Track market-moving stories before they get noisy

Plug Power (PLUG) closed the most recent trading day at $1.38, moving 2.13% from the previous trading session.

Former Ballard Power Systems COO brings extensive experience to advance PEM technology, manufacturing efficiency, and cost competitiveness  | Source: Plug Power, Inc.

SLINGERLANDS, N.Y., Oct. 19, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced the appointment of Dr. Lee Sweetland as Global Engineering Industrialization Lead. Sweetland will lead the industrialization of the company's proton exchange membrane (PEM) stack technology, advancing manufacturing performance, product reliability, and cost competitiveness across Plug's hydrogen portfolio.

"Electrolyzers are a major driver of Plug's growth, and our ability to execute at scale is just as important as winning new business," said Jose Luis Crespo, Chief Executive Officer of Plug. "Lee brings deep experience in industrializing fuel cell technology and improving manufacturing performance. His leadership will help us maximize our investments, strengthen product competitiveness, and advance our path to profitability."

Plug's electrolyzer business continues to gain traction, with major projects advancing across global markets. In Europe, key projects include Iberdrola's 25 MW facility in Spain, Galp's 100 MW project in Portugal, Carlton Power's 30 MW project in the UK, and the recently announced 280 MW Arcadia eFuels e-SAF project in Denmark. In North America, Plug is supporting the development of Hy2gen's 275 MW Courant project in Québec, while momentum in the Asia-Pacific region includes Orica's 50 MW Hunter Valley project in Australia and a recently announced 1 MW electrolyzer project for HWR Hydrogen in New Zealand.

The Rochester, New York Gigafactory is central to supporting this growth, providing critical PEM stack manufacturing capabilities. Sweetland will focus on maximizing the facility's performance and accelerating next-generation stack production.

Sweetland brings extensive experience in fuel cell technology, advanced manufacturing, and operational transformation. He spent eight years at Ballard Power Systems, most recently serving as Chief Operating Officer, following leadership roles as Chief Transformation Officer and Vice President and Director of Advanced Manufacturing. Previously, he held senior manufacturing and operations positions at Johnson Matthey's fuel cell business.

"Plug has established a strong foundation in PEM technology, with significant manufacturing capabilities and a growing global customer base," said Sweetland. "I'm excited to build on that foundation by strengthening how we design, manufacture, and deliver reliable, cost-competitive technology at scale."

His appointment reinforces Plug's focus on operational discipline, margin improvement, and sustainable, profitable growth.

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 customers worldwide across material handling, industrial applications, and energy production, advancing energy independence and decarbonization at scale.

Plug has deployed electrolyzers on five continents, along with more than 76,000 fuel cell systems and 280 fueling stations, and is the world's largest user of liquid hydrogen. Its expanding generation network produces 40 tons of hydrogen per day, supplying large-scale projects that redefine industrial power for customers globally.

Headquartered in New York, with employees and state-of-the-art manufacturing facilities around the world, Plug powers global leaders like BMW, BP, Walmart, Amazon, and Home Depot.

For more information, visit www.plugpower.com.

Foward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which Plug intends to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the expected impact of Dr. Sweetland’s appointment; improvements in manufacturing performance, product reliability, cost competitiveness, and margins; Plug’s path to profitability; the Rochester, New York Gigafactory and the production of next-generation PEM stacks; and the development, timing, and completion of the electrolyzer projects described in this press release and their conversion into revenue. The words “will”, “expect”, “believe”, “target”, “estimate”, “could”, “should”, “anticipates” and similar expressions identify forward-looking statements. Actual results may differ materially from those expressed or implied due to risks and uncertainties, including: Plug’s ability to integrate Dr. Sweetland and realize the anticipated benefits of his appointment; Plug’s ability to scale PEM stack manufacturing, achieve anticipated cost and margin improvements, and bring next-generation stacks to market on schedule; Plug’s history of operating losses and negative cash flows and its need for additional capital; the risk that customers do not reach final investment decisions, secure financing or permits, or complete projects on schedule, and that projects are delayed, reduced, canceled, or do not convert into revenue; changes in government incentives, tariffs, and trade policy; and the other risks described in Plug’s filings with the Securities and Exchange Commission (the “SEC”), including its most recent Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its other subsequent filings with the SEC. You should not place undue reliance on these statements, which speak only as of the date of this release. Except as required by applicable law, Plug undertakes no obligation to update them.

Media Contact

Teal Hoyos

[email protected]

Plug Power (PLUG - Free Report) has been beaten down lately with too much selling pressure. While the stock has lost 30% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.

We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.

RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.

Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.

So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.

However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.

Here's Why PLUG Could Experience a TurnaroundThe heavy selling of PLUG shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 23.27. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.

This technical indicator is not the only factor that calls for a potential rebound for the stock. There is a fundamental indicator as well. A strong agreement among sell-side analysts covering PLUG in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 3.9% over the last 30 days. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.

Moreover, PLUG currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Company remains on track with 2026 revenue growth guidance, supported by continued margin improvement and a record low net cash usage of approximately $28MThird quarter earnings call scheduled for November 9, 2026Plug Symposium 2026: Resilient Energy, Real Solutions scheduled to take place digitally on November 19, 2026
SLINGERLANDS, N.Y., Oct. 15, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, is providing an update today on its 2026 business progress, highlighting improvements across three key business priorities: sales growth, margin enhancement, and improved cash flows. The Company is also sharing details for its upcoming third quarter earnings call scheduled for November 9 and Plug Symposium 2026 scheduled for November 19.

"Throughout 2026, we have remained focused on strengthening Plug's financial foundation through disciplined execution," said Jose Luis Crespo, Chief Executive Officer of Plug. "Our progress across sales, margin and cash burn demonstrates that the actions we are taking are delivering results. As we move through the fourth quarter, we remain focused on improving operating leverage, managing cash and delivering on our commercial commitments while building our pipeline for 2027 and beyond."

2026 Business Progress and Priorities
Plug continues to execute against its three key business objectives, with progress through the third quarter and continued focus on year-end performance:

Sales: Based on preliminary, unaudited estimates, Plug expects meaningful revenue growth in Q3 2026 of greater than 10% versus Q3 2025. Progress on sales and pipeline growth suggest the Company is on track to achieve its previously communicated full-year revenue growth guidance of approximately 15% to 16%, supported by commercial execution across material handling, electrolyzers and hydrogen supply.Margin: The Company has demonstrated gross margin improvement over the past two quarters and expects continued year-over-year progress in Q3 2026, reflecting the focus on cost reductions and improved operating leverage.Cash: Based on preliminary, unaudited estimates, Plug’s net cash usage for Q3 2026 was approximately $28 million, marking continued improvement for the year. Plug ended Q3 2026 with approximately $134 million in cash and cash equivalents (excluding restricted cash). The Company did not raise any proceeds through its at-the-market (ATM) offering program or generate proceeds from other equity or debt capital raises during the quarter. Hence, this net cash usage for the third quarter reflects overall operating results and fundamental improvement, which the Company believes supports its forecast for continued improvement in Q4 2026.
Looking ahead, Plug remains focused on sustaining progress across all three objectives in the fourth quarter and going forward, with an emphasis on disciplined cash management, minimizing capital expenditures, and strengthening its operating performance.

Pipeline Developments
Plug continues to advance its global GenEco electrolyzer pipeline, converting commercial opportunities into projects across sustainable fuels, ammonia production and industrial hydrogen applications.
Recent developments include:

Arcadia eFuels: Signed a 280 MW GenEco electrolyzer supply agreement for Project ENDOR in Denmark, alongside a strategic cooperation agreement positioning Plug as the preferred supplier for more than 1 GW of potential e-SAF projects across Europe and the Americas.Hy2gen: Advancing front-end engineering design (FEED) for the 275 MW Courant project in Québec, Canada, supporting renewable ammonia and ammonium nitrate production.Orica: Secured a 50 MW GenEco electrolyzer order for the Hunter Valley Hydrogen Hub in Australia, following the project's final investment decision (FID).Iberdrola and Galp: Continuing execution and commissioning activities for the 25 MW Iberdrola and bp project in Spain and the 100 MW Galp project in Portugal. These developments reinforce Plug's approximately $8 billion global electrolyzer opportunity funnel and demonstrate continued commercial progress across multiple markets. While project timelines vary, particularly for complex, first-of-a-kind developments, Plug remains focused on advancing opportunities through key milestones and converting its pipeline into revenue, supporting its near- and mid-term growth objectives.

Plug's Third Quarter 2026 Earnings Call
Plug will announce its third quarter 2026 financial results on November 9, 2026, followed by a conference call and webcast.

Date: Monday, November 9, 2026Time: 4:30 p.m. ETDial-in: 877-407-9221 (U.S. toll-free) / +1 201-689-8597 (international)Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=9URvMjWv Plug Symposium 2026: Resilient Energy, Real Solutions
Plug will host its annual global Symposium on November 19, 2026. The virtual broadcast will bring together customers, industry leaders and Plug executives to explore how hydrogen is addressing evolving energy needs and advancing real-world projects.

Under the theme Resilient Energy, Real Solutions, discussions will focus on energy security, rising electricity demand, grid resilience, evolving regulations and emerging hydrogen markets. The program will also feature customer perspectives on project execution and insights from Plug leadership on business priorities and technology.

