NEW YORK, July 2, 2026, 13:03 EDT
- Plug Power slipped under its 200-day moving average after the Danish hydrogen announcement ran into skepticism over funding.
- U.S. equity markets were open at the dateline, though both Nasdaq and NYSE will be closed Friday, July 3, for the Independence Day holiday.
- Scale is the main short-term problem. The Gateway deal could be $132.5 million to $142 million, much bigger than the 5 MW Denmark transfer.
Plug Power Inc. NASDAQ:PLUG dropped 3.4% to $2.55 Thursday afternoon, trailing major U.S. equity ETFs. Traders focused more on the timing of the company’s liquidity than the debut of Plug’s Danish electrolyzer system. Shares opened at $2.68 and slipped to $2.54. By 12:49 p.m. EDT, volume hit 33.7 million shares.
The Nasdaq’s regular hours are 9:30 a.m. to 4:00 p.m. ET. Nasdaq’s calendar for 2026 shows it will close on July 3 for the Independence Day holiday. NYSE will also close that day.
| Instrument | Price | Day move | Read-through |
|---|---|---|---|
| Plug Power Inc. NASDAQ:PLUG | $2.55 | -3.4% | Stock slipped after breaking under 200-day moving average on Wednesday |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $743.08 | -0.4% | Broad market fared a bit better |
| Invesco QQQ Trust Series 1 NASDAQ:QQQ | $711.89 | -1.8% | Growth stocks lagged |
| iShares Russell 2000 ETF (NYSEARCA:IWM) | $296.73 | -0.9% | Small caps also fell, but not as much |
| Bloom Energy Corp. NYSE:BE | $264.98 | -8.5% | Fuel-cell peer lost more ground |
| FuelCell Energy Inc. NASDAQ:FCEL | $27.35 | -14.2% | Fuel-cell peer dropped harder |
PLUG shares fell harder than SPY, QQQ, and IWM in today’s market, but losses were not as steep as the drops in Bloom Energy and FuelCell Energy.
Plug traded just under its 200-day moving average Thursday. Benzinga on Wednesday had that level at about $2.62, with shares already below the 20- and 50-day averages. Thursday’s close at $2.55 took the stock beneath that 200-day line.
Plug said June 24 it finished installing, testing and handing over a 5 MW GenEco PEM electrolyzer at European Energy’s Måde Power-to-X site in Esbjerg, Denmark. At full run, the site should make around 550 metric tons of green hydrogen a year. CEO José Luis Crespo said Plug was moving “from one-off deployments to repeatable execution.” Rene Alcaraz Frederiksen of European Energy said the site had started “producing certified renewable hydrogen.” Plug Power
Scale is still an issue. Måde produces about 1.5 tons a day. Plug’s liquid hydrogen plants in Georgia, Tennessee, and Louisiana together can do roughly 40 tons daily. That makes Denmark less than 4% of Plug’s daily capacity. This is more about execution than fresh cash.
Project Gateway is the bigger number. Back in February, Plug said it agreed to sell its stake in the New York Project Gateway site to Stream Data Centers for at least $132.5 million, with the deal possibly reaching $142 million depending on when it closes and terms on removing assets. The agreement set June 30 as the long-stop closing date. At the time, Crespo said the move would help Plug’s “liquidity” and “financial flexibility.” Plug Power
| Cash item | Amount | Share of Q1 unrestricted cash | Status cited by company |
|---|---|---|---|
| Q1 unrestricted cash | $223 million | 100% | As of March 31 |
| St. Gabriel ITC sale | About $39.2 million | 18% | Closed June 2 |
| Gateway sale range | $132.5 million-$142 million | 59%-64% | Long-stop is June 30 |
| Targeted asset monetization proceeds | About $275 million | 123% | Company sees proceeds from 2026 initiatives |
Plug finished Q1 with over $802 million in total cash, holding $223 million in unrestricted cash and roughly $579 million in restricted cash. Revenue climbed 22% to $163.5 million. Gross margin came in at negative 13%, improved from negative 55% last year. Adjusted EPS was a loss of 8 cents, better than last year’s 17-cent loss. Crespo said these numbers put Plug on track for a “positive EBITDAS target in Q4 2026.” Plug Power
The share count is still a drag on those numbers. Plug’s weighted average common shares outstanding reached 1.39 billion in Q1, up from 945.8 million last year, a 47% jump. That means raising cash without new equity matters more for shareholders now.
Plug closed the sale of a federal investment tax credit connected to its St. Gabriel, Louisiana hydrogen liquefaction plant for about $39.2 million on June 2. CFO Paul Middleton said the deal was part of a “disciplined financial strategy.” Plug Power
