Bloom Energy Corporation (BE): A Bull Case Theory 

We came across a bullish thesis on Bloom Energy Corporation on Uncle Stock Notes’s Substack. In this article, we will summarize the bulls’ thesis on BE. Bloom Energy Corporation’s share was trading at $98.93 as of December 1st. BE’s trailing and forward P/E were 1.37k and 126.58, respectively according to Yahoo Finance.

Bloom Energy’s Q3 2025 report marked a decisive financial and strategic inflection point as the company posted record quarterly revenue for the fourth straight time, positive operating cash flow, and a transformative $5 billion AI infrastructure partnership with Brookfield Asset Management. Revenue surged 57% year-over-year to $519 million, while adjusted EPS of $0.15 and operating income of $46 million both sharply exceeded expectations.

Non-GAAP gross margin expanded 510 basis points to 30.4%, driven by falling product costs and improving profitability in its service segment, which achieved a second consecutive quarter of double-digit margins. This operating leverage—revenue growing nearly ten times faster than expenses—underscored BE’s shift from a capital-intensive manufacturer to a high-margin, scalable platform.

The Brookfield partnership positions Bloom as a core energy infrastructure provider for AI data centers, addressing power shortages with its solid oxide fuel cells that deliver on-site, reliable, and clean electricity. This deal introduces a “Power-as-a-Service” model, ensuring recurring cash flow and asset-light scalability. Positive operating cash flow of $19.3 million and an upgraded 2025 outlook—with revenue guidance raised to $1.95–$1.98 billion and EBITDA to $265–$285 million—reflect a confident trajectory.

Valuation now embeds expectations for sustained high growth and profitability, with shares repriced to reflect Bloom’s role in powering the AI revolution. While execution, competition, and customer concentration risks remain, Bloom Energy has effectively evolved from a loss-making clean-tech firm into a profitable, strategically essential energy platform for the AI era.

Previously we covered a bullish thesis on Plug Power Inc. (PLUG) by Tiny Stock Ninja in May 2025, which highlighted its hydrogen expansion and European electrolyzer projects. The company’s stock has appreciated by approximately 146% since our coverage as the thesis played out. The thesis still stands as Plug remains vital to green hydrogen. Uncle Stock Notes shares a similar view but emphasizes Bloom Energy’s profitable AI power pivot.

Bloom Energy Corporation is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held BE at the end of the second quarter which was 44 in the previous quarter. While we acknowledge the risk and potential of BE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BE and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.