Bloom Energy Reports Earnings Tuesday and Is Still Up More Than 100% This Year.

For Bloom Energy (NYSE: BE) stock to stabilize, Tuesday's report arguably needs to show revenue tracking toward the full-year guidance of $3.4 billion to $3.8 billion that management raised in April, with margins holding near its targets.

Bloom builds fuel cell systems that generate electricity on-site, which lets data centers plug in power without waiting years for a grid connection. On Friday, the stock fell alongside its whole sector as investors backed away from the crowded artificial intelligence (AI) power trade. Even after the drop, shares remain up more than 100% in 2026. They also sit about 47% below their 52-week high of $351.28 after a hard month.

Image source: Getty Images.

The business behind all that volatility has been performing. First-quarter revenue rose 130% year over year to $751.1 million, driven by product revenue that roughly tripled. The company swung to operating income of $72.2 million from a loss a year earlier. And non-GAAP (adjusted) earnings per share came in at $0.44, up from $0.03.

That report is what prompted the April guidance raise: $3.4 billion to $3.8 billion of revenue, an adjusted gross margin of about 34%, and adjusted earnings per share of $1.85 to $2.25 for the year.

Notably, Bloom booked $751 million of revenue in the first quarter. Reaching even the low end of the full-year range means averaging about $880 million per quarter the rest of the way. A second quarter near that pace, with gross margin moving toward the 34% target, would show the plan on schedule.

The timing commentary may matter as much as the totals. Investors should listen for updates on the large data-center deployments behind Bloom's growth, because the market has grown impatient this year about when announced projects turn into revenue. A delayed project doesn't shrink the opportunity, but it moves the money further away -- and this valuation has little patience built in.

That valuation is why the bar sits so high. At about 90 times the midpoint of management's own adjusted earnings guidance for the year, the stock prices in years of growth like this. A multiple like that can survive almost anything except doubt, which is how a no-news Friday last week erased 15% of the company's value.

So, in my view, the report has a clear job: Confirm the guidance and the deployment timing, and then the underlying business might start to look like it can live up to the stock price. Miss on either, and the market has already shown what it does with doubt. Either way, investors should expect this stock to keep moving in big steps -- in both directions.

Daniel Sparks and his clients do not have positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy. The Motley Fool has a disclosure policy.