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.
The past year has been a wild ride for oil prices.
Oil prices last September hovered around $60 per barrel. They would remain at roughly that level for the next six months.
This March, however, prices began to climb sharply amid rising geopolitical tensions. In April, prices surged well above $100 per barrel, only to fall back toward $60 in July.
Today, oil prices are back above $90 per barrel. And according to a new report from Goldman Sachs, $120-per-barrel oil could be just around the corner.
If oil prices climb that high, investors would be wise to search for promising oil stocks. There is, however, another way to bet on rising oil prices: buy hydrogen fuel stocks.
Hydrogen fuel is a potential substitute for fossil fuels in a wide variety of applications, particularly in hard-to-decarbonize sectors like aviation, steelmaking, chemicals production, and cement making. When fossil fuel prices rise, switching to an alternative fuel source like hydrogen can become more attractive.
One of the more popular hydrogen fuel companies right now is Plug Power (PLUG +4.15%). Plug Power is already experiencing impressive revenue growth. Higher oil prices could provide even more sales growth momentum.
But before you jump in, there are two things investors must understand.
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1. Goldman Sachs hasn't been the best oil price prognosticatorSwings in oil prices today are largely a matter of geopolitical tensions. The active war between the U.S. and Iran started on Feb. 28. This is the primary reason oil prices began to move higher in March.
At the time, Goldman Sachs was guiding for higher oil prices. The bank expected "21 days of low Strait of Hormuz oil flows at 10% of normal levels, followed by 30 days of gradual recovery." Goldman predicted $98 per barrel oil in early 2026, with prices falling to $71 per barrel by the end of the year.
Now, Goldman is reversing its previous end-of-year price prediction.
"In a span of just three months, Goldman Sachs analysts have gone from lowering their oil-price forecasts to hiking them," observes a report from MarketWatch. "The reduction came after the memorandum of understanding between the U.S. and Iran, but now, with no sign of a let-up in Strait of Hormuz hostilities, commodities research head Daan Struyven is obliged to reverse direction and lift his price assumptions."
While informed, investors should remember that predictions from Goldman Sachs -- or any other bank for that matter -- should not be taken as guaranteed.
Image source: Getty Images
2. Switching to hydrogen fuel isn't straightforwardPlug Power is expected to grow revenue by 15% this year, with another 18% growth expected in 2027. Higher sales are the result of the sale of more hydrogen fuel systems, as well as higher hydrogen fuel itself to a larger installed base of users.
Higher oil prices should help hydrogen become a more economic fuel source. But here's the problem: pricing for other alternative fuel sources like wind and solar continue to drop as well. So while potential customers will be more likely to pursue alternative fuel sources during a higher-for-longer oil pricing environment, hydrogen is far from their only option.
Additionally, the production of hydrogen fuel often involves the use of fossil fuels. According to a recent industry report, more than 90% of hydrogen projects in the U.S. rely on fossil fuels for hydrogen production. In short, higher oil prices cuts both ways. The end result for Plug Power stock is far from straightforward.
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.
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.
CSLM Acquisition (NASDAQ:SPWR – Get Free Report) and Plug Power (NASDAQ:PLUG – Get Free Report) are both industrials companies, but which is the better business? We will compare the two businesses based on the strength of their risk, earnings, profitability, dividends, valuation, analyst recommendations and institutional ownership.
Profitability This table compares CSLM Acquisition and Plug Power’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets CSLM Acquisition -4.82% N/A -5.38% Plug Power -220.59% -56.01% -21.09% Valuation and Earnings This table compares CSLM Acquisition and Plug Power”s gross revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio CSLM Acquisition $300.00 million 0.25 -$45.35 million ($0.19) -1.90 Plug Power $709.92 million 4.27 -$1.63 billion ($1.26) -1.72 CSLM Acquisition has higher earnings, but lower revenue than Plug Power. CSLM Acquisition is trading at a lower price-to-earnings ratio than Plug Power, indicating that it is currently the more affordable of the two stocks.
Analyst Recommendations This is a breakdown of current ratings and recommmendations for CSLM Acquisition and Plug Power, as reported by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score CSLM Acquisition 1 0 1 0 2.00 Plug Power 3 7 5 2 2.35 CSLM Acquisition presently has a consensus target price of $5.40, indicating a potential upside of 1,399.17%. Plug Power has a consensus target price of $3.59, indicating a potential upside of 65.32%. Given CSLM Acquisition’s higher probable upside, equities research analysts clearly believe CSLM Acquisition is more favorable than Plug Power.
Risk & Volatility CSLM Acquisition has a beta of 0.7, meaning that its stock price is 30% less volatile than the S&P 500. Comparatively, Plug Power has a beta of 2.21, meaning that its stock price is 121% more volatile than the S&P 500.
Institutional & Insider Ownership 47.4% of CSLM Acquisition shares are held by institutional investors. Comparatively, 43.5% of Plug Power shares are held by institutional investors. 42.6% of CSLM Acquisition shares are held by company insiders. Comparatively, 1.4% of Plug Power shares are held by company insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a stock is poised for long-term growth.
Summary CSLM Acquisition beats Plug Power on 8 of the 15 factors compared between the two stocks.
(Get Free Report)
Complete Solaria, Inc. engages in the provision of solar services. It offers sales enablement, project management, partner coordination, and customer communication. The company is headquartered in San Ramon, CA and does business as SunPower Corporation.
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.
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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.
Plug Power stock has pulled back sharply in recent months, sliding nearly 48% from its year-to-date high of $4.33 to $2.27. The retreat comes even as the company's turnaround strategy takes shape, with short interest remaining stubbornly elevated throughout the decline. So, is it time to buy PLUG shares?
Plug Power is a top company in the hydrogen power industry. In addition to producing hydrogen, it also makes money by selling electrolyzers and offering services to power plants. Some of its top customers are companies like Amazon and Walmart.
The company has gone through a rough patch in the past few years, with its losses and cash burn rising. This has resulted in the company diluting its shares over time. Its outstanding shares jumped from 230 million in 2019 to 1.39 billion today.
Recently, however, there are signs that the business is improving, with its turnaround strategy starting to bear fruit. Its turnaround has involved pausing some of its projects and announcing layoffs in a bid to boost its margins.
The most recent results showed that its revenue jumped to $178 million in the second quarter from $173 million in the same period last year. It rose to $341 million in the first six months, up by over $40 million from last year.
The revenue increase was driven by a surge in services provided on its fuel cells, power purchase agreements, and fuel delivered to customers. This increase was offset by the decline in the sales of equipment.
Most importantly, the company announced an improvement in its bottom line. It made a net loss of $190 million in the second quarter from $228 million in the same period last year. The company’s gross margins improved to the break-even point, a big improvement from the previous minus 31%.
Plug Power believes that it has a bullish catalyst ahead. For example, it believes that its two biggest customers, Amazon and Walmart, plan to refresh more than 2,000 GenDrive units in the next three years. This will, in turn, lead to a significant recurring revenue opportunity.
Plug Power also boosted its forward estimate. Analysts believe that the annual revenue will come in at $819 million, up by 15% YoY, followed by $968 million.
Still, many investors remain skeptical about Plug Power as evidenced by its substantial short interest, which has jumped to over 20%. This is partly because many investors believe that the company will need to raise cash through dilution.
Plug Power stock chart | Source: TradingView
The daily chart shows that the PLUG share price has slumped in the past few months, falling from the year-to-date high of $4.33 to the current $2.27. It has attempted to rebound after its earnings report.
The stock has found substantial resistance at the 50-day Exponential Moving Average (EMA). That is a sign that bears remain in control for now. Also, there are signs that it has formed a head-and-shoulders pattern, a common bearish reversal.
Therefore, the stock will likely remain under pressure as investors watch for more details on its turnaround strategy. If this happens, the next key support level to watch will be at $1.77, the neckline of the head-and-shoulders pattern. A move below that level will point to more downside to $1.50.
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.
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Plug Power reported better-than-expected second-quarter results, with both sales and non-GAAP profitability outperforming expectations as the company continues to benefit from recent restructuring and cost-reduction initiatives. On the conference call, management raised full-year sales guidance slightly and reiterated expectations for achieving positive adjusted EBITDA in the fourth quarter. While gross margins continued to improve, cash burn remained elevated and the company's backlog decreased to new multi-year lows.
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.
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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.
Plug Power Inc. (NASDAQ:PLUG) shares are trading higher on Friday as traders lean into gross margin breakeven progress and improving business mix.
Plug Power stock is moving in positive territory. Why are PLUG shares climbing? BTIG said the company’s overall gross margins are nearing breakeven, helped by strong Material Handling demand for fuel cells and ongoing cost cuts, while the firm’s analyst maintained a Neutral rating.
The note also flagged liquidity actions including the sale of the Graham, Texas project for about $77 million (with up to $27 million tied to final interconnection timing), plus about $44 million of investment tax credits sold from the Louisiana hydrogen plant.
Plug Power’s liquidity narrative is also being shaped by management’s plan to release about $50 million of restricted cash per quarter, lever traders are watching alongside efforts to mitigate cash burn.
"Our second quarter results demonstrate that Plug is executing its transformation into a stronger, more efficient and profitable company," Plug CEO Jose Luis Crespo said.
The CEO said the company improved gross margins, reduced operating expenses, strengthened liquidity and had revenue growth in the quarter, alongside advancing commercial milestones.
Critical Price Levels To Watch For PLUGFrom a trend perspective, the stock is still trying to repair longer-term damage: it’s trading 3.8% below its 50-day SMA ($2.44), 15.9% below its 100-day SMA ($2.79), and 6% below its 200-day SMA ($2.50). The 20-day SMA ($2.14) is acting as near-term support with shares 9.7% above it, but the 20-day SMA remains below the 50-day SMA and the August death cross (50-day below 200-day) keeps the bigger-picture bias cautious.
Momentum is more balanced than the moving averages suggest, with RSI at 53.66—neutral and consistent with a stock that’s trying to base rather than trend cleanly. RSI is a quick way to gauge whether buying or selling has become "stretched," and this reading implies neither side has a strong momentum edge right now.
Key Resistance: $2.50 — a round-number area that also lines up closely with the 200-day moving average zone where rebounds can stall Key Support: $2.00 — a nearby round-number level that can attract dip buyers if the recent bounce fades PLUG Stock Price Movement on FridayPLUG Stock Price Activity: Plug Power shares were up 1.30% at $2.33 at the time of publication on Friday, according to Benzinga Pro data.
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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.
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Plug Power, Inc. (NASDAQ:PLUG – Get Free Report) was the target of unusually large options trading activity on Tuesday. Stock traders acquired 87,770 call options on the company. This is an increase of approximately 44% compared to the typical daily volume of 60,742 call options.
Plug Power Stock Performance Shares of PLUG opened at $2.22 on Wednesday. The firm has a market capitalization of $3.10 billion, a PE ratio of -1.76 and a beta of 2.20. The company has a quick ratio of 1.40, a current ratio of 2.36 and a debt-to-equity ratio of 0.89. The firm has a 50-day moving average price of $2.49 and a 200 day moving average price of $2.60. Plug Power has a 52-week low of $1.41 and a 52-week high of $4.58.
Plug Power (NASDAQ:PLUG – Get Free Report) last released its quarterly earnings results on Monday, August 10th. The electronics maker reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. The company had revenue of $178.30 million for the quarter, compared to the consensus estimate of $169.11 million. Plug Power had a negative net margin of 220.59% and a negative return on equity of 49.54%. Plug Power’s revenue for the quarter was up 2.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Plug Power will post -0.25 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Plug Power A number of institutional investors have recently added to or reduced their stakes in PLUG. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake in shares of Plug Power by 116.7% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 13,000 shares of the electronics maker’s stock worth $26,000 after purchasing an additional 7,000 shares during the last quarter. Kestra Private Wealth Services LLC acquired a new stake in Plug Power during the third quarter valued at approximately $32,000. DUTCH ASSET Corp acquired a new stake in Plug Power during the fourth quarter valued at approximately $29,000. Independent Advisor Alliance bought a new stake in Plug Power during the fourth quarter worth approximately $30,000. Finally, International Assets Investment Management LLC boosted its holdings in Plug Power by 53.6% during the fourth quarter. International Assets Investment Management LLC now owns 15,773 shares of the electronics maker’s stock worth $31,000 after buying an additional 5,503 shares in the last quarter. 43.48% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In Several analysts recently weighed in on the stock. Weiss Ratings downgraded shares of Plug Power from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 28th. Canaccord Genuity Group raised their price target on shares of Plug Power from $2.50 to $4.00 and gave the company a “hold” rating in a research note on Tuesday, May 12th. Craig Hallum reaffirmed a “buy” rating on shares of Plug Power in a report on Tuesday. BMO Capital Markets boosted their price objective on Plug Power from $1.00 to $1.20 and gave the stock an “underperform” rating in a research report on Tuesday, May 12th. Finally, Wall Street Zen lowered Plug Power from a “hold” rating to a “sell” rating in a report on Sunday, July 12th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, seven have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $3.46.
