Track market-moving stories before they get noisy

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.

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.

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.

Today's Change

(

-2.49

%) $

-0.06

Current Price

$

2.16

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.

SLINGERLANDS, N.Y., July 13, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG) today announced two transactions with Stream US Data Centers, LLC ("Stream"), advancing the Company’s previously announced strategic infrastructure optimization initiatives, which collectively target more than $275 million in liquidity improvement through a combination of asset monetization, release of restricted cash, and reduced maintenance expenses. In addition, Stream and Plug Power are now also actively exploring other opportunities for Plug to deploy its products into the data center industry.   Plug previously announced in February 2026 that it had entered into a definitive agreement to sell its interest in the New York Gateway Project to Stream. As the parties continued to work toward satisfaction of the transaction's closing conditions, including applicable regulatory and project-related approvals, the parties agreed to restructure the transaction into a staged closing and to enter into a definitive agreement for the sale of Plug’s Graham, Texas Project.

Texas

Plug has signed a definitive agreement to sell its Graham, Texas Project, comprised of land and associated 164 MW of grid interconnection assets, to Stream for up to $76.5 million, with $50 million to be paid at closing and up to $26.5 million based on the load capacity that will be confirmed in the final interconnection agreement with the Texas utility. The closing is expected on or about July 31, 2026, subject to the satisfaction of closing conditions. The sale is also expected to enable the release of approximately $14 million of cash collateral currently supporting letters of credit/security payments, following the transfer of the applicable interconnection-related obligations and security arrangements to Stream. In total, this transaction is expected to provide up to approximately $90.5 million of total liquidity.

New York

Plug and Stream have amended the purchase and sale agreement for the Gateway Project as follows: (i) Stream's prior $6.5 million escrow deposit will be promptly released to Plug; (ii) Stream will make a new $10 million escrow deposit toward its purchase of land at the Gateway site; (iii) the closing provisions have been amended to enable the near-term sale of the land; and (iv) the long-stop closing date for the sale of non-land assets has been extended to March 31, 2027 to afford additional time for completion of the applicable New York State environmental and regulatory review processes and satisfaction of the remaining closing conditions. As amended, the purchase price is fixed at $142 million.   Combined with a $5 million advance received earlier this year, Stream will have paid $21.5 million to Plug against the purchase price upon release of the escrow deposits described above. Plug will retain ownership of the substation and interconnection assets, along with a repurchase right over the land, until the second closing.

Liquidity

As of June 30, 2026, Plug held approximately $162 million of unrestricted cash and cash equivalents, before giving effect to any proceeds from the transactions announced today. Together, the initial New York closing and the Texas transaction represent additional progress under Plug’s previously announced strategic infrastructure optimization initiative and are expected to deliver more than $80 million of near-term incremental liquidity. Additional initiatives under Plug’s previously announced strategic infrastructure optimization initiative, including further anticipated releases of restricted cash, are advancing and are expected to bring aggregate liquidity improvement of more than $275 million.

"Plug is appreciative of the continued collaboration and partnership with Stream Data Centers and is excited to position for closing in the near term. Monetizing these assets was a key part of our strategy this year, coupled with the continued improvements in margin and cash flows to fund the business. We look forward to sharing our results for the second quarter shortly and believe that we are on track with our financial goals for 2026. The improvement in margins, effective management of our liquidity, and the growth of our sales pipeline remain our critical focus." said Jose Luis Crespo, Chief Executive Officer and President of Plug Power.

About Plug Power

Plug is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications, and energy producers, advancing energy independence and decarbonization at scale.

With electrolyzers deployed across six continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed more than 74,000 fuel cell systems and over 280 fueling stations and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, capable of producing up to 40 tons per day.

Headquartered in Slingerlands, New York, Plug is driving innovation, strengthening American manufacturing, and creating high-quality jobs across the country. The company employs more than 730 people in New York, supporting approximately $69 million in annual payroll, and nearly 200 employees in Texas, representing more than $18 million in annual payroll. Across New York and Texas, Plug has deployed more than 6,200 GenDrive fuel cell-powered forklifts at 31 customer facilities, helping customers reduce electricity demand, avoid nearly 95,000 MWh of annual electricity consumption, prevent more than 33,000 metric tons of CO2 emissions each year, and eliminate approximately $164 million in electric infrastructure investments that would otherwise have been borne by utility customers and ratepayers. With employees and state-of-the-art manufacturing facilities across the globe, Plug powers industry leaders including Walmart, Amazon, Home Depot, BMW, and BP.

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical facts, including, without limitation, statements regarding the Company's expectations, goals, plans, outlook or prospects, including expected gross proceeds and total proceeds from the transactions, the timing and likelihood of each closing, the anticipated receipt and amount of contingent consideration, the anticipated release of cash collateral, the anticipated aggregate liquidity improvement under the Company's strategic infrastructure optimization initiative, the Company's ability to execute its business strategy and achieve its financial goals for 2026, the Company's ability to pursue additional opportunities with Stream in the data center industry, the timing and outcome of New York State's environmental and regulatory review processes, the Company's preliminary and unaudited cash position as of second quarter of 2026, and other statements regarding future operating results, financial condition, performance, prospects, and opportunities, are forward-looking statements. These forward-looking statements are based on current expectations, estimates, forecasts, and projections and the beliefs and assumptions of management and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. These risks and uncertainties include, among other things: the Company's ability to satisfy closing conditions and complete each transaction on the anticipated terms or at all; the risk that the New York State environmental and regulatory review process applicable to the Gateway Project site is delayed or does not result in the determinations necessary to permit the second closing; the risk that the final interconnection agreement with the Texas utility is not executed or does not confirm the anticipated load capacity, which could reduce or eliminate the contingent consideration payable under the Graham, Texas Project transaction; the risk that escrow deposits are not released on the anticipated timeline or at all; general market, economic, competitive, and regulatory conditions; the effectiveness of the Company's strategic initiatives, including the infrastructure optimization initiative; risks associated with the data center market and demand for power solutions; the Company's ability to manage costs and liquidity; risks related to the Company's future capital requirements and liquidity needs; and other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission (the 'SEC'), including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q, and other reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Plug Media Contact

Teal Hoyos

[email protected] 

Here’s what investors need to know.

Plug Power stock is among today’s weakest performers. What’s behind PLUG decline? What Is Plug Power’s Key Catalyst This Week?Plug said the Hunter Valley Hydrogen Hub project in Newcastle, New South Wales—developed by Orica—has reached final investment decision, clearing the way for execution and including a 50MW electrolyzer order.

Once fully operational, the project is expected to produce about 4,700 tonnes of renewable hydrogen annually, cutting Orica’s natural gas use at Kooragang Island by roughly 7.5% and emissions equivalent to removing around 26,500 vehicles from Australian roads each year.

Plug Power is also leaning on Europe for proof of repeatable delivery after commissioning and handing over a 5 MW GenEco PEM electrolyzer at the Måde Power-to-X facility in Esbjerg, Denmark.

At full capacity, that site is expected to produce about 550 metric tons per year—roughly 1,500 truckloads—with output certified as Renewable Fuel of Non-Biological Origin under ISCC, a setup that can keep sentiment jumpy even when operations are moving forward.

Plug Power Technical Analysis: Key Levels To WatchAt $2.38, the stock is trading below every major moving average in the stack: the 20-day SMA ($2.66), 50-day SMA ($3.18), 100-day SMA ($2.78), and 200-day SMA ($2.63). That "below the full stack" posture keeps the longer-term trend biased lower unless price can reclaim the 200-day area and then start compressing the gap to the 50-day.

MACD is below its signal line with a negative histogram, which suggests upside pressure is cooling versus the prior upswing. In plain terms, MACD compares faster and slower trend momentum—when it’s below the signal line, rallies tend to fade faster unless buyers step in with sustained follow-through.

