NEW YORK, April 6, 2026, 09:24 EDT
Plug Power drew attention again Monday—shares were up roughly 1.5% ahead of the bell, after the hydrogen equipment firm secured a major electrolyzer contract in Quebec, one of its biggest so far. As of 8:44 a.m. EDT, premarket quotes put the stock at $2.445, compared to its $2.41 close on April 2, according to MarketWatch.
This is a key test for Plug, which is betting that hefty industrial contracts can help fuel a recovery under new CEO Jose Luis Crespo. On March 2, the company reaffirmed its target for positive EBITDAS—a profitability metric—by the end of 2026, after booking a positive gross margin in the fourth quarter. Crespo has been clear: “disciplined execution” and capital efficiency top his agenda. Plug Power
Plug picked up a FEED contract in Quebec—front-end engineering and design, the phase before any final go-ahead. The company’s providing a 275-megawatt GenEco electrolyzer system for Hy2gen Canada’s Courant project in Baie-Comeau. The plan: tap Hydro-Québec’s grid to make low-carbon ammonia, then convert that to ammonium nitrate. Crespo pointed to the deal as evidence that “proven electrolyzer technology” is in demand. For Hy2gen, CEO Cyril Dufau-Sansot described the move as an advance toward “large-scale decarbonization.” Plug Power
The result throws a spotlight on rivals like Norway’s Nel and Britain’s ITM Power, both players in the electrolyzer systems market for green hydrogen. Plug, for its part, reports shipments topping 300 megawatts of its GenEco electrolyzers worldwide and says it’s operating across six continents.
Balance sheet concerns linger. Plug wrapped up 2025 holding $368.5 million in unrestricted cash, after burning through $535.8 million via operating activities—better than the previous year’s figure. Back in February, the company flagged its first asset sale to Stream Data Centers, which could generate at least $132.5 million in gross proceeds. That’s part of a broader effort aimed at unlocking more than $275 million.
Plug posted roughly $710 million in 2025 revenue alongside a net loss of $1.63 billion, according to LSEG data. The March numbers? Stronger, thanks to increased equipment sales, better pricing, and manufacturing efficiencies tied to its so-called Project Quantum Leap.
The fresh order leaves the key question unresolved. Plug flagged ongoing execution, liquidity, and market risks tied to the Hy2gen contract. