NEW YORK, August 31, 2026, 06:46 (ET)
- Plug Power shares fell 3.52% Friday to $2.19.
- Second-quarter revenue reached about $178 million.
- Gross margin approached break-even, but net cash use was $61 million.
- Wall Street’s current consensus is Hold with a $3.49 average target.
Plug Power shares fell 3.52% on Friday as rising Treasury yields pressured rate-sensitive clean-energy stocks. The stock closed at $2.19 on 46.6 million shares Yahoo Finance Most Active.
The decline leaves investors weighing a sharp margin recovery against continued cash use. Plug Power Inc. NASDAQ: PLUG used about $61 million of net cash in the second quarter.
That cash use equaled roughly 38% of unrestricted quarter-end cash. The company held about $162 million at June 30 Plug Power’s second-quarter release.
| Operating checkpoint | Q2 2026 | Comparison |
|---|---|---|
| Revenue | About $178 million | Up about 9% sequentially |
| Gross margin | About break-even | Negative 31% a year earlier |
| Operating expenses | About $62 million | Down about 50% year over year |
| GAAP EPS | -$0.14 | -$0.20 a year earlier |
| Net cash use | About $61 million | Down about 58% sequentially |
The operating improvement is material. Gross margin recovered from negative 31% a year earlier, while expenses fell about 50% to $62 million.
Material handling supplied the clearest commercial evidence. Plug deployed 1,666 GenDrive units, up 125% from 739 a year earlier.
Service revenue rose 82% to about $30 million. Its service margin reached a positive 27% as equipment reliability improved.
The fuel operation remains the drag. Fuel revenue increased 15% to roughly $39 million, but its gross margin stayed negative at about 48%.
Management raised 2026 revenue-growth guidance to 15%–16%. It still targets positive EBITDAS in the fourth quarter, a measure that excludes several recurring costs.
Asset sales could extend the runway. Plug expects $80 million of near-term liquidity and targets $275 million from monetization and non-dilutive financing.
Friday brought no new company-specific catalyst. The Nasdaq Composite fell 0.52%, while Plug underperformed with its 3.52% decline Friday market comparison.
Analysts remain divided. Six rate the shares Buy, nine Hold and three Sell; the average target is $3.49 WSJ analyst ratings.
Risks: The liquidity cushion remains narrow relative to cash use. Fuel sales still lose money at the gross-profit line. Higher yields can also pressure long-duration hydrogen valuations.
The next rerating therefore depends on cash conversion, not revenue alone. A positive fourth-quarter EBITDAS result would be a milestone, but sustained free cash flow remains the harder test.
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