NEW YORK, April 7, 2026, 07:10 EDT
Plug Power Inc (PLUG.O) is in focus as it kicks off a Canadian investor roadshow on Tuesday, fresh off an 11.6% surge in its shares during the prior session. The rally added to momentum from last week’s 275-megawatt Quebec electrolyzer contract—described by the hydrogen gear producer as one of its largest yet.
The timing is crucial for Plug as it looks to convince investors that its commercial contracts are translating into improved margins and a healthier cash balance. Back in March, Plug posted roughly $710 million in revenue for 2025, with a fourth-quarter gross margin landing at 2.4%. Management pointed to upcoming asset sales as a funding source expected to carry operations into 2026.
Plug announced on April 2 that it secured the FEED (Front-End Engineering Design) contract for Hy2gen Canada’s Courant project in Baie-Comeau, Quebec. This stage—an initial design phase that comes ahead of a final investment—will focus on a 275 MW electrolyzer system. The planned facility aims to produce low-carbon ammonia, and from there, renewable ammonium nitrate for mining, all powered by Hydro-Québec’s grid.
Plug’s chief executive, Jose Luis Crespo, said being picked for the project demonstrated the company’s ability to handle “large-scale hydrogen and hydrogen-derived products.” Hy2gen CEO Cyril Dufau-Sansot called the partnership a step forward for a “green chemical project” targeting Canada’s mining sector. Plug Power
Shares of Plug climbed past hydrogen peers Monday. The stock finished at $2.69. Ballard Power Systems advanced 2.02%, and Air Products & Chemicals tacked on 0.19%. Trading in Plug hit 98.7 million shares, crossing its 50-day average of 89.9 million, according to MarketWatch data.
Plug’s events calendar lists Chief Financial Officer Paul Middleton and Roberto Friedlander, vice president of investor relations, as scheduled to attend an RBC-led non-deal roadshow in Toronto and Montreal, kicking off at 8 a.m. Eastern on Tuesday. These non-deal roadshows are investor meetings unrelated to any stock or bond issuance.
Plug’s latest move follows its November update to investors, when the company outlined plans to free up over $275 million by selling assets, unlocking restricted cash and trimming maintenance costs, all as it shifted focus to data-center backup power and similar projects with better returns. Then-CEO Andy Marsh called it a show of Plug’s “agility and financial discipline.” Reuters
Plug’s full-year numbers make the challenge clear. Reuters company data pegs 2025 revenue at $709.9 million, with around $535.8 million in cash consumed by operations. In March, Plug reported unrestricted year-end cash at $368.5 million, noting a 26.5% reduction in operating cash burn versus 2024.
The Quebec award leaves the main execution issue unresolved. Plug’s own press release flagged that actually getting the project done, locking in the contract’s supposed advantages, and handling liquidity are all still big risks. Plus, this FEED award lands before any green light for a full build-out.
Investors are reacting to the big Quebec contract and management’s insistence that 2026 won’t be just about growth—it’s going to be about margins and cash, too. Plug is sticking to its guidance for positive EBITDAS in the fourth quarter of 2026 and is still aiming for full profitability by the end of 2028.