Key Resistance: $2.50 — a nearby round-number area where rebounds can stall The bigger-picture backdrop is still conflicted: a golden cross (50-day SMA above the 200-day SMA) printed in September 2025, but price is now back under both, which can turn that prior bullish signal into "failed follow-through." On the timeline, the stock’s recent swing low in April and swing high in June frame the current range, and bulls generally need to defend higher lows while working back above the 20-day/200-day zones.

How Plug Power Builds Its Green Hydrogen EcosystemPlug Power is trying to build an end-to-end green hydrogen ecosystem—production, storage, delivery, and energy generation—so it can sell complete hydrogen solutions rather than just components. It also plans to build and operate green hydrogen highways across North America and Europe, using both direct customer relationships and joint ventures.

That context matters for Friday’s tape because the Orica milestone is exactly the kind of "ecosystem" proof point the market looks for: electrolyzer orders tied to real projects that have cleared final investment decision. Over time, consistent execution on projects like this is what can shift the stock from trading like a high-volatility concept to trading more like an operating industrial energy supplier.

Plug Power Stock Price Action: Friday UpdatePLUG Stock Price Activity: Plug Power shares were 5.88% down at $2.24 at the time of publication on Friday, according to Benzinga Pro data.

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

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

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

Plug Power shares are experiencing downward pressure. Why is PLUG stock retreating? What Is the Catalyst for Plug Power’s Growth?Plug is also trying to turn recent Europe execution into a steadier tape after commissioning and handing over a 5 MW GenEco PEM electrolyzer at the Måde Power-to-X facility in Esbjerg, Denmark. At full capacity, that site is expected to produce about 550 metric tons per year—roughly 1,500 truckloads—with output certified as Renewable Fuel of Non-Biological Origin under ISCC, a setup that can keep sentiment jumpy even when operations are moving forward.

Plug Power Technical Analysis: Key Levels to WatchIn the broader premarket tape, S&P 500 futures are down 0.6%, which can pressure higher-beta names even when the headline is constructive. For Plug, the market is also still dealing with a longer-term downtrend backdrop after the stock fell 74.65% over the past 12 months.

From a trend perspective, the stock at $2.41 is trading 10.8% below its 20-day SMA ($2.72) and 24.2% below its 50-day SMA ($3.20), keeping the near-term structure pointed lower. It’s also 12.2% below the 100-day SMA ($2.77) and 7.6% below the 200-day SMA ($2.63), which suggests rallies are still running into overhead supply.

Momentum is leaning soft: MACD is below its signal line and the histogram is negative, which typically means upside pressure is fading unless buyers can reclaim that baseline. Even so, the longer-term "golden cross" (50-day SMA above the 200-day SMA) that formed in September 2025 is still on the chart, so bulls will be watching whether this dip turns into a higher low versus the April swing low.

Key Resistance: $2.50 — a nearby round-number area where rebounds can stall How Plug Power Builds Its Green Hydrogen EcosystemPlug Power is building an end-to-end green hydrogen ecosystem, spanning production, storage, delivery, and energy generation. The company’s strategy includes building and operating green hydrogen highways across North America and Europe.

That backdrop matters for the Orica milestone because large electrolyzer and hub-style projects are the kind of "ecosystem" deployments that can pull through equipment, fuel supply, and longer-duration customer relationships. Plug targets multiple end markets—material handling, e-mobility, power generation, and industrial applications—so execution progress on industrial hydrogen hubs is a key proof point investors tend to track.

For Orica specifically, the Hunter Valley site is designed to displace natural gas in low-carbon ammonia and ammonium nitrate production, with emissions cuts framed as equivalent to removing about 26,500 vehicles from Australian roads each year. That kind of quantified decarbonization impact can help Plug sell similar hub-scale projects, but the stock’s reaction shows traders still want clearer follow-through on revenue and margins.

Plug Power Price Action: Current Trading TrendsPLUG Stock Price Activity: Plug Power shares were down 2.40% at $2.42 during premarket trading on Wednesday, according to Benzinga Pro data.

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

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

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

This project, developed by Orica, is the largest green hydrogen initiative in Australia to achieve final investment decision, allowing the project to move into execution.

• Plug Power stock is among today’s weakest performers. Why are PLUG shares down?

Plug Power Wins Milestone Order For Australia Hydrogen HubThis project not only highlights Plug’s expanding footprint in Australia but also reinforces its commitment to building a global hydrogen ecosystem.

The HVHH project will utilize renewable electricity to produce hydrogen, gradually replacing natural gas in Orica’s production of low-carbon ammonia and ammonium nitrate.

The hydrogen will gradually replace natural gas in the production of lower-carbon ammonia and ammonium nitrate, key materials for Australia’s mining, agriculture and industrial sectors.

Once fully operational, the project is expected to generate about 4,700 tonnes of renewable hydrogen annually.

This will reduce Orica’s natural gas usage at Kooragang Island by approximately 7.5% and cutting emissions equivalent to removing around 26,500 vehicles from Australian roads each year.

PLUG Technical Outlook: Trend and Momentum SignalsPlug Power was trading at $2.69, which positions it 0.8% below its 20-day simple moving average (SMA) of $2.76. The stock was also 14.9% below its 50-day SMA of $3.22, indicating a bearish trend in the short to medium term. The moving average convergence divergence (MACD) is above its signal line, suggesting that downside pressure is easing, which could indicate improving momentum as the stock attempts to recover from recent lows.

PLUG Earnings Preview and Analyst Price TargetsPlug Power is slated to provide its next financial update on Aug. 10 (estimated).

EPS Estimate: Loss of 8 cents (Up from loss of 20 cents) Revenue Estimate: $168.26 million (Down from $173.97 million) Analyst Consensus & Recent Actions: The stock carries a Hold rating with an average price target of $3.53. Recent analyst moves include:

Wells Fargo: Equal-Weight (Raises target to $2.50 on May 19) Susquehanna: Neutral (Raises target to $3.75 on May 13) Canaccord Genuity: Hold (Raises target to $4 on May 12) PLUG ETF Exposure: Clean Energy Funds Holding The StockSignificance: Because Plug Power carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely trigger automatic buying or selling of the stock.

PLUG Stock Price Action on TuesdayPLUG Stock Price Activity: Plug Power shares were down 5.69% at $2.49 at publication on Tuesday, according to Benzinga Pro data.

Photo via Shutterstock 

Market News and Data brought to you by Benzinga APIs

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

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

Plugs GenEco™ PEM electrolyzers to power Australia's largest renewable hydrogen project and first Hydrogen Headstart recipient to reach FIDProject supports Orica’s decarbonization efforts by producing renewable hydrogen to displace natural gas in making ammonia, underscoring Plug's expanding footprint in Australia and the Asia-Pacific regionPlug's electrolyzers to power facility expected to produce approximately 4,700 tonnes of renewable hydrogen per year
SLINGERLANDS, N.Y., July 07, 2026 (GLOBE NEWSWIRE) --  Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced that the 50-megawatt (MW) Hunter Valley Hydrogen Hub (HVHH) project in Newcastle, New South Wales, Australia, has reached final investment decision (FID), moving the project into execution and advancing the delivery of Plug's GenEco Proton Exchange Membrane (PEM) electrolyzers. The Hunter Valley Hydrogen Hub is being developed by Orica, a global leader in mining and infrastructure solutions operating across more than 100 countries.

Located adjacent to Orica's existing ammonia manufacturing facility on Kooragang Island, the Hunter Valley project will use renewable electricity to produce renewable hydrogen via electrolysis, progressively replacing natural gas in the company’s production of low-carbon ammonia and ammonium nitrate. These are essential products for Australia's mining, agriculture, and industrial sectors. The HVHH is the largest green hydrogen project in Australia to reach FID, and the first among the recipients of Australia's Hydrogen Headstart program, which awarded AU$432 million in production credits to support the project through the Australian Renewable Energy Agency (ARENA).

