NEW YORK, May 13, 2026, 10:11 EDT
Plug Power Inc. wants investors to notice its first-quarter revenue, which came in at $163.5 million for the period ending March 31—a 22% jump from last year, thanks to strength in material handling and electrolyzer sales. Still, the company’s turnaround narrative is up against persistent issues: losses and cash burn remain front and center.
Jose Luis Crespo, just a few months into his role as chief executive, faced his inaugural earnings call as CEO. He’s got a near-term hurdle: Plug is targeting positive EBITDAS by the fourth quarter of 2026. That’s their own non-GAAP figure—earnings before interest, taxes, depreciation, amortization and stock-based expense—not net income.
Plug’s headline figure was straightforward. The company reported a GAAP gross margin of negative 13%, a notable improvement from negative 55% the previous year. Adjusted loss per share landed at 8 cents, better than last year’s 17-cent loss. “This quarter positions us to achieve our EBITDAS positive target in the fourth quarter,” Crespo said.
The filing revealed the flip side: Plug’s net loss ballooned to $245.3 million, up from $196.7 million a year ago. Interestingly, operating loss actually shrank—down to $109.5 million from $178.5 million. Still, net cash used in operations climbed to $150.0 million versus $105.6 million.
Investors got a sharper look at Plug’s electrolyzer segment as growth picked up speed. Electrolyzer revenue jumped to $40.8 million, up from just $9.2 million a year ago, with work progressing on projects in Spain, Portugal, and Canada. Electrolyzers, which use electricity to split water and create hydrogen, can deliver so-called green hydrogen if powered with renewables.
CFO Paul Middleton signaled a shift for the company’s hydrogen network: the heavy expansion is over. “We are now in a leverage-the-asset-base phase,” he told investors on the call, highlighting reduced capital spending and moves to squeeze more margin from current plants and logistics. The Motley Fool
Analysts didn’t sound overly bullish. Jason Tilchen over at Canaccord noted Plug’s Project Quantum Leap is still giving “continued signs” of progress, according to Barron’s. Canaccord bumped its price target up to $4 from $2.50, though the Hold rating remains—Tilchen pointed to operating losses, ongoing volatility, and persistent execution risk. Barron’s
There wasn’t much movement by Wednesday morning. Plug slipped 1.5% to $3.505, having started the session at $3.61. Ballard Power Systems gave up 2.4%. Bloom Energy also lost ground, down 3.1%. Air Products and Chemicals managed a 0.7% gain.
Macro conditions aren’t doing much to help. According to Polymarket’s Fed rates dashboard, traders priced in a whopping 98% probability the Federal Reserve will hold rates steady at its June 17 meeting, and just a 1% shot at a quarter-point cut. That keeps investors’ focus squarely on Plug’s liquidity strategy, not hopes for lower borrowing costs.
The risks are still front and center. Plug pointed out that results may take a hit if cost-cutting targets slip, cash burn gets out of hand, hydrogen projects stall, or the company can’t wrap up asset sales or tax-credit deals on schedule. Demand softness, funding strains, or policy shifts could also throw off results, Plug warned.
Liquidity is woven into Plug’s turnaround narrative now. The company wrapped the quarter with total cash at about $802 million—$223 million of that is unrestricted, while $579 million remains restricted. Plug projects it will free up around $50 million in restricted cash each quarter for the next few years. There’s also $275 million expected from hydrogen asset monetization moves, the first of which—roughly $142 million—is slated for June.