Check Out Our Latest Report on Plug Power
Trending Headlines about Plug Power Here are the key news stories impacting Plug Power this week:
Positive Sentiment: Q2 beat estimates: Plug Power reported approximately $178.3 million in revenue, ahead of analyst expectations near $169 million, while its adjusted loss of $0.07 per share was better than the $0.08 consensus estimate. Revenue rose 2.5% year over year. Plug Reports Revenue of $178 Million and Increases Guidance Positive Sentiment: Higher outlook and profitability target: Management raised its 2026 revenue-growth guidance to 15%–16%, implying approximately $816.4 million to $823.5 million in revenue, and maintained its target for positive EBITDA in the fourth quarter. Analysts characterized the update as evidence that the company may be approaching profitability. PLUG Q2 Earnings Call Centers on Margins and Higher Growth Positive Sentiment: Major margin improvement: Gross margin moved close to break-even, operating expenses declined sharply, and quarterly net cash usage fell to roughly $61 million. GenDrive deployments and higher-margin service revenue also improved, supporting the turnaround narrative. Plug Power Raises FY26 Outlook and Narrows Loss Positive Sentiment: Positive analyst and options activity: HC Wainwright reaffirmed a Buy rating with a $7 price target, while call-option activity was unusually elevated. This positioning may amplify gains if short sellers and bearish options traders cover positions. Neutral Sentiment: Long-term opportunity remains substantial: Plug Power points to an approximately $8 billion electrolyzer pipeline and project activity in the United Kingdom, Australia, Canada and Europe. These opportunities could support future growth, but many projects remain dependent on financing, construction and customer decisions. Negative Sentiment: Turnaround is incomplete: Plug Power remains loss-making, carries meaningful debt and continues to consume cash. The company is relying partly on asset monetization and restricted-cash releases to strengthen liquidity, creating execution and potential dilution risks. Negative Sentiment: Short-interest data is inconsistent: One report lists zero short interest, while another cites roughly 294 million shares sold short. Investors should treat any short-squeeze thesis cautiously until the figures are verified. About Plug Power (Get 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.
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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.
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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.
Shares of Plug Power (PLUG +5.21%) rose on Tuesday after the hydrogen fuel cell maker lifted its full-year growth targets.
Image source: The Motley Fool.
Progress toward profitability Plug's revenue grew 2% year over year to $178 million in the second quarter.
The green hydrogen infrastructure developer's service revenue surged 82% to $30 million, fueled by a growing installed base that's driving higher aftermarket sales.
Plug deployed 1,666 of its GenDrive fuel cell units during the quarter, a 125% jump from the prior-year period.
Plug's fuel revenue also climbed 15% to $39 million, driven by increased hydrogen consumption by its customers.
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Moreover, Plug's cost-cutting initiatives are boosting its margins. Gross margin improved to breakeven compared to negative 31% in the year-ago quarter, driven in part by better plant utilization and production efficiency gains.
All told, Plug's adjusted net loss per share narrowed to $0.07 from $0.18 in Q2 2025.
Raised guidance Plug now sees its full-year revenue rising by 15%-16% in 2026. The company also remains on track to generate positive earnings before interest, taxes, depreciation, and amortization (EBITDA) in the fourth quarter.
"Our second quarter results demonstrate that Plug is executing its transformation into a stronger, more efficient, and profitable company," CEO Jose Luis Crespo said.
Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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.
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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.
Plug Power (NASDAQ:PLUG) stock is rising 10% to $2.32 Tuesday morning after the hydrogen fuel cell maker reported Q2 2026 results Monday after the close. The report showed a sharp margin turnaround, disciplined cost cuts, and a raised full-year revenue outlook that reset the narrative on Plug Power’s long-running transformation effort.
The move looks company-specific rather than thematic. Shares of fuel-cell sector peers FuelCell Energy (NASDAQ:FCEL) and Bloom Energy (NYSE:BE) are up only 2% to $20.18 and $214.36, respectively, and the Global X Hydrogen ETF (NASDAQ:HYDR) is climbing 2% to $44.26. Plug Power’s outperformance suggests traders are rewarding company-specific results.
Plug Power stock still trades near multi-year lows. The shares are down 91.5% over the past five years, so today’s pop reflects fresh optimism about the margin trajectory rather than a full recovery in the equity.
Margin Turnaround Fuels the Pop Plug Power reported Q2 2026 revenue of $178.3 million, topping estimates of $168.8 million. The company’s gross margin improved to approximately breakeven from -31% a year ago, while operating expenses fell 50% year over year (YoY) on cost discipline and asset monetization.
The company raised its full-year 2026 revenue growth guidance to a range of 15% to 16% and reiterated its target of reaching positive EBITDAS (earnings before interest, taxes, depreciation, amortization, and stock-based compensation) in Q4 2026. Plug Power’s management cited asset-monetization moves generating $80 million of near-term liquidity toward a $275 million total target.
Operational highlights added to the optimism. Plug Power deployed 1,666 GenDrive fuel cell units, up 125% YoY, while service revenue grew 82% YoY with a 27% positive service margin. Electrolyzer project wins across Europe and Australia rounded out the commercial update.
Plug Power CEO Jose Luis Crespo framed the quarter as evidence of a broader turnaround, stating: “Our second quarter results demonstrate that Plug is executing its transformation into a stronger, more efficient and profitable company.”
Peers Rise in Sympathy FuelCell Energy stock and Bloom Energy shares are getting a modest read-through bid rather than trading on their own news. Both companies operate in the hydrogen and stationary fuel cell space, and both have benefited over the past year from the AI data center power narrative. Year to date (YTD), FuelCell Energy stock is up 178% and Bloom Energy shares have climbed 146%, while Plug Power stock remains a long-term laggard.
The Global X Hydrogen ETF offers the thematic backdrop. It’s a narrow, unleveraged thematic fund holding hydrogen and fuel cell names, with Plug Power, FuelCell Energy, and Bloom Energy among its largest U.S. positions. That concentration is worth noting for investors sizing exposure, since a handful of small-cap names can drive much of the daily move. A 2% gain against Plug Power stock’s 10% pop underscores that today is largely a single-name story.
Keep the balance in view on Plug Power; the company remains deeply unprofitable. Plug Power’s GAAP EPS came in at -$0.14, missing analyst estimates of -$0.08, though it improved from -$0.20 a year earlier. The margin trajectory is encouraging, but the path to sustained profitability isn’t yet proven.
What To Watch Traders can watch for whether Plug Power stock holds today’s gains into the close and whether analyst notes ratify the raised outlook. The bigger test arrives in the third and fourth quarters, when Plug Power’s second-half-weighted revenue cadence and positive EBITDAS target for Q4 2026 have to face real numbers rather than commentary.
The hydrogen ETF’s muted move is a useful tell. If the theme were re-rating today, HYDR and the peer names would be closer to Plug Power stock’s 10% jump. For now, this looks like a margin-turnaround story trading on its own merits, with liquidity from asset sales providing a bridge to the promised Q4 2026 inflection.
Investors weighing exposure to Plug Power can consider modest position sizing given the company’s history of losses, execution risk on asset monetization, and the still-unproven path to profitability. The story is improving, but it’s early.
Contact [email protected] for any questions or corrections.
Key Takeaways Plug Power raises 2026 revenue growth guidance to 15-16% and maintains its Q4 positive EBITDAS target.Q2 gross margin improved to negative 0.9% from negative 30.7% a year earlier, helped by Quantum Leap.Net cash usage fell about 58% sequentially as funding initiatives target more than $275 million. Plug Power Inc. (PLUG - Free Report) used its second-quarter earnings call to sharpen its 2026 message: Management raised full-year revenue growth guidance to 15-16% and maintained its fourth-quarter positive EBITDAS target, citing better margins, lower cash use and second-half visibility.
Revenues of $178.3 million topped the Zacks Consensus Estimate of $167.7 million, while adjusted loss per share of 7 cents was narrower than the 8-cent loss expected. Management focused on the path ahead.
PLUG Raises Growth Outlook on Second-Half VolumeCEO Jose Crespo said the 15-16% outlook is above the prior 13-15% range. Plug expects its second-half-weighted cadence to continue, with year-end deployment cycles supporting the fourth quarter.
CFO Paul Middleton said first-half revenues reached $342 million, up 11% year over year. He expects sequential and year-over-year growth in the third quarter, with most second-half volume arriving in the fourth quarter.
An H.C. Wainwright analyst pressed management on visibility. Crespo said commercial visibility supports the raised outlook, while execution will determine delivery against the plan.
Plug Power Maps Margin Path to Q4 EBITDASCrespo highlighted a gross margin of negative 0.9%, versus negative 30.7% a year earlier and negative 13% in the first quarter. He tied the improvement to Quantum Leap, service economics and hydrogen-plant utilization.
Middleton said second-half sales should be about 40% higher than first-half levels, driven mostly by equipment. He also cited manufacturing cost reductions, service reliability, fuel-network efficiency and PPA improvements.
A Canaccord Genuity analyst asked about lower operating expenses. Middleton said the second quarter included a $39.7 million recovery of previously impaired assets and reiterated a quarterly run rate of about $75 million.
PLUG Sees Service and Refresh Cycle SupportPlug deployed 1,666 GenDrive units versus 739 a year earlier. Service revenues rose 82% to $29.8 million, while service margin reached 27%.
An Oppenheimer analyst asked about service profitability. Crespo cited better unit and stack reliability, more units serviced per technician and pricing changes made over the past two years to better reflect service costs.
A Craig-Hallum analyst focused on more than 20,000 planned unit refreshes at two major customers. Crespo said about 2,000 refreshes are expected in 2026, with the broader cycle unfolding over three years.
Plug Power Advances Electrolyzer FID PipelineCrespo highlighted the 30-megawatt Carlton Power FID in the U.K., part of a 55-megawatt award and the 50-megawatt Orica order in Australia. Plug also has a 275-megawatt FEED scope for Hy2gen's Quebec project.
A UBS analyst asked about FEED conversion. Crespo put the Quebec project's estimated FID timing around the beginning of 2027 and said Carlton's remaining 25 megawatts are expected to reach FID before year-end.
Responding to BTIG, Crespo said large projects generally take 12 to 18 months through delivery, installation and commissioning. Milestone payments and percentage-of-completion accounting can bring cash and revenue earlier.
PLUG Targets Lower Burn and Nondilutive FundingNet cash usage fell to about $61 million, down roughly 58% sequentially. Middleton said Plug ended the second quarter with $162 million of unrestricted cash and expects about $155 million of restricted cash to be released over the next 12 months.
Management said $47 million had been received from transactions expected to generate about $80 million of near-term liquidity. The broader asset monetization and nondilutive financing initiative targets more than $275 million.
Asked by H.C. Wainwright about debt reduction, Middleton said the convertible debt has an eight-year term, relatively low-cost interest and no amortization. His near-term emphasis remained on funding operations as cash burn declines.
Plug Power Keeps Core Priorities in ViewCrespo closed with the same priorities for the balance of 2026: disciplined execution, commercial pipeline conversion, stronger liquidity through nondilutive means and positive EBITDAS in the fourth quarter.
Management's second-half framework rests on higher equipment volume, further margin gains and continued cost discipline. The call repeatedly returned to converting those operating improvements into lower cash use and greater operating leverage.
