Plug Power získal v Austrálii 50MW zakázku na vodíkový elektrolyzér a projekt má přejít do fáze realizace. Firma tím může začít vykazovat související tržby.
Earlier this month, Plug Power (PLUG +0.93%) investors received some great news: The company's 50-megawatt (MW) hydrogen electrolyzer project in Australia is expected to move into the execution phase. This essentially clears the way for Plug Power to deliver on its end of the bargain and book the related revenue.
While Plug Power has completed other projects elsewhere in Australia, this electrolyzer project is now that country's largest renewable hydrogen project to reach this level of development. Orica, the customer -- a large mining conglomerate that bills itself as the "world's largest mining-dedicated producer of sodium cyanide, supporting gold processing, silver recovery and other mineral extraction operations" -- operates an existing ammonia production facility on Kooragang Island.
Currently, that facility produces most of its electricity from natural gas. Plug Power's proton exchange membrane (PEM) electrolyzer will use renewable energy sources to produce hydrogen fuel, offsetting around 7.5% of the facility's natural gas usage.
To put this project into perspective, Plug Power has now deployed around 320 MW of its GenEco electrolyzer systems across six continents. For comparison, one of Plug Power's biggest installed systems is a 100-MW Galp project in Portugal. That system is now one of Europe's largest electrolyzer installations. It is expected to be fully online by the end of this year. So while this 50-MW system in Australia is meaningful, it is not a game changer in any large sense.
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Still, Plug Power's management team wants this development to convince investors of its intended growth trajectory. As a press release reads, "The HVHH project adds to Plug's growing portfolio of landmark hydrogen projects ... as the company's global pipeline continues to advance from development into execution."
Should investors buy into the hype? There's still one clear reason to remain cautious.
Here's why I'm still staying away from Plug Power stock Plug Power is clearly gaining traction with its GenEco hydrogen electrolyzers. Last year, the company delivered 185 MW of GenEco systems, a 203% growth over the previous year. The company's project pipeline suggests this growth will continue. In April, for example, Plug Power was selected to deliver a 275-MW GenEco PEM electrolyzer system in Canada.
This project alone, when delivered, would give the company positive year-over-year growth. Other projects in the pipeline, including its Australian 50-MW system, will only further those growth rates.
Image source: Getty Images.
There are concerns about the long-term competitiveness of Plug Power's PEM systems. My biggest worry is simply shareholder dilution. Plug Power's management team seems to be taking profitability seriously. Last quarter, losses narrowed significantly following large improvements in gross margins.
PLUG Average Diluted Shares Outstanding (Quarterly) data by YCharts.
However, net losses continue to accumulate, forcing the company to sell more stock to stay afloat. Over the past five years, Plug Power's outstanding share count has soared by nearly 700%. Over the past 12 months alone, diluted shares are up roughly 20%. I expect more dilution to occur until the company is sustainably profitable.
So the issue isn't whether Plug Power is gaining market traction. Rather, it's a question of whether this growth can offset ongoing shareholder dilution. While Plug Power's business seems to be improving, I'm still comfortable remaining on the sidelines until the financials have stabilized.
Plug Power v první polovině roku 2026 posílil o 37,6 % díky zlepšení marže na 2,4 % ve 4Q 2025 a menší ztrátě na EPS ve výši -0,63 USD ve 4Q 2025. Firma také překonala odhady tržeb za 1Q 2026, když vykázala 163,5 milionu USD.
It was a wild ride for Plug Power (PLUG 2.49%) investors in 2025. Through the first nine months of the year, the fuel cell stock had logged 37.6% gain. The stock's rise, however, couldn't be sustained, and shares tumbled in the closing months of the year, leaving the stock 7.5% lower at the end of 2025 than at the start of the year.
But hope springs eternal for the hydrogen stock, and it has maintained a much different trajectory through the first half of the year. According to data provided by S&P Global Market Intelligence, Plug stock rocketed 37.6% in the first half of 2026.
Image source: Getty Images.
Investors celebrated Plug's progress with Project Quantum Leap While Plug stock saw some upward momentum early in 2026, the company's fourth-quarter 2025 financial results reported in March served as a major catalyst for the stock's rise. With the company's cost-savings initiative, Project Quantum Leap, seeming to bear fruit, Plug reported a 2.4% gross margin in Q4 2025 -- a sharp improvement from the negative 123% it reported in Q4 2024.
At the bottom of the income statement, investors found more to cheer. For the last quarter of 2025, Plug posted earnings per share (EPS) of negative $0.63 compared to negative $1.48 in Q4 2024.
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Following Plug's March Q4 2025 results report, several firms raised their price targets, further fueling the stock's rise. Wells Fargo boosted its price target to $2 from $1.50 shortly after the report, and in April, Susquehanna raised its target to $2.75 from $2.50, while Clear Street raised it to $3.50 from $3.
Investors continued driving the stock higher in May, when Plug reported Q1 2026 financial results. Beating analysts' expectations that it would post revenue of $141.2 million, Plug reported $163.5 million on the top line -- 22% higher on a year-over-year basis. But it was likely management's year-end commentary that provided the most fodder for the bulls. Speaking to the company's continuing improvements, Jose Luis Crespo, Plug's CEO, reaffirmed the belief that the company would achieve positive earnings before interest, taxes, depreciation, amortization, and share-based expense (EBITDAS) in the fourth quarter of 2026.
The second half of the year isn't off to a great start While Plug stock moved decisively higher in the first half of the year, it has moved in the opposite direction so far in July. As of this writing, shares of Plug are down 19% since June 30. It's worth noting, though, that the company hasn't reported any negative news that would explain the stock's decline.