At full capacity, the facility is expected to produce approximately 4,700 tonnes of renewable hydrogen per year, displacing around 7.5 percent of Orica's natural gas consumption at Kooragang Island, the equivalent of removing approximately 26,500 cars from Australian roads annually.

"Reaching FID on the Hunter Valley Hydrogen Hub is a significant milestone for Orica, for Australia's hydrogen industry, and for Plug," said José Luis Crespo, CEO of Plug. "Being selected as the electrolyzer OEM for the country's largest renewable hydrogen project to reach FID, and the first Hydrogen Headstart project to move into the execution phase, reflects the confidence our customers place in Plug’s technology and our ability to deliver at scale. Australia is a key part of our global growth story, and this project reinforces our expanding presence across the Asia-Pacific region."

“This Final Investment Decision is a significant milestone in bringing the Hunter Valley Hydrogen Hub to life. It demonstrates Orica’s commitment to maintaining the competitiveness of both our manufacturing operations and the Hunter Valley, while strengthening Australia’s sovereign manufacturing capability. Importantly, it supports the reliable, lower-carbon supply of critical inputs to industries such as mining and agriculture," said Germán Morales, Orica Group President - AusPac and Sustainability. "We selected Plug as our electrolyzer OEM because of its proven track record in delivering large-scale PEM systems and their ability to support a project of this complexity and ambition. We look forward to bringing this facility online and supplying low-carbon ammonia to the mining, agriculture, and industrial customers who depend on us."

Plug's selection for the HVHH reflects the company's deep footprint in the Australian hydrogen market and its growing global project pipeline. Plug has significant activations in Australia, having previously supported electrolyzer projects across the country, including an electrolyzer in Townsville that has already started production, and an electrolyzer in Chinchilla, Queensland.

With more than 320 MW of GenEco electrolyzer systems deployed across six continents, Plug continues to leverage its growing installed base to optimize system performance, streamline commissioning timelines, and deliver proven, reliable hydrogen solutions at scale. The HVHH project adds to Plug's growing portfolio of landmark hydrogen projects, including the 100 MW Galp project in Portugal, one of Europe's largest electrolyzer installations, as the company's global pipeline continues to advance from development into execution.

Hear a message from Plug CEO Jose Luis Crespo on today’s announcement: https://www.plugpower.com/a-message-from-our-ceo-on-the-orica-announcement/

About Orica
Orica is one of the world’s leading mining and infrastructure solutions providers. From the production and supply of explosives, blasting systems, mining chemicals and geotechnical monitoring to our cutting-edge digital solutions and comprehensive range of services, we sustainably mobilise the earth’s resources.

Operating for 150 years, today our 14,000+ global workforce supports customers across surface and underground mines, quarry, construction, and oil and gas operations.

Sustainability is integral to our operations. We have set an ambition to achieve net zero emissions by 2050 and are committed to playing our part in achieving the goals of the Paris Agreement. 

Find out more about Orica: www.orica.com.

About Plug Power
Plug is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications, and energy producers, advancing energy independence and decarbonization at scale.

With electrolyzers deployed across six continents, Plug leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed over 74,000 fuel cell systems and 280+ fueling stations, and is the largest user of liquid hydrogen. Plug is rapidly expanding its generation network to ensure reliable, domestically produced supply, with hydrogen plants currently operational in Georgia, Tennessee, and Louisiana, capable of producing 40 tons per day.

With employees and state-of-the-art manufacturing facilities across the globe, Plug powers global leaders like Walmart, Amazon, Home Depot, BMW, and BP.

For more information, visit www.plugpower.com.

Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding the facility’s expected production of approximately 4,700 tonnes of renewable hydrogen per year; Plug’s expansion across the Asia-Pacific Region; Plug’s involvement in the Australian hydrogen market; Projects in Plug’s global project pipeline advancing from development into execution stage. These forward-looking statements are based on management’s current expectations and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements are based on current expectations and are subject to risks, uncertainties, and assumptions, including but not limited to: Plug’s expectations regarding future opportunities deploying electrolyzers; Plug’s ability to deploy complex hydrogen systems, optimize system performance, streamline commissioning timelines, and deliver proven, reliable hydrogen solutions at scale; Plug’s ability to meet market needs with reliable and scalable execution; competition in the electrolyzer supply market; technological challenges; regulatory and policy changes; market acceptance of hydrogen solutions; Plug’s ability to achieve profitability and manage liquidity; supply chain disruptions; and general economic and market conditions. Additional risks are described in Plug’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Plug undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by law.

MEDIA CONTACT
Teal Hoyos
[email protected]

Making tremendous strides in sales growth over the past decade, Plug Power (PLUG +0.00%) has proven adept at selling customers on its fuel cell and hydrogen offerings. But the company's prowess at proving that these alternative energy endeavors could be profitable? Well, that's another story. Since its founding in 1997, Plug Power has consistently failed to turn a profit.

But management has a plan to reverse that trend. Let's take a closer look at Plug stock and what could derail the company as management strives to achieve profitability.

Image source: Getty Images.

This isn't the first time Plug's management has prognosticated profits Investors often get excited when management teams suggest that profitability is on the horizon for their businesses -- especially ones that have been unprofitable for nearly 30 years, like Plug. So when Plug's management projects the company will generate positive operating income as 2027 winds down and achieve "overall profitability exiting 2028," it's understandable why investors get a little giddy.

Today's Change

(

0.00

%) $

0.00

Current Price

$

2.64

But those with long memories will recall Plug's past profitability projections -- and how they never came to fruition.

The company has a long history of failing to deliver on management's profit forecasts. In December 2013, for example, Plug CEO Andy Marsh forecast the company would achieve breakeven on an earnings before interest, taxes, depreciation, and amortization (EBITDA) basis in 2014. Instead, it ended the year with EBITDA of negative $33.6 million.

Similarly, the company projected in January 2016 that it would achieve EBITDA break-even in the fourth quarter of that year. Again, it failed. Instead, Plug reported EBITDA of negative $9.4 million in Q4 2016.

Since its founding in 1997, Plug has reported neither operating income nor positive EBITDA.

PLUG Operating Margin (Annual) data by YCharts.

Plug plans to pull a lot of levers to post profits In an April 2026 investor presentation, management outlined a range of steps the company will take to achieve profitability. From raising prices throughout its material handling business to improving its service costs to consolidating its operating sites, the company sees a variety of opportunities to reduce expenses.

The problem, however, is that these numerous opportunities are far from guaranteed to succeed. While some of the steps the company is taking may yield benefits, there's no certainty they will be sufficient to result in overall profitability.

And while the company is continually incurring losses, it still needs to service its $1 billion in debt -- something it must do from its dwindling cash position of $223 million at the end of March 2026. Moreover, while it's servicing its debt, it still requires cash to maintain its operations. As a result, the company will likely raise capital by issuing equity, subjecting investors to shareholder dilution, as it has done many times before.

Take the forecast with a heaping tablespoon of salt Rather than buying this hydrogen stock on the belief that the company is on the precipice of posting profits, investors would be better served by looking for Plug to meet near-term targets, such as achieving positive EBITDA by the end of 2026. Should it succeed, the company could start to rebuild trust with investors, making its 2028 forecast seem more credible.

Plug Power (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 -28.5%, compared to the Zacks S&P 500 composite's -1.4% change. During this period, the Zacks Electronics - Miscellaneous Products industry, which Plug Power falls in, has gained 20.2%. The key question now is: What could be the stock's future direction?

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

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

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 remained unchanged over the last 30 days.

The consensus earnings estimate of -$0.35 for the current fiscal year indicates a year-over-year change of +75.4%. This estimate has remained unchanged over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.15 indicates a change of +57.1% from what Plug Power is expected to report a year ago. Over the past month, the estimate has remained unchanged.

