Bloom Energy — Blitz Index 58 (C)
First $1B quarter; margins proved while the backlog's binding power is still unproven.
Confidence: High · S&P 500 · Category: power
Score breakdown
| Section | Score | Detail |
|---|---|---|
| A · Speed | 21 / 25 | Q3 2026 $1.24B (+138.1% YoY) — fifth straight quarterly record; FY2026 guidance raised 4× to $4.4–4.6B (~+122%) |
| B · Moat | 37 / 60 | SOFC category pioneer; GAAP GM 33.8% (+40bp QoQ), product GM 37.9%; Rystad (3rd party): 40% of US DC capacity seeks on-site power by 2030 — audited RPO $419M vs $20B claimed backlog |
| C · Creative destruction | 9 / 15 | Utility-as-channel (AEP); grid-interconnection bypass is the product |
| D · BlitzFailing | −9 | Net cash +$31.7M (was −$164M net debt); related-party revenue 44%; share count +22.2% in 2025, +5.5% in 9M 2026 via convertibles; scandium allegation + securities class action |
Radar axes (0–100): Moat 62 · Speed 84 · Creative 60.
Watch item
Gates: G1 ✓ · G2 ✓ (borderline — binding-backlog premise). Market cap $65.3B exceeds the G2 bar ($40.5B) — business score and price are separate risks.
Strengths
- Q3 2026 revenue $1.24B (+138.1% YoY) — fifth straight quarterly record; product revenue +179.4%
- FY2026 guidance raised 4× → $4.4–4.6B (~+122% YoY); gross margin 14.8% → 33.8% over 2.5 years
- Customer prepayments + deferred revenue $445M → $754M in one quarter (+$309M) — demand's leading indicator
- All major US hyperscalers + 12 neoclouds/AI labs validated (CEO); S&P 500 inclusion 2026-09-21
Concerns
- $20B backlog is company-defined, unaudited — audited RPO is $419M (48× gap); binding conversion unproven
- Related-party revenue 44% (Brookfield JV alone 43%) — concentration deepened from 23%
- Scandium: Hunterbrook China-dependence claim + securities class action (2026-07-31); share count +22.2% in 2025, +5.5% in 9M 2026 (convertible conversions)
- Market cap $65.3B exceeds the G2 bar ($40.5B) — price and business are separate risks
More Power & Energy companies
Other Power & Energy names on the Blitz Index, highest score first: Solaris Energy Infrastructure (58/C), Forgent Power Solutions (50/C), Powell Industries (47/C).
Next earnings
Q4 2026 (early Feb 2027) · Expected
Coverage
Bloom Energy Corporation · Q3 2026 earnings (Oct 22, 2026, AMC) · Score 58 · Grade C
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BlitzLab scores businesses against a scholar’s standard — not investment advice. No price targets, no buy/sell recommendations. Figures are from SEC filings (XBRL) as labeled in the source scorecard.