NEW YORK, July 6, 2026, 09:10 ET
- Plug Power NASDAQ:PLUG traded at $2.64 in premarket, putting its market cap close to $3.67 billion.
- Nasdaq regular hours were set for 9:30 a.m. ET following its July 3 closure for Independence Day.
- Q1 operating cash burn came in at $150.0 million, which is about 92% of revenue for the quarter.
Plug Power Inc. NASDAQ:PLUG was flat ahead of Monday’s open, stuck near $2.64, while futures pointed higher. Nasdaq 100 futures rose 1.1% and S&P 500 futures gained 0.44% as of 07:24 a.m. ET, according to Reuters. U.S. stocks are coming off a short week that saw the big indexes add about 2%.
The stock isn’t just about the price move. At Monday’s close, Plug’s market cap was around 5.6 times its annualized Q1 revenue. That multiple still puts the stock in growth territory, even though Plug burned through $150.0 million in operating cash in the quarter and finished March with $223.2 million in unrestricted cash.
| Plug data point | Current/Q1 read | Investor read |
|---|---|---|
| Share price | $2.64 | Trading around flat before the bell |
| Market value | $3.67 billion | Roughly 5.6 times annualized Q1 sales |
| Q1 revenue | $163.5 million | Gained 22.3% vs a year ago |
| Q1 operating cash use | $150.0 million | 92 cents burned for each $1 of revenue |
| Unrestricted cash | $223.2 million | Covers a bit over 1.5 quarters of Q1 cash burn |
| Gross loss | $21.6 million | Improved from $73.9 million |
The cash ratio is in focus as Plug pushes a margin recovery story but is still burning about as much cash in operations as it takes in through sales. Watch the per-share numbers: Q1 net loss widened to $246.0 million from $196.9 million, yet loss per share narrowed to 18 cents from 21 cents since weighted average shares jumped to 1.39 billion from 945.8 million.
The stock is deep in a popular short, according to MarketWatch, which said short interest was 339.62 million shares as of June 15, making up 25.51% of the float. Shares are up 34.01% so far this year, but down 17.88% for the past month.
| Selected hydrogen/fuel-cell stocks | Latest price | Change from last close | Market cap |
|---|---|---|---|
| Plug Power Inc. NASDAQ:PLUG | $2.64 | up 0.2% | $3.67 billion |
| Bloom Energy Corp. NYSE:BE | $270.89 | down 6.4% | $86.61 billion |
| FuelCell Energy Inc. NASDAQ:FCEL | $28.11 | down 11.9% | $1.52 billion |
| Ballard Power Systems Inc. NASDAQ:BLDP | $3.52 | down 7.4% | $1.05 billion |
| Air Products and Chemicals Inc. NYSE:APD | $314.19 | up 2.5% | $70.03 billion |
The market comparison is based on pre-open electronic quotes. Pure fuel-cell stocks traded down. Air Products, which is a bigger industrial gas company, moved higher.
Plug is betting on scale to drive its operating results. In May, the company reported more than 320 MW of electrolyzer capacity deployed worldwide and said its project pipeline topped $8 billion. CEO Jose Luis Crespo said first quarter revenue was above the company’s internal projections, and Plug is still aiming for positive EBITDAS in the fourth quarter of 2026.
The company’s most recent milestone came on June 24, when it commissioned a 5 MW GenEco PEM electrolyzer system at European Energy’s Måde Power-to-X plant in Denmark. At full run, the facility should turn out about 550 metric tons of green hydrogen each year. Crespo called this a move to “repeatable execution.” European Energy executive Rene Alcaraz Frederiksen said the plant had started “producing certified renewable hydrogen.” Plug Power
Plug’s European backlog got a boost with the 30 MW Barrow Green Hydrogen project in the UK. The company is providing six 5 MW GenEco PEM electrolyzers for the site, which will deliver around 100 GWh of green hydrogen each year to Kimberly-Clark Corp. NYSE:KMB. Barrow is slated to cut natural gas use by up to 50% and lower CO2 emissions by 18,300 tonnes. Crespo said this project moves Plug’s biggest UK order “from award into execution.” Plug Power
Liquidity is still a focus. Plug said June 2 it sold a federal investment tax credit for about $39.2 million from its St. Gabriel, Louisiana hydrogen liquefaction site, done through Hidrogenii, the joint venture with Olin Corp. NYSE:OLN. CFO Paul Middleton said the deal “supports our disciplined financial strategy.” Plug Power
Analysts aren’t piling in after the bounce. Benzinga data puts the consensus price target at $3.74 from 30 analysts. Wells Fargo & Co. NYSE:WFC was the most recent to weigh in, keeping its equal-weight rating and a $2.50 target as of May 19. Plug at $2.64 sits above Wells Fargo’s target but under the analyst consensus.
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