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

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastWhile 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.

For Plug Power, the consensus sales estimate for the current quarter of $166.69 million indicates a year-over-year change of -4.2%. For the current and next fiscal years, $812.47 million and $994.07 million estimates indicate +14.4% and +22.4% 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.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

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.

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

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

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

As the global transition toward cleaner power sources accelerates, investors are weighing established solar technology against emerging hydrogen growth. Choosing between Enphase Energy (ENPH 0.22%) and Plug Power (PLUG +0.74%) depends on your risk appetite.

Enphase is a leader in microinverter technology, converting sunlight into usable electricity for homes and businesses. Plug Power is building a comprehensive hydrogen ecosystem, from production and storage to fuel cells that power industrial equipment. While both contribute to a greener future, their paths to profitability and cash flow generation are starkly different.

The case for Enphase EnergyEnphase Energy specializes in microinverter-based solar-plus-storage systems, which are critical components for converting solar energy into a form homes can use. The company primarily sells its products to solar distributors and large installers within the market for solar energy stocks. One major customer accounted for 39% of total net revenue in 2025, and such customer concentration adds a layer of risk to the business.

In FY 2025, revenue reached $1.48 billion, representing approximately 11% growth over the previous year. The company reported net income of nearly $172.1 million, resulting in a net margin of roughly 11.7%. This indicates that the company is effectively keeping a portion of every dollar earned as profit after all expenses are paid.

As of its December 2025 balance sheet, the debt-to-equity ratio is roughly 1.1x. This means total debt is roughly 1.1 times shareholder equity.  Free cash flow for the year was $95.9 million. Note that stock-based compensation represented 157% of operating cash flow, meaning reported cash generation is heavily inflated by this non-cash add-back.

The case for Plug PowerPlug Power develops comprehensive hydrogen solutions, including electrolyzers and fuel cells for material handling and industrial applications. The company serves large logistics operations, with Walmart Inc (WMT 4.50%) accounting for roughly 24% of consolidated revenue in 2025. Plug Power has recently shifted its strategy to require customers to secure their own third-party financing for equipment purchases to preserve its own liquidity.

In FY 2025, revenue reached approximately $709.9 million, which is an increase of nearly 12.9% over the prior year. Despite this growth, the company reported a net loss of roughly $1.6 billion, showing that the costs of operating the business and scaling hydrogen production still significantly exceed its revenue.

As of the December 2025 balance sheet, the debt-to-equity ratio is roughly 1.0x. This means total debt equals the value of shareholders’ equity. Free cash flow was negative $647 million. This figure is the cash left over after capital expenditures, and the negative value shows the company is currently consuming cash to fund its expansion.

Risk profile comparisonEnphase Energy faces significant regulatory uncertainty regarding tax credit eligibility and strict domestic content requirements. The company is also defending against multiple securities fraud class actions filed in 2026 related to inventory management and disclosure practices. Intense competition from manufacturers like Tesla Inc (TSLA +1.44%) and SolarEdge Technologies (SEDG 2.28%) creates persistent downward pressure on prices, while a heavy reliance on a few contract manufacturers leaves the supply chain vulnerable to disruptions.

Plug Power faces high liquidity risks as it continues to report substantial net losses and negative operating cash flows. The company remains dependent on securing additional capital, and the outcome of ongoing negotiations for a Department of Energy loan facility is uncertain. Additionally, Plug Power faces securities litigation and operational risks related to its dependence on third-party liquid hydrogen suppliers. These challenges are compounded by commodity price volatility, which can threaten the goal of improving net margin performance.

Valuation comparisonEnphase Energy appears to be the more established choice with positive net income, while Plug Power remains a high-growth, high-risk play based on its P/S ratio.

MetricEnphase EnergyPlug PowerSector BenchmarkForward P/E23.5xn/a29.4xP/S ratio4.7x4.6xn/aSector benchmark uses the SPDR XLE sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Plug Power saw revenue rise 22% in the first quarter of fiscal 2026, as its material handling and electrolyzer business, which creates hydrogen from water, saw particular strength (hydrogen sales, its third business line, grew about 10%).

Management expects that the Iran war and subsequent scarcity of certain types of fuel will increase the demand for its clean energy facilities in the long term. Also, the E.U. has a mandate that each member nation has to generate a certain percentage of its hydrogen from clean energy sources, which is a plus for Plug Power in the near term; however, the bureaucracy in the E.U., U.S., and Australia is a drag on getting current projects approved and running.  That makes funding a continual concern for investors. Management clearly addresses its funding ability on investor calls, but in a capital-intensive business with a slow sales cadence, it’s something to keep an eye on. Still, sales should rise this year to about $813 million, while the net loss and negative free cash flow narrow — both positive trends.

Enphase, meanwhile, offers a product in the heart of the booming solar energy sector. Microinverters convert the raw DC power from solar panels into AC power that can be used by a home or fed to other products, such as storage batteries and EV chargers. The company recently introduced EV chargers in Europe and is rolling out its latest-generation inverters based on gallium nitride (GaN) chips, which are much better at handling high heat than silicon and therefore are more efficient at moving electricity along the solar chain.

The negative for Enphase and other U.S. players in the solar space is that the federal government eliminated tax credits that were a big part of their growth. Solar isn’t going away — it is the lowest-cost source of electricity on a large scale — but the business will need to adjust to the loss of incentives. That means revenue will drop sharply this year, by about 18% to $1.2 billion. The company is still projected to turn a profit of $47 million despite that. That’s a plus as the company rolls out new products to fuel demand and solar customers adjust to higher prices.

Both Plug Power and Enphase Energy are veterans of the volatile renewable energy space, demonstrating resilience in their business models and how they are run. Plug is at a disadvantage because hydrogen can be produced from less expensive fossil fuels, and it has a long runway to profitability. Enphase looks like a business that can be had at a relative discount, having dropped about 85% from its pre-Trump administration peak amid fears of U.S. government attacks on renewable energy.

Solar isn’t going away, and Ephase is likely to remain a key player for years to come.

Key Takeaways PLUG is gaining from electrolyzer demand, while FLUX faces order delays and weak sales.Plug Power's electrolyzer pipeline exceeds $8B, but cash fell 39% in Q1 2026.Flux Power posted a 60.5% revenue drop in Q3 FY26 amid tariffs and lower volumes. Plug Power Inc. (PLUG - Free Report) and Flux Power Holdings, Inc. (FLUX - Free Report) are well-known names in the clean energy space. Both companies are engaged in developing advanced energy solutions for commercial and industrial equipment worldwide.

Plug Power continues to capitalize on opportunities in the expanding green hydrogen market, while Flux Power is benefiting from robust demand for sustainable energy storage solutions in the material handling industry. Which of these companies has the stronger upside potential? Let us take a detailed look at their fundamentals, growth drivers and challenges to find out.

The Case for PLUGPlug Power's first-quarter 2026 results continued to show signs of improvement. After growing12.9% in 2025, PLUG’s revenues surged 22% year over year in the quarter. Revenues were driven by an increase in demand for its electrolyzer product line and a volume increase in hydrogen fuel sales. In the quarter, revenues from the electrolyzer product line rose steeply approximately 345% on a year-over-year basis.

The robust growth was fueled by rising demand for the company's GenEco proton exchange membrane (PEM) electrolyzers in the industrial and energy markets. The company has more than 320 MW of electrolyzer capacity deployed worldwide and more than $8 billion in project pipeline across industrial and energy applications. With strong expertise in providing and installing electrolyzers, Plug Power is well-positioned to capitalize on the increasing demand for renewable fuels and green ammonia globally.

