Bloom Energy Is Down 36% From Its June Record. Should You Buy Before Thursday's Report?

BE has shed 36% from its June record high and now trades around $223, setting up a high-stakes earnings test on October 22.

Despite the pullback, the stock remains up 156% year-to-date, a run driven by AI data center demand. That leaves the shares well off their peak but still sitting on substantial gains heading into the print.

The central question: will management raise its 2026 revenue forecast for a third consecutive time? Two prior raises have set a high bar, and a third would extend the pattern. A miss on that expectation would test a stock priced at 82x earnings.

Valuation is the sticking point. The current forecast assumes flat quarterly profits through year-end, which sits awkwardly against that 82x multiple. The analyst behind the piece argues for patience, preferring to see evidence of stronger second-half revenue before buying.

Interpretation: with the shares already down 36% from the peak, some of the risk may be priced in, but the multiple leaves little room for a guidance disappointment. A third raise could reignite momentum; a hold could pressure the stock further.