PLUG Zacks Rank Balances Mixed Style SignalsPLUG carries a Zacks Rank #2 (Buy), with Growth and Momentum Scores of B. Its Value Score is F and its VGM Score is D. Zacks Style Scores rank A and B above lower grades, with top Zacks Ranks benefiting most when paired with A or B Style Scores. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The mix combines a favorable Zacks Rank with stronger growth and momentum characteristics but weaker value and composite VGM readings. The Zacks Rank can change as earnings estimates are revised after the just-reported results.
Plug Power (PLUG -3.21%) is a pioneering hydrogen company with a profitability problem. In over 25 years since its IPO, the hydrogen fuel cell company has never turned a profit. With a new chief executive in place and a significant turnaround plan in the pipeline, the firm says this will change: It predicts a positive operating income next year and full profitability in 2028.
Image source: Getty Images.
Long-suffering Plug Power investors, who've heard similar promises before, may be skeptical. The stock has fallen 92% in the past five years and has had to borrow heavily and issue several rounds of new shares to stay afloat. However, this time, the company might just pull it off. Read on to find out what this hydrogen stock might look like in a few years' time, as well as why investors should still be cautious.
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Project Quantum Leap is showing results Plug Power is focused on green hydrogen, which is carbon-neutral and does not use methane or coal. Production is expensive, and Plug Power has struggled to charge enough to recoup the costs -- a major reason for years of losses. The environmental appeal is clear, but even with subsidies, green hydrogen is unlikely to be able to compete on a cost basis with other types of hydrogen in the coming decades.
Plug Power's big challenge is making this expensive fuel more profitable. Over a year ago, it announced Project Quantum Leap, a turnaround plan that combines cost-cutting with a pivot toward higher revenue areas. For example, it is growing its electrolyzer segment, which designs and manufactures the crucial hydrogen production units. Its electrolyzer revenue increased from $9.2 million in 2025 to $40.8 million in 2026. With deals in Europe and Canada, the electrolyzer segment was the fastest-growing part of the business in Q1.
Its 2026 Q1 results showed the plan is paying off, with revenues up 22% year over year to $163.5 million, beating analyst expectations. The firm still lost money, but with $21.6 million in gross Q1 losses, compared to $73.9 million in Q1 2025, its operations are losing less money than before. That said, Plug Power is still spending more than it earns, and it owes a lot of money. Servicing its debt cost it $17.4 million in Q1 2026.
In some ways, there's no such thing as "too late" if you're a long-term investor looking for quality stocks -- while it is good to find a low entry point, companies with strong fundamentals will likely continue to deliver shareholder value for decades to come. So the better question is whether Plug Power -- which has fallen by 17% in the past month -- is a strong long-term investment.
It is too early to say, but right now I'm cautious. The company may have put the days it burned through cash faster than the hydrogen it produces behind it, but it has a long way to go. Not least because its substantial debts mean interest and repayments will weigh on any potential turnaround. Moreover, green hydrogen is a capital-intensive industry, and Plug Power may struggle to find competitive price points, making profitability by 2028 an ambitious target.
Plug Power stock went parabolic in premarket trading, as we anticipated in our earnings preview. PLUG jumped more than 14% to a high of $2.40, its highest level since July 9, and is now up about 30% from its monthly low. The sharp rebound raises an important question for investors: Is this the start of a sustained bull run, or just another short-term rally?
Plug Power, a top player in the hydrogen energy industry, published encouraging results, even as its revenue dropped by 9%. Its revenue fell to $178 million, while its operating expenses dropped by 50% to $62 million. Its costs dropped as the company continued its cost discipline and its focus on asset monetization.
The substantial drop in its costs helped it to improve its profits, with the net loss moving from $228 million last year to $190 million.
Most of Plug Power’s revenue came from its sales of equipment, which made $88 million in the quarter. Its revenue dropped from $99 million in the same period last year.
The fuel delivered to customers rose to $39 million, while its power purchase agreements and services on fuel cell systems jumped to $26.9 million and $29.8 million, respectively. In a statement, the company’s CEO said:
“We continue to expand our installed material handling base, which also builds our recurring revenues through equipment replacements, service, and hydrogen fuel. Our electrolyzer pipeline continues to expand.”
READ MORE: Plug Power stock gets oversold as options market bets on rebound after earnings
Most importantly, the company boosted its forward estimate for the year, and now expects to generate a positive EBITDA this year. It now expects that its sales outlook for the year will be between 15% and 16%. The average estimate among analysts is that its revenue will jump to 15% to $817 million.
Another notable aspect is that the management plans to improve its balance sheet without diluting its shareholders. For example, it aims to unlock incremental proceeds for the $275 million target through its data center asset monetization initiatives.
Dilution has been one of the biggest challenges facing Plug Power investors. For example, its weighted outstanding shares rose to 1.39 billion from 1.126 billion in the same period last year.
Analysts have a mixed outlook for the PLUG stock price, with the average target being $3.5, up sharply from the current $2.1.
Plug Power stock chart | Source: TradingView
The daily chart shows that the Plug Power stock price has been in a strong downtrend this year, moving from a high of $4.3 in June to a low of $1.85 earlier this month. It ended the day at $2.1 on Monday and then surged to $2.4 in the premarket session, forming a fair value gap (FVG). The initial rebound was in line with our prediction.
This rebound happened after the stock formed a large double-bottom pattern, a common bullish reversal sign in technical analysis. It remains below the 50-day moving average.
These technicals suggest that the stock may continue rising as bulls target the psychological level of $3.
The risk, however, is that its initial surges after earnings tend to fade after a few days. For example, it jumped by 13% after the last earnings report and then extended these gains for a while, and then pared back these gains. The same happened after the other earnings report in May.
Plug Power's second-quarter earnings and a boost to expectations for full-year revenue growth reveal a company heading toward profitability, say analysts.
For the quarter ended June 2026, Plug Power (PLUG - Free Report) reported revenue of $178.3 million, up 2.5% over the same period last year. EPS came in at -$0.07, compared to -$0.16 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $167.74 million, representing a surprise of +6.3%. The company delivered an EPS surprise of +12.5%, with the consensus EPS estimate being -$0.08.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Plug Power performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net revenue- Sales of equipment, related infrastructure and other: $81.9 million versus the three-analyst average estimate of $83.32 million. The reported number represents a year-over-year change of -17.4%.Net revenue- Services performed on fuel cell systems and related infrastructure: $29.84 million compared to the $24.21 million average estimate based on three analysts. The reported number represents a change of +82.3% year over year.Net revenue- Other: $0.15 million versus the three-analyst average estimate of $0.53 million. The reported number represents a year-over-year change of -61.6%.Net revenue- Fuel delivered to customers and related equipment: $39.47 million versus the three-analyst average estimate of $33.37 million. The reported number represents a year-over-year change of +14.8%.Net revenue- Power purchase agreements: $26.93 million versus $26.84 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +14% change.Gross profit- Sales of equipment, related infrastructure and other: $1.57 million versus $-6.48 million estimated by three analysts on average.Gross profit- Services performed on fuel cell systems and related infrastructure: $8.12 million versus the three-analyst average estimate of $7.4 million.Gross profit- Other: $0.05 million compared to the $0.26 million average estimate based on three analysts.Gross profit- Fuel delivered to customers and related equipment: $-19.02 million versus $-10.29 million estimated by three analysts on average.Gross profit- Power purchase agreements: $-8.07 million versus $-4.58 million estimated by three analysts on average.View all Key Company Metrics for Plug Power here>>>
Shares of Plug Power have returned -2.2% over the past month versus the Zacks S&P 500 composite's +3.4% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
Plug Power Flips The Switch On ProfitabilityPlug Power NASDAQ: PLUG raised its full-year revenue growth outlook after reporting second-quarter results that showed improving margins, lower operating expenses and reduced cash usage, while management reiterated its goal of achieving positive EBITDA in the fourth quarter.
Revenue totaled $178.3 million in the second quarter, up about 9% sequentially from the first quarter. First-half revenue reached $342 million, an 11% increase from the prior-year period, according to Chief Financial Officer Paul Middleton.
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AI Power Crunch: Why Bloom Energy Is the Hidden WinnerBased on first-half performance and its outlook for the second half, Plug increased its 2026 revenue growth guidance to 15% to 16%, from its prior projection of 13% to 15%. Management said it expects the majority of second-half volume to occur in the fourth quarter, consistent with the company’s historically second-half-weighted deployment cycle.
Margins Near Breakeven as Cost Reduction Efforts Continue Chief Executive Officer Jose Luis Crespo said gross margin improved to about negative 0.9% in the quarter, compared with negative 30.7% a year earlier and negative 13% in the first quarter. Middleton described the result as essentially breakeven gross margin, representing an improvement of roughly 30 percentage points from the prior-year period.
NASA Calls, Plug Answers: A Turning Point for Hydrogen?The company attributed the progress to its Project Quantum Leap restructuring initiative, better service margins, manufacturing and supply-chain improvements, tariff recoveries, and higher utilization at its hydrogen production plants.
Service revenue increased 82% year over year to $29.8 million, while service margin reached 27%. Crespo said improving unit reliability and stack performance enabled technicians to service more units, creating overhead leverage. He also said the company had increased service pricing over the past several years to better reflect servicing costs.
Fuel revenue grew approximately 15% year over year to $39.5 million. Fuel gross margin improved to negative 48%, from negative 91% a year ago, driven by utilization and production-efficiency gains at facilities in Georgia, Tennessee and Louisiana, along with network optimization and supply agreements.
Middleton said power-purchase-agreement loss rates improved to roughly negative 30%, compared with negative 92% a year earlier. He cited service-cost reductions and the company’s sale-leaseback buyback program, which reduced equipment lease costs.
Management said it expects higher second-half equipment volumes to be the primary driver of further margin improvement. Middleton said the company expects second-half revenue to be about 40% above first-half levels, with much of the increase coming from equipment sales.
Operating Expenses, Cash Use and Liquidity GAAP operating expenses were $62 million, down 50% from a year earlier. However, Middleton said that figure included $39.7 million in recoveries of previously impaired assets, principally a $37 million gain related to the June settlement of a customer contract dispute.
Excluding certain items, including the recovery, transaction fees, impairments, restructuring and other non-cash changes, Middleton said Plug remained on track toward an operating-expense run rate of roughly $75 million per quarter that it discussed in May.
The company reported a GAAP loss per share of $0.14, compared with a loss of $0.20 a year earlier. Adjusted loss per share was $0.07, compared with $0.18 in the prior-year period. The GAAP result included approximately $104 million in non-cash mark-to-market valuation charges associated with convertible debt and warrant liabilities, which Middleton said were primarily driven by Plug’s stock-price appreciation during the quarter.
Net cash usage was about $61 million, a 58% improvement from the first quarter. Inventory declined about $28 million from year-end, and management continues to expect at least $100 million of inventory reduction for the full year, weighted toward the second half. Capital spending was below $9 million in the first half.
Plug ended the quarter with $161.9 million of unrestricted cash and $510 million of restricted cash. Middleton said more than $115 million of restricted cash was released during the first half and about $155 million of the remaining balance is scheduled to be released over the next 12 months.
The company also updated investors on its asset monetization program. Plug said it had received $47 million from a transaction involving its Graham, Texas project and a staged closing at New York Gateway. The transactions are expected to generate approximately $80 million of near-term liquidity and represent the first stage of an initiative intended to unlock more than $275 million through asset monetization and non-dilutive financing.
Material Handling and Electrolyzer Pipeline In material handling, Plug deployed 1,666 GenDrive units during the quarter, more than double the 739 units deployed in the second quarter of 2025. Crespo said two of the company’s largest material-handling customers plan to refresh more than 20,000 GenDrive units over the next three years. He characterized the opportunity as largely driven by the normal replacement timing of fleets already in operation, in addition to customer site growth.
Plug also outlined progress in its electrolyzer business. The company announced a final investment decision for the 30-megawatt Barrow Green Hydrogen project for Carlton Power in the United Kingdom, part of a 55-megawatt award made in November 2025. Plug expects the remaining 25 megawatts to reach final investment decision during 2026.
During the quarter, Plug was selected for the 275-megawatt Hy2gen Courant project in Quebec. Management said it is working on the front-end engineering and design phase, with an estimated final investment decision in early 2027, though Crespo noted the timing could shift.
