NEW YORK, August 7, 2026, 08:25 EDT — U.S. PREMARKET
- Plug Power stock traded close to unchanged at $2.071 ahead of Friday’s market open.
- Initial projections see revenue for the second quarter reaching $168 million, with an adjusted per-share loss of $0.08.
- According to company guidance and present forecasts, Plug requires $471 million to $485 million in revenue for the second half to reach its 2026 growth target.
Shares of Plug Power Inc. NASDAQ:PLUG were little changed in premarket trading on Friday. The hydrogen firm will announce its second-quarter earnings on Monday, with its conference call scheduled for 4:30 p.m. ET.
The main challenge comes after the June quarter. Plug projects full-year revenue to rise between 13% and 15%, which would translate to 2026 revenue of about $802 million to $816 million.
Plug reported $163.5 million in revenue in the first quarter. Early consensus forecasts the second quarter at approximately $168 million. This would mean almost 59% of its annual revenue goal remains for the last two quarters.
This bridge presents company data alongside initial estimates. Figures for the second half are derived from these sources.
| Revenue bridge | Amount | Investor implication |
|---|---|---|
| 2025 reported revenue | $709.9 million | Opening benchmark |
| 2026 management projection | $802.2 million-$816.4 million | Projected 13%-15% rise |
| Q1 2026 reported | $163.5 million | Year-over-year increase of 22% |
| Q2 advance figure | About $168.0 million | Sequential improvement of 2.7% |
| Preliminary H1 sum | About $331.5 million | 40.6%-41.3% of target reached |
| Needed H2 revenue | $470.7 million-$484.9 million | Calls for $235.3 million-$242.4 million in each quarter |
| Lift needed from Q2 pace | 40.1%-44.3% | Test of second-half delivery |
Options traders are pricing in significant volatility. Contracts set to expire on August 14 suggest a potential $0.28 swing, equivalent to 13.53% up or down. This stands at over double the average absolute move of 6.14% seen after Plug’s previous eight earnings releases.
The stock ended Thursday at $2.07, a decrease of 1.43%. It has slipped 4.2% since it last closed at $2.16 on Tuesday. The shares are still trading 54.8% under the 52-week high of $4.58.
Hydrogen sector shares declined on Thursday, with Plug closing lower but outperforming both FuelCell Energy Inc. NASDAQ:FCEL and Ballard Power Systems Inc. NASDAQ:BLDP.
| Company | August 6 close | Daily move |
|---|---|---|
| Plug Power | $2.07 | down 1.43% |
| FuelCell Energy | $20.32 | off 3.88% |
| Ballard Power Systems | $2.55 | lost 3.41% |
The primary challenge continues to be margin mix. Plug posted a gross margin of negative 13.2% for the first quarter, an improvement from negative 55.3% in the same period a year ago. However, services represented the only major revenue segment to turn a profit.
| Q1 2026 business line | Revenue | Gross margin |
|---|---|---|
| Equipment and infrastructure | $79.0 million | -8.0% |
| Fuel-cell services | $22.0 million | +34.4% |
| Power-purchase agreements | $26.3 million | -52.7% |
| Hydrogen fuel and related equipment | $35.8 million | -47.8% |
| Total company | $163.5 million | -13.2% |
In May, Chief Executive Jose Luis Crespo stated that Plug was concentrating on “execution and growth, driving efficiency, expanding margins.” Monday’s earnings will indicate if that momentum persisted. SEC
Cash flow offers an additional indicator. Operating activities used $150.0 million in the first quarter, compared with $105.6 million in the same period last year. The cash outflow represented roughly 67% of Plug’s $223.2 million in unrestricted cash at quarter end.
Analyst opinions continue to vary widely. The table provides several recent updates along with the most recent three-month consensus.
| Analyst or consensus | Recommendation | Price target | Latest update |
|---|---|---|---|
| TD Cowen | Hold | $3.00 | July 23 |
| RBC Capital Markets | Hold | $2.75 | July 17 |
| Susquehanna | Neutral | $2.50 | July 2026 |
| Morgan Stanley NYSE:MS | Underweight | $1.65 | July 2026 |
| Three-month consensus | Hold: 5 Buy, 6 Hold, 2 Sell | $3.65 average | August 6 |
The range of $1.65 to $3.00 among cited companies highlights the gap. TD Cowen described the second quarter as a key point for Plug’s plan to achieve profitability in the fourth quarter. The firm kept its Hold rating following an analysis of Plug’s forecast, which is weighted toward later quarters.
Executives will have an additional opportunity to speak with investors on Wednesday. Crespo, along with investor-relations head Roberto Friedlander, are set to participate in the Canaccord Growth Conference at 8:00 a.m. ET.
Risks: Plug relies substantially on sales growth in the second half. Margins for fuel and power purchases stayed worse than minus 47% in Q1. Ongoing cash burn, project delays, or softer pricing may put further strain on financing.
A small revenue beat in Q2 would offer some relief. However, it would not resolve the issue. Investors require proof that Plug is capable of surpassing a $235 million quarterly revenue pace and is making progress in reducing its ongoing gross losses.
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