SLINGERLANDS, New York, September 1, 2026, 13:35 EDT — Plug Power (PLUG.O) shares fell 3.7% after the company announced a $944 million equity capacity, raising questions over its turnaround strategy.
- At 13:33 EDT, shares of Plug Power were down 3.7% at $2.08.
- The company’s remaining $944.1 million in ATM capacity represents 32.5% of its present market value.
- Gross margin for the second quarter rose to minus 0.9% from minus 30.7%.
Shares of Plug Power Inc. NASDAQ:PLUG slipped 3.7% to $2.08 as of 13:33 EDT, with trading volume at approximately 28.2 million shares Yahoo Finance. The SPDR S&P 500 ETF Trust NYSEARCA:SPY lost 0.7% market data.
The drop returns financing to the forefront alongside operational improvements. Plug reduced its gross loss significantly in the last quarter. However, its remaining at-the-market program still represents close to a third of the current $2.91 billion equity value SEC filing.
With a price of $2.08, the $944.1 million capacity amounts to roughly 454 million shares. This figure accounts for 32.6% of Plug’s weighted-average share count for the second quarter. The calculation is for illustration only, does not include fees, and assumes there is no effect on pricing.
Plug Power intraday price
Hourly samples from regular-session five-minute data, U.S. dollars
By 13:33 EDT, trading volume accounted for 49.6% of Plug’s average daily turnover over the past three months. Shares fell to $2.07, approaching the day’s low. Over the last 52 weeks, the stock has traded between a low of $1.41 and a high of $4.58.
Shares of hydrogen sector companies dropped as well. Ballard Power Systems Inc. NASDAQ:BLDP slid 3.0% Yahoo Finance. FuelCell Energy Inc. NASDAQ:FCEL declined 2.2%, and Bloom Energy Corp. NYSE:BE edged down 0.4% market data.
Regular-session performance
Change from August 31 close; longer bars show larger declines
Plug reported a 2.5% increase in second-quarter revenue, reaching $178.3 million. The company reduced its gross loss to $1.7 million, compared with $53.5 million previously. Equipment margin was positive in the period, though contracts for fuel and power continued to generate losses SEC.
Service revenue surged 82% to $29.8 million. Plug delivered 1,666 GenDrive units, an increase from 739 previously. Chief Executive Jose Luis Crespo stated the performance demonstrated Plug was “executing its transformation” company statement.
Gross-margin repair remains uneven
Second quarter, percent of segment revenue
The headline margin factored in a $15.7 million benefit from service contracts. Excluding this, gross loss would stand near $17.3 million. The result is a negative 9.7% margin, based on analysts’ calculations, not an official company figure.
Liquidity continues to pose a significant challenge. In six months, operating cash consumption totaled $244.1 million, which is 1.5 times higher than the unrestricted cash available as of June. Plug subsequently secured $40 million by selling infrastructure assets in Texas.
Financing capacity versus today’s valuation
The share illustration is a scale comparison, not an issuance forecast
Plug stated its resources are expected to provide funding for no less than 12 months. This projection is based on anticipated sales, expenses, and continued access to its equity programs. However, capital availability could be less favorable depending on market conditions, according to the filing.
Management lifted its 2026 revenue growth outlook to a range of 15%–16%. The company is also aiming for positive EBITDAS in the fourth quarter. These objectives are forward-looking, and EBITDAS does not include interest or share-based costs.
Risks: Accelerated project conversion or reduced hydrogen costs may boost margins. However, setbacks, soft pricing or issuing more equity may weigh on cash flow and dilute existing shareholders.
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