While profitability has consistently eluded Plug, the company seems to be making progress toward proving that its fuel cell and hydrogen business can be lucrative. Should the company report further success in reducing expenses when it reports second-quarter 2026 financial results later this summer, it may suggest that a new day for Plug is dawning.
Plug Power prodává projekt v Grahamu v Texasu a upravil dohodu o Gateway v New Yorku se Stream Data Centers. Očekává z toho až přibližně 90,5 milionu USD krátkodobé likvidity.
SLINGERLANDS, N.Y., July 13, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG) today announced two transactions with Stream US Data Centers, LLC ("Stream"), advancing the Company’s previously announced strategic infrastructure optimization initiatives, which collectively target more than $275 million in liquidity improvement through a combination of asset monetization, release of restricted cash, and reduced maintenance expenses. In addition, Stream and Plug Power are now also actively exploring other opportunities for Plug to deploy its products into the data center industry. Plug previously announced in February 2026 that it had entered into a definitive agreement to sell its interest in the New York Gateway Project to Stream. As the parties continued to work toward satisfaction of the transaction's closing conditions, including applicable regulatory and project-related approvals, the parties agreed to restructure the transaction into a staged closing and to enter into a definitive agreement for the sale of Plug’s Graham, Texas Project.
Texas
Plug has signed a definitive agreement to sell its Graham, Texas Project, comprised of land and associated 164 MW of grid interconnection assets, to Stream for up to $76.5 million, with $50 million to be paid at closing and up to $26.5 million based on the load capacity that will be confirmed in the final interconnection agreement with the Texas utility. The closing is expected on or about July 31, 2026, subject to the satisfaction of closing conditions. The sale is also expected to enable the release of approximately $14 million of cash collateral currently supporting letters of credit/security payments, following the transfer of the applicable interconnection-related obligations and security arrangements to Stream. In total, this transaction is expected to provide up to approximately $90.5 million of total liquidity.
New York
Plug and Stream have amended the purchase and sale agreement for the Gateway Project as follows: (i) Stream's prior $6.5 million escrow deposit will be promptly released to Plug; (ii) Stream will make a new $10 million escrow deposit toward its purchase of land at the Gateway site; (iii) the closing provisions have been amended to enable the near-term sale of the land; and (iv) the long-stop closing date for the sale of non-land assets has been extended to March 31, 2027 to afford additional time for completion of the applicable New York State environmental and regulatory review processes and satisfaction of the remaining closing conditions. As amended, the purchase price is fixed at $142 million. Combined with a $5 million advance received earlier this year, Stream will have paid $21.5 million to Plug against the purchase price upon release of the escrow deposits described above. Plug will retain ownership of the substation and interconnection assets, along with a repurchase right over the land, until the second closing.
Liquidity
As of June 30, 2026, Plug held approximately $162 million of unrestricted cash and cash equivalents, before giving effect to any proceeds from the transactions announced today. Together, the initial New York closing and the Texas transaction represent additional progress under Plug’s previously announced strategic infrastructure optimization initiative and are expected to deliver more than $80 million of near-term incremental liquidity. Additional initiatives under Plug’s previously announced strategic infrastructure optimization initiative, including further anticipated releases of restricted cash, are advancing and are expected to bring aggregate liquidity improvement of more than $275 million.
"Plug is appreciative of the continued collaboration and partnership with Stream Data Centers and is excited to position for closing in the near term. Monetizing these assets was a key part of our strategy this year, coupled with the continued improvements in margin and cash flows to fund the business. We look forward to sharing our results for the second quarter shortly and believe that we are on track with our financial goals for 2026. The improvement in margins, effective management of our liquidity, and the growth of our sales pipeline remain our critical focus." said Jose Luis Crespo, Chief Executive Officer and President of Plug Power.
About Plug Power
Plug is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications, and energy producers, advancing energy independence and decarbonization at scale.
With electrolyzers deployed across six continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed more than 74,000 fuel cell systems and over 280 fueling stations and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, capable of producing up to 40 tons per day.
Headquartered in Slingerlands, New York, Plug is driving innovation, strengthening American manufacturing, and creating high-quality jobs across the country. The company employs more than 730 people in New York, supporting approximately $69 million in annual payroll, and nearly 200 employees in Texas, representing more than $18 million in annual payroll. Across New York and Texas, Plug has deployed more than 6,200 GenDrive fuel cell-powered forklifts at 31 customer facilities, helping customers reduce electricity demand, avoid nearly 95,000 MWh of annual electricity consumption, prevent more than 33,000 metric tons of CO2 emissions each year, and eliminate approximately $164 million in electric infrastructure investments that would otherwise have been borne by utility customers and ratepayers. With employees and state-of-the-art manufacturing facilities across the globe, Plug powers industry leaders including Walmart, Amazon, Home Depot, BMW, and BP.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical facts, including, without limitation, statements regarding the Company's expectations, goals, plans, outlook or prospects, including expected gross proceeds and total proceeds from the transactions, the timing and likelihood of each closing, the anticipated receipt and amount of contingent consideration, the anticipated release of cash collateral, the anticipated aggregate liquidity improvement under the Company's strategic infrastructure optimization initiative, the Company's ability to execute its business strategy and achieve its financial goals for 2026, the Company's ability to pursue additional opportunities with Stream in the data center industry, the timing and outcome of New York State's environmental and regulatory review processes, the Company's preliminary and unaudited cash position as of second quarter of 2026, and other statements regarding future operating results, financial condition, performance, prospects, and opportunities, are forward-looking statements. These forward-looking statements are based on current expectations, estimates, forecasts, and projections and the beliefs and assumptions of management and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. These risks and uncertainties include, among other things: the Company's ability to satisfy closing conditions and complete each transaction on the anticipated terms or at all; the risk that the New York State environmental and regulatory review process applicable to the Gateway Project site is delayed or does not result in the determinations necessary to permit the second closing; the risk that the final interconnection agreement with the Texas utility is not executed or does not confirm the anticipated load capacity, which could reduce or eliminate the contingent consideration payable under the Graham, Texas Project transaction; the risk that escrow deposits are not released on the anticipated timeline or at all; general market, economic, competitive, and regulatory conditions; the effectiveness of the Company's strategic initiatives, including the infrastructure optimization initiative; risks associated with the data center market and demand for power solutions; the Company's ability to manage costs and liquidity; risks related to the Company's future capital requirements and liquidity needs; and other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission (the 'SEC'), including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q, and other reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Plug Power oznámil, že projekt Hunter Valley Hydrogen Hub dosáhl konečného investičního rozhodnutí a zahrnuje objednávku 50 MW elektrolyzéru. Akcie PLUG v pátek klesly o 5,88 % na 2,24 USD.