After quarter-end, Plug announced a 50-megawatt Giner ELX electrolyzer order for Orica’s Hunter Valley Hydrogen Hub in Australia following that project’s final investment decision. Crespo said it was the largest renewable hydrogen project to reach final investment decision in Australia.
The company said its 100-megawatt project with Galp in Portugal and a 25-megawatt project involving Iberdrola and BP in Spain continued to progress through commissioning.
European Policy Developments and Outlook Management pointed to European policy developments as a potential catalyst for electrolyzer demand. Crespo said Spain released a draft framework that would establish an 11% renewable fuels of non-biological origin target by 2040, including penalties for non-compliance and tradable carbon-reduction certificates. Based on Plug’s preliminary internal analysis, he said the framework alone could drive approximately 10 gigawatts of electrolyzer demand in Spain by 2030.
Plug also cited a EUR 780 million Dutch subsidy program targeting 400 megawatts of electrolyzer capacity and the European Commission’s planned fourth hydrogen auction in December 2026, with a budget of up to EUR 500 million.
For the remainder of 2026, Crespo said Plug will focus on disciplined execution, pipeline conversion, non-dilutive liquidity initiatives and its target of positive EBITDA in the fourth quarter. The company has not provided additional guidance for 2027 and 2028 beyond its previously stated expectation of operating-income positivity in the fourth quarter of 2027 and overall profitability in 2028.
About Plug Power (NASDAQ:PLUG)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.
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Hydrogen fuel cell company Plug Power (NASDAQ:PLUG) reported second-quarter financial results Monday after market close.
Here are the key highlights.
• Plug Power shares are powering higher. Why is PLUG stock up today?
Plug Power Q2 EarningsPlug Power reported second-quarter revenue of $178.30 million, up 9% quarter-over-quarter. The revenue total beat a Street consensus estimate of $169.41 million, according to data from Benzinga Pro.
The company reported an adjusted loss of seven cents per share, beating a Street estimate of a loss of eight cents per share.
Gross margins were breakeven compared to negative 31% in last year’s second quarter and negative 13% in the first quarter.
“Our second quarter results demonstrate that Plug is executing its transformation into a stronger, more efficient and profitable company,” Plug CEO Jose Luis Crespo said.
The CEO said the company improved gross margins, reduced operating expenses, strengthened liquidity and had revenue growth in the quarter, alongside advancing commercial milestones.
In the quarter, Plug deployed 1,666 GenDrive fuel cell units, more than doubling the total from the second quarter of 2025.
The company saw service revenue up 82% year-over-year to around $30 million, which strengthens Plug’s recurring aftermarket revenue. Fuel revenue was up around 15% year-over-year to around $39 million.
Plug said two of its largest material handling customers are planning to refresh over 20,000 GenDrive units in the next three years, creating a "significant recurring revenue opportunity."
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What’s Next for Plug PowerPlug Power is raising its full-year 2026 revenue growth guidance to a range of 15% to 16% year-over-year. The company said the second-half is historically the strongest and the strength of its commercial backlog is helping boost the guidance.
The company said it is on track to achieve positive EBITDAS in the fourth quarter of 2026.
"Our electrolyzer pipeline continues to expand, and we see an increasing conversion rate," Crespo said.
Plug Power Stock Price ActionPlug Power stock is up 9% to $2.30 in after-hours trading Monday versus a 52-week trading range of $1.41 to $4.58.
Photo: Shutterstock
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Plug Power (PLUG - Free Report) came out with a quarterly loss of $0.07 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to a loss of $0.16 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +12.50%. A quarter ago, it was expected that this alternative energy company would post a loss of $0.09 per share when it actually produced a loss of $0.08, delivering a surprise of +11.11%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Plug Power, which belongs to the Zacks Electronics - Miscellaneous Products industry, posted revenues of $178.3 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 6.30%. This compares to year-ago revenues of $173.97 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Plug Power shares have added about 10.7% since the beginning of the year versus the S&P 500's gain of 13.3%.
What's Next for Plug Power?While Plug Power has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Plug Power was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.07 on $196.42 million in revenues for the coming quarter and -$0.36 on $814.34 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Miscellaneous Products is currently in the top 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, ESS Tech, Inc. (GWH - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 13.
This company is expected to post quarterly loss of $0.44 per share in its upcoming report, which represents a year-over-year change of +51.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
ESS Tech, Inc.'s revenues are expected to be $0.1 million, down 95.8% from the year-ago quarter.
Plug Power (PLUG -3.21%) spent months building up momentum, only to watch the entire move unravel in a matter of weeks.
After a jaw-dropping 100% rally in the first five months of 2025, the hydrogen stock went on a grueling two-month slide, shedding 31% in June and another 24% in July, according to data provided by S&P Global Market Intelligence.
Aug. 10 is a crucial day for Plug Power as it announces its second-quarter numbers. Could the stock head back up?
Image source: Getty Images.
Why Plug Power stock is falling again Investors were buying hard into Plug Power management's turnaround promises, improving gross margins, and expanding product sales. Yet, they face a reality check ahead of the company's Q2 numbers.
In recent years, Plug Power has relied heavily on share sales to raise capital to keep its operations running. The company's share count has risen by 130% over the past three years. Every time the stock rallies, the looming threat of additional share issuances or other capital-raising moves drags it back down.
In July, Plug Power scrambled to free up more cash. On one hand, the company announced commercial milestones such as a 50-megawatt (MW) electrolyzer order in Australia . On the other hand, it announced the sale of its Graham, Texas hydrogen project and a phased deal for its New York Gateway site to raise $80 million.
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As of June 30, 2026, Plug Power had only $162 million in cash and cash equivalents and expects to sell additional assets to raise up to $275 million (including the $80 million). Those electrolyzer deals simply don't move the needle when the business is bleeding cash every quarter and is forced to liquidate assets.
The Aug. 10 reality check: what to expect It wasn't just the investors. Analysts turned nervous too after Plug Power's red-hot rally in early 2026, with some even slashing their price targets in July.
Analysts from Susquehanna, who were feeling generous enough to raise Plug Power's price target to $3.75 per share in May, slashed it down to $2.50 in July amid uncertain hydrogen markets and other things. BMO capital analyst Ameet Thakkar maintained a sell rating with a price objective of only $1.20 on the hydrogen stock.
It was an awkward mood shift considering that Plug Power reported a bumper first quarter, with revenue rising 22 % and gross margin climbing from a negative 55% to a negative 13%. Sure, losing money on every dollar is still losing money, but that's a massive improvement, nonetheless.
Can the company deliver again when it drops its Q2 numbers after the closing bell today? That's the question investors are asking. For now, Plug Power insists it is on track to meet its 2026 financial goals. That includes hitting positive EBITDAS by Q4 2026.
If that's left you scratching your head, EBITDAS stands for earnings before interest, taxes, depreciation, amortization, and stock-based compensation. I'm more interested to see whether Plug Power will become GAAP profitable by the end of 2028 as it aims to. Even if management reiterates its goals, I expect the stock to remain volatile.
Plug Power stock price is rising today, August 10, as traders wait for its second-quarter earnings report, which will come out after the market closes. It jumped to $2.30, up by 23% from its lowest point this month. This rally will be put to the test when it publishes its financial results, which will shed light on its turnaround.
Plug Power is a top company in the hydrogen energy industry, where it produces green hydrogen, makes electrolyzers, fuel cells, and provides backup stationary power.
These results come at a time when the company’s growth is continuing, helped by the sale of equipment. Its recent earnings report showed that its revenue jumped to over $163 million in the first quarter from $133 million in the same period last year.
Its sale of equipment and related infrastructure jumped from $63 million to $79 million. Its power purchase agreements rose to $26 million, while the fuel delivered to customers rose to $35 million.
Most notably, Plug Power’s operating loss narrowed to $109 million from $178 million in the same period last year. However, its net loss jumped to $245 million, driven by a surge in fair value of convertible bonds and warrant liabilities.
There are signs that the company’s revenue continued rising in the first quarter of the year. The average estimate among analysts tracking the company expects the upcoming results showed that its revenue remained flat at $169 million in the second quarter.
Plug Power’s earnings-per-share (EPS) is expected to improve from a net loss of $0.18 to 8 cents as the company works to break even.
The company's revenue is expected to jump by 14.6% this year to $813 million, followed by a 18% surge next year to $962 million.
Analysts have a mixed outlook on Plug Power stock ahead of its earnings report. For example, Susquehanna recently lowered its target from $3.75 to $2.50. Morgan Stanley maintained an underweight rating, even as it moved its target from $1.50 to $1.65. BMO Capital Markets also maintained its underperform rating.
Looking forward, the company has an implied volatility of 146% in the options market, much higher than its historical volatility of 58%. Those expiring next week have an implied volatility of 116%. The company has a put/call ratio of 0.17, a sign that it has more calls than puts.
PLUG stock chart | Source: TradingView
The daily timeframe chart shows that the PLUG stock plunged from a high of $4.3 on June 2nd to a low of $1.85. This support aligns with the lowest level in February this year.
It has now moved above the 25-day moving average and is nearing the strong, pivot, reverse level of the Murrey Math Lines tool. The Relative Strength Index (RSI) has continued rising this month.
Therefore, if the stock rebounds, there is a likelihood that it will rebound to the Major S/R pivot point of $3.13. On the other hand, a drop below the support of $1.85 will invalidate the bullish outlook.
California State Teachers Retirement System lifted its holdings in Plug Power, Inc. (NASDAQ:PLUG – Free Report) by 45.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,560,305 shares of the electronics maker’s stock after purchasing an additional 488,883 shares during the period. California State Teachers Retirement System owned about 0.11% of Plug Power worth $3,526,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the stock. Kestra Advisory Services LLC boosted its stake in Plug Power by 11.8% in the 1st quarter. Kestra Advisory Services LLC now owns 43,007 shares of the electronics maker’s stock worth $97,000 after purchasing an additional 4,525 shares in the last quarter. Earned Wealth Advisors LLC grew its position in Plug Power by 12.6% during the 1st quarter. Earned Wealth Advisors LLC now owns 44,061 shares of the electronics maker’s stock worth $100,000 after purchasing an additional 4,923 shares during the last quarter. Abel Hall LLC increased its stake in Plug Power by 9.2% during the 1st quarter. Abel Hall LLC now owns 62,213 shares of the electronics maker’s stock valued at $141,000 after purchasing an additional 5,223 shares in the last quarter. Wealthfront Advisers LLC increased its stake in Plug Power by 8.2% during the 1st quarter. Wealthfront Advisers LLC now owns 69,709 shares of the electronics maker’s stock valued at $158,000 after purchasing an additional 5,283 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Plug Power by 53.6% in the fourth quarter. International Assets Investment Management LLC now owns 15,773 shares of the electronics maker’s stock worth $31,000 after buying an additional 5,503 shares during the last quarter. Institutional investors and hedge funds own 43.48% of the company’s stock.
Wall Street Analyst Weigh In Several equities research analysts have recently commented on the stock. Canaccord Genuity Group lifted their price objective on shares of Plug Power from $2.50 to $4.00 and gave the stock a “hold” rating in a research note on Tuesday, May 12th. BMO Capital Markets upped their target price on Plug Power from $1.00 to $1.20 and gave the company an “underperform” rating in a research report on Tuesday, May 12th. Weiss Ratings lowered Plug Power from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, July 28th. Wells Fargo & Company lifted their price target on Plug Power from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research report on Tuesday, May 19th. Finally, TD Cowen increased their target price on shares of Plug Power from $2.00 to $3.00 and gave the stock a “hold” rating in a research note on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Plug Power currently has an average rating of “Hold” and an average target price of $3.30.
Check Out Our Latest Stock Analysis on PLUG
Plug Power Stock Performance NASDAQ:PLUG opened at $2.18 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.40 and a current ratio of 2.36. The stock has a market capitalization of $3.04 billion, a P/E ratio of -1.65 and a beta of 2.20. The company has a 50 day moving average price of $2.56 and a 200 day moving average price of $2.60. Plug Power, Inc. has a fifty-two week low of $1.41 and a fifty-two week high of $4.58.
