NEW YORK, July 27, 2026, 11:11 a.m. EDT — U.S. regular session
- Shares of Plug were last at $2.08, falling 0.5% and roughly 8% lower compared to Tuesday’s closing price.
- Plug Power’s operating cash consumption increased by 42% in the first quarter, even as gross margin climbed by 42 points.
- Plug Power forecasts near-term liquidity above $80 million, exceeding 0.53 times its quarterly cash consumption.
Plug shares hovered around $2.08 on Monday, slipping 0.5% during late morning trading. The stock was on track for its fourth consecutive day of losses, with Friday’s 4.6% drop accounting for the bulk of the slide.
Plug is now trading approximately 8% lower than its Tuesday close. Shares are also down about 55% from the October 2025 high of $4.58.
The slide indicates investors consider recent asset disposals as providing additional runway rather than clear evidence of a self-sustaining recovery.
Plug’s first-quarter results showed progress, with revenue increasing 22% to $163.5 million. The company’s GAAP gross margin improved to negative 13%, compared to negative 55% previously.
Cash conversion was unchanged. Operating cash usage rose by 42% to $150 million compared to $105.6 million.
| Investor measure | Latest figure | Comparison | Change or coverage |
|---|---|---|---|
| GAAP gross margin | -13% | -55% in Q1 2025 | Increase of 42 percentage points |
| Operating cash used | $150.0 million | $105.6 million in Q1 2025 | Up 42.1% |
| Weighted-average shares | 1.390 billion | 945.8 million in Q1 2025 | Increase of 46.9% |
| Unrestricted cash | About $162 million, preliminary | $223.2 million at March 31 | Down 27.4% |
| Near-term liquidity | More than $80 million expected | $150.0 million Q1 cash use | At least 0.53 times |
Data is sourced from company reports. The percentage differences and coverage ratios are derived based on these numbers.
The rise in share count intensifies worries about financing. Adjusted loss per share narrowed to 8 cents from 17 cents. Yet, weighted-average shares outstanding rose by almost 50%.
Fuel-cell stocks traded mixed on Monday. Bloom Energy Corp. NYSE:BE slipped 1.2%, while Ballard Power Systems Inc. NASDAQ:BLDP declined 1.7%. FuelCell Energy Inc. NASDAQ:FCEL added 0.4%.
Plug anticipates finalizing the sale of its Graham, Texas asset by the end of July. The deal stipulates a $50 million payment at closing, with an additional $26.5 million contingent upon validation of load capacity.
The deal may also free up around $14 million in cash collateral, boosting total liquidity to as much as $90.5 million. The closing is still subject to conditions.
The separate New York deal is set at a fixed purchase price of $142 million. The last non-land closing could be completed as late as March 31, 2027. The timeline is critical.
Plug reported it held about $162 million in preliminary, unaudited unrestricted cash as of June 30, not including proceeds from the previously announced transaction.
An additional $80 million would bring the overall amount to approximately $242 million, which is around 1.6 times the operating cash used in the first quarter. This figure is based on a run-rate, not a projection.
The broader liquidity plan, totaling more than $275 million, represents roughly 1.8 times the cash used in the quarter. Asset disposals may lengthen the available funding period but do not directly lower the core operating cash burn.
Chief Executive José Luis Crespo stated that Plug continues to prioritise margin improvement, liquidity management and pipeline growth as its “critical focus.” Plug Power
Analysts project a second-quarter per-share loss of 8 cents, an improvement from the 9-cent loss forecast three months earlier. For the full year, the forecast widened to a 35-cent loss from 31 cents. The company is set to report results on August 12.
The stock holds a consensus rating of Hold. Analysts’ price targets vary significantly, spanning from $0.75 to $7, highlighting different views on execution and financing risks.
A further rerating will probably depend on reduced cash burn and more gradual dilution. Delivering another revenue beat without improved cash conversion could keep the funding discussion open.
Risks: The closure of assets is still subject to conditions. Factors such as delays in projects, fluctuations in hydrogen expenses, policy modifications, variability in customer demand, and limitations to capital could affect Plug’s liquidity requirements.
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