Plug Power stock is among today’s weakest performers. What’s behind PLUG decline? What Is Plug Power’s Key Catalyst This Week?Plug said the Hunter Valley Hydrogen Hub project in Newcastle, New South Wales—developed by Orica—has reached final investment decision, clearing the way for execution and including a 50MW electrolyzer order.
Once fully operational, the project is expected to produce about 4,700 tonnes of renewable hydrogen annually, cutting Orica’s natural gas use at Kooragang Island by roughly 7.5% and emissions equivalent to removing around 26,500 vehicles from Australian roads each year.
Plug Power is also leaning on Europe for proof of repeatable delivery after commissioning and handing over a 5 MW GenEco PEM electrolyzer at the Måde Power-to-X facility in Esbjerg, Denmark.
At full capacity, that site is expected to produce about 550 metric tons per year—roughly 1,500 truckloads—with output certified as Renewable Fuel of Non-Biological Origin under ISCC, a setup that can keep sentiment jumpy even when operations are moving forward.
Plug Power Technical Analysis: Key Levels To WatchAt $2.38, the stock is trading below every major moving average in the stack: the 20-day SMA ($2.66), 50-day SMA ($3.18), 100-day SMA ($2.78), and 200-day SMA ($2.63). That "below the full stack" posture keeps the longer-term trend biased lower unless price can reclaim the 200-day area and then start compressing the gap to the 50-day.
MACD is below its signal line with a negative histogram, which suggests upside pressure is cooling versus the prior upswing. In plain terms, MACD compares faster and slower trend momentum—when it’s below the signal line, rallies tend to fade faster unless buyers step in with sustained follow-through.
Key Resistance: $2.50 — a nearby round-number area where rebounds can stall The bigger-picture backdrop is still conflicted: a golden cross (50-day SMA above the 200-day SMA) printed in September 2025, but price is now back under both, which can turn that prior bullish signal into "failed follow-through." On the timeline, the stock’s recent swing low in April and swing high in June frame the current range, and bulls generally need to defend higher lows while working back above the 20-day/200-day zones.
How Plug Power Builds Its Green Hydrogen EcosystemPlug Power is trying to build an end-to-end green hydrogen ecosystem—production, storage, delivery, and energy generation—so it can sell complete hydrogen solutions rather than just components. It also plans to build and operate green hydrogen highways across North America and Europe, using both direct customer relationships and joint ventures.
That context matters for Friday’s tape because the Orica milestone is exactly the kind of "ecosystem" proof point the market looks for: electrolyzer orders tied to real projects that have cleared final investment decision. Over time, consistent execution on projects like this is what can shift the stock from trading like a high-volatility concept to trading more like an operating industrial energy supplier.
Plug Power Stock Price Action: Friday UpdatePLUG Stock Price Activity: Plug Power shares were 5.88% down at $2.24 at the time of publication on Friday, according to Benzinga Pro data.
Image: Shutterstock
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Plug Power stock extended its sharp sell-off this week, falling to its lowest level since April 2. The shares have plunged 45% from their highest level this year and have slipped below the 200-day moving average, while short interest remains elevated despite the company's ongoing turnaround efforts.
Plug Power, a top player in the hydrogen energy industry, has been in a rollercoaster this year. It initially jumped to a multi-month high of $4.32 in May as investors cheered its turnaround efforts, and then erased most of those gains, and the situation is worsening.
The ongoing sell-off has coincided with the rising short interest. Benzinga data shows that its short interest jumped to 27.4%, a sign that many investors still expect it to continue falling in the near future.
The company has made some major changes this year, with the management suggesting that it has a path towards profitability in the future. It has also made some customer wins in the past few months. For example, it secured a new 50 MW electrolyzer order from Australia, which is being developed by Orica, a top player in the mining and infrastructure solutions.
Before that, the company completed the commissioning of 5 MW electrolyzer system at Måde Power-to-X (PtX) facility in Esbjerg, Denmark.
Plug Power’s financial statements have also demonstrated that its business was making progress. The results showed that its revenue jumped by 22% in the first quarter to $163 million, helped by its material handling and electrolyzer businesses. It attributed this growth to its relationship with Amazon and Walmart, which use its solutions in their warehouses.
At the same time, the company said that its gross margins improved to minus 13% from minus 55% in the same period last year, a 71% increase. It attributed the margin growth to its measures to improve service execution, sales growth, and fuel sourcing efficiencies.
