I Wouldn't Touch This Hydrogen Stock Yet -- Here's the One Number I'm Waiting On

Bloom Energy's hydrogen fuel cell backlog has grown 2.5x year-over-year, driven by AI data center demand for off-grid power. However, analyst Reuben Gregg Brewer remains cautious about buying the stock until the company demonstrates it can support dividend payments, which he believes could eventually come from the company's growing services revenue stream that currently represents $14 billion of its $20 billion total backlog.