Bloom Energy Sees $20B Backlog, Guides 60% Revenue Growth but Valuation Stalls
Bloom Energy reported a $20 billion backlog with product backlog up 2.5x to $6 billion and 2 GW of annual capacity, guiding 2026 revenue to $3.2 billion (+60%), 32% gross margin and $450 million operating income. Jim Cramer noted the stock trades at 118x next year’s earnings and prefers a 20% pullback before recommending.
1. Robust Order Backlog and Capacity
Bloom Energy reported a $20 billion total backlog, including a $6 billion product backlog that is 2.5 times higher year-over-year, supported by 2 GW of annual production capacity for its solid-oxide fuel cell systems.
2. 2026 Financial Guidance
The company guided to 2026 revenue of $3.2 billion—a 60% increase over 2025—forecasting gross margin expansion to 32% and operating income more than doubling to $450 million as it scales deployments.
3. Profitability Trajectory
After turning profitable in 2024, Bloom’s earnings nearly tripled in 2025 and are expected to roughly double again in 2026, reflecting strong contract wins and growing demand from data center operators.
4. Valuation and Cramer’s Take
Shares trade at about 118 times the midpoint of 2026 earnings estimates, prompting Jim Cramer to suggest waiting for a potential 20% pullback to achieve a more attractive entry point despite robust fundamentals.