"Hydrogen's role in the global energy landscape is increasingly defined by real projects and customer needs," added Crespo. "Our Symposium will bring together industry perspectives and practical solutions that can help build a more resilient energy future."

Register for Plug Symposium 2026:

Date: Thursday, November 19, 2026Time: 9:00 a.m. to 12:00 p.m. ETFormat: Global digital broadcast, online onlyRegistration: https://event.on24.com/wcc/r/5510703/EA51E05DFD0F47F65DAD28347B3A226D 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 customers worldwide across material handling, industrial applications, and energy production, advancing energy independence and decarbonization at scale.

Plug has deployed electrolyzers on five continents, along with more than 76,000 fuel cell systems and 280 fueling stations, and is the world's largest user of liquid hydrogen. Its expanding generation network has production capacity of 40 tons of hydrogen per day, supplying large-scale projects that redefine industrial power for customers globally.

Headquartered in New York, with employees and state-of-the-art manufacturing facilities around the world, Plug powers global leaders like BMW, BP, Walmart, Amazon, and Home Depot. For more information, visit www.plugpower.com.

Forward-Looking Statements

This communication 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 Plug's expected financial and operational performance; the preliminary estimates of the Company's third quarter 2026 results; anticipated revenue growth; expected improvements in gross margin, operating leverage, operating efficiencies, and cost reductions; anticipated cash burn, liquidity, capital expenditures, and cash management initiatives; the Company's ability to execute on its commercial objectives and customer commitments; expected demand for Plug's products and services across material handling, electrolyzers, hydrogen production, and hydrogen supply; expectations regarding future hydrogen production capacity and utilization; anticipated benefits from strategic initiatives and operational improvements; expected business performance during the fourth quarter and full year 2026; anticipated market opportunities, industry growth, and adoption of hydrogen technologies; the Company's electrolyzer opportunity funnel and the expected development, financing, timing, and conversion of potential projects and customer agreements into orders and revenue; expectations and statements regarding Plug Symposium 2026 and related discussions concerning energy security, grid resilience, regulatory developments, hydrogen markets, and customer projects; and other statements regarding Plug's future operating results, financial condition, business strategy, performance, prospects, objectives, plans, and opportunities, are forward-looking statements.

These forward-looking statements are based on current expectations, estimates, forecasts, and projections, as well as 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 expressed or implied in such statements. These risks and uncertainties include, among other things: whether the Company achieves its anticipated revenue growth, margin improvement, operating leverage, profitability, liquidity, and cash flow objectives; whether the Company is able to sustain recent reductions in cash burn; the Company's ability to manage working capital, operating expenses, and capital expenditures; whether anticipated customer demand, project activity, bookings, and commercial opportunities materialize as expected; whether awarded projects and opportunities successfully progress to implementation, revenue generation, and commercial operation; the Company's ability to manufacture, deliver, deploy, and service its products in accordance with customer requirements and anticipated schedules; the availability and price of hydrogen, electricity, natural gas, and other key inputs; the pace of market adoption of hydrogen technologies; changes in government policies, regulations, incentives, and funding programs; supply chain disruptions, inflationary pressures, labor availability, and project execution risks; risks related to the Company's future capital requirements and liquidity needs; the Company's ability to obtain financing when needed and on acceptable terms; the possibility that the Company's actual third quarter 2026 results will differ from the preliminary estimates in this press release as a result of the completion of quarter-end close procedures, review by the Company's independent registered public accounting firm, final adjustments, or subsequent events; the Company's history of net losses and negative cash flows from operations, its need for additional capital, and the dilution or other terms that may accompany any future financing; the timing of customer collections, vendor payments, inventory purchases, and capital expenditures, which can cause net cash usage to fluctuate significantly from period to period; the timing of revenue recognition, customer acceptance, and contract modifications; the possibility that gross margin improvements are not sustained and are affected by product and project mix, inventory and other charges, warranty and service costs, and other non-recurring items; customer concentration and counterparty credit risk; delays or cancellations of customer projects, including as a result of customers' failure to reach final investment decisions or secure financing or permits; the performance, commissioning, and acceptance of the Company's products and projects; tariffs and trade restrictions; and general market, economic, competitive, geopolitical, and regulatory conditions.

Such statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Plug's business generally, see Plug's public filings with the Securities and Exchange Commission ("SEC"), including the "Risk Factors" section of Plug's Annual Report on Form 10-K for the year ended December 31, 2025, and Plug's subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements or the preliminary estimates in this press release, 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 MEDIA CONTACT
Teal Hoyos
[email protected]

As the global transition toward renewable energy accelerates, the race to capture market share in storage and delivery is intensifying. Deciding between Eos Energy Enterprises (EOSE -5.16%) and Plug Power (PLUG -3.57%) is a choice between two distinct technologies.

Eos Energy Enterprises specializes in zinc-based long-duration battery systems designed for utility and industrial applications. Plug Power focuses on building an end-to-end green hydrogen ecosystem, from fuel production to powering heavy machinery. Both companies are scaling rapidly but face different financial hurdles as they attempt to reach long-term profitability in the clean energy market.

Eos Energy Enterprises designs zinc-based battery systems and is carving out a niche within industrial stocks. In its latest annual report, the company noted that two customers accounted for nearly 52% and 19% of revenue. Customer concentration like this adds a layer of risk to the business, though it highlights the scale of its current utility-level partnerships.

In FY 2025, revenue reached about $114.2 million, representing a roughly 632% increase over the previous year. The company reported a net loss of approximately $970 million for the period. This performance follows a net loss of nearly $686 million in fiscal 2024 as the company continues to invest heavily in its manufacturing capabilities.

As of its December 2025 balance sheet, the debt-to-equity ratio is approximately negative 1.0x, indicating total liabilities exceed shareholder equity. The current ratio, which measures the ability to pay short-term obligations with short-term assets, is nearly 4.9x. Free cash flow, which is cash from operations minus capital expenditures, was roughly negative $265.0 million in FY 2025.

The case for Plug PowerPlug Power builds an integrated green hydrogen ecosystem, deploying over 74,000 fuel cell systems globally. In its latest annual report, the company disclosed that Walmart Inc. (WMT +1.55%) was its largest customer, representing approximately a quarter of revenue. Such high customer concentration adds a layer of risk to the enterprise as it navigates the high costs of hydrogen infrastructure.

In FY 2025, revenue reached about $709.9 million, which is a roughly 13% increase from the prior year. The company recorded a net loss of approximately $1.6 billion for the same period. This trend follows a net loss of roughly $2.1 billion in fiscal 2024, showing a slight narrowing of losses even as the top line remains volatile.

As of its December 2025 balance sheet, the debt-to-equity ratio is approximately 1.0x, meaning total debt is roughly equal to shareholder equity. The current ratio is close to 2.3x. Free cash flow was approximately negative $662 million during FY 2025, reflecting the massive capital intensity required to build and operate hydrogen production facilities.

Risk profile comparisonEos Energy Enterprises faces significant legal challenges from securities fraud class action lawsuits filed in 2026. These suits allege the company made misleading disclosures about its production ramp-up and quality issues at its Turtle Creek facility. The business also contends with competition from larger energy storage providers like Fluence Energy (FLNC -4.84%) and remains sensitive to changes in government subsidies.

Plug Power is currently defending against multiple federal securities fraud lawsuits regarding its financial performance and Department of Energy loan status. The company suspended activities related to that loan program in November 2025, creating uncertainty about its path to low-cost capital. It also faces intense competition from established giants like GE Vernova (GEV -0.78%) while managing a complex supply chain for materials like iridium.

Valuation comparisonEos Energy Enterprises is cheaper based on Forward P/E and earnings estimates, whereas Plug Power has a lower P/S ratio using sales over the past twelve months.

MetricEos Energy EnterprisesPlug PowerForward P/E10.2x36.0xP/S ratio3.4x3.1xValuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?The current fiscal year, 2026, looks to be a major step forward for Eos Energy Enterprises. The business has already sold more products through the first half of the year than it did in all of 2025, shipping $126 million of gear to clients.

The longer term should be much greater, too. Management says it has nearly $25 billion of business pipeline, meaning proposed energy storage developments Eos could bid on, and an $807 million backlog, which are firm orders for the company's products. 2026 revenue is expected to more than double.

Recently, Eos scored a high-profile deal to support the PJM grid after joining with Alphabet Inc (GOOG +0.32%) and MN8 Energy on a solar energy storage project in West Virginia.

Similarly, Plug Power's fuel cells run on clean-burning hydrogen, though creating hydrogen is often done in a process fueled by natural gas. Still, Plug Power sits firmly in the renewable energy niche, benefiting from many countries' moves toward green (non-fossil-fuel-derived) hydrogen. It is also benefiting from the datacenter boom and from restored tax credits that make its systems more affordable to deploy.

For fiscal 2026, revenue growth is pretty good, with Wall Street analyst consensus predicting a nearly 15% increase to $812 million. The net loss is seen narrowing to about $580 million.

Both businesses offer investors a way to play the rise in demand for power storage brought about by AI data center demand and the need for storage for renewable energy production. Eos, with its lower forward P/E and similar P/S ratio, seems to be the better bet for long-term investors.

Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.

Shareholders should contact the firm immediately as there may be limited time to enforce your rights. 

, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating whether certain officers and directors of Plug Power Inc. (NASDAQ: PLUG) breached their fiduciary duties to shareholders.

