NEW YORK, March 13, 2026, 09:25 EDT
Plug Power shares slipped to $2.21, off 0.4%, Friday morning. The hydrogen firm’s exit from its STAMP project in western New York drew renewed scrutiny after a local report surfaced this week.
Plug is making its case to investors now, aiming to show real progress in its turnaround after years in the red. The company posted $5.5 million in gross profit for the fourth quarter and reiterated its goal of hitting EBITDA-positive territory by the close of 2026. EBITDA—earnings before interest, taxes, depreciation and amortization—remains a standard yardstick for operational health. For 2025, Plug ended up with $368.5 million in unrestricted cash, having burned through $535.8 million from operations.
The sale of the STAMP site comes down to cash. On Feb. 26, Plug announced a definitive deal to offload the property and infrastructure to Stream Data Centers for no less than $132.5 million—potentially as much as $142 million in total proceeds. Plug called this move the opening phase in its effort to free up over $275 million. The company aims to wrap up the transaction by June 30, pending typical closing conditions.
Plug eked out a 5.19% gain Wednesday, finishing at $2.23, but the stock remains deep in the red—still roughly 51% under its 52-week peak of $4.58. Friday’s last indicated price hovered just below that previous close.
Plug’s management is looking to link its next move to surging AI-fueled data-center energy needs. Chairman Andy Marsh told investors the company may put up to 250 megawatts on the table in a future PJM Interconnection auction; PJM oversees the grid for 13 states across the East and Midwest. “These are long, long term assets,” Marsh said. He also noted Plug is already in talks with major cloud firms, data-center players, and utilities. Energy Connects
Jose Luis Crespo, Plug’s new CEO, didn’t mince words about his priorities. “My mandate,” he said, is getting the hydrogen business to profitability. Plug’s own statement spelled out what comes next: discipline on execution, better margins, and stricter capital controls. The company is still aiming for positive EBITDA by late 2026, operating income by late 2027, and to turn fully profitable by late 2028. Energy Connects
Caution lingers on Wall Street. Following Plug’s earnings, BMO’s Ameet Thakkar noted the company keeps narrowing its hydrogen focus. But, as Barron’s pointed out, he’s unconvinced Plug can rein in cash burn fast enough. Thakkar’s target: $1.
Friday’s delayed data had Plug trailing a few names in the sector. Ballard Power Systems jumped 12.1%, Air Products & Chemicals picked up 4.6%. Plug, meanwhile, slipped 0.4% during the same stretch.
Still, the bull case hinges on some basics: finalizing the Stream sale, locking in long-term power deals, and making sure that last quarter’s gross profit wasn’t a one-off. Plug itself has warned the Stream transaction could fall through or close on different terms, and flagged potential liquidity crunches, more capital needs, and the possibility it misses profitability goals.
Investors are weighing clear signs of progress against numbers that remain tough to swallow. Plug pulled in around $709.9 million in revenue in 2025, according to Reuters company data, yet the net loss still came in at about $1.63 billion. That helps explain why shares are hovering close to $2.