Plug Power (NASDAQ:PLUG – Get Free Report) last announced its earnings results on Monday, May 11th. The electronics maker reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.The company had revenue of $163.51 million for the quarter, compared to analyst estimates of $139.87 million. During the same quarter in the previous year, the company earned ($0.21) earnings per share. The firm’s quarterly revenue was up 22.3% compared to the same quarter last year. Equities research analysts forecast that Plug Power, Inc. will post -0.25 EPS for the current year.
About Plug Power (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.
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In the latest trading session, Plug Power (PLUG - Free Report) closed at $2.07, marking a -1.43% move from the previous day. The stock's performance was behind the S&P 500's daily loss of 0.18%. Elsewhere, the Dow saw a downswing of 0.85%, while the tech-heavy Nasdaq depreciated by 0.06%.
The alternative energy company's shares have seen a decrease of 14.63% over the last month, not keeping up with the Computer and Technology sector's gain of 1.48% and the S&P 500's gain of 3.33%.
Investors will be eagerly watching for the performance of Plug Power in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 10, 2026. In that report, analysts expect Plug Power to post earnings of -$0.08 per share. This would mark year-over-year growth of 50%. At the same time, our most recent consensus estimate is projecting a revenue of $167.74 million, reflecting a 3.58% fall from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.36 per share and a revenue of $814.34 million, indicating changes of +74.65% and +14.71%, respectively, from the former year.
It is also important to note the recent changes to analyst estimates for Plug Power. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 6.14% higher. Plug Power is currently sporting a Zacks Rank of #2 (Buy).
The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 49, putting it in the top 20% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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Prediction markets have become a real-time barometer for corporate distress, layering crowd-sourced probability on top of balance sheets that already tell the story. For two American consumer and industrial brands with well-known logos and battered share prices, the tape and the fundamentals are doing most of the talking, because active bankruptcy or delisting contracts are absent on both Polymarket and Kalshi. Here is what the data says about Plug Power (NASDAQ:PLUG) and Peloton Interactive (NASDAQ:PTON) as of August 5, 2026.
Plug Power: Roadmap to 2028, Crowd Says Neutral There are zero active Polymarket or Kalshi markets tied to Plug Power outcomes, but the composite sentiment reading is 55.27 (neutral, with medium confidence). Social sentiment scores 62 and news sentiment 48.53. Insider activity is a small but meaningful signal: 30 recent transactions with a net selling bias.
The share price has stabilized after a brutal multi-year drawdown. Shares closed at $2.10 on August 5, 2026, up 6.6% year to date and 36.4% over the trailing year. The one-month change is −20.5%, but the five-year picture is still ugly at −91.9% from $25.90.
Q1 FY2026 delivered the operational proof points the bulls have been waiting for. Revenue was $163.51 million, up 22.32% year over year, beating consensus by 14.7%. Adjusted EPS of −$0.08 beat estimates by 22.56%. GAAP gross margin improved to −13% from −55% a year earlier, a 42 percentage point swing. Q4 2025 marked the first positive gross margin in recent memory at +2.4% versus −122.5% in the year-ago quarter.
The cash story is still the risk. Operating cash burn in Q1 2026 was $150.04 million, cash and equivalents stood at $223.19 million, and the accumulated deficit is $8.4 billion. Roughly $125 million in non-cash charges from convertible debt and warrant valuation adjustments hit the quarter as well.
CEO Jose Luis Crespo has set explicit checkpoints for a would-be prediction market to grade: positive EBITDAS in Q4 2026, positive operating income by the end of 2027, and full profitability by the end of 2028. He framed the Q1 result this way: “Our first quarter results reflect strong commercial execution and continued progress improving the underlying economics of the business and positions us to achieve our EBITDAS positive target in Q4 2026.” Liquidity is being bolstered through asset monetization, with roughly $275 million expected from hydrogen project sales.
The $3.55 analyst consensus target implies 69.0% upside, but sentiment is cautious. The most natural prediction market question, if one existed, would be a yes/no on whether Plug Power hits its Q4 2026 EBITDAS target.
Peloton: The One With a Live Polymarket, and the Crowd Is Skeptical Peloton does have an active prediction market. Polymarket is running a contract titled “Will Peloton Interactive (PTON) beat quarterly earnings?” with the crowd pricing 43.5% Yes and 56.5% No. Volumes are thin at 1,665.30 total and 575.24 in the past 24 hours, but the tilt is unambiguous: the crowd expects a miss.
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That pessimism contrasts with analyst positioning. The consensus target of $8.09 signals a gain of 24.1%. The composite sentiment score is 39.83, bearish, with medium confidence, held down by a social sentiment score of 26. Insider behavior mirrors the crowd’s caution, with 82 recent transactions and a net selling direction.
The price action tells a more nuanced story. Shares closed at $6.52 on August 5, 2026, up 5.8% year to date and 13.4% over the past month. The one-year change is −8.3%, and the five-year figure remains grim at −94.6% from $112.69.
Fundamentals show the most advanced turnaround of the two companies. Q3 FY2026 revenue was $630.90 million, up 1.1% year over year, beating consensus of $617.76 million. GAAP net income was $26.40 million versus a $47.70 million loss a year earlier. Adjusted EBITDA rose 41% year over year to $126.20 million, and free cash flow climbed 59% to $150.50 million. Net debt was reduced 70% year over year to $173 million.
The catch is the subscriber base. Paid Connected Fitness subscriptions came in at 2.66 million, down 8% year over year, and total members fell 5%. Shareholders’ equity remains negative at −$241.90 million, though the deficit narrowed 50.76% year over year. Reported EPS of $0.06 missed consensus of $0.08 by 20.4%. That is precisely the kind of miss the Polymarket bettors appear to be leaning into.
Management raised full-year guidance to revenue of $2.42 billion to $2.44 billion, adjusted EBITDA of $470 million to $480 million, and free cash flow of approximately $350 million. On the strategic path, CEO Peter Stern said: “With the announcement of the Peloton Commercial Series and the recent launch of our global Spotify partnership, we are accelerating our evolution into a comprehensive, global wellness ecosystem.”
The crowd has spoken, and the forecast for these former market darlings is a high-stakes battle for survival through 2028. What Investors Should Watch Next The absence of active Polymarket or Kalshi contracts on Plug Power is worth flagging: bettors have not yet been given a clean binary on the Q4 2026 EBITDAS milestone for Plug Power. Until those markets appear, the stock is doing the pricing itself.
For Peloton, the live earnings contract on Polymarket is priced at 43.5% Yes on a beat. The operational picture is by far the stronger of the two, with positive GAAP net income, expanding EBITDA, and a raised outlook. Keep an eye on subscriber count and Spotify partnership traction, both of which will determine whether the crowd’s skepticism holds or the analyst target proves closer to the mark.
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In its upcoming report, Plug Power (PLUG - Free Report) is predicted by Wall Street analysts to post quarterly loss of -$0.08 per share, reflecting an increase of 50% compared to the same period last year. Revenues are forecasted to be $167.74 million, representing a year-over-year decrease of 3.6%.
The current level reflects an upward revision of 4.4% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
Bearing this in mind, let's now explore the average estimates of specific Plug Power metrics that are commonly monitored and projected by Wall Street analysts.
Based on the collective assessment of analysts, 'Net revenue- Sales of equipment, related infrastructure and other' should arrive at $83.32 million. The estimate indicates a change of -16% from the prior-year quarter.
Analysts predict that the 'Net revenue- Services performed on fuel cell systems and related infrastructure' will reach $24.21 million. The estimate points to a change of +47.9% from the year-ago quarter.
Analysts' assessment points toward 'Net revenue- Fuel delivered to customers and related equipment' reaching $33.37 million. The estimate suggests a change of -3% year over year.
The consensus among analysts is that 'Net revenue- Power purchase agreements' will reach $26.84 million. The estimate suggests a change of +13.6% year over year.
It is projected by analysts that the 'Gross profit- Services performed on fuel cell systems and related infrastructure' will reach $7.40 million. The estimate compares to the year-ago value of $6.37 million.
View all Key Company Metrics for Plug Power here>>>
Shares of Plug Power have experienced a change of -12.9% in the past month compared to the +3.5% move of the Zacks S&P 500 composite. With a Zacks Rank #2 (Buy), PLUG is expected to outperform the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Wall Street expects a year-over-year increase in earnings on lower revenues when Plug Power (PLUG - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis alternative energy company is expected to post quarterly loss of $0.08 per share in its upcoming report, which represents a year-over-year change of +50%.
Revenues are expected to be $167.74 million, down 3.6% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 4.44% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Plug Power?For Plug Power, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -8.00%.
On the other hand, the stock currently carries a Zacks Rank of #2.
So, this combination makes it difficult to conclusively predict that Plug Power will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Plug Power would post a loss of$0.09 per share when it actually produced a loss of -$0.08, delivering a surprise of +11.11%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Plug Power doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsAnother stock from the Zacks Electronics - Miscellaneous Products industry, MKS (MKSI - Free Report) , is soon expected to post earnings of $2.94 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +66.1%. Revenues for the quarter are expected to be $1.21 billion, up 24.1% from the year-ago quarter.
The consensus EPS estimate for MKS has been revised 1.3% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +1.59%.
When combined with a Zacks Rank of #2 (Buy), this Earnings ESP indicates that MKS will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
August 03, 2026 07:00 ET | Source: Plug Power, Inc.
SLINGERLANDS, N.Y., Aug. 03, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, will announce its 2026 second quarter results on August 10, 2026.
Join the call:
Date: August 10, 2026Time: 4:30 PM ETToll-free: 877-407-9221 / +1 201-689-8597Direct webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=78Bu4HFq
The webcast can also be accessed directly from the Plug website (www.plugpower.com). A playback of the call will be available online for a period of time following the call.
About Plug
Plug Power is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications and energy producers—advancing energy independence and decarbonization at scale.
With electrolyzers deployed across five continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The Company has deployed over 74,000 fuel cell systems and 285 fueling stations and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure a reliable, domestically produced hydrogen supply. With plants operational in Georgia, Tennessee, and Louisiana, Plug Power’s total production capacity is now 40 tons per day.
Plug supports global leaders like Walmart, Amazon, Home Depot, BMW, and BP through its talented workforce and state-of-the-art manufacturing facilities around the world.
Investors in 2026 face a clear choice between a speculative hydrogen pioneer and a profitable oil giant. Plug Power (PLUG -1.44%) and Occidental Petroleum (OXY +2.00%) represent two very different paths in the evolving energy landscape.
Plug Power focuses on the future of green hydrogen and fuel-cell technology, while Occidental Petroleum produces traditional energy while investing in carbon capture. They are compared because they offer different ways to play the energy transition.
The case for Plug PowerPlug Power builds green hydrogen and fuel-cell solutions for global industrial applications. The company focuses on large-scale logistics, providing fuel to the material handling and e-mobility sectors. Walmart is a major customer, representing roughly 24.2% of consolidated revenues as of late 2025, adding a layer of risk to the business.
In FY 2025, revenue reached nearly $709.9 million, reflecting a growth rate of approximately 12.9% over the previous year. Despite this growth, the company reported a net loss of approximately $1.6 billion for the same period. This resulted in a net margin of -229.8%, highlighting the significant costs involved in scaling hydrogen production.
As of its December 2025 balance sheet, the debt-to-equity ratio was 1.0x. This metric, which measures a company's total debt against its shareholder equity, sits at 1.0x, while a current ratio of 2.3x indicates the company has enough short-term assets to cover immediate liabilities. However, free cash flow was negative $661.5 million in FY 2025, meaning cash outflows exceeded inflows from operations and capital investments.
Occidental Petroleum operates a massive upstream oil and gas business with significant production in the Permian Basin and Middle East. Following the sale of its chemical business to Berkshire Hathaway, the company has pivoted toward a focused energy model. It is also expanding into low-carbon ventures, positioning itself among renewable energy stocks through its carbon capture projects.
In FY 2025, the company generated revenue of nearly $21.6 billion, though this was a decline of roughly 20.3% compared to the prior year. Despite lower sales, the company achieved net income of approximately $2.4 billion. This performance resulted in a net margin of 11.0% for the fiscal year.
