Bloom Energy share: Completely under power $BE (+1,16 %)

The Bloom Energy share went through the roof in November. By Thursday, the shares of the US fuel cell manufacturer had risen by over 30 percent. On Friday, there was then a huge explosion in the share price, with the hydrogen company shooting up by a further 55%. What is behind Bloom Energy's brilliant share price rally?

A strong earnings performance...

Two things at once: a strong earnings performance and new major orders. But first things first:

A few days ago, Bloom Energy presented its quarterly figures and delivered a very pleasing earnings performance. The fuel cell manufacturer still reported a quarterly loss of just under US$ -15 million. But this represents a huge improvement compared to a loss of US$ -170 million in the same period of the previous year.

The main driver behind the massive reduction in the loss was the significant increase in the gross margin. It climbed from -1.3% in the previous year to currently 23.8%.

Equally positive is the confirmation of the annual forecast. Bloom Energy expects total sales of between USD 1.4 and 1.6 billion and an operating profit of USD 75 to 100 million in 2024.

The company only missed the mark in terms of turnover. In the past quarter, revenue fell by 18% compared to the previous year to USD 330 million.

...and new record orders

Investors should be able to cope well with the decline in turnover in the last quarter, as Bloom Energy has been able to come up with two new major orders in the last few days. The hydrogen company was commissioned by the South Korean energy supplier SK Eternix to supply fuel cells with a total output of 80 megawatts.

However, the big bombshell hit on Friday and caused the aforementioned share price explosion. Bloom Energy announced that it had signed a supply contract with the US energy supplier American Electric Power for fuel cells with a total output of up to 1 gigawatt. This is the largest commercial order for fuel cells on the global market to date.

AEP's first order under this framework agreement is for fuel cells with an output of over 100 megawatts. The cells from Bloom Energy are to be used to supply energy to AI data centers. They can be operated with both pure hydrogen and a mixture of hydrogen and natural gas.

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