New York, June 11, 2026, 11:58 EDT
- Plug Power traded around $2.78, off roughly 3%, with the stock under pressure for a seventh session in a row.
- The company filed annual-meeting documents showing it expects to post EBITDAS-positive numbers by the end of 2026, reach positive operating income after 2027, and see overall profitability leaving 2028.
- Investors are sizing up those targets after recent swings, cash burn issues, and Plug’s newest liquidity actions.
Plug Power Inc. was down in late-morning trade Thursday, with shares sliding to $2.775 from the previous close of $2.86. PLUG traded in a range between $2.75 and $2.93, as volume topped 20 million shares. The move came while U.S. markets showed some signs of a rebound, but investors were still focused on the hydrogen firm’s annual meeting and fresh profitability goals.
Plug Power shares dropped for a sixth straight session on Wednesday, ending down 1.72% at $2.86. The Nasdaq Composite fell 1.98%, and the Dow Jones Industrial Average lost 1.87%. The stock closed 37.55% under its 52-week high of $4.58, said.
Wall Street advanced Thursday as technology stocks rebounded, Reuters said. The Dow climbed 0.90%, S&P 500 gained 0.81% and the Nasdaq jumped 1.07% as buyers stepped back in. That’s a firmer mood than Thursday’s move.
Plug Power’s 2026 annual meeting is on the agenda, set for 10:00 a.m. Eastern Time. In an SEC filing from June 11, the company said CEO and President Jose Luis Crespo will lead a corporate overview and talk through the company’s presentation deck. Plug said stockholders of record can send in written questions.
Plug set out a timeline for its turnaround efforts. The company named EBITDAS-positive results by the end of 2026, positive operating income by the end of 2027, and full profitability by the end of 2028 as priorities. The plan focuses on material handling, electrolyzers and hydrogen plants.
Plug pointed to Project Quantum Leap in the presentation, its cost and execution initiative. The company reported positive gross profit in the fourth quarter of 2025. Cash use was down about 50% from 2024. Plug also said margins improved a lot across its equipment, service, and hydrogen lines.
Plug in its operating update pointed to scale across its business lines. The company reported over 74,000 GenDrive fuel cell units in place at more than 280 sites. Electrolyzer projects include Galp Energia in Portugal, Iberdrola/BP in Spain and Carlton Power/Barrow Green in the U.K. Plug also listed hydrogen plant capacities of 15 tons a day in Georgia, 15 in Louisiana and 10 in Tennessee, saying “live capacity” is about nameplate or designed output, not real-time use.
Plug Power’s liquidity picture stayed in focus this month. The company said it closed a federal investment tax credit sale connected to its St. Gabriel, Louisiana, hydrogen liquefaction project, bringing in about $39.2 million. The facility is run by Hidrogenii, Plug’s joint venture with Olin Corporation. “Plug continues to execute multiple capital efficiency initiatives designed to strengthen liquidity while supporting the scale-up of our hydrogen platform,” Crespo said in the release. Plug Power
Plug’s annual meeting message picked up from May’s Q1 results. The company had revenue of $163.5 million, a 22% increase from the same quarter last year. GAAP gross margin for the quarter came in at negative 13%, compared to negative 55% a year ago. Adjusted EPS was negative $0.08, a smaller loss than negative $0.17 the year before.
Analyst views are still split. Google Finance lists a Hold consensus from 13 analysts: 5 rate Buy, 6 say Hold, and 2 call Sell. Their average 12-month price target is $3.61, which is above where shares trade now, but well under the top target at $7.00.
