Bloom Energy (BE) Stock Forecast: $25B Brookfield Deal, July 28 Earnings

Scandium oxide is an added material used in small quantities to help improve the performance (conductivity and durability) of solid oxide fuel cell electrodes. In its report, Hunterbrook alleged that Bloom significantly understated its dependence on Chinese sources for scandium oxide in its filings, noting a perceived contradiction between the company’s executive statements and the reported profile of its sourcing activities. The investment advisory firm further asserted that a scarcity in the global supply of non-Chinese scandium oxide could restrict Bloom from meeting its manufacturing expansion goals for fuel cell stacks. 

Should Hunterbrook’s assertions turn out to be accurate, this would mean Bloom Energy would have a serious supply limitation when it comes to scaling up its fuel cell manufacturing, and one that is ultimately contingent on Chinese export policy in an environment where global supply chains for rare materials is becoming an increasingly politically charged topic.

On Friday, Bloom responded to Hunterbrook’s allegation in two key areas. First, the company said, “only small amounts of scandium oxide are required to improve fuel cell performance.” Second, Bloom said it has clear visibility across its supply chain to support annual fuel cell production of up to 25 gigawatts. In addition, Bloom said its supply chain consists of “a diversified global supply chain developed over two decades,” re-stated the integrity of its audited financial statements, and said, in an official response, it “will make all efforts to correct the record as soon as possible.” Retail traders dismissed the Hunterbrook report when they started buying back in premarket on July 9th to reverse the intraday decline on the day. 

Goldman Sachs added 7.09 million shares (increased its position by 350.1%) during Q1 26 and has not made any follow up disclosure since Hunterbrook released its report. Crossroads Capital disclosed its short on the week of July 10th which will keep some pressure from the short side going into next week. July 28, when Bloom releases earnings, will be the first opportunity for management to formally address both short seller reports under oath and with audited financial data.

Brookfield Asset Management's $5 billion commitment to Bloom Energy's power infrastructure in AI data centers has grown into a new $25 billion deal. Under the arrangement, Brookfield will provide the financing and Bloom will install the power generation equipment for large AI data centers. The expansion in this agreement indicates to me that Brookfield views the potential build out as significantly higher in size than the $5 billion deal suggested. This suggests to me that there will be a lot of growth in AI power generation that continues well beyond this current year or two.

Bloom's operating results have also been strong. Revenue for the first quarter of 2026 came in at $751 million, a 130% increase from the first quarter of 2025. Product revenue surged 208% from the year before. Adjusted earnings per share were $0.44 versus an expected $0.12 and adjusted EBITDA jumped to $143 million, which is 19% of revenue. Management also increased its EPS guidance for 2026 to $1.85-$2.25 versus $1.34 expected by analysts.

This is where things start getting tricky. Bloom shares at $257 currently trade at 140 times the low end of the adjusted EPS guidance for the next year, meaning there is no margin of error. Some institutions seem to think the company will make it to $2.25. Goldman Sachs added 7.09 million shares in the first quarter, an increase of 350% from Q4 of 2025. Conversely, Chief commercial officer Aman Joshi recently sold his 8,343 shares at $300.37 on July 1. With reports from Hunterbrook Capital and Crossroads Capital coming out this year and weighing the sentiment around the stock, it's the July 28 earnings that will be in focus this year.

BE is currently holding up a triple bottom of roughly $235 to $257 on the daily time frame and RSI is 53.00 neutral as well as the green candles eating into the selling pressure as price nears the trend line.

Bloom Energy (BE) Stock Price Chart - Source: Tradingview

Resistance from above sits at $276.08 to $298.20. Breakout requires a close above $276.00 for a move into $298.20 and stop below $197.40, breakdown below $197 opens into $182.

• Breakout trigger: Close above $276.00 confirmed by the week's advance
• Target: $298.20, which is the measured resistance of the triple bottom
• Stop Loss: Close below $197.40, which is a failed triple bottom

Hunterbrook: Scandium supply chain allegations July 8. -12% intraday. Company denial July 9

Brookfield: Partnered to expand financing of AI by 5x, $5B to $25B

Q2 earnings: July 28, 2026. Q1: $751M revenue +130% YOY, EPS 0.44 vs. 0.12 est

Bloom Energy is starting the week off near $257, a bit higher from where Hunterbrook had brought the stock down. The positive management response to Hunterbrook, $25B Brookfield, and Q1 record revenue earnings help to strengthen the long-term bulls as the short seller's arguments regarding valuation are still in play. A break out over $276.00 to close the week will be looking at $298.20, if we close the week below $197.40, the bullish structure fails. Earnings on July 28 are still the big event.