From Battleground to Breakout: Long interest pushes Bloom (BE) into higher-return territory.

“Erroneous conclusions”: In Sept. 2019, Bloom pushed back against short-seller Hindenburg Research, which called it “an obvious bankruptcy candidate” and questioned its emissions math. Shares fell double digits, and Bloom spent months rebutting liability claims, rejecting the report as “factual inaccuracies, misleading allegations…erroneous conclusions.” The clash cemented Bloom as a Battleground Stock, with shorts entrenched and long capital sticking through.

Battleground Framework: S3 defines Battleground Stocks as those with long-to-short ratios between 0.65x and 1.35x, where active capital is split and conviction runs high. Bloom bounced between these zones in 2020, spent most of 2021–2023 Long-dominated, and then dipped back into Battleground again in early 2024. Increased active long interest YTD has pushed the ratio to 1.84x at present, firmly back in Long-dominated territory.

Positioning Shifts: Active Long Interest is up +18.8M shares (+31%) YTD 2025, while Short Interest is flat (+0.36M shares, +0.8%). The divergence highlights institutional long sponsorship despite a persistent short base, pushing Bloom’s LTS ratio out of Battleground territory and into Long-dominated levels. S3’s Short Squeeze Risk Score for Bloom now sits at 95%. Notional short interest is at a post-IPO high $2.1B.

Key Performance Takeaway: S3 data showed Bloom moving into Long-dominated territory in late May, and since then the stock is up more than 180%. Looking back to the start of 2024, Bloom has averaged +0.6% in daily returns during Long-dominated regimes versus +0.2% in Battleground. With S3 long and short interest data, you would have seen active institutional capital shift toward long bias before the price surge.

Bloom’s Battleground status dates back to 2019, when a short report sent shares tumbling and forced months of rebuttals. The clash set up the long-running divide between entrenched shorts and committed longs that still defines positioning today. A 2020 revenue restatement and a $3 million class action settlement in 2024 kept controversy alive. Shorts remained active, and while there were brief squeeze-driven rallies in 2021, the bear case largely prevailed as Bloom’s shares slid through 2022 and 2023.

Bloom’s breakout came in November 2024, when earnings and new fuel-cell expansion plans sent the stock up more than 100% in a month. In 2025, Active Long Interest is up more than 30% year-to-date while Short Interest has been flat, pushing Bloom out of Battleground territory. As of August 27 the LTS sits at 1.84x, firmly Long-dominated. Since the start of 2024, Bloom’s average daily return has been +0.6% in Long-dominated regimes versus +0.2% in Battleground — positive in both, but steadier and stronger once above 1.35x. S3 MAP dataset, which classifies institutional filings, shows quantitative hedge funds added more than 6M shares to holdings in both Q1 and Q2, while other hedge fund cohorts were net sellers in limited size.

Bloom has leaned into its role as a power supplier for AI datacenters. AEP signed a one-gigawatt framework deal, Equinix has deployed over 100 MW, and Oracle announced Bloom would power an OCI facility “within 90 days.” These wins, paired with the positioning shift, explain why bulls have seized control of the tape. Shorts haven’t pressed as hard as institutional longs, but they haven’t left either. Shares short are down 20% from the YTD peak in May, partly from convertible bond conversion, yet the notional short position stands at $2.1B — an all-time high that signals no lack of conviction on the bear side.

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The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC (“S3 Partners”) to be reliable and accurate. Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use. Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks, and merits, as well as the legal, tax, accounting, and investment consequences, of such decisions.