Fuel-Cell Stocks Tumble: Bloom Energy Down 13%, FuelCell Energy 9%, Plug Power 4%

By David Moadel Fri, July 24, 2026 at 12:13 PM PDT | 4 min read

Tickers: BE | FCEL | PLUG | ORCL | NVDA

Quick Read

• Bloom Energy and FuelCell Energy fell 13% and 9% on Friday but remain up 119% and 192% year-to-date following vertical AI-power rallies.
• The HYDR hydrogen ETF's 5% decline confirms sector-wide selling pressure.
• Bloom Energy's Oracle warrant partnership anchors the AI data center bull case driving these stocks.

Sector Overview

Bloom Energy (NYSE: BE) shares tumbled 13% to $188 in Friday afternoon trading, dragging peers lower across the hydrogen and fuel-cell complex. FuelCell Energy (NASDAQ: FCEL) stock fell 9% to $21, while Plug Power (NASDAQ: PLUG) shares slipped 4% to $2.10.

There is no clear, company-specific catalyst behind today's move in Bloom Energy stock. The decline appears to reflect high-beta profit-taking during a broad risk-off session, with a crowded AI-power trade unwinding after powerful rallies in Bloom Energy and FuelCell Energy shares.

The Global X Hydrogen ETF (NYSEARCA: HYDR), which holds all three names, fell 5% to $42, confirming the pressure is sector-wide rather than idiosyncratic to any single issuer.

Bloom Energy Leads the Drop After a Vertical Run

Bloom Energy stock remains up 119% year-to-date (YTD) even after Friday's decline. Vertical rallies invite sharp pullbacks when momentum reverses, and today's session has the characteristics of such an event.

The bull case, which powered the rally, centers on the company's on-site power deals for AI data centers, including a warrant partnership with Oracle (NYSE: ORCL). Bloom Energy's Q1 2026 report reinforced that narrative:

• Revenue of $751.1 million, up 130.4% year-over-year (YoY)
• Full-year guidance raised to $3.4 billion–$3.8 billion

The overhang stems from an early-July short-seller report that questioned Bloom Energy's supply-chain and production-capacity claims, prompting a securities class-action investigation. No new developments emerged today, but bears have a ready-made narrative when the market turns defensive.

FuelCell Energy Cools After a Face-Ripping Rally

FuelCell Energy stock traded at $21.37, down 8% on the session, yet shares remain up 192% YTD. That year-to-date figure is the largest in the group and explains why the pullback still appears orderly relative to the underlying gain.

FuelCell Energy's Q2 2026 earnings report was mixed:

• Revenue of $35.6 million, down 5% YoY
• $42.6 million non-cash impairment tied to the Groton project
• Commercial pipeline management reported at 4 gigawatts, with 90% tied to data center proposals

Plug Power's Smaller Drop Reflects a Smaller Rally

Plug Power stock fell 4%, the mildest decline of the three. This reflects less a sign of relative strength than a stock that never joined the parabolic move, with Plug Power shares up only 7% YTD.

Plug Power's Q1 2026 report showed:

• Revenue of $163.5 million, up 22.3% YoY
• Management targeting positive EBITDAS in Q4 2026
• Approximately $275 million in expected proceeds from hydrogen project asset monetization — a key liquidity marker for a story that still runs on cash

What Investors Can Watch Next

The Global X Hydrogen ETF is a narrow, single-theme fund. Its 30% YTD gain illustrates how concentration risk can cut both ways for investors sizing their exposure via HYDR or these single-stock names.