Bloom Energy After a 400% Rally: A Record Quarter and the Battle for USD 250
Shares of Bloom Energy (WKN: A2JQTG | ISIN: US0937121079 | Ticker: BE) were last trading at around USD 223. The company’s market capitalization stands at about USD 68 billion. Since the start of the year, the stock has gained roughly 140% on a US dollar basis. Over a 52-week period, the price gain is approximately 410%. However, the share has since lost about one-third of its value from its record high of USD 351.28. Bloom Energy develops and sells so-called Energy Servers. These are modular solid-oxide fuel cells that convert natural gas, biogas, or hydrogen into electricity without traditional combustion. The systems are installed directly at data centers, factories, hospitals, and other large-scale consumers. Bloom generates revenue primarily from the sale of the systems, as well as from installation, maintenance, and long-term service contracts. In some cases, the systems are also offered through managed service and electricity supply models.
The technology is particularly interesting for AI data centers. These require enormous amounts of reliable electricity, while new grid connections or gas turbines often have lead times of several years. The Energy Servers can be installed much more quickly and in phases. Bloom is therefore now less of a traditional hydrogen stock and more of an electricity supplier for the growing AI infrastructure. However, most systems still run on natural gas and therefore do not generate completely emission-free electricity.
The quarterly results published at the end of July demonstrate this tremendous growth. In the second quarter of 2026, revenue jumped 166% year-over-year to a record USD 1.07 billion. Product revenue even increased by 215% to USD 935 million. At the same time, the gross margin rose from 26.7% to 33.4%. An operating loss of USD 3.5 million turned into a profit of USD 182 million. Bottom line, Bloom earned USD 196 million, or USD 0.62 per share. Management significantly raised its forecast for 2026. It now expects revenue of USD 3.9 billion to USD 4.2 billion, an adjusted gross margin of approximately 34%, and adjusted earnings of USD 2.55 to USD 2.85 per share. Production capacity is set to increase from one to two gigawatts annually by the end of 2026. According to the company, the existing plant could be expanded to up to five gigawatts in the long term.
The partnership with Oracle is fueling additional optimism. Initially, 1.2 gigawatts were firmly agreed upon. A framework agreement allows for an expansion to up to 2.8 gigawatts. Added to this is the collaboration with Brookfield, which has been expanded to USD 25 billion. However, this is a financing framework for potential projects, not a direct USD 25 billion order.
From a technical analysis perspective, the zone between USD 240 and USD 250 remains crucial. The 100-day and 50-day moving averages also lie within this range. Several attempts to break out of this range failed in August. Only a sustained rise above USD 250 would make the chart picture significantly more bullish again. After that, the psychologically important USD 300 mark would come into focus. Support levels are at USD 210 to 220, as well as at the rising 200-day moving average around USD 185 to 190. The strong growth is impressive—however, following the enormous rally, the high valuation and market expectations remain the most significant risks.
HPQ Silicon: UN-38.3 Certification – The Growing Drone Market
HPQ Silicon (WKN: A3DQZ3 | ISIN: CA40444L1031 | Ticker Symbol: O08) is currently hitting one operational milestone after another. What initially fueled the share price is now stoking expectations of rising revenue figures. This is what the market now appears to be waiting for, while the share price attempts to bottom out. In early August, the company announced UN-38.3 transport certification for its Endura+ Gen4 21700 lithium-ion cell, which makes sample deliveries for international qualification tests feasible in the first place. This is not yet a surefire path to new revenue streams, but it is a necessary preliminary step to move from years of development work to commercial validation with potential customers. HPQ will initially target customer segments where the new performance parameters are urgently needed and command higher prices.
Therefore, HPQ is focusing heavily on drone and defense applications, where energy density, weight, and robustness provide direct operational benefits. The company points to battery demand from the defense sector of over 4 GWh in 2025 and notes that drones account for about 40% of this demand. In addition, the military drone market is estimated at approximately USD 35 billion in 2026 and is projected to grow to over USD 109 billion by 2031, with North America considered the largest market. From a macroeconomic perspective, this fits into an environment of rising defense budgets and accelerated procurement efforts, particularly for unmanned systems. This plays into the hands of specialized suppliers like HPQ, although qualification and procurement processes are often lengthy and frequently involve several iteration cycles between test orders and production runs.