Plug Power also noted that it had already deployed 320 MW of electrolyzer globally and that it had an $8 billion pipeline across sectors like industrial and energy. Also, its hydrogen fuel sales rose by 22%, helped by customer growth, higher prices, and reduced warrant charges. Its hydrogen fuel margin rose by 54%.
Wall Street analysts are optimistic about Plug Power, with the average estimate for this year’s annual revenue being $813 million, up by 14.5% YoY. Also, they expect the revenue to jump to $964 million next year.
Therefore, the stock is falling as investors focus on its balance sheet. It ended the quarter with $802 million in cash, with $223 million being unrestricted. The rest is in the form of restricted cash that will be released $50 million per quarter for the next few years. With its cash burn still continuing, chances are that it may raise cash again this year.
PLUG stock chart | Source: TradingView
The daily chart shows that the PLUG stock price has been in a strong downward trend in the past few weeks as the recent momentum stalled. It has dropped below the 50-day and 200-day Exponential Moving Averages (EMA).
The stock moved below the key support level of $2.66, its highest point in January this year. At the same time, the Relative Strength Index (RSI) has dropped and is approaching the oversold level of 30.
Therefore the most likely scenario is that it continues falling as investors wait for more clarity about its business when it releases its earnings, possibly on August 10.
Plug Power získal 50MW zakázku na elektrolyzéry pro projekt Hunter Valley Hydrogen Hub v Austrálii, který dosáhl finálního investičního rozhodnutí. Zařízení má ročně vyrobit asi 4 700 tun obnovitelného vodíku.
Plugs GenEco™ PEM electrolyzers to power Australia's largest renewable hydrogen project and first Hydrogen Headstart recipient to reach FIDProject supports Orica’s decarbonization efforts by producing renewable hydrogen to displace natural gas in making ammonia, underscoring Plug's expanding footprint in Australia and the Asia-Pacific regionPlug's electrolyzers to power facility expected to produce approximately 4,700 tonnes of renewable hydrogen per year
SLINGERLANDS, N.Y., July 07, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced that the 50-megawatt (MW) Hunter Valley Hydrogen Hub (HVHH) project in Newcastle, New South Wales, Australia, has reached final investment decision (FID), moving the project into execution and advancing the delivery of Plug's GenEco Proton Exchange Membrane (PEM) electrolyzers. The Hunter Valley Hydrogen Hub is being developed by Orica, a global leader in mining and infrastructure solutions operating across more than 100 countries.
Located adjacent to Orica's existing ammonia manufacturing facility on Kooragang Island, the Hunter Valley project will use renewable electricity to produce renewable hydrogen via electrolysis, progressively replacing natural gas in the company’s production of low-carbon ammonia and ammonium nitrate. These are essential products for Australia's mining, agriculture, and industrial sectors. The HVHH is the largest green hydrogen project in Australia to reach FID, and the first among the recipients of Australia's Hydrogen Headstart program, which awarded AU$432 million in production credits to support the project through the Australian Renewable Energy Agency (ARENA).
At full capacity, the facility is expected to produce approximately 4,700 tonnes of renewable hydrogen per year, displacing around 7.5 percent of Orica's natural gas consumption at Kooragang Island, the equivalent of removing approximately 26,500 cars from Australian roads annually.
"Reaching FID on the Hunter Valley Hydrogen Hub is a significant milestone for Orica, for Australia's hydrogen industry, and for Plug," said José Luis Crespo, CEO of Plug. "Being selected as the electrolyzer OEM for the country's largest renewable hydrogen project to reach FID, and the first Hydrogen Headstart project to move into the execution phase, reflects the confidence our customers place in Plug’s technology and our ability to deliver at scale. Australia is a key part of our global growth story, and this project reinforces our expanding presence across the Asia-Pacific region."
“This Final Investment Decision is a significant milestone in bringing the Hunter Valley Hydrogen Hub to life. It demonstrates Orica’s commitment to maintaining the competitiveness of both our manufacturing operations and the Hunter Valley, while strengthening Australia’s sovereign manufacturing capability. Importantly, it supports the reliable, lower-carbon supply of critical inputs to industries such as mining and agriculture," said Germán Morales, Orica Group President - AusPac and Sustainability. "We selected Plug as our electrolyzer OEM because of its proven track record in delivering large-scale PEM systems and their ability to support a project of this complexity and ambition. We look forward to bringing this facility online and supplying low-carbon ammonia to the mining, agriculture, and industrial customers who depend on us."
Plug's selection for the HVHH reflects the company's deep footprint in the Australian hydrogen market and its growing global project pipeline. Plug has significant activations in Australia, having previously supported electrolyzer projects across the country, including an electrolyzer in Townsville that has already started production, and an electrolyzer in Chinchilla, Queensland.
With more than 320 MW of GenEco electrolyzer systems deployed across six continents, Plug continues to leverage its growing installed base to optimize system performance, streamline commissioning timelines, and deliver proven, reliable hydrogen solutions at scale. The HVHH project adds to Plug's growing portfolio of landmark hydrogen projects, including the 100 MW Galp project in Portugal, one of Europe's largest electrolyzer installations, as the company's global pipeline continues to advance from development into execution.
Hear a message from Plug CEO Jose Luis Crespo on today’s announcement: https://www.plugpower.com/a-message-from-our-ceo-on-the-orica-announcement/
About Orica
Orica is one of the world’s leading mining and infrastructure solutions providers. From the production and supply of explosives, blasting systems, mining chemicals and geotechnical monitoring to our cutting-edge digital solutions and comprehensive range of services, we sustainably mobilise the earth’s resources.
