SLINGERLANDS, New York, May 14, 2026, 12:20 (EDT)
- Plug Power posted first-quarter revenue of $163.5 million, marking a 22% increase from the same period last year.
- The stock slipped to $3.86 during Thursday’s session, following an 11.2% jump at Wednesday’s close.
- Still, the company ended the quarter with a $245.3 million loss and is relying on cost reductions and available liquidity.
Plug Power Inc. shares edged lower Thursday, paring gains from a recent surge that followed stronger-than-expected first-quarter revenue. The hydrogen-equipment maker’s numbers again stirred the recurring debate over whether its turnaround is finally taking hold. Shares last traded at $3.86, off from Wednesday’s close at $3.96.
This shift is key for Plug, which has spent over a year trying to prove it can expand without burning through cash like before. The latest numbers gave bulls a reason to hang on: revenue came in at $163.5 million, up 22%. Gross margin, still negative, improved to minus 13%—a marked step up from negative 55% a year ago.
This isn’t a full rebound yet. Plug posted a net loss attributable to the company of $245.3 million, up from $196.7 million last year, according to a filing. Still, with more shares outstanding, the loss per share edged down to 18 cents from 21 cents.
Jose Luis Crespo, who stepped in as Chief Executive back in March, described the quarter as one of “strong commercial execution” and pointed to gains in the company’s core economics. Plug is keeping its sights on positive EBITDAS for the fourth quarter; that’s earnings before interest, taxes, depreciation, amortization and stock-based compensation—a metric that strips out some non-cash and financing items. Times Union
Plug surged 11.2% Wednesday, marking a third consecutive advance. Trading volume exploded—over 162 million shares changed hands, well above the 50-day average, MarketWatch said. Ballard Power Systems slipped 0.5% that session. Air Products managed a 0.9% uptick.
Analysts didn’t settle on a single view. H.C. Wainwright’s A. Dayal upped his second-quarter loss forecast to 8 cents a share from 10 cents, sticking with a buy rating and a $7 price target, according to MarketBeat. Canaccord increased its target to $4. BMO bumped its target to $1.20, kept an underperform call. Susquehanna went to $3.75.
The upside surprise this quarter put some pressure on bearish positions. According to Barron’s, roughly a quarter of Plug’s tradable float was sold short, well above what’s typical for Russell 2000 names. Canaccord’s Jason Tilchen highlighted the company’s Project Quantum Leap cost initiative, framing it as core to Plug’s efforts to rein in cash burn.
Plug’s main units carried the quarter. Material handling revenue got a boost from current customer locations such as Amazon and Walmart, according to the company. Over in electrolyzers—those are the machines that split water to produce hydrogen—Plug reported more than 320 megawatts deployed worldwide and said its project pipeline stands at $8 billion.
There’s a hitch on the macro side: rate cuts aren’t being seen as an imminent lifeline for cash-hungry clean-tech players. Polymarket odds show a 98% probability that the Federal Reserve stands pat at its June 17 meeting, leaving just 2% on the table for a 25-basis-point cut. Kalshi’s contract, pegged to the same decision, has already clocked over $6 million in volume.
Dilution and execution remain front and center. Plug wrapped up March holding $223.2 million in unrestricted cash, plus another $183.7 million in current restricted cash on its books. Working capital totaled $734.1 million. On top of that, Plug had access to $944.1 million through an at-the-market equity program, which allows the company to sell shares gradually.
Plug gets some breathing space here, but the pressure doesn’t go away. Management still faces the task of translating stronger revenue and improved unit costs into real, lasting cash flow. And investors now have to weigh whether this week’s surge signals a genuine business turning point—or just another hopeful spike in a turbulent hydrogen name.
