NEW YORK, May 29, 2026, 05:05 (EDT)
Plug Power Inc. stock hovered close to $4.12 ahead of the U.S. open on Friday. The shares were steady after moving sharply in the last two sessions, putting the hydrogen-fuel-cell company back on traders’ radar. Premarket action was active before Nasdaq’s regular open at 9:30 a.m., according to the exchange’s schedule, which sets trading hours as 9:30 a.m. to 4:00 p.m. ET and lists no U.S. market holiday for May 29.
Plug Power shares fell 0.48% to $4.12 on Thursday, backing off after a sharp rally saw the stock climb 7.81% to $4.14 the previous session. Trading volume on Wednesday hit over 110 million shares, according to Trading Economics. Investors are now watching to see if there’s more to the move than just momentum.
S&P 500 and Nasdaq ended at new highs on Thursday, lifted by strength across the board. Jamie Cox, managing partner at Harris Financial Group, told Reuters traders were “on a hair trigger” for deal headlines and signs of inflation risk. Reuters
Plug Power’s fundamental pitch still depends on its May results. Plug reported $163.5 million in first-quarter revenue, up 22% from last year. Gross margin improved to negative 13% versus negative 55%. Adjusted loss per share came in at 8 cents, with a GAAP loss at 18 cents. CEO Jose Luis Crespo said the quarter put Plug on track for an “EBITDAS positive target” in the fourth quarter. EBITDAS is a non-GAAP profit figure before interest, taxes, depreciation, amortization and share-based expense.
Cash is where traders keep focusing. On the earnings call, CFO Paul Middleton told analysts the company had “more than adequate capital to fund 2026.” He pointed to $802 million in total cash, restricted-cash releases, and asset sales as support. The Motley Fool
Plug is still losing money. The company posted a $246.0 million net loss for the quarter, burning through $150.0 million in cash from operations. Those numbers continue to leave the stock trading on execution as much as revenue growth.
Mixed trading across the sector early. Bloom Energy slipped around 1.3%. FuelCell Energy added about 3.0%. The split hints Plug’s action wasn’t just part of a general move in hydrogen stocks.
Plug bulls had another headline to point to after project news this week. On May 20, Plug said it hit final investment decision, or FID, for its 30-megawatt Barrow Green Hydrogen project in Cumbria, UK. That means the project is moving into funding and execution. Plug will supply six 5-megawatt GenEco PEM electrolyzers to the site. The site is expected to provide about 100 gigawatt-hours of green hydrogen yearly to Kimberly-Clark’s Barrow plant.
Crespo said Barrow Plug’s biggest UK project has gone from award to execution. Kristian Høeg Madsen, co-head of hydrogen investments at Schroders Greencoat, said hydrogen is “central to the next phase of the energy transition.” Plug Power
But the risks are laid out right in Plug’s own filing. The company says hitting its targets will need lower costs, better margins, steady hydrogen supply, manageable input costs, asset sales, and money from tax credits. The outlook also depends on financing, customer demand, and project timing. If anything slips, Plug could miss its fourth-quarter EBITDAS target and cash burn could return as the main issue for investors.
Plug faces a tight test on Friday—can shares stay above $4 after the bounce this week, or will sellers show up as volume builds? Traders are watching if the recovery sticks or if profit-taking kicks in. Management has pointed to the first Stream Data Centers asset deal as the next real milestone, targeted for June at about $142 million.
