Bloom Energy’s stock fell by over 10% on Thursday, even though the company had just stunned investors a week earlier with record results and several analysts lifting their price targets. The shares closed at $138.79, after dipping as low as $136.60 intraday.
On February 5, 2025, Bloom Energy reported solid fourth-quarter earnings for the quarter ended December 31, 2025. The company posted an earnings per share of $0.45, well above the Wall Street consensus of $0.25. Revenue came in at $777.68 million, topping the consensus of $647.59 million by a comfortable margin.
For the full year 2025, Bloom Energy delivered a record revenue of $2.02 billion. The results were driven largely by robust demand from customers in AI data-center operations, along with continued growth in Bloom’s industrial and commercial segments.
One of the standout metrics was the backlog. The product backlog in Q4 expanded to 2.5 times its prior level, reaching $6 billion. When service contracts are included, the total backlog climbs to $20 billion. In addition, a strategic alliance with Brookfield Asset Management, valued at $5 billion, is designed to bring Energy-as-a-Service offerings into Brookfield’s infrastructure portfolio, which includes about 140 data centers.
Looking ahead to 2026, management lifted the revenue outlook from $3.1 billion to $3.3 billion. The earnings-per-share guidance for the year sits between $1.33 and $1.48.
Should investors sell immediately? Or is it worth buying Bloom Energy?
Wall Street remained broadly positive despite the share price drop. Key firms and their updated stance include:
– Morgan Stanley: target raised to $184 with an Overweight rating
– Evercore: rated Outperform with a $179 target
– BTIG Research: new target of $165 and a Buy recommendation
– Zacks Research: upgraded to Strong Buy
Across the street, the consensus for 2026 calls for revenue of about $3.19 billion, an increase of roughly 58% versus the previous twelve months. The average price target among analysts has been nudged higher by about 12% to $140, though the range of targets remains wide—from $40 to $207.
Growth momentum remains anchored in the data-center segment, where Bloom’s solid oxide fuel cells are tapping into the surge in AI-related hyperscale deployments. Hyperscalers require dependable power solutions, and Bloom has demonstrated execution, including delivering a project for Oracle in just 55 days.
To support rising demand, Bloom plans to double its production capacity from 1 gigawatt to 2 gigawatts by the end of 2026.
Thursday’s trading activity saw around 13.2 million Bloom Energy shares changing hands, roughly in line with the average daily volume. The stock’s 52-week trading range sits between $15.15 and $176.49.
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