As of December 2025, the balance sheet showed a debt-to-equity ratio of 0.7x, suggesting a moderate level of debt relative to equity. The current ratio is 0.9x, indicating that short-term assets are slightly lower than short-term liabilities. Most importantly, the company generated $4.1 billion in free cash flow, providing significant capital for dividends or reinvestment.
Risk profile comparisonPlug Power faces legal challenges, including multiple securities class action lawsuits regarding project timelines and funding. The company also struggles with liquidity constraints, remaining dependent on external financing despite recent asset sales. Execution risks remain high as the transition to new hydrogen production facilities is technically complex and prone to delays.
Occidental Petroleum is highly sensitive to commodity price volatility, as fluctuations in oil and gas prices directly impact its cash generation. The company also faces operational hazards and environmental liabilities, including remediation costs for legacy sites. Furthermore, its decarbonization strategy requires heavy capital investment in technologies that may face competition from giants like ExxonMobil.
Valuation comparisonOccidental Petroleum appears more attractive to value seekers with its low Forward P/E, while Plug Power carries a higher P/S ratio despite its lack of profitability.
MetricPlug PowerOccidental PetroleumForward P/EN/A10.2xP/S ratio4.0x2.6xValuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?I'd go with Occidental Petroleum, and it's not a particularly close call. Plug Power is making incremental progress on its hydrogen infrastructure business, and the long-term case for green hydrogen in a decarbonizing world has its merits. But Plug has been burning through cash for years and has missed profitability targets repeatedly. It’s still working to convince investors that the business model can actually scale.
Occidental, meanwhile, is delivering the kind of results that really reward patient investors. The company just beat earnings estimates by a wide margin and its production surpassed guidance. I like that Berkshire Hathaway continues to hold a large stake in the company, which gives this company a long-term endorsement that carries weight. And the Permian Basin operations are among the most efficient in the industry.
Oil prices are always a variable with Occidental, and that uncertainty is worth acknowledging. But for a long-term investor choosing between a profitable, well-run energy company and one still trying to find its footing, Occidental is the more comfortable place to put your money.
Plug Power (PLUG - Free Report) ended the recent trading session at $2.05, demonstrating a -1.91% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.7%. Meanwhile, the Dow gained 0.53%, and the Nasdaq, a tech-heavy index, added 1%.
Shares of the alternative energy company have depreciated by 20.83% over the course of the past month, underperforming the Computer and Technology sector's loss of 6.59%, and the S&P 500's loss of 0.49%.
The investment community will be closely monitoring the performance of Plug Power in its forthcoming earnings report. The company is predicted to post an EPS of -$0.08, indicating a 50% growth compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $167.74 million, down 3.58% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.36 per share and revenue of $814.34 million, indicating changes of +74.65% and +14.71%, respectively, compared to the previous year.
Investors might also notice recent changes to analyst estimates for Plug Power. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 6.14% increase. Plug Power is currently sporting a Zacks Rank of #2 (Buy).
The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 52, positioning it in the top 22% 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
Are you seeking the future of clean energy? Choosing between Oklo (OKLO -6.92%) and Plug Power (PLUG -3.06%) involves weighing a pre-revenue nuclear developer against an established hydrogen player struggling with profitability.
Oklo focuses on small modular reactors to provide localized power, while Plug Power builds a comprehensive hydrogen network for industrial use. Both companies are navigating a shifting energy landscape, making them favorites for investors interested in high-growth, high-risk opportunities within the green energy transition.
The case for OkloOklo designs advanced fission power plants and nuclear fuel recycling systems to provide clean energy. It aims to sell reliable power to data centers and military bases through long-term contracts. One key deal involves a project with Meta Platforms for an Ohio data center, though customer concentration like this adds a layer of risk.
In FY 2025, it remained in the pre-commercial development phase with $0 in revenue. It reported a net loss of nearly $105.7 million during this period, which is common for early-stage energy technology firms. This loss widened from approximately $73.6 million in the previous fiscal year while the company expanded its research efforts.
As of its December 2025 balance sheet, the debt-to-equity ratio was 0.0x, meaning it carries no debt. The current ratio, which measures the ability to pay short-term obligations with liquid assets, was roughly 49.1x. For the fiscal year ended in 2025, free cash flow was negative $115.4 million, which represents the cash remaining after paying for operations and equipment.
The case for Plug PowerPlug Power provides a hydrogen ecosystem including production and fuel cells for heavy industry. It serves major logistics players, with Walmart accounting for approximately 24% of its consolidated revenue. Customer concentration like this adds a layer of risk to the business, though it is focusing more on the industrial stocks arena.
In FY 2025, revenue reached nearly $709.9 million, representing revenue growth of approximately 12.9% year-over-year. Despite this growth, the company recorded a net loss of close to $1.6 billion for the year. The net margin, which is the percentage of revenue left as profit after all expenses, was negative 229.8%.
On its December 2025 balance sheet, the debt-to-equity ratio was roughly 1.0x, indicating debt and equity are equal. The current ratio was approximately 2.3x, suggesting the company has enough short-term assets to cover its immediate liabilities. Free cash flow for FY 2025 was negative $661.5 million, highlighting that it still spends more on equipment and operations than it brings in.
Risk profile comparisonOklo faces significant regulatory hurdles as it requires licenses from the Nuclear Regulatory Commission. Delays in these approvals or changes in federal policy could stall its entire business plan. The company also depends on securing specialized fuels that are currently in short supply and competes with established players like Cameco.
Plug Power struggles with liquidity, needing frequent capital raises to fund its ongoing net losses and operational costs. It is also involved in securities litigation regarding its financial disclosures and Department of Energy loans. Furthermore, the company is vulnerable to supply chain issues for metals like iridium and competition from Air Products and Chemicals.
I'd go with Oklo, but this is a speculative pick, not a safe one. Both companies are asking investors to bet on a clean energy future that hasn't fully arrived yet.
Plug Power is actually the more established business. Revenue is growing, margins are improving rapidly, and management is targeting positive EBITDA by year-end. That progress is encouraging after years of disappointing results. But Plug Power has been promising profitability for a long time, and the stock has destroyed enormous amounts of shareholder value over the past several years. Rebuilding that trust takes more than one good quarter.
Oklo is earlier stage, pre-revenue in any commercial sense, and years away from selling electricity. But the long-term thesis is more differentiated. Advanced nuclear is gaining serious momentum as a solution for AI data centers and energy security, and Oklo's integrated model (building, owning, and operating its reactors) creates a potentially durable business once it scales.
For a patient investor with a long horizon, Oklo's upside is more attractive.
Plug Power (PLUG -3.57%) is determined to show investors its turnaround is for real. The hydrogen fuel cell company has tested investors' patience over the past several years. Still, under new leadership, Plug is showing that its comeback strategy, internally called "Project Quantum Leap," is underway. Beyond the recent surge in the stock price, three numbers tell an important story and should catch investors' attention.
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Gross margin is still negative, but improving Plug's gross margin, based on generally accepted accounting principles (GAAP), swung 42% in the first quarter year over year. The number is still -13%, but that jump is significant. The driving force behind the improvement is a disciplined approach to cost-cutting, improved fuel-sourcing, and service execution.
This number matters because a company that's growing revenue but increasing its spend isn't helping shareholders over the long term. Marching toward profitability shows that Plug has solved its core issue of selling units at a loss. If the company can achieve and maintain a positive gross margin, it signals to investors that the business is viable.
Double-digit revenue growth Plug Power's revenue beat Wall Street's expectations in the first quarter of the year. The company's legacy material-handling fuel cell business grew by about 20%, while the newer electrolyzer division quadrupled from the previous year to more than $40 million. The material-handling business makes hydrogen fuel cells that replace batteries in forklifts and warehouse equipment, allowing workers to refuel in minutes rather than waiting hours to recharge.
Their electrolyzer business, by contrast, makes the machines that produce hydrogen in the first place, using electricity to split water into hydrogen and oxygen. So one segment consumes hydrogen to power equipment, while the other actually manufactures the hydrogen fuel supply.
Image source: The Motley Fool.
Plug has diversified its revenue streams with electrolyzers, which better position the company for success, particularly as AI data centers look to hydrogen to meet their power needs. If the turnaround is successful, investors should keep an eye on the pace of revenue growth.
A strong liquidity position Plug also ended the first quarter of 2026 with $802 million in cash, with another $275 million expected from planned asset sales. Part of Plug's turnaround story is targeting positive EBITDAS by the fourth quarter.
Plug has been criticized in the past for its cash burn and shareholder dilution. Hence, an increasing cash cushion is an important step toward stabilizing the company's finances and avoiding further dilution of existing shareholders.
While gross margin, revenue, and liquidity strength are three important indicators of success in the company's turnaround strategy, Plug still faces plenty of execution risk. With that said, Project Quantum Leap seems to be taking hold, and CEO Jose Luis Crespo is steering the ship in the right direction.
Investors will need continued patience as a full comeback for both the company and the stock is still a bit off in the distance. Shares of Plug Power have shed more than 90% of their value in the past five years. Plug will report its second-quarter results in the first half of August.
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.
Shares of this alternative energy company have returned -27.7% over the past month versus the Zacks S&P 500 composite's +1.9% change. The Zacks Electronics - Miscellaneous Products industry, to which Plug Power belongs, has lost 19.3% over this period. Now the key question is: Where could the stock be headed in the near term?
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 RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
For the current quarter, Plug Power is expected to post a loss of $0.08 per share, indicating a change of +50% from the year-ago quarter. The Zacks Consensus Estimate has changed +4.4% over the last 30 days.
The consensus earnings estimate of -$0.36 for the current fiscal year indicates a year-over-year change of +74.7%. This estimate has changed +6.1% over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $0.17 indicates a change of +52.5% from what Plug Power is expected to report a year ago. Over the past month, the estimate has changed -7.8%.
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 #2 (Buy).
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Projected Revenue GrowthEven 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 $167.74 million indicates a year-over-year change of -3.6%. For the current and next fiscal years, $814.34 million and $991.61 million estimates indicate +14.7% and +21.8% changes, respectively.
Last Reported Results and Surprise HistoryPlug Power reported revenues of $163.51 million in the last reported quarter, representing a year-over-year change of +22.3%. EPS of -$0.08 for the same period compares with -$0.21 a year ago.
Compared to the Zacks Consensus Estimate of $142.52 million, the reported revenues represent a surprise of +14.73%. The EPS surprise was +11.11%.
Over the last four quarters, Plug Power surpassed consensus EPS estimates three times. 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.
While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it 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 #2 does suggest that it may outperform the broader market in the near term.
Plug Power (PLUG - Free Report) has been beaten down lately with too much selling pressure. While the stock has lost 27.7% 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.
Why a Trend Reversal is Due for PLUGThe heavy selling of PLUG shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 27.49. 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 6.1% 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 >>>> .
Key Takeaways Bloom Energy's price gains and analyst sentiment give it an edge over Plug Power.Bloom Energy benefits from AI data-center demand, grid constraints and scalable onsite power.Plug Power is cheaper, but persistent losses, cash burn and capital raises remain key risks. Bloom Energy (BE - Free Report) and Plug Power (PLUG - Free Report) are two fuel-cell and hydrogen power companies focused on clean energy applications, including distributed power and transportation/power-generation markets.
As clean energy gains importance and new technologies emerge to produce it, companies like Bloom Energy and Plug Power are attracting attention. Both companies are advancing clean energy generation through innovative technologies.
Bloom Energy is a global leader in on-site power generation, gaining from increasing demand for clean energy from AI-driven data centers, as well as from customers increasingly adopting distributed energy solutions to bypass transmission and distribution constraints.
Plug Power designs, develops, and sells hydrogen products and solutions in Europe, Australia, North America, and internationally. Plug Power delivers clean energy solutions through hydrogen fuel cell technology, with its GenDrive systems improving efficiency in material-handling operations.
Let's delve deeper to find out which stock among BE and PLUG is better positioned for sustainable growth.
The Case for BEBloom Energy’s investment thesis centers on expanding its onsite power platform to address rising demand for reliable, rapidly deployable and cost-effective electricity. The company is positioned to benefit from AI-driven data-center expansion, grid-capacity constraints, growing reliability needs and government support for energy security and domestic manufacturing.
