NEW YORK, March 12, 2026, 09:35 EDT
Plug Power stock slipped 0.9% to $2.20 in early New York trading Thursday after jumping 5.2% the day before. The dip came as investors weighed fresh talk about the hydrogen fuel-cell company possibly selling electricity into PJM, the largest wholesale power market in the nation.
That matters these days, as Plug tries to convince investors it’s more than just forklifts, backup systems, or hydrogen equipment—it’s targeting data centers and utility-scale power, sectors expected to benefit from surging electricity demand. PJM, the operator for the grid and wholesale market spanning 13 states and Washington, D.C., gives Plug exposure to a market far bigger than anything it’s tackled before.
According to the Times Union, which cited Bloomberg, Chairman Andy Marsh said Plug is mulling supplying as much as 250 megawatts, but only if it lands contracts lasting at least seven years. Speaking to the paper, Marsh emphasized Plug is “courting data center operators and utilities”—the focus is on locking in long-term power sales, not just running a pilot. Times Union
Plug’s shift has been in motion for weeks. On Feb. 26, the company struck a deal with Stream Data Centers—marking the first step in a push to free up over $275 million by selling assets, releasing restricted cash, and cutting maintenance costs. Once this agreement closes, Crespo indicated Plug could look into fuel-cell system projects with Stream.
Earnings last week tipped the scale in that direction. Plug posted a 12.9% gain in 2025 revenue, landing near $710 million. Fourth-quarter revenue came in at $225.2 million, up 17.6%. The company’s gross margin, which is what remains after covering direct production and service costs, turned positive.
On March 2, Crespo took the reins as CEO, telling analysts the period marked “a meaningful milestone” and stressing these results “were not accidental.” He’s working to persuade Wall Street that this cycle of cost reductions and pricing moves isn’t just a blip. GlobeNewswire
Hydrogen shares moved higher on Wednesday: Ballard Power surged 9.1%, while Air Products managed a 0.9% uptick. Plug, on the other hand, continues to lag—down about 48% from its 52-week peak at $4.58. There’s little sign investors are ready to buy back in; the stock’s still considered unfinished business.
Maybe that’s just the straightforward bet. Jefferies analyst Julien Dumoulin-Smith stuck with his Hold on Plug on March 9, but shaved his price target to $1.80, calling the company’s 2026 EBITDA ambitions “still a ‘show me story.’” Plug finished 2025 holding $368.5 million in unrestricted cash, after burning through $535.8 million via operating activities during the year. GuruFocus
The stock drifts back to familiar territory: upbeat numbers, a fresh data-center angle, yet there’s still almost no room for error. Attention now turns to Plug’s ability to turn that PJM proposal into genuine, lasting contracts—and keep gross margins in the black.
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