For Bloom Energy, the Clock Is Ticking on Oracle's Pipeline as Q2 Earnings Loom
Published on 07/21/2026 at 16:03 | Redaktion boerse-global.de
Bloom Energy’s stock remains a study in extremes. After Monday’s 6.20% slide to €172.40 — a drop that dragged the shares nearly 19% lower in just seven trading sessions — the fuel-cell maker rebounded 5.57% on Tuesday to close at €182.00. The whipsaw underscores the tension between two powerful narratives: a record-setting growth trajectory on one side and mounting operational risks on the other.
All eyes are now on the July 28 earnings release, the moment when investors will discover whether the company’s ambitious pipeline is translating into hard revenue or succumbing to regulatory and supply-chain headwinds.
Two Large Projects Hit Roadblocks
The most immediate cloud over Bloom Energy’s near-term outlook is the status of Oracle’s “Project Jupiter.” The deal was supposed to consume up to 2.5 gigawatts of Bloom’s solid-oxide fuel cells, but regulators in New Mexico have rejected applications for a natural-gas pipeline that Oracle needed to power the site. The energy infrastructure had been scheduled for completion by mid-August; now construction may slip into next year.
Adding to the concern, American Electric Power’s data-center campus in Wyoming has pushed its timeline back by roughly two years in less than 90 days. The project developer reportedly left the venture in June, injecting further uncertainty into a contract that was expected to contribute meaningful volumes.
Should investors sell immediately? Or is it worth buying Bloom Energy?
TD Cowen analyst Jeff Osborne, who maintains a “Hold” rating, pointed to these regulatory hurdles and supply-chain uncertainties as potential threats to Bloom’s long-term financial goals.
The Hope: Unprecedented Revenue Growth
Yet the bull case remains grounded in numbers that are hard to ignore. In the first quarter of 2026, Bloom Energy posted revenue of $751.1 million — a 130.4% surge that represented a new record. Adjusted earnings per share came in at $0.44, and operating profit hit $129.7 million. Management raised full-year guidance to a range of $3.4 billion to $3.8 billion.
For the second quarter, Wall Street expects revenue of at least $820 million, which would mark the third straight period of triple-digit year-over-year growth. Analysts are also looking for adjusted EPS of $0.41, up sharply from $0.10 in the same quarter last year. The gross margin, meanwhile, will be measured against the full-year target of roughly 34% — any shortfall could crack the narrative of a stock priced for exceptional expansion.
Much of that growth story rests on data-center demand. Management has been betting heavily that contracts with Oracle, Nebius, and a Brookfield-backed venture will convert into recognized revenue alongside steady industrial and commercial orders. The earnings call on July 28 will be the clearest test yet of whether that conversion is happening at the pace implied by the stock’s elevated valuation.
Analysts Split, Volatility Spikes
Wall Street is far from unanimous. Among the 20 analysts who have weighed in over the past three months, nine rate Bloom a “Buy” while eleven call it a “Hold.” Price targets span from $217 to $350, with a consensus of $285.45 — comfortably above Tuesday’s closing level of €182.00 (roughly $200 at current exchange rates). RBC Capital recently reiterated its “Outperform” rating and a $335 target, arguing that recent short-seller attacks on Bloom’s scandium supply chain contain factual inaccuracies and that the pullback is a buying opportunity.
The stock’s technical position reflects the uncertainty. Bloom now trades 23.92% below its 50-day moving average of €239.23 but 25.52% above its 200-day average of €144.99. The 30-day annualized volatility stands at a staggering 114.32%, a figure that captures the frayed nerves around the name.
Bloom Energy at a turning point? This analysis reveals what investors need to know now.
Scandium: A New Chokepoint
Beyond project delays, investors are tracking a potential raw-material bottleneck. Bloom uses scandium as a stabilizer in its fuel cells, and China has tightened export licenses for the rare metal. The company has yet to disclose whether those controls could crimp production capacity. Short-sellers have already seized on the issue, though RBC Capital has pushed back, saying the claims lack substance.
Earnings as a Pivot Point
The July 28 report will force Bloom Energy to address both the Oracle and AEP delays directly, as well as the scandium situation. The company has not offered updated timelines for either project. Meanwhile, the relative strength index has dipped to 34.9, putting the stock close to oversold territory.
For a company that started the year with a gain of nearly 130%, the recent retreat — more than 44% from the June 25 high of €308.50 — has been brutal. The next few days will determine whether Tuesday’s bounce marks the beginning of a sustained recovery or merely a pause in a sharp summer correction.
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