【Goldman Sachs Electric New】BE Full-Year Guidance Raised Again! Revenue Not Dependent on Any Single Project; SOFC Industry Trend Established

English summary

On July 28, BE released Q2 results and held a conference call. Q2 revenue $1.065B (+166% YoY), first time exceeding $1B in a single quarter; Non-GAAP EPS $0.78, far exceeding market expectations of $0.41. Full-year revenue guidance raised to $3.9-4.2B (midpoint +100% YoY), Non-GAAP EPS guidance $2.55-2.85. The company responded to market doubts from previous short-seller reports with strong results. AI data center demand released intensively, confirming accelerated SOFC substitution effect. Only 9 months ago BE announced its first direct supercomputing customer Oracle; according to the company, major US hyperscalers and over 12 emerging cloud vendors, AI labs, etc. have passed technical validation of BE solutions. Customers are shifting from one-time purchases to long-term orders, driving order backlog growth to continue outpacing revenue growth. #In Q2, some customers canceled ordered gas turbine solutions and switched to BE, with substitution effect occurring. ...