Also, last month, PLUG secured a contract for supplying 30 MW of GenEco PEM electrolyzers for the industrial hydrogen production plant located in Barrow-in-Furness, Cumbria. The project will deploy PLUG’s six 5 MW GenEco PEM electrolyzers for the production of green hydrogen.

Also, in April, Plug Power finalized one of the largest electrolyzer project deals in its history. The company received the Front-End Engineering Design (FEED) contract from Hy2gen Canada to deliver a 275 MW GenEco PEM electrolyzer system for the latter’s “Courant” decarbonized ammonium nitrate project.

PLUG’s Project Quantum Leap is also enabling it to boost its cash flow and reduce its cash burn rate. As part of the project, it is benefiting from sales growth, pricing actions, inventory and capex management, and increased leverage of its hydrogen production platform.

However, a key challenge facing Plug Power is its continued inability to generate positive gross margins and cash flows. In the first quarter, the company reported a negative gross margin of 13%, while operating cash outflow amounted to $150 million.

Plug Power's liquidity position also remains a concern. The company ended the first quarter of 2026 with cash equivalents of $223.2 million, down 39% from the level at 2025-end.

The Case for Flux PowerFlux Power has been witnessing a decline in customer orders due to delays in new orders for its energy storage solutions, reflecting deferrals of new forklift purchases by certain large customer fleet amid lower capital spending and global tariff uncertainties. Tariffs have also negatively impacted the company’s revenues, profitability and cash flows. These factors hurt the company’s performance in the third quarter of fiscal 2026 (ended March 31, 2026), with revenues declining 60.5% year over year. Lower volumes in the material handling and airport ground support equipment markets further weighed on results.

Flux Power has been dealing with the adverse impacts of lower volumes and pricing pressures. In the third quarter of fiscal 2026 (ended March 2026), cost of sales declined 58.2% year over year, but gross profit fell 66%. Although the company lowered expenses through labor and overhead cost reductions, it continued to face profitability challenges. It reported an operating loss of $3 million in the quarter, wider than the prior-year quarter's operating loss of $1.6 million.

Also, given its weak liquidity position, the company has continued to rely on debt and equity financing to fund operations. As of March 31, 2026, Flux Power had an accumulated deficit of $111.5 million and cash and cash equivalents of only $0.4 million. During the first nine months of fiscal 2026, the company used $5.7 million in operating activities and incurred a net loss of $5.1 million.

Despite these headwinds, the company remains focused on improving profitability through cost-reduction, sourcing and pricing recovery initiatives. Flux Power also continues to invest in research and development and expand its portfolio of advanced lithium-ion energy storage solutions. With increasing electrification trends across industrial and commercial sectors, demand for lithium-ion and environmentally friendly energy storage solutions should support FLUX’s long-term growth prospects.

How Does the Zacks Consensus Estimate Compare for PLUG & FLUX?The Zacks Consensus Estimate for PLUG’s 2026 sales is $812.5 million, implying year-over-year growth of 14.5%. The consensus estimate for its bottom line is pegged at a loss of 35 cents per share.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for FLUX’s fiscal 2026 (ending June 2026) sales is approximately $41.8 million, indicating a decline of 37.1% year over year. The consensus estimate for its bottom line is pegged at a loss of 34 cents per share.

Image Source: Zacks Investment Research

Price Performance and Valuation of PLUG & FLUXIn the past six months, shares of Plug Power have soared 30.9%, while Flux Power stock has declined 39.9%.

Image Source: Zacks Investment Research

From a valuation standpoint, both PLUG and FLUX are trading at a negative forward price-to-earnings ratio.

Image Source: Zacks Investment Research

ConclusionDespite PLUG's ongoing challenges related to negative gross margins, cash burn and a weakening liquidity position, its strong presence in the green hydrogen market, expanding electrolyzer business, robust project pipeline and cost-saving initiatives under Project Quantum Leap are expected to support its long-term growth prospects. On the other hand, Flux Power continues to grapple with weak customer demand, lower sales volumes, pricing pressures, persistent operating losses and a fragile liquidity position, which are likely to weigh on its near-term performance.

Considering the long-term growth prospects, expanding market opportunities and recent revenue momentum, PLUG appears to be a better investment choice than FLUX at present. While PLUG currently carries a Zacks Rank #3 (Hold), FLUX has a Zacks Rank #5 (Strong Sell).

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

Plug Power stock is holding steady today. What’s the outlook for PLUG shares? What Is Plug Power’s Latest Catalyst in Denmark?Plug Power said it completed installation, commissioning, site acceptance testing and handover of a 5 MW GenEco PEM electrolyzer system at the Måde Power-to-X facility in Esbjerg, Denmark, moving the site into active hydrogen production. At full capacity, the company expects about 550 metric tons of green hydrogen annually (roughly 1,500 truckloads), with output certified as Renewable Fuel of Non-Biological Origin under the ISCC scheme.

Plug is leaning on the "repeatable execution" angle after CEO José Luis Crespo described a shift from one-off deployments to repeatable execution as the company targets more disciplined growth. The company also emphasized a fully containerized design aimed at reducing on-site complexity and accelerating production readiness.

Critical Price Levels for PLUG Stock to WatchThe chart is still in a corrective posture: the stock is trading 17.2% below its 20-day SMA ($3.06) and 22.2% below its 50-day SMA ($3.26), which tends to make rallies feel like they’re running into supply. It’s also 7.2% below the 100-day SMA ($2.73) but only 2.5% below the 200-day SMA ($2.60), putting the longer-term trend line right in the "hold or fail" zone.

For momentum, MACD is the cleaner read right now: it’s below its signal line and the histogram is negative, which points to upside pressure fading versus the prior upswing unless buyers can reassert control. Structurally, the 20-day SMA sitting below the 50-day SMA is bearish near-term, even though the 50-day SMA remains above the 200-day SMA (the golden cross from September 2025) and keeps the bigger picture from fully breaking down.

The stock is working inside a wide recovery range between the $4.58 52-week high (October 2025) and the $1.09 52-week low (June 2025), with a recent swing high in June and a swing low in April framing the latest pullback.

Key Resistance: $2.50 — a nearby pivot/round-number area where rebounds can stall, given how close price is to the 200-day moving average zone. What Is Plug Power’s Green Hydrogen Ecosystem?Plug Power is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe.

That’s why the Denmark handover matters: it’s an example of Plug moving projects from build-out into active hydrogen production, which is the step that can turn announcements into repeatable execution. The 5 MW Måde system is also positioned as one of Denmark’s early operational Power-to-X projects, giving Plug a live reference site as it pursues additional deployments.

Management also highlighted a fully containerized design to reduce on-site complexity, aiming to make deployments faster and more repeatable as it targets disciplined growth.

PLUG Stock Price Movement on FridayPLUG Stock Price Activity: Plug Power shares were down 1.17% at $2.54 at the time of publication on Friday, according to Benzinga Pro data.

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

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

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

SLINGERLANDS, N.Y., June 24, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced the completion of a critical execution phase at the Måde Power-to-X (PtX) facility in Esbjerg, Denmark, developed and operated by European Energy. Power-to-X infrastructure uses renewable electricity to produce hydrogen and other low-carbon fuels, helping decarbonize industrial and energy applications. This milestone includes the successful installation, commissioning, site acceptance testing (SAT), and handover of a 5 MW GenEco PEM electrolyzer system, bringing one of Denmark’s earliest operational PtX sites online and into active hydrogen production.

The project underscores Plug’s ability to deploy complex hydrogen systems with both speed and precision, delivering full operational readiness. The fully containerized design reduced on-site complexity and accelerated time to production. The Måde facility represents a prime example of PtX infrastructure operating at scale, supporting Europe’s broader transition to low-carbon energy systems and helping meet growing demand for renewable hydrogen. At full capacity, the facility is expected to produce approximately 550 metric tons of green hydrogen annually, equivalent to roughly 1,500 truckloads, with output certified as Renewable Fuel of Non-Biological Origin (RFNBO) under the ISCC certification scheme.

