New York, June 12, 2026, 09:09 ET
- Plug Power ended Thursday down for the seventh session in a row, closing at $2.83. The stock lagged the Nasdaq Composite and Dow Jones Industrial Average, both of which posted gains.
- The next thing to watch is if Plug finishes the sale of Project Gateway to Stream Data Centers by June 30. The deal is supposed to bring in at least $132.5 million.
Plug Power Inc. shares stayed weak early Friday. The hydrogen fuel-cell company fell 1.05% to $2.83 Thursday, even as the Nasdaq gained 2.54% and the Dow finished up 1.86%. That was Plug’s seventh down session in a row, as investors keep looking for signs that sales growth and cost cuts will stick. MarketWatch PLUG was quoted near $2.83 in premarket trading around 9 a.m. ET, with a market cap near $3.95 billion.
Plug held its annual meeting on June 11. Management used SEC-filed presentation materials to focus on three main priorities: material handling, electrolyzers, and hydrogen plants. The slides repeated the company’s targets—positive EBITDAS by the end of 2026, positive operating income by 2027, and turning profitable by 2028. EBITDAS is earnings before interest, income tax, depreciation, amortization, and share-based expense—a non-GAAP metric, not based on standard accounting.
Investors are still betting on a comeback for PLUG rather than current profits. Plug’s first quarter revenue came in at $163.5 million, up 22% from a year ago. GAAP gross margin improved to negative 13%, better than negative 55% last year. Adjusted loss per share narrowed to $0.08 from $0.17. CEO Jose Luis Crespo said the latest quarter “positions us to achieve our EBITDAS positive target in Q4 2026.” But Plug still booked a GAAP net loss attributable to the company of $245.3 million. Plug Power
Liquidity is still the main story for the stock right now. Plug closed a federal investment tax credit sale, pulling in about $39.2 million in cash tied to its St. Gabriel, Louisiana hydrogen liquefaction plant. Crespo said the deal will “enhance financial flexibility while continuing to build a vertically integrated hydrogen network across the United States.” Plug Power Attention turns to the bigger move: a planned sale of Plug’s Project Gateway site in New York to Stream Data Centers. Gross proceeds should reach at least $132.5 million, possibly as much as $142 million, if the deal closes by June 30. Customary closing conditions apply. GlobeNewswire
Bullish investors say Plug isn’t idle. The company’s latest annual meeting materials outlined Project Quantum Leap, aiming to streamline ops, cut structural costs, and improve execution. Plug pointed to a roughly 50% drop in cash use versus 2024. It also highlighted commercial milestones—Plug says it has over 74,000 GenDrive fuel-cell systems running at more than 280 hydrogen-powered material-handling sites. Hydrogen plants in Georgia, Louisiana, and Tennessee make up about 40 tons per day of nameplate capacity. Plug Power In Europe, the 30 MW Barrow Green Hydrogen project hit FID, so it’s now moving ahead, with Plug set to supply GenEco PEM electrolyzers.
The downside is also plain. Plug is losing money, with cash flow still lagging its growth. The stock’s beta stands at 2.12, so volatility is well above the market. Net income trails at negative $1.68 billion, EPS at negative $1.34, and the 52-week range runs from $1.03 to $4.58, showing just how far sentiment can swing, according to StockAnalysis. StockAnalysis Analyst forecasts aren’t exactly bullish either: StockAnalysis reports an average “Hold” from 20 analysts and a 12-month target price of $3.62. That is room for upside, but hardly conviction. StockAnalysis
PLUG looks risky for now, not at levels that seem clearly attractive or fair. Shares have fallen enough that turnaround investors might take a look. But the big questions hang on execution: closing the Stream Data Centers sale, cutting cash burn, lifting hydrogen and service margins, and moving toward positive EBITDAS in Q4. The market wants to see if PLUG closes the asset sale by the June 30 deadline. After that, attention shifts to the expected August Q2 earnings, where investors will look for signs that Plug’s profitability plan is starting to turn real.
