Plug Power shares climb 8% after Bloom profits on AI push

NEW YORK, July 30, 2026, 15:04 EDT

Plug Power gained 7.9%, snapping a six-session decline.
Shares of Bloom Energy and FuelCell Energy rose over 25%.
Plug regained just 40.5% of its previous dollar loss.

Shares of Plug Power Inc. NASDAQ:PLUG climbed 7.9% to $2.05 during Thursday afternoon trading, with U.S. markets still open. This uptick came after the stock posted six consecutive declines.

The surge in fuel-cell stocks occurred at the same time. Bloom Energy Corp. NYSE:BE posted record-high revenue and operating cash flow, leading Mizuho to upgrade the stock.

The key point for investors is more specific. While the sector buzz reached Plug, demonstrated operational results are still largely with Bloom. Plug’s revealed tie-up with Stream Data Centers covers asset disposals and initial discussions about potential upcoming product installations.

Intraday prices most recently available indicated a significant range in performance.

Security	Price	Day move	Market value
Plug Power Inc. NASDAQ:PLUG	$2.05	up 7.9%	$2.85 billion
Bloom Energy Corp. NYSE:BE	$205.57	up 25.5%	$66.47 billion
FuelCell Energy Inc. NASDAQ:FCEL	$23.23	up 28.5%	$1.26 billion
Ballard Power Systems Inc. NASDAQ:BLDP	$2.72	up 8.8%	$814 million
Invesco QQQ Trust NASDAQ:QQQ	$682.15	gained 3.1%	—

Bloom exceeded Plug by 17.6 percentage points, while FuelCell was ahead by 20.6 points. The sector rallied, though the gains were uneven.

Plug regained less than half of its previous decline during the rebound. The figures are based on closing prices from July 21 and July 29.

Plug share price indicator	Value	Movement
Close on July 21	$2.27	Reference
Close on July 29	$1.90	−16.3%
July 30 trading session	$2.05	+7.9% on the session
Unrecovered difference from July 21	$0.22	−9.7%
Portion of lost value regained	$0.15 out of $0.37	40.5%

Thursday’s advance was moderated by the arithmetic. Plug still traded 9.7% beneath its July 21 close. The stock had lost 37 cents per share across six sessions.

Bloom reported second-quarter revenue of $1.065 billion, representing a 165.5% increase. The company recorded a GAAP gross margin of 33.4%, with operating cash flow totaling $226.4 million. Chief Executive KR Sridhar stated, “Bloom is now a standard for AI onsite power.” Bloom Energy

Mizuho has raised its rating on Bloom from Neutral to Outperform, assigning a price target of $242, lower than its earlier estimate of $285. The brokerage pointed to Bloom’s “time-to-power advantage” and financing capacity exceeding $27 billion as reasons for the upgrade. Investing.com

The most recent quarterly results highlight the financial disparity. Plug reports data for the first quarter, while Bloom provides results for the second quarter, and the companies have distinct business structures.

Operating comparison	Plug Q1 2026	Bloom Q2 2026
Revenue	$163.5 million	$1.065 billion
Year-over-year revenue growth	22.0%	165.5%
GAAP gross margin	−13.0%	33.4%
GAAP operating margin	−67.0%	17.1%
Operating cash flow	−$150.0 million	$226.4 million
Operating cash flow/revenue	−91.8%	21.3%
Market value/latest-quarter revenue, annualized	4.4 times	15.6 times

Basic multiple derived by multiplying the most recent quarterly revenue by four. This does not represent company-provided guidance.

Bloom reported quarterly revenue that was 6.5 times greater than Plug’s. Its market capitalization was roughly 23.3 times higher. This valuation premium aligns with its positive margins and cash generation.

Plug posted significant gains in the first quarter. Revenue climbed 22%, and gross margin moved up from minus 55% to minus 13%. The company’s adjusted loss decreased to eight cents per share.

Chief Executive Jose Luis Crespo stated the quarter set Plug up to achieve positive EBITDAS in the fourth quarter. Plug describes EBITDAS as earnings before interest, taxes, depreciation, amortization and share-based expense. The company notes this goal is non-GAAP and forward-looking.

Liquidity is still the primary concern. Below is a comparison featuring company-reported preliminary and unaudited data.

Plug liquidity metric	Amount	Compared to Q1 operating cash usage
Preliminary unrestricted cash, June 30	About $162 million	1.08 times
Projected near-term additional liquidity	More than $80 million	Greater than 0.53 times
Preliminary pro-forma total	Over $242 million	Greater than 1.61 times
Q1 operating cash usage	$150.0 million	Reference point

The pro-forma number is calculated by combining anticipated liquidity with initial cash. It omits later expenditures, associated fees, and final closing adjustments. Not all proceeds had been received at the time of the announcement.

Plug anticipates completing its Texas deal by around July 31. The agreement features a $50 million payment at closing, with as much as $26.5 million in contingent payments possible. The total value will depend partly on verified grid capacity.