“As Plug enters its next phase of disciplined growth and operational maturity, we're seeing a shift from one-off deployments to repeatable execution,” said José Luis Crespo, CEO of Plug. “Each project builds on prior experience, allowing us to standardize delivery, reduce timelines, and improve performance with every Plug system we bring online.”

With more than 70 GenEco electrolyzer systems operating across six continents, Plug is leveraging its expanding global install base to refine system design, streamline commissioning, and optimize performance, creating a more reliable and scalable platform. This accumulated operating experience is enabling more consistent execution across projects and reinforcing Plug’s ability to deliver proven hydrogen solutions at scale.

“The Måde facility is an important step in bringing Power-to-X projects from concept into operation,” said Rene Alcaraz Frederiksen, EVP and Head of Power-to-X at European Energy. “Working with Plug, we’ve been able to move efficiently through installation and commissioning to begin producing certified renewable hydrogen. Projects like this demonstrate how PtX can be implemented in practice and support the continued development of Europe’s hydrogen market.”

As Europe accelerates hydrogen adoption through supportive regulatory frameworks and efforts to meet industrial decarbonization targets, projects like Måde reflect the broader transition from early-stage deployments to commercially viable, operational hydrogen infrastructure. Plug continues to expand its presence across the region, supporting customers with integrated solutions spanning hydrogen production, infrastructure, and delivery.

About Plug Power
Plug designs, builds, and operates a fully integrated hydrogen ecosystem spanning production, storage, delivery, and power generation, enabling the global hydrogen economy. A first mover in the industry, Plug delivers electrolyzers, fuel cells, and hydrogen production plants to customers across material handling, industrial applications, and energy markets, advancing energy resilience and industrial decarbonization.

Plug’s GenEco electrolyzers span five continents, while more than 74,000 GenDrive fuel cell systems operate worldwide across 280+ hydrogen-powered material handling sites. Plug also operates its own hydrogen generation network to ensure a reliable, domestically produced supply, with production facilities currently operational in Georgia, Tennessee, and Louisiana, representing a combined capacity of approximately 40 tons per day.

With employees and state-of-the-art manufacturing facilities around the world, Plug serves global leaders including Walmart, Amazon, Home Depot, BMW, and BP.
For more information, visit www.plugpower.com.

Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding Plug’s expectations regarding future opportunities deploying electrolyzers; Plug’s ability to deploy complex hydrogen systems, standardize delivery, reduce timelines for commissioning and testing, and improve performance of its deployed systems; Plug’s ability to meet market needs with reliable and scalable execution; the extension of Plug's hydrogen ecosystem into emerging high-specification markets; and the advancement of energy resilience and growth of Europe’s hydrogen and Power to X market. These forward-looking statements are based on management’s current expectations and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements are based on current expectations and are subject to risks, uncertainties, and assumptions, including but not limited to: The implementation and growth of executable Power to X projects in Europe and globally; competition in the electrolyzer supply market; technological challenges; regulatory and policy changes; market acceptance of hydrogen solutions; Plug’s ability to achieve profitability and manage liquidity; supply chain disruptions; and general economic and market conditions. Additional risks are described in Plug’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Plug undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by law.

MEDIA CONTACT
Teal Hoyos
[email protected]

Plug Power shares are trending higher. Why is PLUG stock advancing? What Is Driving Plug Power’s Recent Liquidity Update?Plug disclosed the sale of a federal investment tax credit worth about $39.2 million tied to its St. Gabriel hydrogen liquefaction facility in Louisiana, following another $30 million ITC transfer completed in January 2025 for its Woodbine, Georgia hydrogen project. The liquidity push is landing alongside recent operating momentum, including Q1 revenue up 23% to $163 million.

Plug's bid also comes after the stock recently hovered around $2.80, keeping traders focused on whether incremental liquidity can help the company work through near-term funding questions without stalling growth. That same setup has kept attention on execution versus financing as the market prices the next leg for PLUG.

Critical Price Levels To Watch For PLUGFrom a trend perspective, PLUG is still dealing with overhead supply: it's trading 21.1% below its 20-day SMA ($3.41) and 17.7% below its 50-day SMA ($3.27), which can make rallies choppy until those zones are reclaimed. The longer-term structure is steadier, with shares about in-line with the 100-day SMA ($2.71) and 5% above the 200-day SMA ($2.56).

Momentum is best framed through MACD right now: MACD is below its signal line and the histogram is negative, which points to cooling upside pressure unless buyers can push back above that baseline. In plain terms, MACD compares a faster and slower trend, and being below the signal line often means the prior upswing is losing steam.

The moving-average stack still carries a longer-term positive, with the golden cross that formed in September 2025 (50-day SMA above the 200-day SMA). But with the stock still well below the $4.58 52-week high (set in October 2025), bulls typically want to see follow-through back above mid-term averages to argue this is more than a bounce.

Key Resistance: $3.22 — a nearby overhead area that lines up closely with the 50-day moving average zone Key Support: $2.53 — near the 200-day SMA, often treated as a longer-term line in the sand What Is Plug Power’s Green Hydrogen Strategy?Plug Power is building an end-to-end green hydrogen ecosystem—production, storage, delivery, and energy generation—so the market often treats liquidity and funding updates as "make-or-break" inputs for the story. The company's plan to build and operate green hydrogen highways across North America and Europe also means capital needs can be front-loaded, making balance-sheet moves especially relevant.

Plug aims to deliver green hydrogen solutions directly to customers and through joint venture partners across material handling, e-mobility, power generation, and industrial applications. That mix ties the stock to both execution (building supply and demand) and the broader appetite for higher-risk energy-transition names.

PLUG Stock Price Movement on ThursdayPLUG Stock Price Activity: Plug Power shares were up 2.26% at $2.71 at the time of publication on Thursday, according to Benzinga Pro data.

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

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

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

Key Takeaways PLUG posted a Q1 2026 net loss of about $246M, wider than $196.9M a year earlier.PLUG improved Q1 gross margin to negative 13% from negative 55% year over year.PLUG is pursuing margin gains via cost cuts, hydrogen network expansion and electrolyzer growth. Plug Power Inc. (PLUG - Free Report) continues to face profitability challenges despite making progress through cost-reduction and operational efficiency initiatives. The company is focused on lowering hydrogen sourcing costs, optimizing its workforce and reorganizing its manufacturing and real estate setup. These steps are meant to lower expenses and help improve margins over time by increasing utilization across its hydrogen network.

However, Plug Power remains unprofitable. In the first quarter of 2026, PLUG reported a net loss of approximately $246 million compared with a net loss of $196.9 million in the year-ago quarter. Ongoing operating losses and cash usage continue to pressure the company's financial performance.

Plug Power delivered significant margin improvement during the quarter. In the first quarter, its gross margin improved to negative 13% from negative 55% reported in the year-ago period, improving 71% year over year. The improvement was driven by higher sales volumes, cost optimization efforts, enhanced service performance and lower third-party hydrogen sourcing costs. Hydrogen fuel margin rates also improved 54% year over year due to greater leverage on the company's hydrogen network, higher volumes and improved operating efficiency.

Despite the challenges, Plug Power remains committed to long-term recovery. The company continues to focus on margin expansion, disciplined capital deployment and converting its project pipeline into profitable growth. Through ongoing cost reductions, expansion of its hydrogen production network and growth in its electrolyzer business, Plug Power aims to improve its margin trajectory.

Margin Performance of PLUG’s PeersAmong PLUG’s major peers, Bloom Energy Corp.’s (BE - Free Report) cost of revenues surged more than 100% year over year in the first quarter of 2026. However, Bloom Energy’s gross profit rose 154.3% year over year. Bloom Energy’s gross margin expanded 280 basis points to 30%, driven by productivity gains, higher volumes and favorable pricing.

