NEW YORK, December 30, 2025, 02:22 ET — Market closed
Plug Power (PLUG.O) shares fell 4.83% to close at $1.97 on Monday, extending a two-day slide as the Nasdaq Composite slipped 0.50%. Trading volume was 72.2 million shares, below the stock’s 50-day average of 106.7 million, and the move lagged peer Ballard Power Systems (BLDP) which fell 2.28%. 1
The drop keeps the hydrogen fuel-cell and electrolyzer maker pinned near the $2 level heading into the final stretch of the year, a price zone traders often treat as a sentiment marker in high-volatility small caps. Plug’s investor relations stock quote page shows a 52-week high of $4.58 and a 52-week low of $0.69. 2
The bigger question for investors is whether Plug can convert project headlines into enough fourth-quarter revenue to meet its full-year target. Zacks Equity Research wrote in a note published on Nasdaq that Plug is aiming for about $700 million in 2025 revenue after reporting $484.7 million in the first nine months; it said electrolyzer revenue rose 61% year-on-year and made up 24.7% of total revenue, leaving Plug needing roughly $215 million in the fourth quarter to reach the goal. 3
Electrolyzers are machines that use electricity to split water into hydrogen, and Plug has been positioning them as a growth driver alongside its hydrogen supply network. In a December 17 press release, the company said it installed a 5-megawatt GenEco electrolyzer for Cleanergy Solutions Namibia at a site that pairs a 5-megawatt solar park with a 5.9 MWh battery system; “Projects like Cleanergy Solutions Namibia demonstrate how green hydrogen is moving from concept to commercial reality,” said Jose Luis Crespo, Plug’s president and chief revenue officer. 4
Earlier this month, Plug said it signed a letter of intent with Hy2gen for a 5-megawatt PEM electrolyzer at the Sunrhyse project in southern France. (PEM stands for proton-exchange membrane, a type of electrolyzer design; RFNBO is an EU label for renewable fuels made from non-biological sources, such as renewable electricity.) 5
Plug has also been pushing into liquid hydrogen supply, which it argues can broaden its customer base beyond material-handling and industrial users. The company said on December 1 it began its first NASA liquid hydrogen contract, with an award valued at up to $2.8 million to supply up to 218,000 kilograms to NASA’s Glenn and Armstrong facilities in Ohio. 6
Another corporate catalyst sits on the calendar in January. Plug’s website says shareholders of record as of December 12 can vote at a January 29 special meeting on proposals including doubling authorized common shares to 3.0 billion from 1.5 billion; it also says the company would implement a reverse stock split if the share increase is not approved. (A reverse split reduces share count and lifts the per-share price, without changing the company’s underlying value.) 7
Before the next session, traders will watch whether PLUG can hold the $2 area on heavier volume, or whether thin year-end liquidity keeps amplifying swings. Rate expectations and equity risk appetite remain a key lever for loss-making clean-energy names that rely on capital markets.
The next major checkpoint is earnings. Zacks’ earnings calendar lists Plug’s next earnings release as expected on March 2, 2026, with a consensus loss estimate of $0.11 per share, though the company has not confirmed the date. 8
