Bloom Energy Corp (NYSE:BE) shares are declining Monday. TD Cowen published a note, flagging meaningful delays at two of its largest data center projects. Here’s what you need to know.

• Bloom Energy shares are retreating from recent levels. Why are BE shares down?

TD Cowen Highlights Project Delays and Supply Chain Risks

TD Cowen analyst Jeff Osborne maintained a Hold rating and $235 price target. The analyst considers the stock fully valued at current levels and focuses his note on two major projects that have fallen behind schedule. Oracle’s 2.45 gigawatt fully islanded buildout still does not have an approved air permit and the natural gas pipeline meant to supply the site remains tied up in a dispute with federal regulators.

AEP’s timeline near Cheyenne, Wyoming has also slipped. The deployment schedule moved back by two years in less than 90 days and the Wyoming campus reportedly lost its developer in June. Osborne views these setbacks as a possible drag on his 2027 and 2028 forecasts even though he remains broadly aligned with consensus for the current year.

The TD Cowen analyst also highlights 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 and the question of whether Beijing effectively controls Bloom’s ability to scale manufacturing has become a central point of tension between bulls and bears. Two short seller reports in early July intensified that debate and Osborne said he wants management to provide clearer detail on the supply chain when the company reports.

Osborne did point to one positive development. A June FERC ruling instructed grid operators to be more accommodating to on‑site power generation such as fuel cells, a shift that could open more data center discussions for Bloom. He also noted potential order wins in Texas and Spain as encouraging signs.

Long‑Term Uncertainty Shows Up In Forecasts

TD Cowen expects second‑quarter revenue of $837 million compared with a Street consensus of $833 million but projects adjusted EBITDA of $127 million, which is about 15% below the Street’s $149 million estimate.

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 believes project delays could create a more significant shortfall in 2027 and 2028.

BE Shares Are Sliding

BE Price Action: Bloom Energy shares were down 5.49% at $203.16 at the time of publication on Monday, according to Benzinga Pro.

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