Plug Power’s another peer, Flux Power Holdings, Inc.’s (FLUX - Free Report) total cost of sales was $4.8 million, down 58% year over year in the fiscal third quarter of 2026. However, Flux Power’s gross profit declined 66% year over year. Flux Power’s gross margin decreased 430 basis points year over year.

The Zacks Rundown for PLUGShares of Plug Power have surged 161.5% in a year compared with the industry’s growth of 113.2%.

Image Source: Zacks Investment Research

From a valuation standpoint, Plug Power is trading at a forward price-to-earnings ratio of a negative 15.85X against the industry average of 38.36X. PLUG carries a Value Score of F.

Image Source: Zacks Investment Research

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

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Plug Power stock is holding steady today. Where are PLUG shares going? What Is Plug Power’s Latest Liquidity Catalyst?Plug disclosed the sale of a federal investment tax credit worth about $39.2 million tied to its St. Gabriel hydrogen liquefaction facility in Louisiana, aimed at boosting liquidity after another $30 million ITC transfer completed in January 2025 for its Woodbine, Georgia hydrogen project.

The liquidity push is landing as traders revisit the same setup that left shares flat near $2.80 premarket, with the market focused on whether these balance-sheet moves can keep momentum intact after Q1 revenue jumped 23% to $163 million.

PLUG Technical Analysis: Key Levels To WatchWith futures essentially flat, PLUG's pause reads more like "wait-and-see" trading as investors weigh balance-sheet moves against the company's recent revenue momentum, including $194 million in Q4 revenue versus $190 million estimates and a 23% jump to $163 million in Q1.

Technically, the stock is still fighting overhead supply: at $2.80 it's trading 19.5% below its 20-day SMA ($3.48) and 14.3% below its 50-day SMA ($3.27), which can make rebounds choppy until those levels are reclaimed. The longer-term trend looks steadier with shares 3.5% above the 100-day SMA ($2.71) and 9.7% above the 200-day SMA ($2.55).

Momentum is best framed through MACD right now: MACD is below its signal line and the histogram is negative, which suggests upside pressure is cooling unless buyers can push back above that baseline. MACD compares faster and slower trend lines and being below the signal line often means momentum is fading versus the prior upswing.

The moving-average structure still has longer-term positives, including the golden cross that formed in September 2025 (50-day SMA above the 200-day SMA), but the stock remains well below its $4.58 52-week high. That leaves bulls looking for a cleaner reclaim of mid-term averages to argue the next leg higher is developing rather than just a bounce.

Key Resistance: $3.22 — a nearby overhead area that lines up closely with the 50-day moving average zone Key Support: $2.53 — near the 200-day SMA, often treated as a longer-term "line in the sand" How Plug Power Builds Its Green Hydrogen EcosystemPlug Power is building an end-to-end green hydrogen ecosystem, from production, storage, and delivery to energy generation. The company's plan centers on building and operating green hydrogen highways across North America and Europe.

That strategy is capital-intensive, which is why liquidity actions like monetizing federal investment tax credits can matter to the stock—investors tend to focus on how Plug funds buildouts while trying to scale demand. Plug aims to deliver its hydrogen solutions directly and through joint venture partners into end markets like material handling, e-mobility, power generation, and industrial applications.

PLUG Stock Price Action During Tuesday’s PremarketPLUG Stock Price Activity: Plug Power shares were trading 0.71% lower at $2.78 during premarket session on Tuesday, according to Benzinga Pro data.

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

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

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

Plug Power's (PLUG 3.21%) stock hit a 52-week high of $4.58 per share on Oct. 6, 2025. At the time, investors were impressed by the hydrogen company's accelerating sales growth and narrowing losses, and it looked like a bargain relative to its long-term growth potential.

But since then, Plug Power's stock has declined more than 40% amid fears of interest rate hikes, reduced clean energy subsidies, and the sluggish adoption of hydrogen technologies. However, I believe the pullback represents a good buying opportunity for bold investors.

Image source: Getty Images.

Why is Plug Power growing again? Plug Power sells hydrogen fuel cells, charging systems, electrolyzers, and storage systems. Amazon and Walmart, the company's two largest customers, both use those fuel cells in their hydrogen-powered forklifts.

Plug Power's number of deployed fuel cell systems rose from approximately 50,000 at the end of 2021 to more than 74,000 at the end of 2025. Most of that expansion occurred in 2022 and 2023, and it was amplified by its acquisitions of two cryogenic storage companies.

Metric

2022

2023

2024

2025

Revenue

$701 million

$891 million

$629 million

$710 million

Growth (YOY)

40%

27%

(29%)

13%

Operating Margin

(97%)

(151%)

(321%)

(207%)

Net Income (Loss)

($724 million)

($1.37 billion)

($2.10 billion)

($1.69 billion)

Data source: Plug Power. YOY = Year-over-year.

In 2024, Plug Power's growth stalled out as the macro headwinds drove many companies to suspend their expensive hydrogen charging projects. But in 2025, its revenue rose again as interest rates declined and it ramped up its production of green hydrogen.

Today's Change

(

-3.21

%) $

-0.09

Current Price

$

2.71

For 2026, analysts expect Plug's revenue to rise 15% to $813 million with a narrower net loss of $492 million. Its top-line growth should be driven by its recent 275 MW electrolyzer contract for Hy2gen's Courant green hydrogen project in Quebec, the U.S. Department of Energy's construction of six new green hydrogen facilities, the execution of its binding tax incentive agreement in Uzbekistan, and the broader market's growing interest in hydrogen power.

Plug Power will also ramp up first-party hydrogen production at its plants in Georgia, Tennessee, and Louisiana to reduce its dependence on expensive third-party fuel. It expects that transition, along with the other cost-cutting measures of its "Project Quantum Leap" plan, to drive its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) into positive territory for the first time by the fourth quarter of 2026.

Why is Plug Power's stock still reasonably valued?
By 2028, analysts expect Plug's revenue to reach $1.16 billion (an 18% CAGR from 2025) with its first full-year positive adjusted EBITDA of $39 million. The AI data center, industrial, transportation, and power generation markets should drive that growth.

According to Grand View Research, the green hydrogen market could expand at a 30.2% CAGR from 2026 to 2033. As the largest "pure play" hydrogen power company in the U.S., Plug is well-positioned to capitalize on the market's secular expansion.

With a market cap of $3.9 billion, Plug Power trades at 4.8 times its 2025 sales and 3.4 times its 2028 sales. Those price-to-sales ratios look reasonable relative to its growth potential, but its liquidity concerns and reliance on government subsidies are compressing its valuations.

Plug still had $802 million in cash, cash equivalents, and restricted cash at the end of the first quarter of 2026. Still, total liabilities were $1.59 billion, giving it a debt-to-equity ratio of 2.1. It's also more than doubled its share count over the past three years.

That pressure will continue until economies of scale kick in. However, Plug could be revalued as a growth stock once more investors recognize its role in powering the power-hungry cloud and AI markets with green energy. It will remain volatile in this choppy market, but it could generate multibagger gains over the next few years if it merely matches analysts' expectations.

For over a quarter of a century, Plug Power (PLUG 2.47%) has been building out a hydrogen infrastructure ecosystem, but its efforts have borne little fruit. Since going public, Plug Power has never turned an annual profit.

The company is looking to buck its 25-year trend and lean into its most promising businesses while cutting those that have been dragging it down, and the transformation could make it a worthwhile investment.

However, before you buy the stock, here are three things to know about Plug Power's makeover.

Today's Change

(

-2.47

%) $

-0.07

Current Price

$

2.76

1. Its Project Quantum Leap aims to improve efficiency Plug Power has spent nearly three decades developing a vertically integrated, end-to-end hydrogen ecosystem. To achieve this, the company has diversified into a range of products and services, including hydrogen-powered forklifts, electrolyzers for hydrogen generation, hydrogen liquefiers, trailers, and tankers.

