NEW YORK, March 19, 2026, 09:31 EDT
Plug Power Inc. shares hovered at $2.32 early Thursday. The hydrogen fuel-cell company ended March 18 at $2.32, slipping 0.43% for the session, though the stock had clawed back nearly 8% since March 13. Still, that’s a long way from its October peak of $4.58—about half, in fact.
It’s a crucial moment for Plug, now pitching investors on the idea that improved margins and asset sales might finally spark a sustainable turnaround. The company’s March 2 earnings release showed fourth-quarter revenue up 17.6% to $225.2 million. Gross profit swung to $5.5 million, climbing above zero as direct costs dropped out. As for cash — Plug finished 2025 with $368.5 million in unrestricted funds.
Plug is counting on asset sales and cutting capital spending to keep the lights on through 2026. Jose Luis Crespo, who stepped in as chief executive on March 2 and took a board seat two days later, stuck to guidance: positive EBITDAS in Q4 of 2026, operating income turning positive by year-end 2027, and profitability across the board come 2028. Plug’s EBITDAS metric—earnings before interest, tax, depreciation, amortization, and share-based pay—remains unchanged.
Plug struck a deal to offload part of its Project Gateway property in New York to Stream Data Centers, locking in at least $132.5 million—possibly up to $142 million, if certain terms are satisfied and everything wraps up by June 30. Crespo described the transaction as a “disciplined approach to capital management.” Plug positioned the move as just the opening salvo in a broader push to raise north of $275 million. GlobeNewswire
TD Cowen’s Jeff Osborne isn’t budging after earnings—he’s sticking with his Hold call and that $2 target. The analyst pointed to a lift from $27.1 million in service-parts sales that padded gross margin for the quarter. Still, 2026 revenue guidance landed below what the Street was looking for, and Osborne flagged that cash burn is still hefty.
Wells Fargo nudged its price target up to $2 from $1.50, citing some improvement in liquidity. Still, the bank trimmed its 2026 revenue growth outlook down to 11%—previously, it was 29%—and cut its EBITDA projection to a negative $278 million, compared to a prior estimate of negative $175 million. Roth Capital’s Craig Irwin sounded more optimistic, sticking with his Buy rating and a $3.50 target after earnings, saying the combination of margin gains and restructuring progress has brought sharper near-term visibility.
Plug shares snapped higher, tacking on 4.02% to close at $2.33 on March 17. Ballard Power Systems also caught a bid, adding 5.93%. But Air Products & Chemicals slipped, dropping 1.04% that day.
The question hanging over Plug Power now: can a single quarter of stronger gross profit really counteract the hit to the balance sheet? TD Cowen flagged fourth-quarter free cash flow at negative $153 million, falling short of consensus expectations. On top of that, Plug itself cautioned that closing and market conditions—and whatever capital it still needs—could derail both the Stream deal and its broader monetization efforts.
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