If you currently own Plug Power stock and are a long-term shareholder, you may be able to seek corporate governance reforms, the return of funds back to the company, a court-approved financial incentive award, or other relief and benefits. Please click here to learn more about your legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or [email protected] or [email protected].

Why Your Participation Matters:

Shareholder involvement can help improve a company's policies, practices, and oversight mechanisms to create a more transparent, accountable, and effectively managed organization, which can enhance shareholder value.

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:
Halper Sadeh LLC
One World Trade Center
85th Floor
New York, NY 10007
Daniel Sadeh, Esq.
Zachary Halper, Esq.
(212) 763-0060
[email protected]
[email protected]
https://www.halpersadeh.com

SOURCE Halper Sadeh LLP

powered by

PLUG (Plug Power)

Buy PLUG. The news is real: strategic Arcadia eFuels preferred electrolyzer supplier for 1 GW projects, plus a 1 MW shipment, and improving fundamentals (gross margin at break-even, net loss narrowing, revenue up, and guidance for positive EBITDA in Q4). The stock is priced for failure after a steep drawdown to ~$1.77 and breaking key support ($1.87), creating a high-upside rebound if execution holds.

Key Risk: They miss the Q4 profitability/EBITDA timeline and burn cash again, forcing dilution despite the “avoid dilution” plan.

Short PLUG (bearish momentum)

Sell/short PLUG. Even with progress, the market is still in control: heavy short interest (~21%), price below 50/100-day EMAs and Supertrend, and it already broke $1.87 support. If sentiment stays negative, it can grind lower toward $1.50 as technical selling accelerates.

Key Risk: A clear, credible funding/liquidity win (monetizing assets on good terms) plus a sharp earnings/guidance beat triggers a short-covering rally that snaps the downtrend.

Plug Power stock continued its strong downward trend, reaching its lowest level since March this year, continuing a downward trend that started in June when it reached a high of $4.31. It dropped to $1.77, with its valuation falling from $5.7 billion to the current $2.46 billion. So, will the sell-off continue or is it safe to buy the dip?

PLUG stock has been in a strong downward trend even after the company made some strong progress. For example, in a statement last week, the company entered a strategic cooperation agreement with Arcadia eFuels, positioning it as the preferred electrolyzer supplier for its 1 GW projects in Europe and the Americas. 

According to the deal, 280 MW of its GenEco electrolyzers will produce hydrogen for its large project in Vordingborg, Denmark. In addition, the company recently announced the shipment of a 1 MW GenEco PEM electrolyzer to HWR Hydrogen, a division of H.W. Richardson Group, expanding its solutions across New Zealand and Australia. 

These new developments came after the company published encouraging financial results. Its revenue rose to $178.2 million from $173.9 million in the same period last year. Consequently, its six-month revenue of $341.8 million was higher than the $307 million it made a year earlier. 

Most of Plug Power’s revenue came from its sale of equipment,and was followed by the revenue it delivered to customers. The other divisions, like services and power purchase agreements also did relatively well. 

Most importantly, the company is making progress in its journey to achieve profitability. Its gross margin reached the break-even point. The gross loss was a $1.67 million, a big improvement from the $53.4 million it lost last year. Plug Power’s net loss of $190 million was better than the $228 million that it lost a year earlier. 

The company also boosted its forward guidance. It expects that its full-year revenue will grow by between 15% and 16% and that it will achieve a positive EBITDAS in the fourth quarter. It also plans to strengthen its liquidity position by avoiding dilution. For example, it aims to monetize its data center business and has already sold its Graham plant. 

Despite this progress, many investors are unconvinced, with the short interest rising to 21%. This makes it one of the most heavily shorted companies in the industrial sector. 

Plug Power stock chart | Source: TradingView

The daily chart shows that the PLUG stock price has continued its strong downward trend this month. It plunged to $1.76, its lowest level since March this year. 

Plug has already dropped below the important support level of $1.87, its lowest level in July this year. It also moved below the lower side of the bearish flag pattern that we noted in our previous report.

Plug Power remains below the 50-day and 100-day Exponential Moving Averages (EMA) and the Supertrend indicator. Therefore, the most likely scenario is where it continues falling, potentially to the psychological level of $1.50.

Plug Power (PLUG - Free Report) closed the most recent trading day at $1.94, moving +1.57% from the previous trading session. The stock outperformed the S&P 500, which registered a daily loss of 0.25%. Elsewhere, the Dow lost 0.86%, while the tech-heavy Nasdaq added 0.24%.

The alternative energy company's shares have seen a decrease of 8.61% over the last month, not keeping up with the Computer and Technology sector's gain of 4% and the S&P 500's loss of 0.42%.

The upcoming earnings release of Plug Power will be of great interest to investors. The company's upcoming EPS is projected at -$0.07, signifying a 41.67% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $185.14 million, up 4.57% from the year-ago period.

For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.41 per share and revenue of $817.52 million, which would represent changes of +71.13% and +15.16%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Plug Power. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Right now, Plug Power possesses a Zacks Rank of #3 (Hold).

The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 65, putting it in the top 27% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Plug Power, Inc. (NASDAQ:PLUG – Get Free Report) shares were down 7.3% during trading on Monday. The stock traded as low as $1.84 and last traded at $1.8350. 21,611,983 shares were traded during mid-day trading, a decline of 71% from the average session volume of 73,578,938 shares. The stock had previously closed at $1.98.

Key Stories Impacting Plug Power Here are the key news stories impacting Plug Power this week:

Positive Sentiment: 280 MW Denmark electrolyzer order: Plug will supply its GenEco electrolyzers for Arcadia eFuels’ Project ENDOR at the Port of Vordingborg. The facility is expected to produce approximately 110 tons of hydrogen per day, which will support production of electro-sustainable aviation fuel. Deliveries are expected to begin after Arcadia issues a notice to proceed. Plug and Arcadia eFuels strategic partnership announcement Positive Sentiment: Potentially larger project pipeline: A broader strategic partnership makes Plug the preferred electrolyzer supplier for four additional Arcadia projects in Europe and the Americas. The potential pipeline could exceed 1 gigawatt, offering significant longer-term revenue opportunity if the projects reach final investment decisions. Eos Energy Enterprises versus Plug Power comparison Positive Sentiment: Analyst support and improving operating narrative: HC Wainwright reaffirmed its “buy” rating and maintained a $7 price target. Separately, coverage highlighted Plug’s expanding green-hydrogen footprint, improving margins and reduced cash usage as potential drivers of sustainable growth. Can Plug Power’s green hydrogen expansion drive sustainable growth? Neutral Sentiment: Mixed brokerage view: Plug Power’s average brokerage rating remained “Hold,” indicating that some analysts see substantial upside while others remain cautious about valuation and execution. Negative Sentiment: Execution and financing risks remain: Project ENDOR is still advancing toward a final investment decision, and the broader 1-gigawatt opportunity is not yet contracted revenue. Plug continues to burn cash and faces substantial execution risk, while its negative profitability remains a key concern for investors. Plug Power’s green hydrogen expansion Analyst Upgrades and Downgrades A number of research firms have recently commented on PLUG. Roth Capital reiterated a “buy” rating and issued a $5.00 price objective (up from $3.50) on shares of Plug Power in a research note on Wednesday, August 12th. Morgan Stanley lifted their price target on Plug Power from $1.50 to $1.65 and gave the stock an “underweight” rating in a research report on Thursday, July 9th. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Plug Power in a report on Tuesday. Craig Hallum reissued a “buy” rating on shares of Plug Power in a research report on Tuesday, August 11th. Finally, Jefferies Financial Group raised shares of Plug Power to a “hold” rating in a research report on Thursday, September 3rd. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Plug Power currently has an average rating of “Hold” and a consensus target price of $3.59.

Check Out Our Latest Research Report on PLUG Plug Power Price Performance The company has a 50-day moving average of $2.13 and a 200 day moving average of $2.61. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.32 and a current ratio of 2.32. The firm has a market cap of $2.67 billion, a P/E ratio of -1.52 and a beta of 2.21.

Plug Power (NASDAQ:PLUG – Get Free Report) last released its quarterly earnings data on Monday, August 10th. The electronics maker reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.01. The firm had revenue of $178.30 million during the quarter, compared to analyst estimates of $169.11 million. Plug Power had a negative return on equity of 56.01% and a negative net margin of 220.59%.Plug Power’s quarterly revenue was up 2.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Plug Power, Inc. will post -0.26 EPS for the current year.

Insider Activity In related news, insider Benjamin Haycraft sold 200,000 shares of Plug Power stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $2.14, for a total transaction of $428,000.00. Following the completion of the transaction, the insider directly owned 101,249 shares of the company’s stock, valued at $216,672.86. This trade represents a 66.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 232,560 shares of company stock worth $496,178. Company insiders own 1.37% of the company’s stock.

Institutional Trading of Plug Power Hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its holdings in shares of Plug Power by 21.0% in the 2nd quarter. BlackRock Inc. now owns 184,032,469 shares of the electronics maker’s stock worth $498,728,000 after acquiring an additional 31,939,194 shares in the last quarter. Headlands Technologies LLC bought a new position in Plug Power in the 2nd quarter valued at $4,779,000. Russell Investments Group Ltd. raised its position in Plug Power by 553.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 710,470 shares of the electronics maker’s stock valued at $1,925,000 after purchasing an additional 601,816 shares during the last quarter. California State Teachers Retirement System boosted its stake in Plug Power by 45.6% in the first quarter. California State Teachers Retirement System now owns 1,560,305 shares of the electronics maker’s stock worth $3,526,000 after purchasing an additional 488,883 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Plug Power by 97.4% in the first quarter. Renaissance Technologies LLC now owns 27,738,500 shares of the electronics maker’s stock worth $62,689,000 after purchasing an additional 13,685,900 shares in the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.