Its proprietary Energy Server uses solid oxide fuel-cell technology to generate electricity through an electrochemical process rather than combustion, providing efficient, resilient and lower-emission onsite power. The modular platform connects directly to customers’ electrical systems, reducing transmission losses and scaling from hundreds of kilowatts to several hundred megawatts. These capabilities make it suitable for data centers, advanced manufacturing, cryptocurrency mining and other power-intensive operations.
Bloom Energy continues to invest in research and development to improve efficiency, reduce manufacturing costs and strengthen profitability. Supportive clean-energy policies and incentives could further accelerate adoption and innovation.
Over time, the company aims to establish solid oxide fuel cells as a preferred onsite power solution for critical infrastructure. With electricity demand outpacing grid expansion, Bloom Energy’s differentiated technology, scalable platform and exposure to high-growth markets support its long-term prospects in distributed, reliable and lower-emission power generation.
The Case for PLUGPlug Power is developing an integrated green hydrogen ecosystem encompassing electrolyzers, fuel cells, hydrogen production, storage and distribution. Its long-term success depends heavily on broader commercial hydrogen adoption.
The company’s GenDrive systems offer rapid refueling, longer operating hours and lower downtime, improving productivity for material-handling customers. Customer engagement remains strong, supported by demonstrated productivity gains, better product reliability and reduced dependence on the electrical grid. Plug Power’s vertically integrated platform also positions it to benefit from logistics decarbonization and wider clean-energy adoption.
Cost-reduction initiatives under Project Quantum Leap are beginning to deliver results. Management expects gross margin to improve sequentially throughout 2026, supported by higher volumes, a more favorable business mix and continued cost discipline.
However, Plug Power remains a high-risk investment due to persistent operating losses, substantial cash burn, execution challenges and recurring capital raises that have diluted existing shareholders.
PLUG is yet to be profitable. Though the long-term prospects remain promising, a meaningful earnings recovery is unlikely in the near term.
Estimates for BE and PLUG The Zacks Consensus Estimate for BE’s 2026 revenues implies an 83.9% increase, and that for EPS suggests a 176.3% year-over-year increase. EPS estimates for 2026 have moved 3 cents north in the last 30 days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for PLUG’s 2026 revenues implies a 14.7% increase and that for EPS indicates a 74.7% increase. The consensus estimate for 2026 earnings witnessed no movement in the last 30 days.
Image Source: Zacks Investment Research
Price Performance of BE and PLUGBE shares have gained 112.8% year to date, while PLUG shares have gained 6.1% in the same time.
Image Source: Zacks Investment Research
Are BE and PLUG Shares Expensive?BE is trading at a forward 12-month price-to-sales multiple of 10.23, higher than its median of 2.67 over the past five years. PLUG’s forward 12-month price-to-sales multiple sits at 3.19, higher than its median of 2.22 over the past five years.
PLUG is cheaper than BE presently.
Image Source: Zacks Investment Research
ConclusionBloom Energy continues to demonstrate resilient performance, supported by rising demand for clean energy and its ability to provide rapid and dependable power solutions. Demand for the company’s offerings is expected to grow further as it delivers customized clean energy solutions directly to customers, reducing reliance on traditional transmission and distribution infrastructure.
Plug Power is more concentrated on hydrogen fuel cells for material-handling equipment, like forklifts and applications in transportation. It is also investing in research and utilizing the fuel cell technology to provide reliable power to its customers. However, it has been incurring losses.
BE sports a Zacks Rank #1 (Strong Buy) while PLUG carries a Zacks Rank #2 (Buy). Price appreciation and analyst sentiment give BE an edge over PLUG. You can see the complete list of today’s Zacks #1 Rank stocks here.
Plug Power stock remains in a deep bear market after falling by over 50% from the highest point this year. This retreat will be put to the test on August 7 after the company publishes its financial results. So, will the stock rise or drop after its earnings report?
Plug Power stock normally experiences substantial volatility whenever it publishes its financial results. For example, it jumped by 13% when it released its numbers in April and 30% after its numbers in March.
The options market is positioning itself for high volatility after the earnings release, with the implied volatility for those expiring on August 7 being at 107%. This puts it in the top 25% in terms of volatility.
Barchart data shows that its total put volume stands at 956, while the call volume is at 973. This gives it a put/call volume ratio at 0.98. In terms of open interest, the put and call open interest soared to 1,071 and 7,457, respectively. It has a put/call open interest ratio of 0.14, which is a highly bullish sign as it means that investors are buying more calls than puts.
One potential reason behind the bullish positioning is that analysts predict the company will continue growing, helped by its large deals with Amazon and Walmart.
The average estimate among analysts is that its revenue will come in at $170 million, with one analyst seeing it rising to $173 million.
Notably, the loss per share is expected to improve from 18 cents to 8 cents, a sign that the company is making progress in its profitability ambitions. Plug Power expects that it will turn a net profit in the next few years.
For the year, analysts expect the company to make $813 million, up by 15% YoY, followed by $$962 million next year. There is a likelihood that the company will cross the $1 billion annual revenue mark as soon as next year.
The most recent results showed that Plug Power’s business did well, with its revenue rising by 22% to $163 million. Its gross margin improved to minus 13% from minus 55% in the same period last year.
PLUG stock chart | Source: TradingView
The daily chart shows that the PLUG stock has been in a strong bearish trend, falling from $4.32 in May to the current $2.09. It is slowly approaching the extreme oversold level of the Murrey Math Lines tool.
At the same time, the Relative Strength Index (RSI) is nearing the oversold level of 30. It has been falling since peaking at 73 earlier this year.
Therefore, there is a likelihood that the stock will rebound, potentially to the ultimate support level of $2.35. This rebound is possible as the company is highly shorted, with the short interest rising to 24%.
In January 2025, Plug Power (PLUG -4.57%) had just experienced a massive run, with shares hovering just below $3. I questioned whether investors should continue trusting the popular hydrogen stock. My assessment was damning.
"Some businesses aren't worth an investment at any price," I concluded. "For me, Plug Power meets this threshold."
My reasons were simple. On paper, hydrogen energy is very promising, especially when viewed as a climate solution. Most experts agree that hydrogen fuel use will rise over the coming decades, with demand especially from hard-to-decarbonize sectors such as aviation and steelmaking.
Image source: Getty Images.
The main issue is that, at least for now, hydrogen fuel remains largely more expensive than available alternatives, including traditional forms of renewable power like wind and solar, as well as conventional fossil fuels like natural gas. In other words, hydrogen fuel systems still rely on grants and subsidies to be economically viable. And in the long term, the prices of these systems must come down dramatically to spur adoption.
Has anything changed for the company over the last year and a half? You may be surprised by the answer.
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Here's how investors should view Plug Power stock today My issue with Plug Power has never been its technology. Rather, I have long been concerned about the levels of shareholder dilution that must occur before the company can generate a profit.
"Hydrogen is an exciting industry to watch, but I'd stay away as an investor, even at today's discounted price," I warned over a year ago. "There's just too much risk that the company won't survive long-term. And even if it does, it'll come at a heavy price, like massive shareholder dilution."
Fast forward to today, and Plug Power shares remain well under $3 despite heavy volatility along the way. While its gross margin has improved, the company remains in the same difficult position. Yes, sales growth is strongly positive. But shareholder dilution is occurring at such a rapid pace that it remains hard for this underlying growth to offset heavy ongoing dilution. Over the past three years, Plug Power's shares outstanding have increased by 131%.
Plug Power appears to be succeeding in selling its GenEco hydrogen electrolyzers. And the company's new management team seems intent on controlling costs and executing on the company's sales pipeline. But even after reporting one of its most positive quarters in recent memory, the company still posted a $245.3 million loss last quarter, a figure that includes roughly $140 million in noncash charges.
I'm a big fan of hydrogen energy systems in general. And Plug Power seems to be gaining market traction for its new product lineup, with an improving gross margin to boot. But shareholder dilution over the decades has helped wipe out every run the stock has ever gone on. I expect shares to remain volatile. But I won't be jumping in until the company can prove that it can remain sustainably profitable, avoiding costly shareholder dilution to stay afloat.
Plug Power (PLUG - Free Report) ended the recent trading session at $2.10, demonstrating a -4.11% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.05%. At the same time, the Dow added 0.46%, and the tech-heavy Nasdaq lost 0.64%.
Shares of the alternative energy company witnessed a loss of 14.79% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 3.62%, and the S&P 500's gain of 0.61%.
Investors will be eagerly watching for the performance of Plug Power in its upcoming earnings disclosure. On that day, Plug Power is projected to report earnings of -$0.08 per share, which would represent year-over-year growth of 50%. Our most recent consensus estimate is calling for quarterly revenue of $167.74 million, down 3.58% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.36 per share and revenue of $814.34 million, indicating changes of +74.65% and +14.71%, respectively, compared to the previous year.
Any recent changes to analyst estimates for Plug Power should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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 past month, the Zacks Consensus EPS estimate has moved 6.14% higher. Plug Power presently features a Zacks Rank of #2 (Buy).
The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 64, putting it in the top 27% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow PLUG in the coming trading sessions, be sure to utilize Zacks.com.
In the latest trading session, Plug Power (PLUG - Free Report) closed at $2.23, marking a -1.76% move from the previous day. This change lagged the S&P 500's daily loss of 0.14%. Elsewhere, the Dow lost 0.01%, while the tech-heavy Nasdaq lost 0.57%.
Shares of the alternative energy company witnessed a loss of 16.24% over the previous month, trailing the performance of the Computer and Technology sector with its loss of 4.82%, and the S&P 500's gain of 0.25%.
Analysts and investors alike will be keeping a close eye on the performance of Plug Power in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of -$0.08, marking a 50% rise compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $167.74 million, indicating a 3.58% decline compared to the corresponding quarter of the prior year.
PLUG's full-year Zacks Consensus Estimates are calling for earnings of -$0.36 per share and revenue of $814.34 million. These results would represent year-over-year changes of +74.65% and +14.71%, respectively.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Plug Power. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 6.14% higher. At present, Plug Power boasts a Zacks Rank of #2 (Buy).
The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 65, this industry ranks in the top 27% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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.
Earlier this month, Plug Power (PLUG +0.93%) investors received some great news: The company's 50-megawatt (MW) hydrogen electrolyzer project in Australia is expected to move into the execution phase. This essentially clears the way for Plug Power to deliver on its end of the bargain and book the related revenue.
While Plug Power has completed other projects elsewhere in Australia, this electrolyzer project is now that country's largest renewable hydrogen project to reach this level of development. Orica, the customer -- a large mining conglomerate that bills itself as the "world's largest mining-dedicated producer of sodium cyanide, supporting gold processing, silver recovery and other mineral extraction operations" -- operates an existing ammonia production facility on Kooragang Island.
Currently, that facility produces most of its electricity from natural gas. Plug Power's proton exchange membrane (PEM) electrolyzer will use renewable energy sources to produce hydrogen fuel, offsetting around 7.5% of the facility's natural gas usage.
To put this project into perspective, Plug Power has now deployed around 320 MW of its GenEco electrolyzer systems across six continents. For comparison, one of Plug Power's biggest installed systems is a 100-MW Galp project in Portugal. That system is now one of Europe's largest electrolyzer installations. It is expected to be fully online by the end of this year. So while this 50-MW system in Australia is meaningful, it is not a game changer in any large sense.
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Still, Plug Power's management team wants this development to convince investors of its intended growth trajectory. As a press release reads, "The HVHH project adds to Plug's growing portfolio of landmark hydrogen projects ... as the company's global pipeline continues to advance from development into execution."
Should investors buy into the hype? There's still one clear reason to remain cautious.
Here's why I'm still staying away from Plug Power stock Plug Power is clearly gaining traction with its GenEco hydrogen electrolyzers. Last year, the company delivered 185 MW of GenEco systems, a 203% growth over the previous year. The company's project pipeline suggests this growth will continue. In April, for example, Plug Power was selected to deliver a 275-MW GenEco PEM electrolyzer system in Canada.
This project alone, when delivered, would give the company positive year-over-year growth. Other projects in the pipeline, including its Australian 50-MW system, will only further those growth rates.