Operating for 150 years, today our 14,000+ global workforce supports customers across surface and underground mines, quarry, construction, and oil and gas operations.
Sustainability is integral to our operations. We have set an ambition to achieve net zero emissions by 2050 and are committed to playing our part in achieving the goals of the Paris Agreement.
Find out more about Orica: www.orica.com.
About Plug Power
Plug is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications, and energy producers, advancing energy independence and decarbonization at scale.
With electrolyzers deployed across six continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed over 74,000 fuel cell systems and 280+ fueling stations, and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, capable of producing 40 tons per day.
With employees and state-of-the-art manufacturing facilities across the globe, Plug powers global leaders like Walmart, Amazon, Home Depot, BMW, and BP.
For more information, visit www.plugpower.com.
Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding the facility’s expected production of approximately 4,700 tonnes of renewable hydrogen per year; Plug’s expansion across the Asia-Pacific Region; Plug’s involvement in the Australian hydrogen market; Projects in Plug’s global project pipeline advancing from development into execution stage. These forward-looking statements are based on management’s current expectations and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements are based on current expectations and are subject to risks, uncertainties, and assumptions, including but not limited to: Plug’s expectations regarding future opportunities deploying electrolyzers; Plug’s ability to deploy complex hydrogen systems, optimize system performance, streamline commissioning timelines, and deliver proven, reliable hydrogen solutions at scale; Plug’s ability to meet market needs with reliable and scalable execution; competition in the electrolyzer supply market; technological challenges; regulatory and policy changes; market acceptance of hydrogen solutions; Plug’s ability to achieve profitability and manage liquidity; supply chain disruptions; and general economic and market conditions. Additional risks are described in Plug’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Plug undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by law.
Plug Power dokončil v Dánsku instalaci a uvedení 5MW elektrolyzéru GenEco do provozu, čímž areál přešel do aktivní výroby vodíku. Při plné kapacitě se očekává asi 550 metrických tun zeleného vodíku ročně.
Plug Power stock is holding steady today. What’s the outlook for PLUG shares? What Is Driving Plug Power’s Progress in Denmark?The latest spark is progress in Denmark, where the company completed installation, commissioning, site acceptance testing, and handover of a 5 MW GenEco PEM electrolyzer system at the Måde Power-to-X facility in Esbjerg, moving the site into active hydrogen production. At full capacity, Plug expects about 550 metric tons of green hydrogen per year (roughly 1,500 truckloads), with output certified as Renewable Fuel of Non-Biological Origin under the ISCC scheme.
That operational milestone is landing against a backdrop where the stock has recently shown sharp two-way trade, including a session where shares were down even after the Denmark handover, highlighting how quickly sentiment can flip in this tape.
Plug Power Stock: Key Technical Levels to WatchFrom a longer-term view, the stock is trying to hold a base just above the 200-day SMA at $2.62, which keeps the bigger-picture trend from breaking down further. But it’s still trading 5.6% below the 20-day SMA ($2.81) and 17.9% below the 50-day SMA ($3.23), a setup that often turns those faster averages into "sell zones" on rebounds.
Momentum is best framed by MACD right now: it’s below its signal line and the histogram is negative, which points to upside pressure fading versus the prior upswing unless buyers can reclaim that baseline. In plain terms, MACD compares shorter- and longer-term momentum, and being below the signal line usually means the push higher is cooling.
The crossover picture stays split, with the 20-day SMA below the 50-day SMA (bearish near-term structure) while the September 2025 golden cross (50-day above 200-day) remains intact. Zooming out, the stock is still working inside a wide 52-week range between $1.35 and $4.58, with a recent swing low in April and swing high in June still framing the consolidation.
Key Resistance: $2.50 — a nearby round-number area where rebounds can stall How Plug Power Builds Its Green Hydrogen EcosystemPlug Power is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe.
That matters for the Denmark update because it’s an example of moving an electrolyzer project from "announced" to "operating," which is what investors tend to look for after a volatile year. Management has also been emphasizing a more repeatable, containerized design approach aimed at reducing on-site complexity and speeding time-to-production.
Plug has framed that "repeatable execution" push as a discipline lever, with CEO José Luis Crespo tying the containerized build approach to more controlled growth as the company works to convert project wins into running assets.
Plug Power Stock Price Movement During PremarketPLUG Stock Price Activity: Plug Power shares were up 0.73% at $2.66 during premarket trading on Monday, according to Benzinga Pro data.
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Plug Power očekává kladný provozní zisk na konci roku 2027 a celkovou ziskovost při odchodu z roku 2028. Firma ale má za sebou dlouhou historii nesplněných slibů o zisku.
Making tremendous strides in sales growth over the past decade, Plug Power (PLUG +0.00%) has proven adept at selling customers on its fuel cell and hydrogen offerings. But the company's prowess at proving that these alternative energy endeavors could be profitable? Well, that's another story. Since its founding in 1997, Plug Power has consistently failed to turn a profit.
But management has a plan to reverse that trend. Let's take a closer look at Plug stock and what could derail the company as management strives to achieve profitability.
Image source: Getty Images.
This isn't the first time Plug's management has prognosticated profits Investors often get excited when management teams suggest that profitability is on the horizon for their businesses -- especially ones that have been unprofitable for nearly 30 years, like Plug. So when Plug's management projects the company will generate positive operating income as 2027 winds down and achieve "overall profitability exiting 2028," it's understandable why investors get a little giddy.
