I Wouldn't Touch This Hydrogen Stock Yet -- Here's the One Number I'm Waiting On
Bloom Energy is seeing huge demand for its hydrogen fuel cells, but the real story is services.
Overview
Bloom Energy (NYSE: BE) only reports its backlog once a year. But during the company's second-quarter 2026 conference call, management noted that it has material new customers that aren't yet reflected in the backlog numbers it provided at the start of the year. So the backlog is likely even bigger today than it was just eight months ago. But it's the breakdown of the backlog that explains why I'm not willing to buy Bloom Energy, or at least not yet.
Bloom Energy makes hydrogen fuel cells. It is experiencing massive demand for its products due to the rapid build-out of artificial intelligence infrastructure. Simply put, the electric grid can't keep up with electricity demand, and Bloom Energy's fuel cells are being used to bridge the gap. They can provide off-grid power, allowing AI data centers to come online without waiting for the local electric utility to connect them to the grid.
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Originally published at www.fool.com.