Bloom Energy's fuel-cell backlog stood at $20 billion at the end of 2025, and CEO KR Sridhar says it has since grown faster than revenue, which jumped 166% last quarter. It's just a guess, but the backlog could reach $50 billion by the end of 2026 as AI data centers keep ordering solid-oxide fuel cells.
Revenue surge points to a bigger backlog
Bloom Energy's first-quarter revenue jumped 130% year over year, and its second quarter went further: sales of nearly $1.1 billion grew 166%. Most of both quarters' revenue came from sales of the company's solid-oxide fuel cells. The company expects to double last fiscal year's revenue in 2026, though recent quarters suggest that guidance may prove conservative.
Fuel cells convert gas into electricity through an electrochemical process rather than combustion. Bloom's version stands out because it can run on natural gas as well as hydrogen, and its solid-oxide cells have been adopted by artificial intelligence data center operators as a power source, driving this year's revenue growth.
Backlog could reach $50 billion by year's end
Bloom Energy confirmed its backlog stood at $20 billion at the end of 2025. It's just a guess, but that figure could reach $50 billion before the end of 2026, a number that looks outsized next to the company's roughly $4 billion revenue projection for the year.
That guess rests on comments from CEO KR Sridhar, who told investors on last month's second-quarter earnings call that the backlog had grown faster than revenue, even without citing a specific figure. According to CEO KR Sridhar: "backlogs stretching to 2029 and beyond", describing how far out some of the company's contracted work now extends.
Only $6 billion of the 2025 year-end backlog reflected future equipment sales. The remaining $14 billion was tied to services, installation, and contracted electricity generation using Bloom's own fuel cells, spread across several years.
Profitability follows the growth
With the exception of installation, which runs near breakeven, all of Bloom's revenue is now profitable on an operating basis. If backlog growth has indeed outpaced the 166% revenue increase, and the company reported roughly $1 billion in sales last quarter, most of the new business won since then has yet to be booked as revenue.
Source: The Motley Fool
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