The past month has been a study in extremes for Bloom Energy. The fuel cell manufacturer’s stock has shed roughly 30 percent of its value over the last four weeks, yet the shares remain up more than 160 percent year-to-date — a contradiction that captures the tug-of-war between Wall Street optimism and mounting skepticism over the company’s supply chain and financial disclosures.
The next major inflection point arrives July 28, when Bloom Energy reports second-quarter results after the U.S. market close. The earnings call, scheduled for 2 p.m. Pacific time, will give management its first opportunity to address a raft of short-seller allegations with audited financial data in hand.
Legal Scrutiny Intensifies
Multiple U.S. law firms, including Bronstein, Gewirtz & Grossman and the Law Offices of Howard G. Smith, announced on July 22 that they are investigating potential securities claims against Bloom Energy. The probes center on whether the company or its executives made misleading statements about its supply chain and financial reporting.
The legal attention follows a July 8 report from Hunterbrook Media alleging that Bloom Energy remains dependent on Chinese supplies of scandium, a critical raw material for its fuel cells, despite public statements to the contrary. The company has consistently maintained that it does not rely on Chinese sources for scandium oxide and has filed an 8-K with the Securities and Exchange Commission defending the accuracy of its audited financials and supply chain disclosures.
A second short seller, Crossroads Capital, has built an additional short position, compounding the pressure. Bloom Energy has rejected all allegations from both firms.
JPMorgan’s Bullish Counterpoint
Just one day before the law firms announced their probes, JPMorgan delivered a powerful vote of confidence. The bank raised its price target on Bloom Energy from $267 to $346 and reaffirmed an “Overweight” rating. The analysts project product deliveries of 4.1 gigawatts by fiscal 2030, underpinned by existing customer contracts and an expanded partnership with Brookfield.
JPMorgan also addressed the scandium concerns head-on, arguing that the company’s available material supply supports annual manufacturing capacity of up to 25 gigawatts — effectively dismissing the supply-chain fears that have weighed on the stock since the short-seller attacks began.
The bank further noted a structural tailwind: if data center operators face delays connecting to the electrical grid ahead of the U.S. elections, off-grid power providers like Bloom Energy stand to benefit directly.
The Numbers That Matter
Analysts expect second-quarter revenue between $804 million and $837 million, roughly double the $401 million reported in the same period last year. Adjusted earnings per share are forecast to land between $0.36 and $0.41.
Should investors sell immediately? Or is it worth buying Bloom Energy?
The bar is high after a first-quarter beat that saw adjusted EPS come in at $0.44 against expectations of just $0.12. Adjusted EBITDA surged to $143 million, and management raised its full-year 2026 EPS guidance to a range of $1.85 to $2.25 — well above the $1.34 analysts had previously modeled.
Yet the valuation leaves little margin for error. At roughly 140 times the low end of next year’s EPS forecast, the stock is priced for near-perfect execution.
A Broader Strategy Takes Shape
Amid the noise, Bloom Energy has been quietly building out its financial infrastructure. The company expanded its partnership with Brookfield to a $25 billion financing facility — a fivefold increase — designed to convert data center interest into funded projects. That follows a $1.7 billion investment with Industrial Development Funding and Oaktree tied to Nebius’ AI cloud infrastructure.
The company also released its “2026 Data Center Power Report,” which forecasts that nearly one-third of new data center campuses will surpass the one-gigawatt threshold by 2035. With grid connection timelines stretching 18 to 24 months in some regions, Bloom Energy is positioning its fuel cells as a rapid-deployment alternative.
The production target is equally ambitious: the company aims to double annual output to 2 gigawatts by the end of 2026.
A Stock in Two Directions
The shares currently trade around $198, roughly 36 percent below the 52-week high of $308.50 reached in June. They remain about 32 percent above the 200-day moving average of $146.31 — a spread that illustrates just how wide the range of outcomes has become.
A recent index rebalancing added another layer of complexity. Bloom Energy’s move from the Russell 2000 to the Russell 1000 forced index funds to adjust their positions, altering the shareholder base.
The stock has logged 96 trading sessions over the past year with moves exceeding 5 percent, a volatility profile that few companies can match. The July 28 earnings report will determine whether the next big swing is driven by vindication or further doubt.
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