NEW YORK, June 18, 2026, 07:03 EDT
- Plug Power traded at $2.65 before the Nasdaq bell, after ending Wednesday off 2.21%. The Nasdaq Composite was down 1.34%.
- Thursday is the final regular U.S. trading day ahead of Nasdaq’s Juneteenth break on June 19.
- Plug shareholders signed off on another 25 million shares for the company’s equity incentive plan, according to an SEC filing from June 15. The move puts dilution risk back in focus.
Plug Power Inc. stock held close to Wednesday’s finish in premarket trade on Thursday, with the hydrogen fuel cell maker stuck in a slump. Investors are still watching market pressure, liquidity actions, and a new shareholder ballot on stock-based pay.
Awkward timing for this move. The Nasdaq hadn’t opened its regular session in New York yet. Premarket trading goes from 4:00 a.m. to 9:30 a.m. ET, then regular hours run 9:30 a.m. to 4:00 p.m. ET. U.S. stock markets are closed Friday for Juneteenth.
Plug Power shares dropped 2.21% Wednesday to $2.65, logging a second day of losses. The Nasdaq Composite lost 1.34% and the Dow Jones Industrial Average dropped 0.98%. Plug slipped 3.21% the previous session. Ballard Power Systems was up 0.73% Wednesday. Air Products gained 0.45%, MarketWatch reported.
Plug shares moved after the company shared final results from its annual meeting. Investors backed a plan to boost shares under the 2021 Stock Option and Incentive Plan by 25 million, lifting the total to 116.4 million from 91.4 million. More shares set aside can help with hiring and keeping staff. It may also lead to dilution for current investors if more shares hit the market later.
Liquidity is still front and center. Plug said June 2 it sold a federal investment tax credit worth around $39.2 million from its St. Gabriel, Louisiana hydrogen liquefaction plant. The credit is linked to qualifying project costs. CFO Paul Middleton said the deal “supports our disciplined financial strategy.” Plug Power
Plug has another big cash deal pending. The company agreed to sell its Project Gateway property in New York to Stream Data Centers for no less than $132.5 million. Proceeds could reach $142 million depending on when the deal closes and how quickly assets are cleared. Plug expects the transaction to close by end of June, citing a long-stop date of June 30.
Plug’s numbers were mixed. First-quarter revenue climbed 22% to $163.5 million, and gross margin improved to negative 13% from a negative 55% a year ago. The adjusted loss per share was 8 cents, better than the 17-cent loss last year. CEO Jose Luis Crespo said the company’s first quarter “positions us to achieve our EBITDAS positive target in Q4 2026,” meaning Plug is aiming for a profit on that metric excluding financing costs, taxes, and some noncash items. Plug Power
Analysts are still divided on how much credit Plug Power deserves for its progress. In March, BMO Capital’s Ameet Thakkar wrote that “Plug’s pivot towards a more narrowly focused hydrogen application-oriented company” is ongoing. He also questioned whether Plug can cut cash use enough. Barron’s
But the risk is out there: if Plug doesn’t close the Stream sale, or if cost cuts and margin moves don’t stick, or if worries about dilution and future cash needs get louder, shares may stay weak even with better revenue. Plug is making its case that asset sales and cuts can buy time for the hydrogen business—but the market wants to know how much time, and at what cost.
Thursday’s action looks driven by positioning rather than fundamentals. Plug shares are still trading well under last year’s high, and with a holiday coming up, lighter volume or shifts in risk could jolt the stock either way.
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