Nebius Group N.V. released quarterly results highlighting plans to deploy Bloom Energy Corporation’s fuel-cell technology at its planned 300-megawatt AI data center in Vineland, New Jersey. During the earnings call, company executives noted that the fuel cells would enhance the project from a community perspective and could be implemented without significant timeline impacts. The endorsement proved timely, as the project had previously encountered permitting, zoning, and community opposition related to earlier plans for onsite gas generation. Nebius characterized Bloom’s solution as a quiet, reliable, ultra-low-emission power alternative as it seeks final approval for an amended site plan.
Bloom Energy Corporation, founded in 2001 and based in San Jose, California, manufactures solid oxide fuel cell systems and electrolyzers. The company serves data centers, semiconductor makers, utilities, hospitals, and other facilities. With over 2,000 employees worldwide and a current market capitalization of $69.9 billion, Bloom operates in a sector increasingly critical to the AI infrastructure expansion, as regional power grids struggle to meet growing data center electricity demand.
BE stock jumped approximately 12.3% following the Nebius announcement, providing relief after a challenging period. The shares had declined 31% during July amid broader market rotation away from high-beta growth stocks and following allegations from short-seller Hunterbrook Capital regarding sourcing of scandium oxide. Despite these headwinds, the stock remained up 457% over the prior 52 weeks and gained 182.6% year-to-date, trading above its 200-day moving average though below its 50-day average.
Bloom Energy delivered robust second-quarter results, achieving first-time quarterly revenue exceeding $1 billion at $1.065 billion, representing 166% year-over-year growth. Product revenue climbed 215.4% annually to $935.4 million. Non-GAAP gross margin expanded to 34.3% from 28.2% in the year-ago quarter, while adjusted earnings per share reached $0.78 from $0.10 previously. The company marked its seventh consecutive quarterly earnings beat, exceeding Wall Street estimates.
At current valuations, BE stock traded at 87.47 times forward adjusted price-to-earnings and 16.93 times forward sales, representing a premium to sector averages. Technical indicators showed mixed signals, with the 14-day RSI at neutral 55.48 and MACD momentum improving though remaining below zero. The valuation premium reflects investor expectations for continued strong execution and earnings growth tied to surging AI power demand.
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