Bloom Energy: 2Q Review: Another Solid Beat and Raise, Demand Accelerating

研报英文原文证据摘录

Bloom Energy: 2Q Review: Another Solid Beat and Raise, Demand Accelerating

J P M O R G A N North America Equity Research

29 July 2026

Bloom Energy Overweight

BE, BE US

2Q Review: Another Solid Beat and Raise, Demand Price (28 Jul 26):$166.84

Accelerating ▼Price Target (Dec-27):$314.00 Prior (Dec-27):$346.00

BE reported 2Q results well above expectations and significantly increased FY26

guidance, echoing the beat and raise from 1Q. We are also impressed by Clean Energy, Power Infrastructure,

and Sustainable Investingincremental margins as the company scales in both Product and Service. The CEO

mentioned that demand is accelerating with backlog growing faster than 2Q Mark Strouse, CFA AC

Product revenue, y/y and YTD. BE noted that all major US hyperscalers and over (1-212) 622-8244

mark.w.strouse@jpmorgan.com

a dozen other users (neoclouds, AI labs, colocators) have validated and approved

BE’s SOFC technology, and are either active users, in backlog, or have signed Michael G Fairbanks

(1-212) 622-4908

“definitive agreements”. Despite investor uncertainty regarding certain project michael.fairbanks@jpmchase.com

timing (e.g. WY and NM projects), BE noted that guidance is not dependent on any

Anna Zhu

one project. The company also dismissed investor concerns regarding its scandium (1-212) 622-0012

supply chain with commentary aligning with the recent blog post, though specifics anna.zhu@jpmorgan.com

remain undisclosed owing to competitive reasons. While we acknowledge that BE J.P. Morgan Securities LLC

has been a high-beta stock in an AI power capex space that has seen investor

enthusiasm wane recently, we believe company execution remains solid and we

Key Changes (FYE Dec)maintain our Overweight rating. Our YE27 price target goes to $314, from $346,