The move gives Plug Power a wide range of offerings, but it has been extremely expensive. Last year, the company's net loss was $1.6 billion, and since its inception, Plug Power has an accumulated deficit of about $8.2 billion. In an effort to turn things around, management is embarking on Project Quantum Leap, which aims to make operations leaner while leaning into its higher-margin offerings.

PLUG Revenue (TTM) data by YCharts

The company's first-quarter earnings results showed some progress in management's efforts. During the period, its gross margin of negative 13% was a drastic improvement from a year ago, when it was negative 55%. Meanwhile, its adjusted earnings per share (EPS) improved from negative $0.17 last year to negative $0.08 in the most recent quarter. Management believes it can achieve positive earnings before interest, taxes, depreciation, and amortization (EBITDA) in the fourth quarter of this year.

2. Electrolyzer equipment is showing promising growth As part of Plug Power's transformation, the company is leaning into its most promising offerings, with electrolyzers a strong driver of growth. These devices use energy to split water into hydrogen and oxygen gases, with the hydrogen then captured and stored for later use as fuel.

In the first quarter, Plug's electrolyzer revenue surged 343% year over year to $40.8 million. This comes after the company already had a very strong 2025, where it generated $52.3 million in electrolyzer revenue, driven by strong demand in Europe.

What makes electrolyzers appealing for Plug Power is that they provide operational leverage and offer higher margins. Another driver of growth here is regulatory mandates in Europe, specifically the European Union's RED III directive, which is designed to accelerate the region's adoption of clean energy. Management noted that meeting these mandates could require 4 to 6 gigawatts of electrolyzer capacity by 2030.

Image source: The Motley Fool.

3. It has expanded in-house fuel production and signed a sourcing agreement In addition to equipment sales, Plug Power is reducing its reliance on expensive third-party hydrogen and producing more of this fuel in-house. The company has hydrogen production plants in Tennessee, Georgia, and Louisiana, with a combined production capacity of roughly 40 tons of liquid hydrogen per day.

Scaling these hydrogen plants is another major component of Project Quantum Leap and a big reason the company's margins improved so much in the first quarter. By producing fuel in-house, Plug Power has secured its hydrogen fuel supply chain, a key part of its efforts to build an end-to-end, integrated business model.

In addition to in-house production, Plug Power has signed a deal with a major industrial gas company. Management noted that this deal resulted in a "substantial reduction in the cost per kilogram" of purchased fuel. Because its facilities are in the southeast, this third-party sourcing enables Plug Power to deliver fuel to customers in the western and northeastern United States without incurring expensive transportation costs.

Plug Power is a stock to watch Plug Power is making a serious effort to improve its business outlook by pairing its high-margin electrolyzer equipment pipeline with an optimized, vertically integrated domestic fuel network. Investors buying today are betting that Plug Power can transform from a speculative, cash-burning company to a profitable company operating across the hydrogen ecosystem.

Plug Power has closed the sale of a federal investment tax credit for ~$39.2 million associated with its hydrogen liquefaction facility in St. Gabriel, LA.

This move comes amid a broader market context where the Industrials sector is gaining 0.9%, contributing to a modest 0.2% rise in the S&P 500.

• Plug Power stock is charging ahead with explosive momentum. What’s fueling PLUG momentum?

Sells Federal Tax Credit To Boost LiquidityPlug Power disclosed the sale of a federal investment tax credit valued at approximately $39.2 million related to its St. Gabriel hydrogen liquefaction facility in Louisiana.

The transaction follows Plug Power's January 2025 transfer of a $30 million Investment Tax Credit (ITC) tied to its Woodbine, Georgia hydrogen project.

Commissioned in April 2025, the St. Gabriel plant is one of the largest hydrogen liquefaction facilities in North America, with capacity to produce up to 15 tons per day. It serves as a key asset in Plug Power's expanding U.S. hydrogen production network.

This transaction is part of the company’s strategy to enhance liquidity and optimize capital deployment. It further solidifies its position in the hydrogen production market.

PLUG Technical Analysis: Bullish Momentum Above Key AveragesThe stock’s current price of $4.20 is significantly above its key moving averages, with the 20-day simple moving average (SMA) at $3.61, indicating a bullish trend. The moving average convergence divergence (MACD) is above its signal line, suggesting that downside pressure is easing, which aligns with the stock’s recent upward momentum.

Key Resistance: $4.50 — Nearby level where rebounds can stall. Key Support: $3.61 — 20-day SMA, which serves as a crucial support level. PLUG Earnings Preview: Date, Estimates and Analyst RatingsPlug Power is slated to provide its next financial update on Aug. 10, 2026 (estimated).

EPS Estimate: Loss of 8 cents (Up from Loss of 20 cents) Revenue Estimate: $169.53 million (Down from $173.97 million) Analyst Consensus & Recent Actions: The stock carries a Hold rating with a consensus price target of $3.74. Recent analyst moves include:

Wells Fargo: Equal-Weight (Raises target to $2.50 on May 19) Susquehanna: Neutral (Raises target to $3.75 on May 13) Canaccord Genuity: Hold (Raises target to $4 on May 12) Plug Power Benzinga Edge: Momentum and Market PerformanceBelow is the Benzinga Edge scorecard for Plug Power, highlighting its strengths and weaknesses compared to the broader market:

Momentum: Bullish (Score: 98.32) — Stock is outperforming the broader market. The Verdict: Plug Power’s Benzinga Edge signal reveals a strong momentum profile, indicating the stock is currently outperforming its peers in the market. This momentum could attract further investor interest as the company continues to execute its growth strategy in the hydrogen sector.

PLUG ETF Exposure: Funds With The Biggest WeightingsSignificance: Because Plub Power carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

PLUG Stock Price Activity: Plug Power shares were up 4.61% at $4.12 at the time of publication on Tuesday, according to Benzinga Pro data.

Photo via Shutterstock 

Market News and Data brought to you by Benzinga APIs

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

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

New York, New York--(Newsfile Corp. - June 3, 2026) - Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of Plug Power Inc. (NASDAQ: PLUG) breached their fiduciary duties to shareholders. According to a federal securities lawsuit, Insiders at Plug Power caused the company to misrepresent or fail to disclose that: (i) the likelihood that funds attributed to the DOE Loan would ultimately become available to Plug Power was materially overstated, and/or that Plug Power would ultimately construct the hydrogen production facilities necessary to receive those funds was also materially overstated; (ii) as such, Plug Power was likely to pivot toward more modest projects with less commercial upside.

Plug Power (PLUG - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Shares of this alternative energy company have returned +11.5% over the past month versus the Zacks S&P 500 composite's +4.6% change. The Zacks Electronics - Miscellaneous Products industry, to which Plug Power belongs, has gained 21.4% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

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 +5.8% over the last 30 days.

The consensus earnings estimate of -$0.33 for the current fiscal year indicates a year-over-year change of +76.8%. This estimate has changed +12.4% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $0.15 indicates a change of +52.3% from what Plug Power is expected to report a year ago. Over the past month, the estimate has changed -12.5%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Plug Power.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastWhile 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.

For Plug Power, the consensus sales estimate for the current quarter of $173.03 million indicates a year-over-year change of -0.5%. For the current and next fiscal years, $811.37 million and $978.27 million estimates indicate +14.3% and +20.6% 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.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

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 Inc (NASDAQ:PLUG) shares are trading lower during Friday's premarket session as traders weigh the company's latest liquidity-focused tax credit sale.

Plug Power stock has slumped sharply in the past few days, moving from a high of $4.33 on June 2nd to the current $2.91. It has slumped to its lowest point since April 20th, with the market capitalization falling from over $5.7 billion to $4 billion today.