Plug Power Stock Rally Has a Catch: Revenue Beat, Cash Burn Still in View

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.

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.

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.

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.

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 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.