Investing.com -- Bloom Energy (NYSE: BE) shares jumped 19.27% following first-quarter results that significantly exceeded Wall Street expectations, driven by strong hyperscaler demand for its fuel cell technology.

The energy technology company reported adjusted earnings per share of $0.44, beating the analyst consensus of $0.13 by $0.31. Revenue reached $751.1 million, up 130% YoY from $326.0 million in the first quarter of 2024, and surpassing the analyst estimate of $530.41 million. Product revenue jumped 208% YoY to $653.3 million.

The company's recent 2.85 GW deal with Oracle (NYSE: ORCL) for Project Jupiter highlighted a shift in hyperscaler data center strategy. Oracle pivoted from a conventional plan using gas turbines and diesel backup to a 100% Bloom fuel cell solution, creating a fully islanded microgrid without grid interconnect, diesel, turbines, or batteries.

Bloom Energy said on its earnings call that the company was selected not only for its speed to power, but also for its clean energy profile and community acceptance factors including air quality, water usage, and noise pollution considerations.

The company noted that more than half of its current data center backlog now comprises non-Oracle hyperscalers, neo-clouds, and colocation providers, suggesting broader adoption beyond a single customer.

Barclays analysts commented that "Bloom has moved from early green shoots to a more durable growth cycle, supported by hyperscaler demand and faster deployment economics, resulting in a re-rate of volume assumptions while BE's pricing power also seems to be strengthening in the current market backdrop."

The analysts added that the Oracle Project Jupiter deal "is the primary driver for the recent 2.85 GW deal with BE and we would expect future ORCL projects to also find their way into the backlog."