About Plug Power (Get Free Report)

Plug Power Inc is a hydrogen and fuel cell technology company that develops integrated solutions for generating, storing, distributing and using hydrogen. The company serves commercial and industrial customers seeking alternatives to conventional power sources and fossil fuels.

Its product portfolio includes electrolyzers for producing hydrogen from water, hydrogen-generation and storage systems, fuel cell engines, and stationary power systems. Plug Power also provides hydrogen-fueled material-handling equipment, including systems used to power forklifts and other warehouse vehicles, along with related infrastructure, service and maintenance offerings.

Founded in 1997 and headquartered in Latham, New York, Plug Power has focused on expanding hydrogen applications across logistics, material handling, backup and distributed power, transportation, and industrial markets.

Read More Five stocks we like better than Plug Power CarMax Just Gave Investors a Better Reason to Believe in the Turnaround CoreWeave Comes With Risks: Analysts Split on What Matters Most Bottlenecking the Future: TSMC Prices Out the Competition Fervo Energy Hits Geothermal Milestone: Will It Matter For The Stock? Receive News & Ratings for Plug Power Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plug Power and related companies with MarketBeat.com's FREE daily email newsletter.

Key Takeaways Plug Power is expanding its green hydrogen business through electrolyzer projects across global markets.Plug Power's Q2 revenues rose 9% sequentially to $178.3M, while gross margin improved to negative 0.9%.PLUG targets 15-16% revenue growth in 2026 and positive EBITDA in Q4 amid its restructuring program. Plug Power Inc. (PLUG - Free Report) has been focusing on expanding its business and investing in the green hydrogen energy market given its long-term growth potential. The company looks forward to strengthening its position in the market with its GenEco electrolyzer business, hydrogen production network and growing project portfolio. In July 2026, the 30-megawatt Barrow Green Hydrogen project in the United Kingdom reached final investment decision, with Plug Power supplying its GenEco electrolyzers. In June 2026, the company secured a 50-megawatt electrolyzer order for Orica’s Hunter Valley Hydrogen Hub in Australia.

With regard to this, Plug Power continues to convert its commercial pipeline into executable projects. In September 2026, the company announced the shipment of a one-megawatt GenEco PEM electrolyzer to HWR Hydrogen in New Zealand to support hydrogen production for a refueling station and dual-fuel heavy transport fleet. Also in June 2026, Plug Power completed installation, commissioning and handover of a five-MW GenEco PEM electrolyzer at European Energy’s Måde PtX facility in Denmark. At the same time, PLUG continues to advance its 100-megawatt GALP project in Portugal and 25-megawatt Iberdrola and BP project in Spain.

However, PLUG has been grappling with a high cash burn rate and negative gross margins over the past several quarters, though its financial performance improved in the second quarter of 2026. Revenues increased approximately 9% sequentially to $178.3 million, while gross margin improved to negative 0.9% from negative 30.7% a year ago. The company’s net cash usage fell approximately 58% sequentially to $61 million. The company is targeting 15-16% revenue growth for 2026 and positive EBITDA in the fourth quarter as it continues executing its Quantum Leap restructuring program.

PLUG’s Peers’ Expansion in Clean Energy SpaceAmong Plug Power’s major peers, FuelCell Energy, Inc. (FCEL - Free Report) remains committed to investing in the development and commercialization of its solid oxide fuel cell platform. This includes strategic partnerships that will allow FuelCell Energy to deploy the technology in energy, hydrogen generation and emissions reduction projects. Also, FCEL has been expanding its hydrogen business with its Tri-gen platform, which can simultaneously produce hydrogen, electricity and water. The system supports transportation and industrial applications while potentially reducing hydrogen sourcing and transportation requirements.

Its another peer, Bloom Energy Corporation (BE - Free Report) , stands to benefit from its expanding domestic and international commercial capability. In June 2026, Bloom Energy expanded its strategic partnership with Brookfield, increasing the financing framework for AI infrastructure power projects from $5 billion to $25 billion. The expanded funding is expected to support the global deployment of Bloom Energy’s deployable onsite power platform for AI infrastructure.

The Zacks Rundown for PLUGShares of Plug Power have lost 20.2% in the past year against the industry’s growth of 46.3%.

Image Source: Zacks Investment Research

From a valuation standpoint, Plug Power is trading at a forward price-to-sales ratio of 2.78X compared with the industry average of 7.74X. PLUG carries a Value Score of F.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for PLUG’s bottom line for 2026 has decreased in the past 60 days.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Plug Power Inc. (NASDAQ:PLUG) shares are trading marginally lower Monday morning as investors weigh insider selling disclosures and ongoing C-suite turnover against recent international infrastructure deployments.

Plug Power stock is trending lower. Why is PLUG stock trading lower? Insider Selling and C-Suite TurnoverThe minor pullback follows regulatory filings detailing an executive stock sale and a leadership transition. Last Tuesday, disclosures revealed that Chief Strategy Officer Benjamin Haycraft executed a sale of 200,000 shares of stock, valued at $428,300.

Adding to the internal turbulence, Plug Power disclosed via an 8-K filing last Wednesday that Chief Operating Officer Dean C. Fullerton will resign effective October 23. While the company clarified that Fullerton’s departure was not the result of internal disputes over operations or practices, the combination of an executive exit and insider offloading is prompting some near-term caution and capping the stock’s upside momentum.

Australasia Expansion and Margin ProgressDespite Monday’s trading friction, the equity continues to find underlying support from commercial milestones. Last Tuesday, Plug Power announced the successful shipment of a 1-megawatt GenEco PEM electrolyzer to HWR Hydrogen in Invercargill, New Zealand, aimed at supporting a dual-fuel heavy truck fleet.

Investors continue to balance these global infrastructure wins against the company’s broader financial trajectory, which was recently outlined in its second-quarter earnings report on August 10. In that disclosure, Plug generated $178.3 million in revenue and managed to pull gross margins to near break-even levels while raising its full-year 2026 sales outlook.

PLUG Stock Edges Lower MondayPLUG Price Action: Plug Power shares were down 1.44% at $1.95 during premarket trading on Monday, according to Benzinga Pro data.

Read Next

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

Plug Power (PLUG - Free Report) closed at $1.96 in the latest trading session, marking a -3.92% move from the prior day. The stock's change was less than the S&P 500's daily loss of 0.03%. Meanwhile, the Dow lost 0.31%, and the Nasdaq, a tech-heavy index, added 0.01%.

Shares of the alternative energy company have depreciated by 5.99% over the course of the past month, underperforming the Computer and Technology sector's gain of 5.26%, and the S&P 500's gain of 0.53%.

Market participants will be closely following the financial results of Plug Power in its upcoming release. The company is expected to report EPS of -$0.07, up 41.67% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $185.14 million, showing a 4.57% escalation compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.41 per share and revenue of $817.52 million, which would represent changes of +71.13% and +15.16%, respectively, from the prior year.

Any recent changes to analyst estimates for Plug Power should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. At present, Plug Power boasts a Zacks Rank of #3 (Hold).

The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 44, placing it within the top 18% of over 250 industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Plug Power (PLUG - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this alternative energy company have returned -7.1%, compared to the Zacks S&P 500 composite's +1.3% change. During this period, the Zacks Electronics - Miscellaneous Products industry, which Plug Power falls in, has gained 0.9%. The key question now is: What could be the stock's future direction?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Plug Power is expected to post a loss of $0.07 per share for the current quarter, representing a year-over-year change of +41.7%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

The consensus earnings estimate of -$0.41 for the current fiscal year indicates a year-over-year change of +71.1%. This estimate has remained unchanged over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.17 indicates a change of +58.1% from what Plug Power is expected to report a year ago. Over the past month, the estimate has remained unchanged.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Plug Power is rated Zacks Rank #3 (Hold).

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For Plug Power, the consensus sales estimate for the current quarter of $185.14 million indicates a year-over-year change of +4.6%. For the current and next fiscal years, $817.52 million and $973.46 million estimates indicate +15.2% and +19.1% changes, respectively.

Last Reported Results and Surprise HistoryPlug Power reported revenues of $178.3 million in the last reported quarter, representing a year-over-year change of +2.5%. EPS of -$0.07 for the same period compares with -$0.16 a year ago.

Compared to the Zacks Consensus Estimate of $167.74 million, the reported revenues represent a surprise of +6.3%. The EPS surprise was +12.5%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Plug Power is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Plug Power. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

The shift toward decarbonization has placed hydrogen technologies at the center of the clean energy transition. Choosing between Bloom Energy Corp (BE +1.01%) and Plug Power Inc (PLUG +0.24%) requires understanding their distinct paths to profitability.

Bloom Energy focuses on providing on-site power through solid-oxide fuel cells, while Plug Power is building an end-to-end green hydrogen ecosystem. Both companies operate within the expanding clean energy market, yet they target different applications ranging from data center power to fuel-cell powered warehouse equipment, making them popular choices for investors seeking hydrogen exposure.

