Bloom Energy Corp shares declined on Monday after TD Cowen analyst Jeff Osborne highlighted meaningful delays at two of its largest data center projects and ongoing supply chain risks. The firm maintained a Hold rating and a price target of $235, indicating the stock is fully valued at current levels. The setbacks pose a potential drag on the company's 2027 and 2028 forecasts despite alignment with consensus estimates for the current year.

Project Delays and Supply Chain Risks

Osborne noted that Oracle’s 2.45 gigawatt fully islanded buildout lacks an approved air permit, while the natural gas pipeline supplying the site remains tied up in a dispute with federal regulators. Additionally, the deployment timeline for AEP’s project near Cheyenne, Wyoming, has slipped by two years in less than 90 days, and the Wyoming campus reportedly lost its developer in June.

The analyst also highlighted the ongoing fight over scandium, a material used as a stabilizer in every Bloom fuel cell’s ceramic electrolyte. China requires export licenses for scandium, raising concerns about Beijing's control over Bloom’s ability to scale manufacturing. Two short seller reports in early July intensified this debate, and Osborne called for clearer details from management on the supply chain.

Financial Forecasts and Positive Developments

TD Cowen expects second-quarter revenue of $837 million compared with a Street consensus of $833 million. However, the firm projects adjusted EBITDA of $127 million, approximately 15% below the Street’s estimate of $149 million. For the full year, the firm models revenue near $3.75 billion and adjusted EBITDA of $670 million, both roughly in line with consensus.

Osborne pointed to a June FERC ruling instructing grid operators to be more accommodating to on-site power generation, such as fuel cells, as a positive shift that could open more data center discussions. He also noted potential order wins in Texas and Spain as encouraging signs.

Bloom Energy Corporation faces scrutiny from multiple law firms regarding potential violations of federal securities laws tied to its supply chain disclosures. Glancy Prongay Wolke & Rotter LLP announced it is continuing its investigation on behalf of investors, focusing on whether the company issued false or misleading statements about its reliance on Chinese-sourced scandium. This follows similar investigations by The Law Offices of Howard G. Smith and The Law Offices of Frank R. Cruz, and a research report by Hunterbrook on July 8, 2026.

Hunterbrook Allegations and Market Impact

The Hunterbrook report alleges that despite Bloom Energy's claims of having "no China supply chain" and not being dependent on China for scandium, the company is, in fact, reliant on Chinese scandium. The report cites global trade data, Chinese corporate filings, satellite imagery, and communications with Bloom's suppliers in China. On this news, Bloom’s stock price fell $15.28, or 5.7%, to close at $254.29 per share on July 8, 2026.

Company Defense

Bloom Energy has previously pushed back against these allegations, calling them "false and misleading" and reaffirming the integrity of its audited financial statements. The company has emphasized that it is not dependent on China for scandium oxide and stated it has clear visibility into its supply chain to support 25 gigawatts of annual fuel cell production. Management highlighted a diversified, multi-country supply chain built over two decades, asserting sufficient supply to meet current demand and backlog.

Legal Context and Shareholder Options

Glancy Prongay Wolke & Rotter LLP, along with The Law Offices of Howard G. Smith and The Law Offices of Frank R. Cruz, are inviting shareholders who purchased Bloom securities and suffered losses to participate in their respective investigations. Investors are encouraged to contact the firms to inquire about potentially pursuing a claim to recover losses. Whistleblowers with non-public information are also urged to consider aiding the investigation or utilizing the SEC Whistleblower Program, which offers rewards of up to 30 percent of successful SEC recoveries.

Analysts have maintained a positive outlook heading into the next earnings report on July 28, 2026. The consensus rating is Buy with an average price target of $259.50. Estimates for the upcoming quarter include EPS of 36 cents, up from 10 cents year-over-year, and revenue of $804.17 million, up from $401.24 million year-over-year.