New York, May 31, 2026, 10:01 (EDT)
- Plug Power finished Friday at $3.95, off 4.13%. Still, shares wrapped up the holiday-shortened week ahead of where they stood on May 22.
- Plug faces its next test after the latest broad rally, where the stock trailed both the Nasdaq and some of its peers.
- Next up for investors is a June 3 Oppenheimer roadshow and management’s cash-use targets.
Plug Power Inc. starts the week after shares took a big hit Friday. The drop cut into gains made during the shortened U.S. trading week, but shares are still up from the lows.
The hydrogen-equipment maker finished Friday at $3.95, dropping 4.13%. The Nasdaq Composite added 0.20% and the Dow Jones Industrial Average was up 0.72%. Plug traded 67.9 million shares, which MarketWatch said was below its 50-day average.
U.S. markets took a break for Memorial Day on Monday, May 25, so Plug is working with just four regular sessions to see if it can keep up the rally after its latest first-quarter numbers. Nasdaq called Memorial Day a full market holiday on its official schedule.
S&P 500 climbed 0.2% Friday, stretching its win streak to seven sessions and locking in a ninth straight weekly gain. The Nasdaq jumped 2.4% for the week, according to the Associated Press.
Plug shares took a bumpier route. Investor-relations numbers showed the stock closed at $3.78 on May 22, then $3.84 on May 26. Shares ended at $4.14 on May 27, slipped to $4.12 on May 28 and finished at $3.95 on May 29. That put Plug about 4.5% up from the prior Friday’s close even after pulling back late.
Plug’s Friday drop was steeper than moves in hydrogen and gas stocks. Ballard Power Systems added 1.62%. Air Products & Chemicals lost 1.77%, but that was less than Plug’s slide, according to MarketWatch.
Plug stock is getting support from its first-quarter earnings. The company reported revenue up 22% over last year at $163.5 million. GAAP gross margin was negative 13%, better than the negative 55% a year prior. Adjusted EPS loss came in at 8 cents, less than the 17 cent loss last year.
Chief Executive Jose Luis Crespo said the quarter had “strong commercial execution” and moved the company closer to its goal of positive EBITDAS in the fourth quarter. EBITDAS, which stands for earnings before interest, tax, depreciation, amortization and stock-based compensation, is a non-GAAP metric that excludes some costs from operating performance. Plug Power
Plug posted a net loss of $245.3 million and burned $150.0 million in operating cash last quarter. The company finished March with $802.0 million in cash, cash equivalents and restricted cash. Restricted cash can’t be spent unless conditions change.
Oppenheimer stuck with its Perform rating after the results, with analyst Colin Rusch noting progress in operating costs, gross margin and asset sales, Investing.com said. BMO Capital’s Ameet Thakkar took his price target up to $1.20 from $1 but left his Underperform rating in place. Thakkar said revenue was better, but gross margins “still remain well negative,” The Fly/TipRanks reported. Investing.com TipRanks
Plug Power’s bull case picked up support after a project milestone. The company said its 30-megawatt Barrow Green Hydrogen project in Cumbria, UK, is now at final investment decision. This lets the project move forward after clearing key commercial and financing hurdles. Plug will provide six 5-megawatt GenEco PEM electrolyzers, which use electricity to split water and make hydrogen.
Plug said its project should deliver about 100 gigawatt-hours of green hydrogen a year to Kimberly-Clark’s Barrow plant and help cut natural gas use there by up to 50%. That could lower carbon dioxide emissions at the site by 18,300 tonnes. Crespo called Barrow the company’s “largest UK project” as it moves from award into execution. Plug Power
Plug is holding another investor event this week. The company has a non-deal roadshow set for June 3 in Manhattan with Oppenheimer. Chief Financial Officer Paul Middleton and investor-relations chief Roberto Friedlander are on the schedule. The event lets management meet with investors but does not involve selling new securities.
But the risk is clear. If Plug’s asset monetization slips, cash burn stays elevated, or project awards don’t turn into revenue on time, Friday’s selling could turn into something worse than just profit-taking. Plug has warned results may miss targets due to factors like financing, customer demand, government actions, project delays, margins and execution on its electrolyzer line.
Right now, the stock trades with both stories in play. The company has momentum with new projects and margins up from last year. But losses and cash burn remain, and the market is keeping a close eye after the recent rally.
