Bloom Energy (BE) Stock Forecast & Price Target

Bloom Energy has demonstrated significant growth potential, with a backlog reaching approximately $20 billion, reflecting a 65% year-over-year increase, and indicating strong demand for both service and product offerings. The company reported third-quarter earnings with revenue of around $519 million, outperforming consensus estimates by 21%, largely driven by a surge in product revenue. Additionally, improvements in non-GAAP gross margins to 30%, up 510 basis points year-over-year, coupled with expectations for heightened growth and profitability in fiscal year 2026, contribute to a positive outlook for the company's financial trajectory.

Bloom Energy's stock faces a negative outlook due to several high-level financial and operational risks, including potential failure in commercializing hydrogen technologies and reliance on key customers that could impact revenue growth. The company anticipates a slowdown in revenue growth to around 20% by 2040, driven by leveling off of US power demand, which contrasts with its projected EBITDA multiple of approximately 47x to 51x for 2027 based on optimistic growth scenarios. Additionally, various factors such as supply chain constraints, technological competition, and macroeconomic conditions pose significant threats to financial performance and the company's ability to meet its projected targets.