NEW YORK, March 25, 2026, 08:05 EDT
Plug Power stock stuck close to $2.29 in premarket trading Wednesday, right in line with where it settled Tuesday.
This stretch counts for Plug, as new CEO Jose Luis Crespo steps into the spotlight with investors. On Monday, the company announced that CFO Paul Middleton and investor-relations VP Roberto Friedlander are set to meet institutions at the Roth Annual Growth Conference, where they’ll outline priorities, talk strategy, and go over the financials. Shares? Still trading about 50% below the 52-week high of $4.58.
Plug posted improved figures in its March 2 results. The company reported 2025 revenue up 12.9% to roughly $710 million, with fourth-quarter revenue landing at $225.2 million. Gross margin flipped to positive—2.4% of sales—after sitting at a negative 122.5% a year ago. Crespo said Plug plans to “continue executing with discipline,” sticking to its target for positive EBITDAS in the fourth quarter of 2026. That metric strips out interest, taxes, depreciation, amortization, and stock compensation. Plug Power
Liquidity remains a sticking point. Back in February, Plug announced a definitive agreement with Stream Data Centers, aiming to pull in at least $132.5 million. That’s just phase one in a move targeting over $275 million, involving asset sales, freeing up restricted cash, and trimming maintenance costs. Crespo called the deal a “disciplined approach to capital management and strategic execution.” Plug Power
The company outlined the pivot back in November, announcing plans to raise over $275 million and shift funds toward the data-center sector, where returns come faster. At the time, then-CEO Andy Marsh said the move would “strengthen our balance sheet.” Shares shot up more than 10% in premarket trading after the news, according to Reuters. Reuters
The AI build-out is pushing up U.S. power demand, making that angle harder to ignore. This week, Reuters said the Energy Information Administration plans to kick off pilot surveys on March 25 to monitor electricity consumption by data centers. Back in October, Bloom Energy landed a Brookfield pledge worth as much as $5 billion to roll out its fuel-cell tech for those same data hubs.
Still, analysts aren’t ready to jump in. Jefferies’ Julien Dumoulin-Smith stuck to his Hold rating on March 9, trimming his price target to $1.80 from $2.00, according to Benzinga data pulled by StockAnalysis. Over at Wells Fargo, Michael Blum held on to his Hold as well, but nudged his target up to $2.00 from $1.50. Jefferies called Plug’s 2026 EBITDA target a “show me story,” noting that some of last quarter’s margin gains were driven by isolated factors. StockAnalysis
Risks linger. Plug wrapped up 2025 holding $368.5 million in unrestricted cash, with operating cash burn trimmed to $535.8 million—down from $728.6 million the year before. Still, its March filing put the full-year net loss attributable to Plug at $1.63 billion. The company points to expected proceeds from selling its data-center assets to cover operations into 2026. That cushion, however, looks thin if the deals stall or margin improvements don’t hold up.