Risks: The Texas deal is still contingent on meeting certain conditions. In New York, regulatory approvals could lead to delays in finalizing asset disposals. Plug may need additional capital in future if operating cash outflows persist.

Thursday’s gains offer Plug some relief, but do not confirm success in its operations. Shareholders will look for the company’s quarterly results, improved cash conversion, and concrete data-center contracts.

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Further analysis

Editorial insight

What is the current trading level of PLUG, and how does it stack up against key indexes?

PLUG was last trading around $2.05, up approximately 7.9% at 18:49 UTC. The stock moved between $1.89 and $2.09 on the day, with volume at 38.3 million shares. SPY finished 1.5% higher, while QQQ advanced 3.1% over the session. Plug outperformed both major ETFs. The bounce came after six straight daily losses through Wednesday. However, shares remain about 55% below the annual peak of $4.58. marketwatch.com

Do first-quarter results indicate a genuine operational recovery?

Revenue rose 22% year-on-year to $163.5 million. GAAP gross margin improved to negative 13%, from negative 55% a year earlier. Adjusted loss per share decreased to $0.08 from $0.17. GAAP net loss expanded to $245.3 million from $196.7 million, with about $140 million mainly due to noncash debt and warrant revaluations. Signs of operational improvement are evident, although progress remains incomplete. Plug Power

Is Plug’s cash position sufficient to prevent further fundraising?

At March 31, unrestricted cash stood at $223.2 million. Preliminary and unaudited figures indicate cash decreased to around $162 million by June 30. In the first quarter, operations used $150.0 million, up from $105.6 million in the prior year. SEC Plug anticipates receiving over $80 million from upcoming Stream transactions. A May filing stated available capital should last at least twelve months, based on projected asset sales, the release of restricted cash and potential access to equity. As a result, further financing remains possible but not assured. SEC

What level of liquidity might the Stream asset disposals realistically generate?

Texas may deliver $50 million at closing, with an additional $26.5 million dependent on conditions. Up to $14 million in collateral could be released later. The closing was targeted for July 31, but has not been confirmed. New York’s overall price is now set at $142 million, and its final outside date has shifted to March 31, 2027. Planned escrow arrangements would increase previous payments or deposits to $21.5 million. Timing continues to pose the main uncertainty. SEC

Is Plug capable of achieving positive EBITDAS in the fourth quarter?

Management maintains its aim for positive EBITDAS in the fourth quarter of 2026. This metric does not include interest, taxes, depreciation, amortization, or share-based compensation. The first quarter’s adjusted net loss was still $105.5 million. Fuel margins expanded by 54 percentage points and service costs dropped by more than 30%. These improvements must accelerate. Achieving positive EBITDAS will not mean GAAP profitability. Plug Power

What is the extent of dilution risk facing current shareholders?

Plug reported 1.395 billion shares outstanding as of May 6. Weighted average shares for the first quarter increased almost 47% from a year ago. The number of authorized shares doubled to three billion during the first quarter, though authorization by itself does not equate to issuing stock. Plug maintained $944.1 million in at-the-market capacity and has access to a $1 billion standby facility. Additionally, potentially dilutive securities accounted for another 431.6 million shares. While not all of these may be issued, dilution risk remains significant. SEC

Is demand for electrolyzers resulting in tangible commercial activity?

Plug’s 50-megawatt order for Orica advanced to final investment decision in July. The initiative is designed to deliver roughly 4,700 tonnes of renewable hydrogen per year. Plug brought a five-megawatt Danish project online in June. Plug Power Executives state the company has deployed more than 320 megawatts, and that the pipeline totals $8 billion. The pipeline figure does not reflect contracted backlog. Investors continue to wait for signed orders, upfront payments, and consistent revenue recognition. Plug Power

Is PLUG truly undervalued at about $2 per share?

Plug’s market capitalization stands at about $2.85 billion with its share price at $2.05. The firm posted approximately $710 million in revenue for 2025, placing its valuation at close to four times past sales. Plug Power The company does not have a meaningful price-earnings ratio due to persistent losses. The low stock price does not automatically mean shares are cheap. Margin recovery has greater significance.

How do analysts project PLUG’s performance in the coming twelve months?

The consensus target on MarketBeat stands at $3.31, with projections ranging from $1.20 to $7.00. Investing.com lists an average target of $3.55 and a range between $0.75 and $7.00. MarketBeat With shares at $2.05, this equates to a potential upside of about 61% to 73%. The range is wide. A functional midpoint sits around $2.50–$3.50, provided both margins and liquidity recover. Failure to close deals or further dilution could steer shares lower toward the most pessimistic estimates. These outcomes remain scenarios, not assurances.

Michał Rogucki Latest posts

Michał Rogucki is a senior markets reporter at TS2.tech, specializing in stocks, technology and macroeconomic developments. A graduate of Humboldt University of Berlin, he previously worked in investment research and market analysis before transitioning to financial journalism. He covers the trends and events that matter most to investors worldwide.

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