New York, June 5, 2026, 13:03 EDT
Plug Power Inc. shares dropped almost 12% Friday, adding to recent losses for the hydrogen fuel-cell maker as investors continued to cut exposure to riskier clean-energy stocks. Shares on the Nasdaq changed hands at $3.17 in early afternoon trading after an open at $3.50. Around 50 million shares had traded by then.
Plug’s next big investor event is coming up. The company said Thursday that CEO Jose Luis Crespo will present a company overview and answer questions after the business at its June 11 annual meeting.
Liquidity still runs the trade here. That’s about cash on hand and ability to get funding, not just how fast sales grow. Earlier this week, Plug said it sold a federal investment tax credit — the clean-energy tax break that can be turned into cash by a buyer — for its St. Gabriel, Louisiana hydrogen liquefaction plant. The sale raised around $39.2 million. Crespo said the sale “enhance[s] financial flexibility.” Chief Financial Officer Paul Middleton called it part of a “disciplined financial strategy.” GlobeNewswire
The stock made its move even as the market struggled. Main U.S. indexes dropped after jobs numbers came in strong, sending Treasury yields up and making traders bet on a rate hike by the Fed. Allianz Investment Management’s Charlie Ripley told Reuters investors were “pricing in 100% probability of a Fed hike” and saw reasons to “take chips off the table.” Reuters
Plug wasn’t the only one under fire. Bloom Energy lost around 10%. Ballard Power Systems gave up almost 19%, while FuelCell Energy dropped 17%. The sharp moves hit fuel-cell and hydrogen-related stocks broadly, pulling Plug down as part of a sector-wide selloff.
Plug makes hydrogen fuel-cell systems and electrolyzers, which use electricity to split water. The company is pushing into hydrogen production, storage, delivery, and power generation. It’s a capital-heavy push, so any update on funding is key for the stock.
Plug’s first-quarter numbers were a mixed bag. Revenue hit $163.5 million, up 22% year over year. Gross margin improved to negative 13%, compared to negative 55% in the same period last year. Net loss attributable to Plug came in at $245.3 million.
Management told investors it plans to raise cash from asset monetization, such as selling or transferring assets and credits. Plug said in May it expects about $275 million from these hydrogen project monetization moves, with the first deal—around $142 million—set to close in June. It is targeting positive EBITDAS in the fourth quarter. EBITDAS is adjusted profit cutting out interest, taxes, depreciation, amortization and share-based pay.
The risk is the balance-sheet fix could drag out longer than investors want. Plug has pointed to a list of uncertainties: handling its cash burn, wrapping up asset sales, closing tax-credit deals, finding new financing, turning its electrolyzer pipeline into sales, and any shifts in government policy. Any delays here, and the bear case is clear—more cash strain, more investor nerves, and worries over another round of funding that might dilute current holders.
Friday’s session wasn’t about a single headline. This time, it was about evidence. Plug has managed to turn some tax credits into cash. But investors keep asking if that, together with project sales and higher margins, will get the company to the profitability target it’s set.
