Bloom Energy 财报前瞻：Q3 业绩明日盘后揭晓，文章仅复述高增长预期与百倍估值争议，无新增事实

Bloom Energy ( BE ) heads into its third-quarter 2026 earnings report with strong growth expectations as rising electricity demand from AI data centers drives interest in its on-site power systems. The company is expected to report results on October 22 after the market closes, with consensus estimates calling for EPS of $0.67 and revenue of $1.07B. Earnings expectations have strengthened over the past 3 months, with 17 upward EPS revisions and no downward revisions. The company has beaten both earnings and revenue estimates in 7 of the past 8 quarters. The results will test whether Bloom Energy can maintain its rapid growth and deliver on its ambitious full-year targets. Management expects FY2026 revenue of $3.9B–$4.2B, representing approximately 100% growth at the midpoint from $2.02B in FY2025. It also projects non-GAAP EPS of $2.55–$2.85 and a non-GAAP gross margin of approximately 34%. The bullish case rests on growing demand for on-site power as data center operators face constraints in securing electricity from traditional grid infrastructure. CEO K.R. Sridhar previously said major U.S. hyperscalers and more than 12 neoclouds, AI labs, and colocation data center operators had validated or approved Bloom’s solutions for AI facilities. However, demand alone may not be enough to sustain the stock’s valuation. Seeking Alpha analyst Alexander Grover maintained a Hold rating , arguing that a valuation above 100x projected 2026 earnings was difficult to justify given Bloom’s execution requirements. Manufacturing scale-up and project-delivery delays remain risks, while cheaper gas turbines could eventually erode its pricing power. Bloom Energy shares have surged 167.48% year to date, significantly outperforming the S&P 500’s ( SP500 ) 13.01% gain. The stock rose more than 7% to $238.63 on Wednesday, raising the stakes ahead of the earnings report as investors assess whether its growth outlook can support the rally.