Bloom Energy Raised Its 2026 Forecast for the Third Time. Is the Stock a Buy More Than a Third Below Its Record?

Bloom Energy raised its 2026 revenue forecast to $4.4-4.6 billion (third raise this year) with Q3 revenue hitting a record $1.24 billion, up 138% YoY, and adjusted EPS more than doubling. However, the stock fell 9% on the news due to cash flow concerns—operating cash flow turned negative at $27 million in Q3, and free cash flow was negative $181 million, driven by a surge in unbilled contract assets to $793 million. While the company maintains a strong $2.5 billion cash position and the analyst sees potential at current valuations (67x forward earnings vs. 170x at June peak), he recommends cautious accumulation pending improvement in cash collection.