NASDAQ:PLUG 19 March 2026 - 14 May 2026

Plug Power Inc.’s hydrogen facility in St. Gabriel, Louisiana—part of its joint venture with Olin—generated 448.3 metric tons of liquid hydrogen in the first quarter, with average availability clocking in at 90%. The company, pushing to demonstrate its network’s scalability, also reported filling 101 trailers during the period, 53 of those in March alone. Hydrogen supply and plant uptime are now key to Plug’s margins. Following a year of cutting costs, raising prices, and making network upgrades through its Project Quantum Leap program, the company posted a positive gross margin in the fourth quarter — that’s profit after direct production and service expenses.

Plug Power shares moved higher Thursday, climbing 2.5% to $2.715 as of 3:53 p.m. EDT, after the hydrogen equipment firm reiterated its ambition to hit positive EBITDAS by the end of 2026 during a Canada investor roadshow. The updated presentation, shared with investors, maintained the company's target for the profit metric, which strips out interest, tax, depreciation, amortization, and share-based compensation. Plug's deck also highlighted $150 million to $200 million in anticipated savings from its Project Quantum Leap initiative. The update lands at a key moment for Plug, which is still working to prove that improved margins can actually drive more reliable cash flows. Back in March, the company reported $368.5 million in unrestricted cash at the end of 2025, and it managed to reduce net cash used in operations to $535.8 million—down from $728.6 million the previous year. Plug also expects to bring in over $275 million from asset sales to keep operations funded through 2026.

Plug Power on Thursday announced it’s landed a FEED contract for Hy2gen Canada’s Courant project—a hefty 275-megawatt electrolyzer installation in Baie-Comeau, Quebec. That’s one of the largest deals so far for the company’s electrolyzer business. Plug shares climbed roughly 7%, trading at $2.41 during the morning session. The award arrives as Plug works to turn commercial success into improved margins and cash flow. Back in March, the company reported a positive gross margin for the fourth quarter, sticking with its goal of hitting positive EBITDAS by the fourth quarter of 2026—a metric that strips out interest, taxes, depreciation, amortization, and stock compensation.

Plug Power shares ended Friday at $2.18, marking a four-day losing streak. Chief Executive Jose Luis Crespo reiterated the hydrogen company’s goals: Plug still targets positive EBITDA—earnings before interest, taxes, depreciation and amortization—in the fourth quarter of 2026, with full profitability set for 2028. Timing is key here. Plug is looking to extend the momentum from its strong fourth-quarter gross margin but keep a lid on cash burn, now under the direction of a new CEO who stepped in on March 2. The company finished 2025 holding $368.5 million in unrestricted cash. Plug says cash from a planned data-center asset sale will help cover its operations into 2026.

Shares of Plug Power fell roughly 2.6% Tuesday, hovering around $2.25 and wiping out much of Monday’s 3.6% gain. The latest slide comes as investors weigh the hydrogen company’s fresh turnaround pitch. Plug recently said two of its executives are heading to Roth’s annual growth conference to meet with institutional investors and talk strategy, market stance, and financials. Even with Monday’s brief pop, the stock is still sitting about 50% below its 52-week peak of $4.58. Plug is catching scrutiny at a tricky moment. Not long after Jose Luis Crespo took the helm as CEO, the company logged roughly $710 million in 2025 revenue. Fourth quarter gross margin landed at 2.4%—the first time it’s crept into positive territory. That metric, which tracks what’s left after direct costs, has finally flipped.

Plug Power Inc. shares hovered at $2.32 early Thursday. The hydrogen fuel-cell company ended March 18 at $2.32, slipping 0.43% for the session, though the stock had clawed back nearly 8% since March 13. Still, that’s a long way from its October peak of $4.58—about half, in fact. It’s a crucial moment for Plug, now pitching investors on the idea that improved margins and asset sales might finally spark a sustainable turnaround. The company’s March 2 earnings release showed fourth-quarter revenue up 17.6% to $225.2 million. Gross profit swung to $5.5 million, climbing above zero as direct costs dropped out. As for cash — Plug finished 2025 with $368.5 million in unrestricted funds.