Bloom Energy (BE) Stock Forecast & Price Target

Bloom Energy is demonstrating a robust growth trajectory, with 3Q25 revenues reaching approximately $519 million, exceeding consensus estimates by about 21% and primarily driven by a significant increase in Product revenue, which was roughly 25% above expectations. The company is expected to achieve positive operating margins in 2024, fueled by ongoing growth in Energy Server sales and a ramp-up in electrolyzer sales, alongside improved Non-GAAP gross margins of around 30%, surpassing the anticipated 29%. Additionally, strategic partnerships, such as the contract with Oracle for the rapid deployment of fuel servers, highlight Bloom Energy's strong market position and growing visibility within the energy sector, prompting a revenue increase forecast of 12% to approximately $2.2 billion for the upcoming period.

The analysis highlights Bloom Energy's reliance on optimistic projections for future revenue growth, with consensus estimates suggesting significant EBITDA multiples that may be unsustainable given the anticipated leveling off of US power demand beyond 2030. Furthermore, the cessation of management's disclosure of average selling prices (ASPs) could indicate potential revenue pressures, compounded by the risks associated with commercialization of hydrogen technology and increased competition in the energy sector. Additionally, escalating supply chain constraints and the uncertainty surrounding manufacturing ramp-ups raise red flags regarding operational scalability and the company's ability to meet growing demand effectively.