NEW YORK, March 12, 2026, 09:35 EDT
Plug Power shares edged lower early Thursday, down 0.9% at $2.20 as of 9:31 a.m. in New York. That follows a 5.2% pop the previous day. The move comes as investors digested word that the hydrogen fuel-cell maker might look to sell electricity into PJM, the country’s largest wholesale power market.
That’s important now, with Plug pitching investors on a play much larger than forklifts, backup power, or hydrogen gear—think data center and utility power as electricity demand rises. PJM, which oversees the grid and wholesale market in 13 states plus Washington, D.C., opens a much wider field for Plug than its traditional markets ever did.
The Times Union, quoting Bloomberg, said Chairman Andy Marsh revealed Plug is weighing the supply of up to 250 megawatts—contingent on securing contracts stretching no less than seven years. Marsh told the paper Plug is “courting data center operators and utilities,” making clear the company is targeting long-term power sales, not just dipping a toe with a pilot project. Times Union
Plug’s pivot has been underway for several weeks. On Feb. 26, the company announced its agreement with Stream Data Centers, calling it the opening move in a strategy aimed at freeing up more than $275 million—drawing on asset sales, unlocking restricted cash, and trimming maintenance expenses. After the deal wraps, Crespo suggested Plug might explore fuel-cell system opportunities with Stream. ir.plugpower.com
Last week’s earnings added some heft to that argument. Plug reported 2025 revenue up 12.9% to roughly $710 million. For the fourth quarter, revenue jumped 17.6% to $225.2 million, with gross margin swinging into positive territory. Gross margin refers to what’s left after direct costs for production and services. GlobeNewswire
Crespo stepped in as CEO on March 2 and told analysts the quarter represented “a meaningful milestone,” insisting the results “were not accidental.” He’s pushing to convince the Street that this round of cost cuts and price hikes has staying power. GlobeNewswire
Hydrogen stocks caught a bid Wednesday, with Ballard Power jumping 9.1% and Air Products inching up 0.9%. Plug, though, remains sharply out of favor—still trading roughly 48% beneath its 52-week high of $4.58. Investors clearly aren’t convinced it’s turned the corner yet; the stock’s still tagged as a work in progress. MarketWatch
But maybe that’s just the simple trade. On March 9, Jefferies’ Julien Dumoulin-Smith reiterated his Hold on Plug and trimmed his price target to $1.80, describing the company’s 2026 positive EBITDA goal as still a “show me story.” Plug reported ending 2025 with $368.5 million in unrestricted cash, having burned through $535.8 million in operating activities over the year. GuruFocus
The stock circles back to a well-worn spot: stronger figures, a new data-center twist, but once again, little leeway for disappointment. From here, the focus shifts to whether Plug can actually convert that PJM pitch into real, long-term contracts—and preserve a positive gross margin.