The case for Bloom EnergyBloom Energy manufactures and installs solid-oxide fuel cell systems that provide reliable, on-site electricity for high-demand customers within the group of industrial stocks focused on the energy transition. In its latest annual report, the company highlighted a global deployment of approximately 1.5 gigawatts across more than 1,200 installations. Key partners and customers include American Electric Power Co (AEP +0.17%) and Oracle Corp (ORCL +0.67%), with a growing focus on meeting the massive energy needs of artificial intelligence data centers.

In FY 2025, revenue reached slightly more than $2 billion, which represented a significant year-over-year revenue growth of roughly 37%. Despite the strong top-line performance, the company reported a wider net loss of approximately $88 million for the period. This resulted in a net margin of negative 4%, which was a decline from the negative 2% net margin reported in the previous year.

Based on its December 2025 balance sheet, the debt-to-equity ratio reached approximately 3.9x. This ratio compares a company's total debt to the value of its shareholders' equity, indicating how much of its operations are funded by lenders. The so-called current ratio, which measures a company's ability to cover short-term debts with assets that can be converted to cash quickly, was nearly 6x. Free cash flow, defined as cash from operations minus capital expenditures, was roughly $57.2 million.

The case for Plug PowerPlug Power aims to build a comprehensive green hydrogen economy by producing, storing, and delivering fuel alongside its proprietary fuel cell systems. The company primarily serves the material handling market, providing hydrogen solutions for large fleets of warehouse equipment. Its most prominent customer is Walmart Inc (WMT +2.45%), which accounted for about 24% of consolidated revenues in 2025. Customer concentration like this adds a layer of risk to the business.

In FY 2025, revenue reached approximately $710 million, reflecting a revenue growth rate of roughly 13% compared to the prior year. However, the company faced substantial financial hurdles, reporting a net loss of nearly $1.6 billion for the fiscal year, a narrowing of about $500 million from the prior year. This heavy loss highlights the significant costs involved in scaling its green hydrogen infrastructure.

As of its December 2025 balance sheet, the debt-to-equity ratio was approximately 1x. The current ratio reached nearly 2.3x, suggesting the company maintains a moderate buffer to meet its short-term obligations. Free cash flow, which represents the cash remaining after paying for operations and capital equipment, was a loss of roughly $662 million. This negative figure highlights the company's continued reliance on external financing to fund its growth initiatives.

Risk profile comparisonBloom Energy faces competition from traditional utilities and other distributed energy providers that may offer cheaper alternatives. The business is also subject to technology and intellectual property risks in the rapidly evolving market for distributed generation. Additionally, operational risks related to lengthy sales and installation cycles can lead to unpredictable revenue timing. Regulatory changes regarding government incentive programs, such as the Inflation Reduction Act, also introduce uncertainty for its long-term project viability.

Plug Power carries risks related to its significant history of net losses and ongoing challenges with negative cash flow. The company is highly dependent on the availability and competitive pricing of hydrogen, and it may face underutilization of its capital-intensive production assets. Significant customer concentration, particularly its reliance on Walmart, means losing a single partner could be devastating. Furthermore, the company is involved in legal proceedings, including securities class action lawsuits linked to its Department of Energy loan program.

Valuation comparisonPlug Power offers a lower P/S ratio, while Bloom Energy maintains a high Forward P/E based on future earnings estimates. Plug does not have forward P/E because it is not expected to turn a profit in its coming fiscal year.

MetricBloom EnergyPlug PowerForward P/E56.1xN/AP/S ratio25.1x3.7xValuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Bloom Energy's core product is its Energy Server, a stand-alone power source for commercial and industrial customers. The Energy Server is based on solid oxide fuel cell technology and runs on natural gas, biogas, or hydrogen. Natural gas has historically been the dominant fuel, though Bloom has been heralded as a clean energy business in its early days because fuel cells could use "greener" fuel sources.

The business aims to reduce its production costs by about 10% per year to attract more customers (its main markets are the U.S. and Korea). The AI datacenter boom is a tailwind for Bloom, which should see revenue leap 85% to $4.1 billion in fiscal 2026. That has Wall Street expecting a swing to net income of about $658 million.

Plug Power's fuel cells run on clean-burning hydrogen, though creating hydrogen is often done in a process fueled by natural gas. Still, Plug Power sits firmly in the renewable energy niche with customers, benefiting from many countries' moves toward green (not fossil fuel-derived) hydrogen. It is also benefiting from the datacenter boom and from restored tax credits that make its systems more affordable to deploy.

For fiscal 2026, revenue growth is pretty good, with Wall Street analyst consensus predicting a rise of nearly 15%, to reach $812 million. The net loss is seen narrowing to about $580 million.

While Bloom's growth makes it seem like the better buy, long-term investors should consider that major Plug Power customers, Amazon.com Inc (AMZN -0.94%) and Walmart, will enter the replacement phase of their product cycles in the years ahead. Plus, the European Union has strict mandates requiring 42% of industrial hydrogen to be renewable by 2030 as part of its energy security measures.

Those factors have positioned Plug Power very well. Bloom has the davnate of becoming profitable this year and appears to have an inside track to appealing to AI datacenter customers. Still, Plug Power is the better buy in 2026 given its long-term potential and dramatically lower P/S ratio, which is the deciding factor for those seeking a long-term opportunity.

America's appetite for power is growing. Between booming artificial intelligence (AI) data centers, grid resiliencey, and expanding industrial demand, the Bank of America Institute projects U.S. electricity consumption to grow at a 2.5% annual rate over the next decade, five times faster than during the previous 10 years.

That shift could create opportunities for niche clean energy companies, including Bloom Energy (BE -5.39%) and Plug Power (PLUG -1.42%). Both are linked to the hydrogen economy, but they operate at very different points in the value chain, and one is delivering stellar growth, while the other is engineering a turnaround. Here's what investors need to know.

Image source: The Motley Fool.

Booming demand has propelled Bloom Energy to profitability Bloom Energy is operating a highly profitable business right now. The company is seeing incredibly strong demand from data center operators for its solid-oxide fuel cells, which can run on a variety of fuels, including natural gas, biogas, or hydrogen.

What makes Bloom's product compelling for hyperscalers is its ability to deliver on-site power in a few short months. In contrast, hooking up to the power grid can take several years. Right now, technology companies face massive pushback over their energy use and its potential impact on households, leading many to strike deals with companies like Bloom that can deliver power on-site and off-grid.

Premium Feature

Moneyball Superscore

81/100

Today's Change

(

-5.39

%) $

-15.13

Current Price

$

265.63

In the second quarter, Bloom's revenue topped $1 billion for the first time ever, up a whopping 166% from last year. The company's non-GAAP gross margin reached 34.3%, while it reported a generally accepted accounting principles (GAAP) net income of $198.9 million. The company also raised its earnings outlook, projecting revenue of $3.9 billion to $4.2 billion for fiscal year 2026.

Plug Power's business has struggled with high operating costs and accumulating losses Plug Power has focused on building out the hydrogen ecosystem. The company's largest product line is its equipment, including proton-exchange membrane (PEM) fuel cells that power electric forklifts, reach trucks, and other material-handling equipment. It also offers electrolyzers, which let customers create their own hydrogen on-site, sells hydrogen fuel, and earns fees from service and maintenance contracts.

However, Plug has accumulated losses since its founding. In Q2, the company racked up another $190 million in losses, and its accumulated deficit now stands at $8.7 billion. The company is taking steps to improve profitability and has launched Project Quantum Leap to achieve this.

Premium Feature

Moneyball Superscore

38/100

Today's Change

(

-1.42

%) $

-0.03

Current Price

$

2.09

So far, Plug is making progress. The company's total gross margin improved to -0.9%, up from -30.7% a year ago. The company reduced operating expenses by 50%, driven by asset recoveries, and net operating cash use fell by 58% from Q1.

Management hopes to achieve positive earnings before interest, taxes, depreciation, amortization, and share-based expenses (EBITDAS) in Q4 this year and profitability by the end of 2028.

What's next for these energy stocks Plug Power is undergoing a turnaround to improve its finances and finally achieve profitability. For investors buying today, you're hoping management can navigate this multiyear turnaround successfully and turn its hydrogen ecosystem from a cash-burning venture into a viable business model.

Bloom Energy is growing rapidly and recently expanded its deal with Brookfield Asset Management to deploy its solid-oxide fuel cells. If you're looking to capitalize on the booming demand for energy from hyperscalers, Bloom Energy is a top stock to own right now.

Plug Power (PLUG - Free Report) closed at $2.08 in the latest trading session, marking a -1.89% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.17% for the day. At the same time, the Dow lost 0.18%, and the tech-heavy Nasdaq gained 0.4%.

Heading into today, shares of the alternative energy company had lost 3.64% over the past month, lagging the Computer and Technology sector's gain of 0.37% and the S&P 500's loss of 1.29%.

Market participants will be closely following the financial results of Plug Power in its upcoming release. It is anticipated that the company will report an EPS of -$0.07, marking a 41.67% rise compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $185.14 million, indicating a 4.57% increase compared to the same quarter of the previous year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.41 per share and a revenue of $817.52 million, representing changes of +71.13% and +15.16%, respectively, from the prior year.

Any recent changes to analyst estimates for Plug Power should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Plug Power is holding a Zacks Rank of #3 (Hold) right now.

