BlitzLab Scoring · Oct 2026 · Model v1.0 (frozen)
Bloom Energy — Blitz Index 55 (C)
First $1B quarter; margins proved while the backlog's binding power is still unproven.
55Grade C
Confidence: High · S&P 500 · Category: power
Score breakdown
| Section | Score | Detail |
|---|---|---|
| A · Speed | 20 / 25 | Q2 2026 $1.07B (+165.5% YoY) — fourth straight quarterly record; FY2026 guidance raised 3× to $3.9–4.2B (~+100%) |
| B · Moat | 36 / 60 | SOFC category pioneer; Rystad (3rd party): 40% of US DC capacity seeks on-site power by 2030 — but audited RPO $419M vs $20B claimed backlog |
| C · Creative destruction | 9 / 15 | Utility-as-channel (AEP); grid-interconnection bypass is the product |
| D · BlitzFailing | −10 | Related-party revenue 44%; share count +22.2% in 2025; scandium allegation + securities class action |
Radar axes (0–100): Moat 60 · Speed 80 · Creative 60.
Watch item
Gates: G1 ✓ · G2 ✓ (borderline — binding-backlog premise). Market cap $65.3B exceeds the G2 bar ($40.5B) — business score and price are separate risks.
Strengths
- Q2 2026 revenue $1.07B (+165.5% YoY) — fourth straight quarterly record; product revenue +215.4%
- FY2026 guidance raised 3× → $3.9–4.2B (~+100% YoY); gross margin 14.8% → 33.4% in 2.5 years
- Customer prepayments $143.8M → $445M in 6 months (3.1×) — demand's leading indicator
- All major US hyperscalers + 12 neoclouds/AI labs validated (CEO); S&P 500 inclusion 2026-09-21
Concerns
- $20B backlog is company-defined, unaudited — audited RPO is $419M (48× gap); binding conversion unproven
- Related-party revenue 44% (Brookfield JV alone 43%) — concentration deepened from 23%
- Scandium: Hunterbrook China-dependence claim + securities class action (2026-07-31); share count +22.2% in 2025
- Market cap $65.3B exceeds the G2 bar ($40.5B) — price and business are separate risks
Next earnings
Oct 22, 2026 · After close · Confirmed
Coverage
Bloom Energy Corporation · Q3 2026 due Oct 22, 2026 (AMC) · Score 55 · Grade C
BlitzLab scores businesses against a scholar’s standard — not investment advice. No price targets, no buy/sell recommendations. Figures are from SEC filings (XBRL) as labeled in the source scorecard.