Bloom Energy (BE) Stock Forecast & Price Target

Bloom Energy has demonstrated significant growth potential, with a reported revenue of approximately $519 million in Q3 2025, exceeding consensus estimates by 21%, primarily due to robust product sales. The company's focus on expanding its electrolyzer business alongside continued growth in Energy Server sales is expected to drive positive operating margins in 2024. Additionally, improved non-GAAP gross margins, which increased by roughly 510 basis points year-over-year, along with an upward revision of revenue and EBITDA forecasts, reflect Bloom Energy's strengthening financial position and operational efficiencies.

Bloom Energy's outlook is negatively impacted by the significant risks associated with its business model and market environment, including the potential failure to commercialize hydrogen equipment and the threat of increased competition from both established and new entrants in the energy sector. With management discontinuing the disclosure of average selling prices (ASPs), concerns arise about the company's pricing power amid tightening supply chains and potential cost overruns as they ramp up production capabilities. Furthermore, projections indicate a slowdown in revenue growth rates, with expectations of only 20% CAGR beyond 2030, reflecting a plateau in U.S. power demand growth, which adds to the company's vulnerability in a competitive landscape.