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But those with long memories will recall Plug's past profitability projections -- and how they never came to fruition.
The company has a long history of failing to deliver on management's profit forecasts. In December 2013, for example, Plug CEO Andy Marsh forecast the company would achieve breakeven on an earnings before interest, taxes, depreciation, and amortization (EBITDA) basis in 2014. Instead, it ended the year with EBITDA of negative $33.6 million.
Similarly, the company projected in January 2016 that it would achieve EBITDA break-even in the fourth quarter of that year. Again, it failed. Instead, Plug reported EBITDA of negative $9.4 million in Q4 2016.
Since its founding in 1997, Plug has reported neither operating income nor positive EBITDA.
PLUG Operating Margin (Annual) data by YCharts.
Plug plans to pull a lot of levers to post profits In an April 2026 investor presentation, management outlined a range of steps the company will take to achieve profitability. From raising prices throughout its material handling business to improving its service costs to consolidating its operating sites, the company sees a variety of opportunities to reduce expenses.
The problem, however, is that these numerous opportunities are far from guaranteed to succeed. While some of the steps the company is taking may yield benefits, there's no certainty they will be sufficient to result in overall profitability.
And while the company is continually incurring losses, it still needs to service its $1 billion in debt -- something it must do from its dwindling cash position of $223 million at the end of March 2026. Moreover, while it's servicing its debt, it still requires cash to maintain its operations. As a result, the company will likely raise capital by issuing equity, subjecting investors to shareholder dilution, as it has done many times before.
Take the forecast with a heaping tablespoon of salt Rather than buying this hydrogen stock on the belief that the company is on the precipice of posting profits, investors would be better served by looking for Plug to meet near-term targets, such as achieving positive EBITDA by the end of 2026. Should it succeed, the company could start to rebuild trust with investors, making its 2028 forecast seem more credible.
Plug Power dokončil instalaci, uvedení do provozu, zkoušky přejímky na místě a předání 5 MW GenEco PEM elektrolyzérového systému v areálu Måde Power-to-X v Esbjergu v Dánsku, čímž zahájil aktivní výrobu vodíku. Při plné kapacitě se očekává asi 550 tun zeleného vodíku ročně.
Plug Power stock is surging to new heights today. Why is PLUG stock up today? What Is Driving Plug Power’s Growth in Denmark?Plug said it completed installation, commissioning, site acceptance testing, and handover of a 5 MW GenEco PEM electrolyzer system at the Måde Power-to-X facility in Esbjerg, Denmark, moving the site into active hydrogen production. At full capacity, the company expects about 550 metric tons of green hydrogen annually (roughly 1,500 truckloads), with output certified as Renewable Fuel of Non-Biological Origin under the ISCC scheme.
Plug has also been leaning into a speed-and-repeatability message, emphasizing a fully containerized design intended to reduce on-site complexity and accelerate production readiness. That "repeatable execution" framing has been tied to CEO José Luis Crespo’s push for more disciplined growth.
With markets open, the backdrop is supportive: the Nasdaq-100 is up 1.81% and Industrials ranks No. 2 out of 11 sectors today, even though overall breadth is mixed (advance/decline ratio of 0.6). In that context, PLUG’s outsized pop reads as a stock-specific "execution update" tailwind layered on top of a generally positive session.
Plug Power Stock: Key Levels and Momentum IndicatorsFrom a trend standpoint, the stock is still trying to repair a pullback: it’s trading 7.5% below the 20-day SMA ($2.93) and 16.5% below the 50-day SMA ($3.25), which can act as overhead supply if rallies fade. It’s also just 1.1% below the 100-day SMA ($2.74), while holding 4% above the 200-day SMA ($2.61), keeping the longer-term line in the sand close.
MACD is the cleaner momentum read right now: it’s below its signal line and the histogram is negative, which points to upside pressure cooling unless buyers can reclaim that baseline. Put simply, when MACD is below its signal line, momentum is usually fading rather than building.
The near-term structure stays mixed: the 20-day SMA below the 50-day SMA is a bearish setup, but the 50-day SMA remains above the 200-day SMA (the golden cross from September 2025), which helps keep the bigger picture from fully breaking down. Zooming out, the stock is still working inside a wide 52-week range between $4.58 (October 2025) and $1.13, with a swing low in April and a swing high in June framing the current consolidation.
Key Resistance: $2.50 — a nearby pivot/round-number area that can cap rebounds, with the long-term moving-average zone close by What Is Plug Power’s Green Hydrogen Ecosystem?Plug Power is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe.
Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple end markets, including material handling, e-mobility, power generation, and industrial applications. That’s why the Denmark handover matters: it’s a real-world proof point for "repeatable execution" in electrolyzers and hydrogen production, not just a roadmap slide.
Plug Power Stock Price Movement on TuesdayPLUG Stock Price Activity: Plug Power shares were up 5.41% at $2.72 at the time of publication on Tuesday, according to Benzinga Pro data.
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Plug Power ve 1. čtvrtletí zvýšil tržby o 22 % díky silné poptávce po elektrolyzérech, ale hotovost mu klesla o 39 % na 223,2 milionu USD na konci 1. čtvrtletí 2026. Flux Power naopak vykázal ve 3. čtvrtletí fiskálního roku 2026 pokles tržeb o 60,5 %.
Key Takeaways PLUG is gaining from electrolyzer demand, while FLUX faces order delays and weak sales.Plug Power's electrolyzer pipeline exceeds $8B, but cash fell 39% in Q1 2026.Flux Power posted a 60.5% revenue drop in Q3 FY26 amid tariffs and lower volumes. Plug Power Inc. (PLUG - Free Report) and Flux Power Holdings, Inc. (FLUX - Free Report) are well-known names in the clean energy space. Both companies are engaged in developing advanced energy solutions for commercial and industrial equipment worldwide.
