Investing.com -- Bloom Energy Corp. shares fell as much as 12% on Wednesday after short seller Hunterbrook published a report challenging the company's statements about its supply chain and production capacity.

The report focused on Bloom Energy's reliance on scandium, a rare earth element used in the company's fuel cells. Hunterbrook said the company depends on Chinese scandium despite repeated statements from Bloom's CEO since February 2025 claiming the company has "no China supply chain" and is "not dependent on China for scandium."

Hunterbrook said it traced four China-linked routes into Bloom's supply chain using global trade data, Chinese corporate filings, and satellite imagery. A sales representative from Hunan Oriental Scandium, which claims over 50% of the global market for fuel-cell-grade scandium oxide, told Hunterbrook the company is "BE's largest supplier of scandium," according to the report.

Beijing now requires an export license for every shipment of scandium leaving China.

Hunterbrook's supply-demand model showed Bloom alone needs roughly 220 tons of scandium oxide to meet Wall Street's 5 gigawatt production expectations. The firm said total projected global supply is only about 240 tons against total global demand of about 310 tons.

The report also questioned Bloom's revenue growth. In the fourth quarter of 2025, 74% of Bloom's revenue came from joint ventures the company part-owns with Brookfield. Hunterbrook said Bloom's unaudited $20 billion order backlog compares to remaining performance obligations of $492.6 million as of March 31.

The report said Oracle's Project Jupiter in New Mexico has no approved air permit for fuel cells and no gas pipeline. American Electric Power's $2.65 billion fuel cell order appears to have been delayed from a target deployment by the end of 2028 to one "no later than 2030," according to the report.

Bloom has had four finance chiefs since the start of 2024, including nearly a year with no permanent CFO.

Bloom, its CEO, Oracle, Brookfield, and AEP did not respond to Hunterbrook's requests for comment, according to the report.

On Tuesday, Bloom published a blog post about scandium that confirmed scandium oxide plays "an important role" in its fuel cells. The post said no "single country" can determine Bloom's "destiny" and claimed the company's supply chain "can support up to 25 GW per year," without providing details on the calculations.