Bloom Energy Jumps 7% as Post-Earnings Selloff Reverses; FuelCell Rises 6%, Plug Power Edges Higher

Last week’s blowout quarter from the fuel cell group’s biggest data center winner is pulling buyers back after a steep post-earnings slide. Bloom Energy (NYSE:BE) stock is at $207.61, up 7% in morning trading, recovering part of last week’s post-earnings slide.

Meanwhile, FuelCell Energy (NASDAQ:FCEL) stock is at $11.83, up 6%, running close behind the rally in Bloom Energy stock. Plug Power (NASDAQ:PLUG) stock is at $1.41, up 2%, trailing both Bloom Energy and FuelCell shares.

The Global X Hydrogen ETF (NASDAQ:HYDR), which serves as the hydrogen sector’s fund proxy, is at $35.79, up 1%. At the same time, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is at $767.13, up 0.9%. Bloom Energy and FuelCell are outperforming both funds, with Plug Power also participating but to a lesser degree.

Blowout Quarter Collides With a Cash Flow Scare

Bloom Energy reported third-quarter 2026 results last week, with revenue more than doubling as hyperscaler and AI data center customers drove product demand. Management also raised its full-year revenue outlook for the third time this year. Chief executive KR Sridhar framed the shift in the earnings release, saying, “What began with hyperscalers is rapidly moving across market segments because every business needs reliable power to grow.”

The quarter’s weak spot was liquidity: free cash flow turned negative, ending a run of four positive quarters, and Bloom Energy stock fell sharply after the report. On the earnings call, chief financial officer Simon Edwards stated that the cash use is “not the beginning of a trend.” Edwards tied the outflow to inventory, contract assets, and receivables built up for future deliveries, and he pointed to positive free cash flow for the year to date as the counterweight.

High-Beta Buying Spreads Across Fuel Cell Names

A rising SPDR S&P 500 ETF Trust tends to reach high-beta stocks such as Bloom Energy harder than the broader market, which fits the size of the rebound relative to the fund. Bloom Energy sells on-site fuel cell power systems and has been the largest beneficiary of data center power demand in the group (we profiled seven of the suppliers supporting that expansion in a free report). Its recent addition to the S&P 500 index also ties Bloom Energy stock more closely to the broad market’s direction.

FuelCell builds utility-scale fuel cell platforms and earns revenue as modules are ordered and serviced; bulls point to its growing data center pipeline, while bears point to its latest revenue miss. Plug Power is weighted toward hydrogen fuel and handling equipment; bulls cite its narrowing losses, while bears note its distance from the on-site data center power story Bloom Energy leads.

What Bloom Energy’s Rebound Says About Its Cash Flow Test

Bloom Energy’s next test is whether its fourth-quarter 2026 deliveries turn into cash. Edwards said on the call that he expects contract assets to turn as the company reaches billing milestones and collects cash. A clean conversion would back up his view that the quarter’s outflow isn’t the start of a pattern. Capacity additions are also coming in increments, so Bloom Energy’s capital spending tracks customer demand.

The bull case for Bloom Energy leans on the quarter’s surging revenue and its repeated outlook raises, and another quarter of negative free cash flow at Bloom Energy could revive the selling that followed the report, particularly with Bloom Energy stock still trading below its pre-earnings level. Management has also said backlog is continuing to expand faster than revenue, which gives the company visibility into future deliveries.

Holders of Bloom Energy stock who rode out the post-earnings drop now have a rally behind them. Those reviewing their exposure should adjust their holdings carefully, since the conversion of deliveries into cash remains unproven until the fourth-quarter results arrive.

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