NEW YORK, July 29, 2026, 05:02 EDT — Shares of Plug Power NASDAQ:PLUG fell by 14% with the company approaching a key test of a $50 million asset sale set for Friday.
- U.S. regular trading was yet to begin. Plug was indicated up 0.5% at $1.969 at 04:44 EDT, following its Tuesday close at $1.96.
- The stock declined 13.7% over five sessions, with a 3.7% drop recorded in the last full week and an additional 6.2% decrease through Tuesday.
- Plug anticipates receiving $50 million from an asset sale in Texas as soon as Friday, with the broader deals expected to generate over $80 million in liquidity in the short term.
Plug Power Inc. NASDAQ:PLUG finished Tuesday’s session 4.9% lower at $1.96, marking its fifth consecutive decline and a cumulative drop of 13.7%. The stock was up 0.5% in early premarket activity.
Investor attention has turned to cash conversion. Plug anticipates finalizing the sale of its Graham, Texas, project by around July 31, with the deal expected to generate $50 million upon closing.
The payment represents 31% of Plug’s estimated cash on hand as of June 30. Deals in Texas and the first phase in New York are expected to deliver over $80 million soon, amounting to at least 49% of that cash total.
The figure appears modest compared to recent expenditures. Plug’s operating cash usage reached $150.0 million in the first quarter. The disclosed $80 million minimum accounts for 53% of that quarterly cash burn. This is not intended as a projection of future funding duration.
| Plug cash benchmark | Amount | Relative scale |
|---|---|---|
| June 30 cash, preliminary | $162 million | Baseline |
| Cash from Texas deal at close | $50 million | 31% of cash |
| Total short-term liquidity | More than $80 million | At least 49% of cash |
| Q1 operating cash outflow | $150.0 million | $80 million covers 53% |
Plug dropped 3.7% over the previous week, followed by a further 6.2% decline across Monday and Tuesday. On Tuesday, trading volume hit 82.3 million shares, the peak level during the five-day slide.
Business conditions have strengthened. Revenue for the first quarter climbed 22% to $163.5 million. GAAP gross margin increased to negative 13%, up from negative 55%. The adjusted loss was reduced to 8 cents a share.
Cash outflows climbed in the period. Operating cash usage rose to $150.0 million, up from $105.6 million. Early estimates put unrestricted cash at $162 million as of June 30, marking a 27% drop from the end of March.
Chief Executive Jose Luis Crespo stated that maintaining “effective management of our liquidity” continues to be a “critical focus.” Plug continues to aim for positive EBITDAS in the fourth quarter. This metric does not include interest, taxes, depreciation, amortization, or share-based costs. SEC
Bloom Energy Corp. NYSE:BE delivered a sharper sector divide late Tuesday, reporting a 166% surge in second-quarter revenue to $1.07 billion. The GAAP gross margin stood at 33.4%, and operating cash flow totaled $226.4 million.
Bloom’s operating cash inflow for the quarter surpassed Plug’s total preliminary cash holdings. Its most recent revenue was 6.5 times greater than Plug’s most recent quarterly revenue. The difference in gross margin was around 46 percentage points, though the financial periods are not the same.
Bloom Chief Executive KR Sridhar stated that “all the major US hyperscalers” had given approval to its power solutions. Shares of Bloom rose over 10% in after-hours trading. Plug’s premarket gains stayed under 1%. Bloom Energy
The read-across remains constrained. Bloom offers solid-oxide power systems deployed on customer sites. Plug focuses on hydrogen creation, electrolyzers, fuel cell technology, and equipment for material handling. However, the valuation gap indicates that investors are prioritizing growth supported by cash over mere exposure to the sector.
The first challenge comes at Friday’s close. The Texas earnout has the potential to reach $26.5 million. A further $14 million in collateral could be freed once related obligations are assumed.
Risks are still significant. The Texas deal is subject to conditions, and the earnout requires verified grid capacity. The $142 million agreement in New York includes a March 31, 2027, outside date and is subject to regulatory approval. If high cash usage continues, additional funding may result in shareholder dilution.
The market is sending a clear signal. For Plug, converting assets into cash outweighs orders and margin improvements. Securing a straightforward Friday close would be positive. The key test will be how cash is managed in the second quarter, which will determine if the relief continues.
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