Plug Power continues to capitalize on opportunities in the expanding green hydrogen market, while Flux Power is benefiting from robust demand for sustainable energy storage solutions in the material handling industry. Which of these companies has the stronger upside potential? Let us take a detailed look at their fundamentals, growth drivers and challenges to find out.
The Case for PLUGPlug Power's first-quarter 2026 results continued to show signs of improvement. After growing12.9% in 2025, PLUG’s revenues surged 22% year over year in the quarter. Revenues were driven by an increase in demand for its electrolyzer product line and a volume increase in hydrogen fuel sales. In the quarter, revenues from the electrolyzer product line rose steeply approximately 345% on a year-over-year basis.
The robust growth was fueled by rising demand for the company's GenEco proton exchange membrane (PEM) electrolyzers in the industrial and energy markets. The company has more than 320 MW of electrolyzer capacity deployed worldwide and more than $8 billion in project pipeline across industrial and energy applications. With strong expertise in providing and installing electrolyzers, Plug Power is well-positioned to capitalize on the increasing demand for renewable fuels and green ammonia globally.
Also, last month, PLUG secured a contract for supplying 30 MW of GenEco PEM electrolyzers for the industrial hydrogen production plant located in Barrow-in-Furness, Cumbria. The project will deploy PLUG’s six 5 MW GenEco PEM electrolyzers for the production of green hydrogen.
Also, in April, Plug Power finalized one of the largest electrolyzer project deals in its history. The company received the Front-End Engineering Design (FEED) contract from Hy2gen Canada to deliver a 275 MW GenEco PEM electrolyzer system for the latter’s “Courant” decarbonized ammonium nitrate project.
PLUG’s Project Quantum Leap is also enabling it to boost its cash flow and reduce its cash burn rate. As part of the project, it is benefiting from sales growth, pricing actions, inventory and capex management, and increased leverage of its hydrogen production platform.
However, a key challenge facing Plug Power is its continued inability to generate positive gross margins and cash flows. In the first quarter, the company reported a negative gross margin of 13%, while operating cash outflow amounted to $150 million.
Plug Power's liquidity position also remains a concern. The company ended the first quarter of 2026 with cash equivalents of $223.2 million, down 39% from the level at 2025-end.
The Case for Flux PowerFlux Power has been witnessing a decline in customer orders due to delays in new orders for its energy storage solutions, reflecting deferrals of new forklift purchases by certain large customer fleet amid lower capital spending and global tariff uncertainties. Tariffs have also negatively impacted the company’s revenues, profitability and cash flows. These factors hurt the company’s performance in the third quarter of fiscal 2026 (ended March 31, 2026), with revenues declining 60.5% year over year. Lower volumes in the material handling and airport ground support equipment markets further weighed on results.
Flux Power has been dealing with the adverse impacts of lower volumes and pricing pressures. In the third quarter of fiscal 2026 (ended March 2026), cost of sales declined 58.2% year over year, but gross profit fell 66%. Although the company lowered expenses through labor and overhead cost reductions, it continued to face profitability challenges. It reported an operating loss of $3 million in the quarter, wider than the prior-year quarter's operating loss of $1.6 million.
Also, given its weak liquidity position, the company has continued to rely on debt and equity financing to fund operations. As of March 31, 2026, Flux Power had an accumulated deficit of $111.5 million and cash and cash equivalents of only $0.4 million. During the first nine months of fiscal 2026, the company used $5.7 million in operating activities and incurred a net loss of $5.1 million.
Despite these headwinds, the company remains focused on improving profitability through cost-reduction, sourcing and pricing recovery initiatives. Flux Power also continues to invest in research and development and expand its portfolio of advanced lithium-ion energy storage solutions. With increasing electrification trends across industrial and commercial sectors, demand for lithium-ion and environmentally friendly energy storage solutions should support FLUX’s long-term growth prospects.
How Does the Zacks Consensus Estimate Compare for PLUG & FLUX?The Zacks Consensus Estimate for PLUG’s 2026 sales is $812.5 million, implying year-over-year growth of 14.5%. The consensus estimate for its bottom line is pegged at a loss of 35 cents per share.
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The Zacks Consensus Estimate for FLUX’s fiscal 2026 (ending June 2026) sales is approximately $41.8 million, indicating a decline of 37.1% year over year. The consensus estimate for its bottom line is pegged at a loss of 34 cents per share.
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Price Performance and Valuation of PLUG & FLUXIn the past six months, shares of Plug Power have soared 30.9%, while Flux Power stock has declined 39.9%.
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From a valuation standpoint, both PLUG and FLUX are trading at a negative forward price-to-earnings ratio.
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ConclusionDespite PLUG's ongoing challenges related to negative gross margins, cash burn and a weakening liquidity position, its strong presence in the green hydrogen market, expanding electrolyzer business, robust project pipeline and cost-saving initiatives under Project Quantum Leap are expected to support its long-term growth prospects. On the other hand, Flux Power continues to grapple with weak customer demand, lower sales volumes, pricing pressures, persistent operating losses and a fragile liquidity position, which are likely to weigh on its near-term performance.