On the operational side, HPQ highlights custom development work through Novacium, including an AA Nova 6S3P battery pack for a European drone manufacturer that aims to achieve lower weight while delivering higher energy. From an investor’s perspective, what matters most is not so much individual product announcements as whether these solid references will lead to follow-up orders and repeatable manufacturing processes. HPQ must therefore secure corresponding orders over the next 12 months that involve sufficient quantities, adequate margins, and reliable delivery schedules. Until then, the share price will remain highly event-driven, which could have both positive and negative effects on the share price.
Financially, the company’s penultimate announcement in late July shows it continues to work on improving its balance sheet, as debt was converted into equity at a share price of CAD 0.20. At a share price of CAD 0.145, this indicates the lender’s confidence in the HPQ stock appreciating in value in the future.
Nel ASA After a 40% Price Drop: New Orders and Hope for the PA Series
Shares of Nel ASA (WKN: A0B733 | ISIN: NO0010081235 | Ticker: NEL) are currently trading at around NOK 2.12, and its market capitalization stands at approximately NOK 3.9 billion. Since the beginning of the year, the share has fallen by about 4%; on a 52-week basis, the loss amounts to approximately 10%. From April through the end of May 2026, the share price initially rose by more than 90%, only to give up all those gains to date. Headquartered in Oslo, the company develops electrolysers for hydrogen production. The company does not produce hydrogen itself but sells the equipment required for that purpose. Nel offers alkaline systems for large-scale industrial projects as well as PEM electrolysers. Since its spin-off from Cavendish Hydrogen, Nel has focused entirely on this business.
The quarterly results published in July show that the operating situation remains challenging. In the second quarter of 2026, revenue from customer contracts fell by 12% to NOK 153 million. EBITDA worsened from minus NOK 86 million to minus NOK 155 million. This included one-time costs of NOK 70 million from the settlement with Iwatani. The bottom line was a net loss of NOK 189 million. New order intake showed a more positive trend. It rose by 224% to NOK 230 million compared to the weak same quarter last year. However, 96% of the new orders came from the PEM business. The total order backlog thus reached NOK 1.21 billion, of which NOK 224 million is attributable to the Alkaline division.
The biggest source of hope is the new pressure-driven alkaline PA series. Nel promises a cost of less than USD 1,450 per kilowatt for a turnkey 25-megawatt system. According to Nel, comparable industrial projects sometimes cost around USD 3,000. The standardized design is expected to reduce system costs by 40-60%. Production capacity is initially expected to reach 1 gigawatt per year and later increase to 4 gigawatts. The EU Innovation Fund is supporting the project with up to EUR 135 million. However, a major commercial PA order has yet to materialize.
At the end of June, Nel had cash and cash equivalents of NOK 1.33 billion, down from NOK 1.93 billion a year earlier. Management is responding with cost cuts and adjustments to production capacity. However, there is no specific revenue or profit forecast for 2026 as of yet. The announced resignation of CEO Håkon Volldal adds to the uncertainty. According to the board of directors, the strategy remains unchanged.
From a technical analysis perspective, the share is trading below key moving averages. The 200-day moving average stands at approximately NOK 2.40. First, the price would need to reclaim the range between NOK 2.20 and NOK 2.40. Above NOK 2.50, the outlook would brighten again. Support levels are at NOK 2.10 and the 52-week low of NOK 1.92. The share is about 94% below its all-time high of NOK 35.15 from 2021. The new PA Series offers turnaround potential—but without major orders and declining losses, Nel remains a high-risk hydrogen bet.
Bloom Energy has delivered strong results, but following the 400% rally, the USD 250 range will determine whether the growth continues to justify the high valuation.
HPQ Silicon stands out with its UN 38.3 certification and focus on drones, but the share price now depends on converting tests into production orders and generating corresponding revenue.
Despite improved order intake and the PA series, Nel ASA remains only a potential turnaround candidate because losses, cash outflow, and a lack of major orders continue to weigh on the stock.
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