GM. This is Milk Road AI, the newsletter following earnings season very closely.
Most investors stop at the earnings numbers but we actually listen to what management actually said. Today, we're breaking down one of the strongest AI infrastructure reports of the quarter.
But first: earnings season moves fast. So should your money.
Plasma One lets you spend stablecoins anywhere Visa is accepted and Milk Road readers get $10 back on their first $100 of spend. Start spending in minutes on iOS and Android.
WHY BLOOM ENERGY JUMPED AFTER EARNINGS ⚡
Bloom Energy (BE) just delivered one of its strongest quarters.
Here’s the full scoreboard:
- Revenue: $1.07B (+166% YoY, +42% QoQ).
- Full-year revenue guidance raised to $3.9B-$4.2B.
- Free cash flow: $175M.
After earnings, the stock jumped roughly 10% in after-hours trading.
But the biggest takeaway wasn't the numbers, it was the demand:
Bloom Energy’s backlog is growing faster than revenue.
Customers aren't just buying Bloom's fuel cells for today. They're paying upfront to secure future supply because waiting for the electrical grid can take 3-5 years.
In other words, they're paying for speed.
Even better, Bloom isn't funding all this growth itself.
Brookfield and other infrastructure partners are providing the capital. On June 30, Brookfield expanded its financing partnership with Bloom from $5B to $25B, allowing Bloom to scale without putting pressure on its own balance sheet.
Management also used the earnings call to address a recent short-seller report.
On July 8, a short-seller report from Hunterbrook Media directly challenged two of Bloom's central claims:
1. Bloom's $20B contracted backlog.
2. Bloom's five-gigawatt production ambitions would require close to 220 tons of scandium oxide a year against a global supply estimated at only around 240 tons.
Bloom rejected the claims, calling them "false and misleading," and pointed investors back to its audited SEC filings while disputing both the backlog and scandium allegations.
For our AI analyst Vincent, nothing in this quarter changes his thesis.
Bloom Energy remains Vincent’s core position.
If you want to see what else he holds around BE in his portfolio, you can check it out for just a buck.
EARNINGS SEASON IS HERE 💸
Every quarter, a handful of earnings reports reshape entire investment theses.
Last week, our analysts broke down Google's & Tesla’s earnings within hours.
This week, they’ve already unpacked Bloom Energy & SK Hynix.
Over the next few days, they will be covering the earnings for Microsoft, Meta, Robinhood, Apple and Amazon.
If you want our analysts' real-time takes on this earnings season.
THE BEST WAY TO SPEND STABLECOINS
If you're already holding stablecoins, Plasma One is the missing piece.
Plasma One is the global money app built for people who earn, save, send, and spend across borders :
- Stablecoin Visa card: spend crypto anywhere in the world
- Get started on iOS or Android: Get your virtual card and start spending in minutes with Apple Pay or Google Pay.
- Earn on your balance: your idle dollars work while you sleep
- Boosted Rewards: Earn up to 4% cashback on every purchase, with boosted rewards on AI tools like ChatGPT, Claude, and Cursor.
Milk Road reader deal: spend $100, get $10 back with code MILK26.