Considering the long-term growth prospects, expanding market opportunities and recent revenue momentum, PLUG appears to be a better investment choice than FLUX at present. While PLUG currently carries a Zacks Rank #3 (Hold), FLUX has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Plug Power dokončil instalaci a uvedení do provozu 5MW elektrolyzéru v Dánsku, čímž závod přešel do aktivní výroby vodíku. Při plné kapacitě má ročně vyrábět asi 550 tun zeleného vodíku.
Plug Power stock is holding steady today. What’s the outlook for PLUG shares? What Is Plug Power’s Latest Catalyst in Denmark?Plug Power said it completed installation, commissioning, site acceptance testing and handover of a 5 MW GenEco PEM electrolyzer system at the Måde Power-to-X facility in Esbjerg, Denmark, moving the site into active hydrogen production. At full capacity, the company expects about 550 metric tons of green hydrogen annually (roughly 1,500 truckloads), with output certified as Renewable Fuel of Non-Biological Origin under the ISCC scheme.
Plug is leaning on the "repeatable execution" angle after CEO José Luis Crespo described a shift from one-off deployments to repeatable execution as the company targets more disciplined growth. The company also emphasized a fully containerized design aimed at reducing on-site complexity and accelerating production readiness.
Critical Price Levels for PLUG Stock to WatchThe chart is still in a corrective posture: the stock is trading 17.2% below its 20-day SMA ($3.06) and 22.2% below its 50-day SMA ($3.26), which tends to make rallies feel like they’re running into supply. It’s also 7.2% below the 100-day SMA ($2.73) but only 2.5% below the 200-day SMA ($2.60), putting the longer-term trend line right in the "hold or fail" zone.
For momentum, MACD is the cleaner read right now: it’s below its signal line and the histogram is negative, which points to upside pressure fading versus the prior upswing unless buyers can reassert control. Structurally, the 20-day SMA sitting below the 50-day SMA is bearish near-term, even though the 50-day SMA remains above the 200-day SMA (the golden cross from September 2025) and keeps the bigger picture from fully breaking down.
The stock is working inside a wide recovery range between the $4.58 52-week high (October 2025) and the $1.09 52-week low (June 2025), with a recent swing high in June and a swing low in April framing the latest pullback.
Key Resistance: $2.50 — a nearby pivot/round-number area where rebounds can stall, given how close price is to the 200-day moving average zone. What Is Plug Power’s Green Hydrogen Ecosystem?Plug Power is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe.
That’s why the Denmark handover matters: it’s an example of Plug moving projects from build-out into active hydrogen production, which is the step that can turn announcements into repeatable execution. The 5 MW Måde system is also positioned as one of Denmark’s early operational Power-to-X projects, giving Plug a live reference site as it pursues additional deployments.
Management also highlighted a fully containerized design to reduce on-site complexity, aiming to make deployments faster and more repeatable as it targets disciplined growth.
PLUG Stock Price Movement on FridayPLUG Stock Price Activity: Plug Power shares were down 1.17% at $2.54 at the time of publication on Friday, according to Benzinga Pro data.
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Key Takeaways PLUG posted a Q1 2026 net loss of about $246M, wider than $196.9M a year earlier.PLUG improved Q1 gross margin to negative 13% from negative 55% year over year.PLUG is pursuing margin gains via cost cuts, hydrogen network expansion and electrolyzer growth. Plug Power Inc. (PLUG - Free Report) continues to face profitability challenges despite making progress through cost-reduction and operational efficiency initiatives. The company is focused on lowering hydrogen sourcing costs, optimizing its workforce and reorganizing its manufacturing and real estate setup. These steps are meant to lower expenses and help improve margins over time by increasing utilization across its hydrogen network.
However, Plug Power remains unprofitable. In the first quarter of 2026, PLUG reported a net loss of approximately $246 million compared with a net loss of $196.9 million in the year-ago quarter. Ongoing operating losses and cash usage continue to pressure the company's financial performance.
Plug Power delivered significant margin improvement during the quarter. In the first quarter, its gross margin improved to negative 13% from negative 55% reported in the year-ago period, improving 71% year over year. The improvement was driven by higher sales volumes, cost optimization efforts, enhanced service performance and lower third-party hydrogen sourcing costs. Hydrogen fuel margin rates also improved 54% year over year due to greater leverage on the company's hydrogen network, higher volumes and improved operating efficiency.
Despite the challenges, Plug Power remains committed to long-term recovery. The company continues to focus on margin expansion, disciplined capital deployment and converting its project pipeline into profitable growth. Through ongoing cost reductions, expansion of its hydrogen production network and growth in its electrolyzer business, Plug Power aims to improve its margin trajectory.
Margin Performance of PLUG’s PeersAmong PLUG’s major peers, Bloom Energy Corp.’s (BE - Free Report) cost of revenues surged more than 100% year over year in the first quarter of 2026. However, Bloom Energy’s gross profit rose 154.3% year over year. Bloom Energy’s gross margin expanded 280 basis points to 30%, driven by productivity gains, higher volumes and favorable pricing.
Plug Power’s another peer, Flux Power Holdings, Inc.’s (FLUX - Free Report) total cost of sales was $4.8 million, down 58% year over year in the fiscal third quarter of 2026. However, Flux Power’s gross profit declined 66% year over year. Flux Power’s gross margin decreased 430 basis points year over year.
The Zacks Rundown for PLUGShares of Plug Power have surged 161.5% in a year compared with the industry’s growth of 113.2%.
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From a valuation standpoint, Plug Power is trading at a forward price-to-earnings ratio of a negative 15.85X against the industry average of 38.36X. PLUG carries a Value Score of F.
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The Zacks Consensus Estimate for PLUG’s bottom line for 2026 has declined in the past 60 days.
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The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
