Bloom Energy Corporation: 2Q Preview: Power is there, now it's about delivery

Research evidence excerpt

Bloom Energy Corporation: 2Q Preview: Power is there, now it's about delivery

Equity Research

North America Clean Technology

22 June 2026

Bloom Energy Corporation

2Q Preview: Power is there, now

it's about delivery

The debate has shifted from technology validation to BE EQUAL WEIGHT

execution, with customers and investors now focused on the Unchanged

North America Clean

company's ability to scale manufacturing while the backdrop Technology POSITIVE

Unchanged

remains favorable for BE with power supply constraints, Price Target USD 276.00

raised 9% from USD 254.00permitting friction and the transition to 800VDC architecture.

Price (16-Jun-26) USD 280.88

Potential Upside/Downside -1.7%Despite the headlines, no delays on BE's large projects: Project-specific concerns around

Source: Bloomberg, Barclays Research

Project Jupiter and Project Jade have been brought up in recent weeks, but we see limited

fundamental risk to BE’s delivery outlook. Project Jupiter remains on track despite ongoing

Market Cap (USD mn) 79894FERC pipeline review, with limited near-term exposure and flexibility to bridge early operations

Shares Outstanding (mn) 284.44via trucked gas. More broadly, contract structures allow for redeployment across customer

Free Float (%) 93.71sites. In Wyoming, recent headlines around a 'pause' appear overstated. Crusoe is no longer

52 Wk Avg Daily Volume (mn) 11.8involved, but the project is proceeding with the end customer.

Dividend Yield (%) N/A

Execution and scaling – not demand – are the primary gating factors: Bloom Energy ('BE') Return on Equity TTM (%) 0.80

has secured three large-scale contracts year-to-date with AEP, Oracle, and Nebius totaling over Current BVPS (USD) 3.24

4GW of capacity, a significant acceleration vs.