiple projects across every stage of development," Sridhar said.
The company added that a majority of the orders booked in 2025 came from repeat customers, with Sridhar noting, "80% of the orders that we booked were repeat orders from customers who have given us multiple repeat orders."
Apart from Oracle as its first hyperscaler customer, the company said that all major U.S. hyperscalers, along with more than a dozen AI labs, neoclouds and colocation operators, have now validated its power solutions.
Additionally, the CEO also said that multiple customers like Nebius have switched to Bloom from competing technologies.
Bloom's Forward P/E Multiple Is Falling
The company’s forward valuation has declined sharply, with the forward price-to-earnings multiple now at around 54x, down from peaks above 190x earlier this year.
This is because earnings estimates have risen faster than the stock price. The company raised its full-year 2026 guidance following another record quarter, while management highlighted a revenue growth of 166% versus a 48% increase in operating expenses, with CFO Simon Edwards adding that he expects “operating expense growth to remain well below revenue growth, which should drive continued operating margin expansion.”
What’s BE’s Stock Performance Been Like?
has gained more than 90% so far in 2026, and is on track to more than double in value from its price at the start of the year. The stock’s gains have largely surpassed competitors this year, demonstrating strong demand and customer loyalty.
Meanwhile, on Stocktwits, retail sentiment improved from ‘bullish’ to ‘extremely bullish’ over 24 hours, while message volume surged 590% in the same time. Watchers on the stock have climbed about 88% in the past year.