Image source: Getty Images.
There are concerns about the long-term competitiveness of Plug Power's PEM systems. My biggest worry is simply shareholder dilution. Plug Power's management team seems to be taking profitability seriously. Last quarter, losses narrowed significantly following large improvements in gross margins.
PLUG Average Diluted Shares Outstanding (Quarterly) data by YCharts.
However, net losses continue to accumulate, forcing the company to sell more stock to stay afloat. Over the past five years, Plug Power's outstanding share count has soared by nearly 700%. Over the past 12 months alone, diluted shares are up roughly 20%. I expect more dilution to occur until the company is sustainably profitable.
So the issue isn't whether Plug Power is gaining market traction. Rather, it's a question of whether this growth can offset ongoing shareholder dilution. While Plug Power's business seems to be improving, I'm still comfortable remaining on the sidelines until the financials have stabilized.
Plug Power (PLUG - Free Report) closed the most recent trading day at $2.15, moving -2.71% from the previous trading session. The stock's performance was behind the S&P 500's daily loss of 0.51%. On the other hand, the Dow registered a loss of 0.2%, and the technology-centric Nasdaq decreased by 1.47%.
Shares of the alternative energy company have depreciated by 16.6% over the course of the past month, underperforming the Computer and Technology sector's loss of 2.99%, and the S&P 500's gain of 0.53%.
The investment community will be closely monitoring the performance of Plug Power in its forthcoming earnings report. The company is predicted to post an EPS of -$0.08, indicating a 50% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $167.74 million, down 3.58% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.36 per share and a revenue of $814.34 million, indicating changes of +74.65% and +14.71%, respectively, from the former year.
Any recent changes to analyst estimates for Plug Power should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 past month, the Zacks Consensus EPS estimate has moved 6.14% higher. Currently, Plug Power is carrying a Zacks Rank of #2 (Buy).
The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 61, positioning it in the top 25% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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 -16.6%, compared to the Zacks S&P 500 composite's +0.5% change. During this period, the Zacks Electronics - Miscellaneous Products industry, which Plug Power falls in, has lost 11.6%. 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.
Revisions to Earnings EstimatesHere 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.
For the current quarter, Plug Power is expected to post a loss of $0.08 per share, indicating a change of +50% from the year-ago quarter. The Zacks Consensus Estimate has changed +4.4% over the last 30 days.
For the current fiscal year, the consensus earnings estimate of -$0.36 points to a change of +74.7% from the prior year. Over the last 30 days, this estimate has changed +6.1%.
For the next fiscal year, the consensus earnings estimate of $0.17 indicates a change of +52.5% from what Plug Power is expected to report a year ago. Over the past month, the estimate has changed -7.8%.
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 #2 (Buy).
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Projected Revenue GrowthWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.
In the case of Plug Power, the consensus sales estimate of $167.74 million for the current quarter points to a year-over-year change of -3.6%. The $814.34 million and $991.61 million estimates for the current and next fiscal years indicate changes of +14.7% and +21.8%, respectively.
Last Reported Results and Surprise HistoryPlug Power reported revenues of $163.51 million in the last reported quarter, representing a year-over-year change of +22.3%. EPS of -$0.08 for the same period compares with -$0.21 a year ago.
Compared to the Zacks Consensus Estimate of $142.52 million, the reported revenues represent a surprise of +14.73%. The EPS surprise was +11.11%.
Over the last four quarters, Plug Power surpassed consensus EPS estimates three times. 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.
Bottom LineThe 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 #2 does suggest that it may outperform the broader market in the near term.
It was a wild ride for Plug Power (PLUG 2.49%) investors in 2025. Through the first nine months of the year, the fuel cell stock had logged 37.6% gain. The stock's rise, however, couldn't be sustained, and shares tumbled in the closing months of the year, leaving the stock 7.5% lower at the end of 2025 than at the start of the year.
But hope springs eternal for the hydrogen stock, and it has maintained a much different trajectory through the first half of the year. According to data provided by S&P Global Market Intelligence, Plug stock rocketed 37.6% in the first half of 2026.
Image source: Getty Images.
Investors celebrated Plug's progress with Project Quantum Leap While Plug stock saw some upward momentum early in 2026, the company's fourth-quarter 2025 financial results reported in March served as a major catalyst for the stock's rise. With the company's cost-savings initiative, Project Quantum Leap, seeming to bear fruit, Plug reported a 2.4% gross margin in Q4 2025 -- a sharp improvement from the negative 123% it reported in Q4 2024.
At the bottom of the income statement, investors found more to cheer. For the last quarter of 2025, Plug posted earnings per share (EPS) of negative $0.63 compared to negative $1.48 in Q4 2024.
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Following Plug's March Q4 2025 results report, several firms raised their price targets, further fueling the stock's rise. Wells Fargo boosted its price target to $2 from $1.50 shortly after the report, and in April, Susquehanna raised its target to $2.75 from $2.50, while Clear Street raised it to $3.50 from $3.
Investors continued driving the stock higher in May, when Plug reported Q1 2026 financial results. Beating analysts' expectations that it would post revenue of $141.2 million, Plug reported $163.5 million on the top line -- 22% higher on a year-over-year basis. But it was likely management's year-end commentary that provided the most fodder for the bulls. Speaking to the company's continuing improvements, Jose Luis Crespo, Plug's CEO, reaffirmed the belief that the company would achieve positive earnings before interest, taxes, depreciation, amortization, and share-based expense (EBITDAS) in the fourth quarter of 2026.
The second half of the year isn't off to a great start While Plug stock moved decisively higher in the first half of the year, it has moved in the opposite direction so far in July. As of this writing, shares of Plug are down 19% since June 30. It's worth noting, though, that the company hasn't reported any negative news that would explain the stock's decline.
While profitability has consistently eluded Plug, the company seems to be making progress toward proving that its fuel cell and hydrogen business can be lucrative. Should the company report further success in reducing expenses when it reports second-quarter 2026 financial results later this summer, it may suggest that a new day for Plug is dawning.
Plug Power (PLUG - Free Report) has been beaten down lately with too much selling pressure. While the stock has lost 19.2% 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.
Why PLUG Could Bounce Back Before LongThe RSI reading of 26.35 for PLUG is an indication that the heavy selling could be in the process of exhausting itself, so the stock could bounce back in a quest 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 6.1% 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 >>>> .
SLINGERLANDS, N.Y., July 13, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG) today announced two transactions with Stream US Data Centers, LLC ("Stream"), advancing the Company’s previously announced strategic infrastructure optimization initiatives, which collectively target more than $275 million in liquidity improvement through a combination of asset monetization, release of restricted cash, and reduced maintenance expenses. In addition, Stream and Plug Power are now also actively exploring other opportunities for Plug to deploy its products into the data center industry. Plug previously announced in February 2026 that it had entered into a definitive agreement to sell its interest in the New York Gateway Project to Stream. As the parties continued to work toward satisfaction of the transaction's closing conditions, including applicable regulatory and project-related approvals, the parties agreed to restructure the transaction into a staged closing and to enter into a definitive agreement for the sale of Plug’s Graham, Texas Project.
Texas
Plug has signed a definitive agreement to sell its Graham, Texas Project, comprised of land and associated 164 MW of grid interconnection assets, to Stream for up to $76.5 million, with $50 million to be paid at closing and up to $26.5 million based on the load capacity that will be confirmed in the final interconnection agreement with the Texas utility. The closing is expected on or about July 31, 2026, subject to the satisfaction of closing conditions. The sale is also expected to enable the release of approximately $14 million of cash collateral currently supporting letters of credit/security payments, following the transfer of the applicable interconnection-related obligations and security arrangements to Stream. In total, this transaction is expected to provide up to approximately $90.5 million of total liquidity.
New York
Plug and Stream have amended the purchase and sale agreement for the Gateway Project as follows: (i) Stream's prior $6.5 million escrow deposit will be promptly released to Plug; (ii) Stream will make a new $10 million escrow deposit toward its purchase of land at the Gateway site; (iii) the closing provisions have been amended to enable the near-term sale of the land; and (iv) the long-stop closing date for the sale of non-land assets has been extended to March 31, 2027 to afford additional time for completion of the applicable New York State environmental and regulatory review processes and satisfaction of the remaining closing conditions. As amended, the purchase price is fixed at $142 million. Combined with a $5 million advance received earlier this year, Stream will have paid $21.5 million to Plug against the purchase price upon release of the escrow deposits described above. Plug will retain ownership of the substation and interconnection assets, along with a repurchase right over the land, until the second closing.
Liquidity
As of June 30, 2026, Plug held approximately $162 million of unrestricted cash and cash equivalents, before giving effect to any proceeds from the transactions announced today. Together, the initial New York closing and the Texas transaction represent additional progress under Plug’s previously announced strategic infrastructure optimization initiative and are expected to deliver more than $80 million of near-term incremental liquidity. Additional initiatives under Plug’s previously announced strategic infrastructure optimization initiative, including further anticipated releases of restricted cash, are advancing and are expected to bring aggregate liquidity improvement of more than $275 million.
"Plug is appreciative of the continued collaboration and partnership with Stream Data Centers and is excited to position for closing in the near term. Monetizing these assets was a key part of our strategy this year, coupled with the continued improvements in margin and cash flows to fund the business. We look forward to sharing our results for the second quarter shortly and believe that we are on track with our financial goals for 2026. The improvement in margins, effective management of our liquidity, and the growth of our sales pipeline remain our critical focus." said Jose Luis Crespo, Chief Executive Officer and President of Plug Power.
About Plug Power
Plug is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications, and energy producers, advancing energy independence and decarbonization at scale.
With electrolyzers deployed across six continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed more than 74,000 fuel cell systems and over 280 fueling stations and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, capable of producing up to 40 tons per day.
Headquartered in Slingerlands, New York, Plug is driving innovation, strengthening American manufacturing, and creating high-quality jobs across the country. The company employs more than 730 people in New York, supporting approximately $69 million in annual payroll, and nearly 200 employees in Texas, representing more than $18 million in annual payroll. Across New York and Texas, Plug has deployed more than 6,200 GenDrive fuel cell-powered forklifts at 31 customer facilities, helping customers reduce electricity demand, avoid nearly 95,000 MWh of annual electricity consumption, prevent more than 33,000 metric tons of CO2 emissions each year, and eliminate approximately $164 million in electric infrastructure investments that would otherwise have been borne by utility customers and ratepayers. With employees and state-of-the-art manufacturing facilities across the globe, Plug powers industry leaders including Walmart, Amazon, Home Depot, BMW, and BP.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical facts, including, without limitation, statements regarding the Company's expectations, goals, plans, outlook or prospects, including expected gross proceeds and total proceeds from the transactions, the timing and likelihood of each closing, the anticipated receipt and amount of contingent consideration, the anticipated release of cash collateral, the anticipated aggregate liquidity improvement under the Company's strategic infrastructure optimization initiative, the Company's ability to execute its business strategy and achieve its financial goals for 2026, the Company's ability to pursue additional opportunities with Stream in the data center industry, the timing and outcome of New York State's environmental and regulatory review processes, the Company's preliminary and unaudited cash position as of second quarter of 2026, and other statements regarding future operating results, financial condition, performance, prospects, and opportunities, are forward-looking statements. These forward-looking statements are based on current expectations, estimates, forecasts, and projections and the beliefs and assumptions of management and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. These risks and uncertainties include, among other things: the Company's ability to satisfy closing conditions and complete each transaction on the anticipated terms or at all; the risk that the New York State environmental and regulatory review process applicable to the Gateway Project site is delayed or does not result in the determinations necessary to permit the second closing; the risk that the final interconnection agreement with the Texas utility is not executed or does not confirm the anticipated load capacity, which could reduce or eliminate the contingent consideration payable under the Graham, Texas Project transaction; the risk that escrow deposits are not released on the anticipated timeline or at all; general market, economic, competitive, and regulatory conditions; the effectiveness of the Company's strategic initiatives, including the infrastructure optimization initiative; risks associated with the data center market and demand for power solutions; the Company's ability to manage costs and liquidity; risks related to the Company's future capital requirements and liquidity needs; and other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission (the 'SEC'), including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q, and other reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
