NEW YORK, June 28, 2026, 11:05 EDT
- Plug Power Inc. NASDAQ:PLUG ended Friday at $2.54, making it five losses in a row. Volume topped the 50-day average.
- The stock dropped roughly 10.9% during its five-day losing streak, using daily closes.
- Investors are watching a June 30 deadline for a $132.5 million-$142 million asset sale, seen as the key near-term cash event this week.
- Nasdaq marks July 3 as a holiday for Independence Day observed, cutting U.S. trading by a day this week.
Plug Power Inc. NASDAQ:PLUG starts the shortened week with its stock down and a looming cash crunch, a sharper test for investors than last week’s Denmark operating update.
The hydrogen company dropped 1.17% to $2.54 on Friday, making it five down days in a row. The Nasdaq Composite slid 0.24%. Volume hit 95.5 million shares, higher than the 50-day average of 75.7 million.
Volume is in focus as Thursday’s selling came on lighter activity. Plug moved 47 million shares that day, about 29.5 million beneath its 50-day average, and still dropped 1.53%. On Friday, volume shot up to more than double Thursday’s level, with the stock touching new weekly lows.
Plug closed at $2.54 Friday, down from an implied $2.85 before Monday’s drop, down about 10.9%, MarketWatch data show. Shares finished 44.54% below the 52-week high of $4.58.
Pug’s next marker is June 30. The company in February said it aimed to close on the sale of its Project Gateway site in New York to Stream Data Centers by end of June, targeting gross proceeds of at least $132.5 million, up to $142 million. Plug called this sale the first move in a push to boost liquidity by over $275 million.
Plug heads into the week with $223 million in unrestricted cash and $579 million restricted as of March 31. The company burned through $150 million in operating cash in Q1. If Plug gets the high end of the Stream proceeds, that’s around 64% of its unrestricted cash and nearly 95% of what it spent operating in the first quarter, calculated before costs and closing.
Plug’s update didn’t stop the slide. On June 24, Plug said it finished installing, commissioning, site acceptance testing and delivery of a 5 MW GenEco PEM electrolyzer at European Energy’s Måde Power-to-X site in Denmark. The company expects the facility to turn out around 550 metric tons of green hydrogen per year when fully running.
Plug CEO José Luis Crespo said in the Denmark announcement the company is now moving from one-off deployments into repeatable execution as it hits a new phase of “disciplined growth and operational maturity.” Plug Power
European Energy’s Power-to-X chief Rene Alcaraz Frederiksen said the project has “moved through installation and commissioning to begin producing certified renewable hydrogen.” Plug Power
Plug’s Q1 numbers are in. Revenue jumped 22% to $163.5 million, with GAAP gross margin at minus 13%, up from minus 55%. Adjusted EPS loss narrowed to 8 cents, better than the year-ago 17 cent loss. Crespo said Plug is still on track for positive EBITDAS in Q4 of 2026.
Investors are watching to see if execution can translate to liquidity quickly. The stock sits well above its early 2026 lows, but last week’s trading showed buyers want more than project headlines—they want to see cash.
Nasdaq’s holiday calendar gives traders four normal sessions ahead of the July 3 close. For Plug, this means the June 30 asset sale hits during a live week, not after.
