Bloom Energy: The Quarter to Best All Quarters? Order & Mfg Ramp Appear Here.

Research evidence excerpt

Bloom Energy: The Quarter to Best All Quarters? Order & Mfg Ramp Appear Here.

USA | Clean Energy

Bloom Energy EquityJulyResearch6, 2026

TARGET | ESTIMATE CHANGEThe Quarter to Best All Quarters? Order & Mfg

RATING HOLDRamp Appear Here.

PRICE $270.89^

All about acceleration: Will BE give uncharacteristic mid-year look at backlog

given acceleration in demand? Related, look for QoQ updates on manufacturing PRICE TARGET | % TO PT $246.00 ($207.00) | -9%

ramp too. Details on key ORCL Project Jupiter and Brookfield projects 52W HIGH-LOW $351.28 - $22.81

underpinning 5x the $5bn financing to $25bn. AEP Wyoming and permitting FLOAT (%) | ADV MM (USD) 83.4% | 3,586.52

timelines remain key execution watchpoints. Valuation keeps us HOLD. MARKET CAP $86.6B

Transfer of coverage to Julien Dumoulin Smith. TICKER BE ^Prior trading day's closing price unless otherwise

noted.

What to Expect in 2Q26? This is the Moment for BTM; Expect Big Backlog Update. Heading into

earnings, the key debate is whether Bloom can convert AI and data center-driven power demand into

FY (Dec) CHANGE TO JEFe JEF vs CONS

large-scale orders. Manufacturing ramp remains critical. The recent Project Jupiter announcement

2026 2027 2026 2027

has significantly elevated Bloom's profile, but investors are likely to focus on execution and

underlying economics rather than headline opportunities alone. Brookfield announcement (5x REV* <1% -4% +5% +14%

increase) another positive data point, looking for more details at the call. EBITDA +8% +18% +7% +28%

Is There Execution Risk? Yes, ample. AEPs Wyoming deal initial deadline (6/30) passed, with no 2026 ($) Q1A Q2 Q3 Q4 FY

agreement announced. We still see deal materializing, but focus on YE target now. We do not believe EBITDA 143.0 135.0 217.8 308.2 804.0