Bloom Energy Corp

Bloom Energy is a fast-growing fuel-cell maker riding AI data-center power demand but with thin margins and heavy leverage.

Strengths

• Strong revenue growth of 38.9% (83rd pct) and large cash war chest ($2.45B, 93rd pct) with healthy current ratio
• Turned FCF-positive and improving service/electricity gross margins amid a major hyperscaler/Brookfield JV

Risks

• High debt-to-equity of 3.4 (94th pct) and below-median gross margin (31.5th pct)
• Asset impairments on Electrolyzer/CIP, dependence on tax credits/incentives, and binary demand tied to AI buildout pace

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• High leverageHigh leverage (debt/equity 3.40)
• Net lossNet loss (net margin -4.3%)
• Customer concentration~34% of revenue from one customer/distributor — 8) % Total cost of revenue $ 1,436,594 $ 1,069,208 $ 367,386 34
• Chronic dilutionShare count +17%/yr over 4y (dilution)