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# Constellation Reports Second Quarter 2026 Results
Business Wire
Thu, August 6, 2026 at 3:47 AM PDT 
**Earnings Release Highlights**
* GAAP Net Income of $1.42 per share and Adjusted (non-GAAP) Operating Earnings of $2.55 per share for the second quarter of 2026
* Raising full-year Adjusted (non-GAAP) Operating Earnings guidance range to $11.50 – $12.50 per share
* FERC grants waiver allowing the transfer of existing Capacity Interconnection Rights (CIR) to Crane Clean Energy Center, and NRC approves Crane Clean Energy Center's fuel license
* Signed an additional 920 megawatts of long-term power purchase agreements for clean, reliable generation
* Entered into agreement to divest the Brazos Valley Energy Center (f/k/a Jack A. Fusco Energy Center)
* Filed license renewal applications for two New York Nuclear units
* Recertified as a Great Place to Work for the fourth straight year, named to The Civic 50 by Points of Light for the second consecutive year, and received DisabilityIN World's Top Disability Inclusive Business recognition

**Position: long shares. Not financial advice — do your own DD.**
**TL;DR:** AI data centers can’t get power fast enough, the grid can’t keep up, and Bloom sells the one fix you can deploy in months instead of years — modular on-site fuel cells. Backlog, customers, and the financial turn are all real. The catch: it’s priced like everyone already knows it. This is a hold-through-volatility thesis, not a back-up-the-truck-at-any-price one.
**The Setup**
Bloom makes solid-oxide fuel cells that turn natural gas, biogas, or hydrogen into on-site electricity, no combustion. Boring industrial story for 20 years — then AI happened. Hyperscalers need gigawatts *now*, and grid interconnection takes years. Bloom deploys behind-the-meter power in months. The whole thesis in one line: **they sell speed, and speed is the scarcest thing in the AI buildout.**
**Why it’s a hold, not a trade**
**1. The backlog is huge and named (\~$20–24B):**
**Oracle** — expanded \~2.8 GW master agreement (scrapped the gas turbines/diesel for a full AI campus)
**Brookfield** — $5B partnership to build “AI factories”
**Nebius** — up to $2.6B for data center power
Plus existing C&I names like Walmart and FedEx
**2. The financials actually turned (Q1 2026):**
Revenue **$751M, +130% YoY**; product revenue +208%
Non-GAAP EPS **$0.44** vs $0.03 a year ago
Adjusted EBITDA **$143M** vs $25M
Free cash flow positive, second straight year of positive operating cash flow
FY2026 guidance raised to **$3.4–3.8B revenue**, \~34% non-GAAP gross margin, **$1.85–2.25** adj. EPS
**3. They’re not diluting you.** CEO said outright they don’t need to issue stock to fund expansion. Rare in this sector.
**4. Policy tailwind.** FERC is letting large energy users connect faster — positive read-through for behind-the-meter providers. Also a floated future S&P 500 inclusion candidate.
**The risks (read this part twice)**
**Valuation is stretched.** Trades well above the average analyst target (\~$267), forward P/E north of 140x. Plenty of analysts sit at Hold/Market Perform — the business bull case is accepted, the *stock-at-this-price* bull case is not.
**Insiders are net sellers** (\~$83M trailing year, much of it scheduled after a \~15x run, but still).
**Execution is the whole game now.** Partner Crusoe paused a \~1.8 GW project — backlog ≠ revenue until it’s delivered. Permitting and supply chain can slip.
**Volatility is brutal.** Beta \~3.7, \~16% swings in a typical week. If a 30–40% drawdown makes you panic-sell, this isn’t your hold.
**“Clean-ish,” not clean.** Most servers run on natural gas — some policy/ESG exposure.
**Bottom line**
The structural story — AI power demand is a multi-year bottleneck and Bloom sells the fastest fix — is strong enough to hold through cycles. The risk isn’t the business breaking; it’s the **stock getting ahead of the business** and having to grow into the multiple. If you believe in the 5–10 year AI buildout and can ignore red days, BE is a defensible long-term hold. Buying at highs? Scale in instead of going all at once.
**Not financial advice. Size for the volatility.**