NEW YORK, May 10, 2026, 17:05 EDT
- Plug Power will release its first-quarter numbers after the bell on May 11, followed by a call at 4:30 p.m. ET.
- The report arrives on the heels of Plug notching its first positive gross margin for the fourth quarter—a milestone in its ongoing turnaround. That figure, which reflects profit after direct production costs, had been negative until now.
- The stock changed hands at $3.12, slipping 0.3% from its previous close. That leaves it vulnerable to a significant swing if the results miss expectations.
Plug Power Inc. approaches Monday’s Q1 earnings, and the focus is squarely on a single issue: Can the hydrogen fuel-cell company build on a brief margin bounce, or will that recovery prove fleeting?
There’s not much wiggle room. Plug Power is set to report earnings May 11, with its investor call locked in for 4:30 p.m. ET. Investors are zeroed in on the numbers: revenue, cash burn, and signs that earlier cost-cutting is still making a difference.
Plug shares have climbed going into the report. According to a StockStory preview over the weekend, the stock gained 14.2% in the last month. The market’s looking for 5.6% year-over-year revenue growth in the first quarter. But the same preview pointed out Plug has fallen short of Wall Street’s revenue expectations multiple times in the past two years.
Plug bulls found a few positives in the latest numbers. Fourth-quarter revenue climbed 17.6% year over year to $225.2 million, and for all of 2025, revenue landed at roughly $710 million, up 12.9%. Gross profit came in at $5.5 million, or 2.4% of sales—a sharp turnaround from last year’s massive gross margin loss of 122.5%.
Jose Luis Crespo, who stepped in as Chief Executive in March, said Plug plans to stay “disciplined” in its execution and is targeting positive EBITDAS for the fourth quarter of 2026. That figure—earnings before interest, taxes, depreciation, amortization and stock-based compensation—offers a rough idea of operating profit, and some companies choose to use it. Plug Power
Crespo described the margin improvement as “not accidental” and pointed to an “inflection point” for Plug, per the Times Union. Plug posted a $1.6 billion loss in 2025 against $710 million in revenue, the local paper noted, highlighting that execution remains the big question mark—growth isn’t the only piece of the puzzle. Times Union
Cash is another pressure point. Plug wrapped up 2025 holding $368.5 million in unrestricted cash, after burning through $535.8 million on operating activities over the year—a figure that’s come down from $728.6 million in 2024. The company pointed to planned sales of data-center assets and less intense capital requirements as reasons it expects to cover operations into 2026.
Plug Power’s data-center push is now front and center in its story. Back in November, Reuters said the company aimed to free up over $275 million through asset sales, tapping restricted cash, and cutting maintenance costs—moves that come as Plug pivots to higher-yield projects and backup systems for data centers. Then-CEO Andy Marsh called it “financial discipline.” Reuters
Rivalry in the sector keeps moving. Ballard Power Systems posted first-quarter revenue of $19.4 million—a 26% gain year-over-year—with gross margin hitting 14%. “Continued progress toward positive cash flow,” Ballard CEO Marty Neese said. Ballard
Bloom Energy, a bigger player in on-site power systems and more exposed to data-center electricity demand, posted first-quarter revenue of $751.1 million—soared 130.4%—and lifted its full-year 2026 outlook. That’s put more pressure on Plug to prove it can shift hydrogen equipment and fuel supply into a stronger, more profitable power business.
Still, the hazards are hard to miss. Plug flagged plenty: trouble keeping gross margins positive, delays in asset sales, liquidity pressures, shaky access to funding, or shifting regulations could all push numbers off track. The dilution isn’t hypothetical—the company’s weighted average share count grew to about 1.15 billion for 2025, up from 785 million in 2024.
Monday’s report isn’t just about quarterly numbers—investors are watching to see if Plug’s cost-cutting moves, incoming electrolyzer orders, and hydrogen network progress actually back up the stock’s latest rebound. One decent quarter is on the books. Now, the market’s looking for an encore.
