NEW YORK, June 26, 2026, 16:02 EDT
- Plug Power finished Friday at $2.54, off 1.17%. Shares logged four straight down sessions earlier in the week. StockAnalysis
- Plug’s 5 MW Denmark electrolyzer is in service, but that is under 2% of the company’s claimed 320 MW-plus electrolyzer deployments. Plug Power
- Short interest is about a quarter of the float, and call options still dominate open interest. The Wall Street Journal
Plug Power Inc. NASDAQ:PLUG shares dropped Friday as the market kept hitting the stock on cash concerns, scale limits, and high short interest, even while the company adds more operating electrolyzer references.
The stock ended at $2.54, dropping 1.17%. Thursday’s close was $2.57. It finished Wednesday at $2.61, $2.71 on Tuesday, and $2.79 on Monday, according to recent market data. StockAnalysis
The stock is now off roughly 11% from its June 18 close at $2.85. Shares fell after Plug said Wednesday it finished installing, commissioning, testing, and handing over a 5 MW GenEco PEM electrolyzer at European Energy’s Måde Power-to-X site in Esbjerg, Denmark. The Wall Street Journal
Plug said Måde will deliver around 550 metric tons of green hydrogen a year when it hits full production. Output will get ISCC certification as Renewable Fuel of Non-Biological Origin. Plug Power
Plug’s numbers put five megawatts at less than 2% of its global electrolyzer capacity, which was over 320 MW in the last quarterly update. Yearly output is forecast at 550 tons — that breaks down to about 1.5 tons a day, much less than the 40 tons per day Plug said it can make at its sites in Georgia, Tennessee and Louisiana. Plug Power
Måde looks like a test run for Plug Power, not a near-term sales boost. Chief Executive José Luis Crespo called it a “shift from one-off deployments to repeatable execution,” saying every project helps Plug “standardize delivery, reduce timelines, and improve performance.” Rene Alcaraz Frederiksen, European Energy’s EVP and Head of Power-to-X, said the plant moves projects “from concept into operation.” Plug Power
Plug Power’s NASDAQ:PLUG story for shareholders comes down to whether its reference sites will show up as margin and cash. First quarter revenue was up 22% to $163.5 million. GAAP gross margin improved to negative 13%, a jump from negative 55% last year. Adjusted loss per share was 8 cents, better than the 17 cent loss the year before. Plug Power
Plug’s cash burn remained an issue. The company finished March with over $802 million in cash, but only $223 million of that was unrestricted. Plug used $150 million in operating activities in the quarter. Plug Power
Positioning is still a drag. Short interest was 339.62 million shares as of June 15, making up 25.5% of public float, Wall Street Journal data shows. That’s down 2.21% from the last report. The Wall Street Journal
Options traders have turned less bearish. Fintel data from Cboe showed Plug’s open-interest put/call ratio at 0.24. On June 25, calls traded at 14,534 contracts, while puts were at 5,895. Fintel
Broader markets stayed soft. LSEG data on Reuters’ U.S. markets page showed the S&P 500 down 0.12% and the Nasdaq Composite losing 0.30% late in the session. Reuters
Q2 is the next real challenge. The Wall Street Journal shows Plug set to report next quarter on Aug. 12. Analysts are looking for a Q2 loss of 8 cents a share, according to the Wall Street Journal.