The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 45, which puts it in the top 19% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Key Takeaways Plug Power cut its Q2 net loss to $190.1 million from $228.7 million a year ago.Plug Power's Q2 gross margin improved to -0.9% from -30.7% on pricing and cost gains.Plug Power continues cost cuts and footprint optimization to improve profitability and liquidity. 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 costs, optimizing its workforce and reorganizing its manufacturing footprint. These efforts are intended to reduce expenses and improve liquidity while enhancing operational efficiency. Plug Power’s 2026 restructuring plan, initiated in January, was completed in the second quarter, with restructuring costs falling to $0.2 million in the quarter from $3 million a year ago.

However, Plug Power remains unprofitable. In the second quarter of 2026, PLUG reported a net loss of approximately $190.1 million compared with $228.7 million in the year-ago quarter. For the first six months of 2026, the company reported a net loss of approximately $436.1 million.

Nevertheless, Plug Power delivered margin improvement during the second quarter. In the quarter, its gross margin improved to negative 0.9% from negative 30.7% reported in the year-ago period. For the first six months, gross margin improved to negative 6.8% from negative 41.4%. The improvement was driven by enhanced pricing, better stack reliability, increased labor utilization and lower labor and overhead costs. The company’s Power Purchase Agreements gross loss also improved to negative 30% from negative 91.6%.

Despite the challenges, Plug Power remains focused on improving profitability and liquidity. The company continues to pursue cost reductions, operational efficiency, improved pricing and manufacturing footprint optimization. These initiatives, along with efforts to improve the economics of its hydrogen, fuel-cell and electrolyzer businesses, are expected to support its margin recovery in the quarters ahead.

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 second quarter of 2026. However, Bloom Energy’s gross profit rose 232% year over year. Bloom Energy’s gross margin expanded 670 basis points to 33.4%, 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 $6 million, down 45.4% year over year in the fiscal fourth quarter of 2026. However, Flux Power’s gross profit declined 60.9% year over year. Flux Power’s gross margin increased 10 basis points year over year.

The Zacks Rundown for PLUGShares of Plug Power have gained 2.5% in the past year compared with the industry’s growth of 38%.

Image Source: Zacks Investment Research

From a valuation standpoint, Plug Power is trading at a forward price-to-sales ratio of 3.09X compared with the industry average of 7.74X. PLUG carries a Value Score of F.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for PLUG’s bottom line for 2026 has decreased in the past 60 days.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

powered by

PLUG put spread

Buy put spreads on Plug Power (e.g., buy the $2.00 put and sell the $1.50 put, expiries 1–3 months). This targets the bearish technical path in the article (break below $1.87, then $1.50) while limiting cost versus outright puts. Rising short interest supports downside momentum if the $1.87 support fails.

Key Risk: The stock holds $1.87 and reclaims the 50-day moving average on turnaround headlines, making the puts decay quickly.

PLUG short

Sell short Plug Power (PLUG). The stock is in a bearish flag/ascending channel, below the 50-day moving average with PPO under neutral, and short interest is rising to ~20–23% despite a turnaround. The article also flags dilution risk: shares have surged to ~1.39B from 1.12B, and investors are shorting specifically because they expect continued dilution. Technicals point to a breakdown: likely move toward $1.87, then $1.50.

Key Risk: A clear profitability/dilution break—e.g., a financing plan that stops share issuance and shows sustained cash-flow improvement—causing a sharp squeeze and reversal above the $1.87–$2.26 range.

Plug Power stock has traded largely sideways in recent weeks, but remains firmly in bear-market territory after falling 47% from its May high. The shares were trading at $2.26, giving the company a market capitalization of roughly $3 billion, while short interest has climbed to 20% despite ongoing efforts to execute a turnaround.

American investors are still shorting Plug Power, the leading player in hydrogen energy, despite its ongoing turnaround efforts. Benzinga data shows that the short interest has jumped to 23.46%, while a separate report by Seeking Alpha shows that it has 20%.

The increased shorting is happening even as the company’s turnaround continues. Its last earnings report showed that its revenue rose modestly in the last quarter. It made $178 million in the second quarter from $173 million in the same period last year. 

The revenue increase brought its six-month revenue to $341 million from $307 million in the same period last year. This revenue is a demonstration that its business continues seeing strong demand from companies like Amazon and Walmart. 

Most of this growth was driven by its services performed on fuel cells, which soared to $29.8 million from the $16.3 million it made in the same period last year. This division made over $51 million in the first six months of the year.

Plug Power’s power purchase agreements made over $26 million, while the fuel delivered to customers hit over $39 million. This growth was offset by a significant decline in the sales of equipment, which dropped to $81.8 million. 

Most importantly, the company is working on boosting its profitability. Its net loss in the second quarter narrowed to $190 million mostly because of the change in fair value of convertible debt instruments. It also spent over $16 million in interest payments during the quarter. 

The short selling is, therefore, a sign that investors believe that the company will continue its dilution. Plug Power’s outstanding shares have soared to over 1.39 million billion from 1.12 million in the same period last year. The company had over 577 million in 2022. 

On the positive side, analysts believe that its revenue will continue to grow in the foreseeable future. Its annual revenue is expected to grow by 15.3% to $819 million, followed by $968 million next year. 

PLUG stock chart | Source: TradingView

The daily chart shows that the PLUG has remained inside a narrow range in the past few days. It was trading at $2.26, down sharply from a high of $4.31 in June this year.

The stock has formed an ascending channel, which is part of a bearish flag pattern. This pattern often leads to a bearish breakout. It has remained below the 50-day moving average, while the Percentage Price Oscillator (PPO) has moved below the neutral level.

Therefore, the stock will likely have a bearish breakout, potentially to the key support level of $1.87. A move below that level will point to more downside, potentially to $1.50.

Key Takeaways Plug Power's revenues rose 11.1% in the first half of 2026, driven by strong growth in key streams.PLUG secured major electrolyzer orders in Australia and the United Kingdom, strengthening its position.Plug Power reported a $433.5 million net loss, pressured by convertible debt and warrant liabilities. Plug Power Inc. (PLUG - Free Report) shares have surged 10.1% in the year-to-date period, underperforming the industry and the S&P 500, which have returned 37.5% and 12.2%, respectively. In comparison, the company’s peers like Bloom Energy Corporation (BE - Free Report) and FuelCell Energy, Inc. (FCEL - Free Report) have gained 191% and 104.5%, respectively, over the same time frame.

PLUG Underperforms Industry & S&P 500
Image Source: Zacks Investment Research

Although PLUG has been persistently grappling with net losses, its growing presence in the lucrative green hydrogen energy and strong expertise in the electrolyzer market are expected to drive its long-term performance.

PLUG Stock’s 50-Day & 200-Day Moving Averages
Image Source: Zacks Investment Research

Let’s take a look at PLUG’s fundamentals to better analyze how to play the stock.

Factors Driving PLUG’s PerformancePlug Power showed encouraging signs of recovery across its core businesses during the first six months of 2026. The company’s total net revenues increased to $341.8 million compared with $307.6 million in the first six months of 2025. While revenues from equipment, related infrastructure and other products declined 1.1% year over year to $160.9 million from $162.7 million, the impact was more than offset by strong growth in other revenue streams.

Revenues from services performed on fuel cell systems and related infrastructure increased 55.9% year over year to $51.8 million, while revenues from power purchase agreements increased 13.6% to $53.2 million. Fuel revenues also continued to benefit from rising hydrogen consumption, supporting the company’s broader revenue recovery.

Plug Power is benefiting from an increase in demand for its electrolyzer product line. In the first half of 2026, the company generated $54.1 million in electrolyzer revenues, in line with the prior-year period, reflecting continued demand for its green hydrogen production solutions despite project timing differences.

Demand for Plug Power’s GenEco proton exchange membrane (PEM) electrolyzers continues to increase across industrial and energy sectors globally. PLUG’s electrolyzers enable customers in refining, chemicals, steel, fertilizer and commercial refueling to generate hydrogen on-site. Healthy demand for electrolyzers continues to be supported by strong policy backing in Europe, where government investments and faster project timelines are accelerating green hydrogen adoption.

It is worth noting that in July 2026, Plug Power secured a 50-megawatt (MW) GenEco electrolyzer order for Orica’s Hunter Valley Hydrogen Hub in Australia, which became the country’s largest renewable hydrogen project to reach final investment decision (FID). Also, in May 2026, the 30-MW Barrow Green Hydrogen Project in the United Kingdom reached FID, with PLUG set to supply six 5-MW GenEco PEM electrolyzers for the renewable hydrogen facility. These projects strengthen the company’s position as a leading provider of large-scale green hydrogen solutions.

However, Plug Power continues to face significant financial pressures. The company reported a net loss attributable to Plug Power of approximately $433.5 million in the first six months of 2026 compared with $423.8 million in the prior-year period. The higher loss was primarily affected by a $145.0 million loss from changes in the fair value of convertible debt instruments and an $83.9 million loss from changes in the fair value of warrant liabilities.

PLUG also operates in the highly competitive green hydrogen and fuel cell markets, which include major industry players like FuelCell Energy and Bloom Energy.

PLUG’s Estimate Revisions
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for PLUG’s bottom line for 2026 has declined in the past 60 days.

Valuation
Image Source: Zacks Investment Research

From a valuation standpoint, Plug Power is trading at a trailing price-to-sales ratio of 3.26X compared with the industry average of 7.7X. In comparison, FuelCell Energy and Bloom Energy are trading at 5.11X and 12.94X, respectively.

