Bloom Energy rises on AI demand while Ballard Power declines

The hydrogen and fuel cell sector is experiencing a divergence in performance. Bloom Energy has seen significant growth, driven by its role as a specialized power partner for Oracle. To support Oracle’s expanding AI and cloud infrastructure, Bloom secured a deal to supply up to 2.8 gigawatts of on-site fuel cell electricity, allowing the tech giant to bypass traditional grid connection delays. Bloom reported record second-quarter revenue of $1.065 billion, a 166% year-over-year increase, and is transitioning toward profitability.

In contrast, Ballard Power has faced a sharp decline, with its stock price dropping over 60% in three months. This downturn follows disappointing second-quarter results, where revenue of $20.6 million missed forecasts and earnings per share fell below market expectations. Despite this, Ballard is pursuing strategic shifts, including the acquisition of the British clean-tech firm GeoPura.

Other players in the sector show mixed results. Plug Power is attempting a turnaround with improved margins and raised 2026 forecasts, despite ongoing losses and liquidity concerns. The broader fuel cell market is projected to grow at an average annual rate of over 25% through 2035.