NEW YORK, July 28, 2026, 15:07 EDT — Nasdaq markets remained open for trading.
- Shares were little changed for 2026, even after dropping 52% since the close on May 27.
- Anticipates short-term liquidity exceeding $80 million, approximately 50% of preliminary June cash balance.
- Shares of Bloom Energy NYSE:BE dropped 14.0% ahead of its second-quarter earnings release after the market close.
Plug Power declined 3.9% on Tuesday, marking its fifth consecutive session in the red. Shares were changing hands at $1.98 while Nasdaq trading continued.
The shares almost finished a steep reversal. Plug ended 2025 at $1.97, climbing to $4.14 by May 27. Since then, the stock has dropped roughly 52% from that high.
Currently, cash outweighs history in importance.
Plug reported holding preliminary unrestricted cash of $162 million as of June 30. Deals with Stream Data Centers are anticipated to provide upward of $80 million in the near term.
The anticipated inflow represents around 50% of the cash reserve, marking the most significant short-term assessment of the management’s liquidity strategy.
The Graham, Texas transaction is scheduled for completion around July 31. Stream will provide $50 million upon closing, with an additional $26.5 million subject to secured grid capacity.
Plug anticipates the release of approximately $14 million in cash collateral. Combined Texas liquidity could reach as high as $90.5 million, equating to 56% of cash on hand in June. The broader optimization initiative aims to exceed $275 million.
Cash dropped from $223 million as of March 31 to an estimated $162 million, representing a 27% decrease prior to the disclosed proceeds. The first quarter saw operating outflows of $150 million.
Performance strengthened, with first-quarter revenue climbing 22% to $163.5 million. The reported gross margin increased to negative 13%, compared with negative 55% previously.
Chief Executive Jose Luis Crespo stated: “The improvement in margins, effective management of our liquidity, and the growth of our sales pipeline remain our critical focus.” Plug Power
Tuesday’s selloff affected the broader fuel-cell sector. The financial gap is still significant.
| Company | Latest price | Tuesday move | Market value |
|---|---|---|---|
| Plug Power NASDAQ:PLUG | $1.98 | -3.9% | $2.75 billion |
| Bloom Energy NYSE:BE | $161.84 | -14.0% | $51.72 billion |
| FuelCell Energy NASDAQ:FCEL | $19.72 | -8.2% | $1.07 billion |
| Ballard Power Systems NASDAQ:BLDP | $2.67 | -7.1% | $0.80 billion |
The most recent quoted trades took place at approximately 14:52 EDT.
Bloom saw a 130% jump in first-quarter revenue, compared with Plug’s 22% growth. Bloom posted a gross margin of 30% and generated $73.6 million in operating inflow. Plug recorded a negative gross margin of 13% along with a $150 million operating outflow.
Bloom is scheduled to release its second-quarter results following Tuesday’s market close. The announcement could influence sentiment across the sector. However, it will not address Plug’s ongoing cash concerns.
Risks: The closure in Texas is still subject to conditions. The contingent payout relies on the final load capacity outcome. The second closing in New York is pending regulatory approval and is subject to a long-stop date of March 31, 2027.
Plug announced that second-quarter results will be released soon. Investors seek proof that improvements in margins are lowering cash outflows. Until then, the success of asset sales is viewed as more significant than the expansion of the project pipeline.
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