Bloom Q2: Backlog is Growing Faster than Revenue at 166% YoY Growth

Bloom Energy reported revenue of $1.065 billion, beating revenue estimates by 29% with analysts expecting revenue of $827 million going into the print. This represents growth of 166% YoY, yet Bloom stated their backlog is growing even faster.  The company has not updated backlog since the Q4 call when it was stated they had a $20 billion backlog with $6 billion from product and $14 billion from services. However, the update this evening was that “ customers are now placing longer-term orders, leading to our backlog growing at a faster pace than revenue. Let me repeat, leading to our backlog growing at a faster pace than revenue.” On the call, Bloom discussed the rather dire reality that hyperscalers plan to build 30GW to 40GWs next year, yet encouraged analysts to “take a guess on how [many] of those projects will get delayed because the power provider is not able to provide power on time.”  If projects do face delays, this will help intensify the need for Bloom’s on-site power solutions. Notably, the evidence is already visible in the expanding backlog with “all the major” hyperscalers and neoclouds rushing to validate and approve Bloom’s solid oxide fuel cells.