ConclusionStrong revenue growth, resilient electrolyzer demand and a robust project pipeline are likely to support Plug Power’s long-term performance. While significant net losses remain near-term concern, this Zacks Rank #3 (Hold) company’s growing presence in the large-scale green hydrogen market and improving business momentum offer attractive long-term growth prospects.

While current shareholders should hold their positions, new investors should wait for the stock to retract some of its recent gains and provide a better entry point.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Plug Power generated $54.1 million in electrolyzer revenues in the first half of 2026.Plug Power secured major electrolyzer projects in Australia and the United Kingdom.Rising electrolyzer demand and the Quantum Leap project are expected to support long-term growth. Plug Power Inc. (PLUG - Free Report) ’s electrolyzer product line remains one of its primary growth drivers. In the first half of 2026, the company generated $54.1 million in electrolyzer revenues, in line with the prior-year period, reflecting continued demand for its green hydrogen production solutions despite project timing differences.

Demand for Plug Power’s GenEco proton exchange membrane (PEM) electrolyzers continues to rise across industrial and energy sectors globally. The company’s electrolyzers enable customers in refining, chemicals, steel, fertilizer and commercial refueling to generate hydrogen on site. Healthy demand for electrolyzers continues to be supported by strong policy backing in Europe, where government investments and faster project timelines are accelerating green hydrogen adoption.

It is worth noting that in July 2026, Plug Power secured a 50-megawatt (MW) GenEco electrolyzer order for Orica’s Hunter Valley Hydrogen Hub in Australia, which became the country’s largest renewable hydrogen project to reach final investment decision (FID). Also, in May 2026, the 30-MW Barrow Green Hydrogen Project in the United Kingdom reached FID, with PLUG set to supply six 5-MW GenEco PEM electrolyzers for the renewable hydrogen facility. These projects strengthen the company’s position as a leading provider of large-scale green hydrogen solutions.

Despite ongoing challenges, including negative gross margins, operating losses and cash outflows, which are likely to affect PLUG’s near-term performance, rising demand for electrolyzers in the green hydrogen market and the Quantum Leap project are expected to support the company’s long-term growth prospects.

Snapshot of Plug Power’s PeersAmong its major peers, Flux Power Holdings, Inc. (FLUX - Free Report) reported revenues of $8.2 million in the fourth quarter of fiscal 2026 (ended June 2026). Flux Power’s total revenues increased 25% sequentially in the same period, driven by increased customer orders. Flux Power continues to expand its lithium-ion energy storage solutions and SkyEMS software platform.

In the second quarter of 2026, another peer of PLUG, Bloom Energy Corporation’s (BE - Free Report) product revenues surged 215.4% year over year. Bloom Energy’s total revenues surged 165.5% year over year. The growth was fueled by robust demand for Bloom Energy’s solid oxide fuel cell systems and expanding adoption of hydrogen-capable solutions.

The Zacks Rundown for PLUGShares of Plug Power have gained 19.3% in the past six months compared with the industry’s growth of 6.4%.

Image Source: Zacks Investment Research

From a valuation standpoint, Plug Power is trading at a forward price-to-sales ratio of 3.26X compared with the industry average of 12.49X. PLUG carries a Value Score of F.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for PLUG’s bottom line for third-quarter 2026 has decreased in the past 60 days.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

BlackRock Inc. lifted its stake in shares of Plug Power, Inc. (NASDAQ:PLUG – Free Report) by 21.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 184,032,469 shares of the electronics maker’s stock after purchasing an additional 31,939,194 shares during the quarter. BlackRock Inc. owned 13.19% of Plug Power worth $498,728,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Plug Power by 50.7% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,223,498 shares of the electronics maker’s stock valued at $3,316,000 after buying an additional 411,558 shares during the period. AMG National Trust Bank bought a new stake in Plug Power during the 2nd quarter worth approximately $330,000. Global Retirement Partners LLC bought a new stake in Plug Power during the 2nd quarter worth approximately $73,000. Bank of New York Mellon Corp lifted its stake in Plug Power by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,117,519 shares of the electronics maker’s stock worth $11,158,000 after purchasing an additional 107,144 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in Plug Power by 553.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 710,470 shares of the electronics maker’s stock worth $1,925,000 after purchasing an additional 601,816 shares in the last quarter. Institutional investors own 43.48% of the company’s stock.

Plug Power Stock Performance NASDAQ:PLUG opened at $2.17 on Tuesday. The business has a 50 day moving average of $2.34 and a 200 day moving average of $2.59. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of -1.72 and a beta of 2.20. Plug Power, Inc. has a 1-year low of $1.41 and a 1-year high of $4.58. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.32 and a quick ratio of 1.32.

Plug Power (NASDAQ:PLUG – Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The business had revenue of $178.30 million for the quarter, compared to analysts’ expectations of $169.11 million. Plug Power had a negative net margin of 220.59% and a negative return on equity of 56.01%. The firm’s revenue was up 2.5% compared to the same quarter last year. On average, sell-side analysts predict that Plug Power, Inc. will post -0.26 earnings per share for the current fiscal year. Analyst Upgrades and Downgrades A number of research analysts have recently commented on the stock. Wall Street Zen lowered shares of Plug Power from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. Roth Capital reiterated a “buy” rating and issued a $5.00 price objective (up from $3.50) on shares of Plug Power in a research report on Wednesday, August 12th. Weiss Ratings lowered Plug Power from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, July 28th. Craig Hallum restated a “buy” rating on shares of Plug Power in a research report on Tuesday, August 11th. Finally, HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Plug Power in a research report on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $3.59.

Read Our Latest Stock Analysis on Plug Power

Plug Power Profile (Free Report)

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.

See Also Five stocks we like better than Plug Power Visa Just Put Hims & Hers in the Penalty Box—Here’s Why It Matters Treasury Yields Are Surging Again: 3 Stocks That Could Feel the Pain Snowflake Could Be Headed for New Highs Despite Insider Selling MongoDB Is Surging—And the Next Catalyst Is Almost Here

Receive News & Ratings for Plug Power Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plug Power and related companies with MarketBeat.com's FREE daily email newsletter.

Under new CEO Jose Luis Crespo, Plug Power (PLUG -4.41%) seems to be staging an impressive turnaround.

In 2025, under its former CEO, the popular hydrogen stock posted a massive $1.7 billion loss. Compare that figure to Plug Power's $3.2 billion market cap, and you can quickly appreciate the company's dire financial position.

Last quarter, however, Plug Power posted a loss of just $188 million, a run rate below $800 million per year. While not an obvious cause for celebration, narrowing losses suggest the company is headed in the right direction. Gross profit came in at negative $1.7 million, a sizable improvement to the $53.5 million gross loss posted the year prior.

Image source: Getty Images.

While unprofitable, Plug Power's management team claims roughly $2 billion in liquidity, though only $162 million is liquid cash, with another $672 million in restricted cash.

Rising sales of its GenEco hydrogen fuel systems, as well as rising hydrogen fuel sales thanks to a larger installed base, have Wall Street fairly bullish on the embattled stock. An average 12-month price target of $3.20 per share suggests roughly 40% in potential upside. Notably, two analysts recently reaffirmed their predictions, forecasting upside of 117% and 205%, respectively.

After a brief correction, Plug Power stock is roughly flat on the year despite the seeming turnaround. Should retail investors take advantage of the pullback? You may be surprised by the answer.

Today's Change

(

-4.41

%) $

-0.10

Current Price

$

2.17

Here's what Wall Street gets wrong about Plug Power's turnaround Plug Power's turnaround seems to have real legs. Revenue is rising by double digits due to strong demand for the company's GenEco hydrogen fuel systems. Earlier this year, Plug Power secured the largest order in its history: a 275-PEM electrolyzer system for Hy2gen, a Canadian conglomerate.

Rising demand has Wall Street excited not only about revenue growth potential but also about the prospect of reaching profitability. That would be huge, since Plug Power has yet to realize sustainable profits since its founding nearly three decades ago.

The issue with Plug Power as an investment doesn't strictly have to do with the company itself but with the industry it competes in. Many expert long-term forecasts of hydrogen demand have been cut in recent years for one simple reason: Hydrogen remains uneconomic relative to competing fuels such as natural gas, wind, and solar.

"We forecast the amount of hydrogen produced in 2050 will be 35% lower than we forecast in 2022. Clean hydrogen will see an even bigger decrease of 45%," one industry report concluded earlier this month. "Like most mainstream forecasters of the energy transition, the high cost of hydrogen and the lack of policy implementation have led us to revise our outlook."

Given this dynamic, Plug Power's end market demand will largely remain reliant on government subsidies and regulatory actions. In short, the company simply doesn't control its own future. So, while turnaround efforts are gaining traction, I remain leery that Plug Power will reach sustainable profits by the end of the decade.

Posted by Defense World Staff on Aug 13th, 2026

Plug Power (NASDAQ:PLUG – Get Free Report) and EZGO Technologies (NASDAQ:EZGO – Get Free Report) are both industrials companies, but which is the better stock? We will contrast the two businesses based on the strength of their profitability, valuation, earnings, dividends, risk, analyst recommendations and institutional ownership.

Earnings & Valuation This table compares Plug Power and EZGO Technologies”s revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Plug Power $709.92 million 4.51 -$1.63 billion ($1.32) -1.73 EZGO Technologies $20.49 million 0.14 -$8.69 million N/A N/A EZGO Technologies has lower revenue, but higher earnings than Plug Power.

Volatility & Risk Plug Power has a beta of 2.2, indicating that its share price is 120% more volatile than the S&P 500. Comparatively, EZGO Technologies has a beta of 1.67, indicating that its share price is 67% more volatile than the S&P 500.

Analyst Recommendations This is a breakdown of recent recommendations and price targets for Plug Power and EZGO Technologies, as provided by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Plug Power 3 7 5 2 2.35 EZGO Technologies 1 0 0 0 1.00 Plug Power presently has a consensus target price of $3.59, suggesting a potential upside of 56.66%. Given Plug Power’s stronger consensus rating and higher possible upside, equities analysts clearly believe Plug Power is more favorable than EZGO Technologies.

Insider & Institutional Ownership 43.5% of Plug Power shares are held by institutional investors. Comparatively, 8.0% of EZGO Technologies shares are held by institutional investors. 1.4% of Plug Power shares are held by insiders. Comparatively, 40.1% of EZGO Technologies shares are held by insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a company will outperform the market over the long term.

Profitability This table compares Plug Power and EZGO Technologies’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Plug Power -220.59% -49.54% -20.12% EZGO Technologies N/A N/A N/A Summary Plug Power beats EZGO Technologies on 8 of the 13 factors compared between the two stocks.

About Plug Power (Get Free Report)

Plug Power Inc. develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power. It also provides electrolyzers, a hydrogen generator for clean hydrogen production; liquefaction systems that provides liquid hydrogen to customers; cryogenic equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen and other cryogenic gases, including trailers and mobile storage equipment; and liquid hydrogen, an alternative fuel to fossil-based energy. The company sells its products through a direct product sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was incorporated in 1997 and is headquartered in Latham, New York.

About EZGO Technologies (Get Free Report)

EZGO Technologies Ltd., through its subsidiaries, designs, manufactures, rents, and sells e-bicycles and e-tricycles in the People's Republic of China. It operates in three segments: Battery Cells and Packs; E-Bicycles Sales; and Electronic Control System and Intelligent Robots. The company rents and sells lithium batteries under the Hengmao brand; sells, franchises, and operates smart charging piles for e-bicycles and other electronic devices; and sells battery cells and packs. It also designs and sells intelligent robots, and electric vehicle accessories and electronic control systems; and provide after-sales services for e-bicycles, including technical support, parts supply, and sales of peripheral products and derivatives, including raincoats, helmets, and mobile phone brackets. In addition, the company engages in the development, operation, and maintenance of software related to e-bicycle and battery rental services; manufacturing of industrial automatic control devices and systems; equipment maintenance and repair activities; and import and export trade of e-motor bicycles. It offers its e-bicycles and e-tricycles under the Cenbird and EZGO brands; and smart charging piles, intelligent robots, and electronic control systems under the Hengdian brand name. The company was formerly known as EZGO IOT Tech & Services Co., Ltd. EZGO Technologies Ltd. was founded in 2014 and is headquartered in Changzhou, China.

Receive News & Ratings for Plug Power Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Plug Power and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEHead to Head Contrast: Intrum AB (publ) (OTCMKTS:ITJTY) vs. LendingTree (NASDAQ:TREE)

NEXT HEADLINE »Neurogene (NASDAQ:NGNE) Price Target Cut to $65.00 by Analysts at HC Wainwright

Plug Power's (PLUG +5.21%) turnaround strategy is showing meaningful progress. The pioneering hydrogen company's adjusted net loss fell by more than half in the second quarter, plunging from $0.18 to $0.07 per share.

That might have investors wondering if now's the time to buy the hydrogen stock. I don't think that time has arrived just yet. Here's what I still want to see.

Image source: The Motley Fool.

Meaningful improvements where it matters most Three factors enabled Plug Power to cut its adjusted net loss by more than half in the second quarter. The hydrogen company's revenue rose 9% compared to the first quarter to $178 million (and 2.5% from the year-ago period). While that's a slowdown from the 22% growth it delivered in the first quarter, the company still more than offset weaker equipment sales in the second quarter with brisk service revenue growth.

Plug Power also continues to drive down expenses. Its operating expenses dropped 50% year-over-year to $62 million, as its Project Quantum Leap is delivering tangible cost savings.

These two factors have enabled the company to achieve breakeven on its gross margin. That's a vast improvement from last quarter (-13%) and the year-ago period (-31%). Its gross margin should continue to improve as revenue increases while it maintains cost discipline.

Today's Change

(

5.21

%) $

0.11

Current Price

$

2.22

What's driving the growth? Growth has been elusive for Plug Power in recent years. However, that trend has started to reverse this year, with accelerating momentum. Plug Power is raising its full-year revenue growth forecast to 15%-16%.

Services revenue skyrocketed 82% in the second quarter to around $30 million, driven by its growing installed base and expanding recurring aftermarket revenue. This is now high-margin revenue for the company (27% in the quarter).

Meanwhile, the company deployed 1,666 GenDrive fuel cell units in the quarter, more than double the year-ago total (739). Deployment should continue growing. Two of its largest materials handling customers are planning to refresh more than 20,000 GenDrive units over the next three years. Customers upgrading to Plug's newest generation fuel cell technology represents a meaningful recurring revenue opportunity for the company.

What I'm still watching Plug Power is clearly making progress. However, the company still has some work to do. While its cash burn rate has improved dramatically (down 58% from the first quarter), it still used $61 million in cash during the quarter. As a result, liquidity remains a concern. It ended the second quarter with $162 million in net cash, though it's generating additional liquidity through asset monetization and other non-dilutive financing, including $80 million after quarter-end.

Liquidity will remain an issue until the company reaches profitability, which will take a while. It's still on track to exit this year with positive earnings before interest, taxes, depreciation, and amortization (EBITDA). Meanwhile, it expects to reach overall profitability by the end of 2028.

Not there yet Plug Power is clearly making progress on its turnaround plan. However, it's not there yet, making it a speculative investment. A lot has to go right for a company that has a long history of missing the mark. That's why I wouldn't buy shares yet; there's still too much execution risk here for me. There are other clean energy companies I'd buy over Plug Power these days.

Plug Power (PLUG +5.89%) — a popular hydrogen fuel stock — popped after announcing second-quarter earnings on Aug. 10. Investors and analysts alike were impressed by the company’s progress towards profitability. Revenue gains and cost efficiencies helped the company beat estimates for both sales and profits.

Plug Power posted an adjusted second-quarter loss of $0.07 per share. That beat Wall Street’s prediction of an $0.08 per share loss, while also handily outpacing last year’s result of an $0.18 per share loss.

Narrowed losses were helped by a 15% spike in hydrogen fuel sales, which, in turn, was driven by rising demand among the company’s growing installed customer base. Sales overall ticked higher by 2.5% year-over-year to $178.3 million, beating consensus estimates by nearly $10 million.

Analysts were particularly excited by the company’s progress towards profitability, as well as boosted sales growth guidance.

“Plug Power … reported that gross margin neared breakeven territory, marking a hefty improvement from a year ago and the first quarter,” observes Barron’s. “But the big takeaway for Wall Street was Plug Power’s decision to raise its 2026 revenue guidance growth expectation to 15% to 16%, up from the company’s previous 13% to 15% growth view.”

Plug Power’s stock is now nearly 40% higher since 2026. But over the past five years, shares remain more than 90% lower.

Should Plug Power investors trust the positive earnings report? You might be surprised by the answer.

Today's Change

(

5.89

%) $

0.12

Current Price

$

2.23

This is the biggest problem with Plug Power stockThe last few quarters have been impressive for Plug Power. Last October, the company announced a new CEO, Jose Luis Crespo, who officially took over this March. Crespo quickly announced several strategic priorities, chief among which was turning Plug Power profitable.

Over the past decade, Plug Power has increased sales by more than 700%. Persistent losses, however, have forced it to dilute shareholders by issuing more stock. Total shares outstanding have also jumped by nearly 700% over the past decade, completely offsetting the company’s revenue gains over that time. Persistent losses, therefore, have been the main drag on shareholder returns, not revenue growth.

Image source: Getty Images

This is why Plug Power’s progress towards profitability has analysts so bullish. Plug Power has had success installing its new Gen Eco hydrogen electrolyzer systems. And a higher installed base is now generating more hydrogen fuel sales, improving operational leverage and margins.

Here’s the problem: hydrogen fuel remains largely uneconomic versus traditional renewable power sources and conventional fossil fuels. Demand forecasts for hydrogen have been consistently lowered due to uncompetitive pricing.

“We forecast the amount of hydrogen produced in 2050 will be 35% lower than we forecast in 2022. Clean hydrogen will see an even bigger decrease of 45%,” one industry forecast warned on Aug. 7. “Like most mainstream forecasters of the energy transition, the high cost of hydrogen and the lack of policy implementation have led us to revise our outlook.”

Plug Power has been impressive in recent quarters. But the company still specializes in a fuel source with limited long-term growth drivers apart from industry experimentation and government subsidies. In other words, Plug Power still operates in an unfriendly market.

Wall Street still expects Plug Power to remain unprofitability in both 2026 and 2027. This will likely trigger additional share dilution. Until the company can prove its ability to sustain positive profit margins, I’m remaining on the sidelines.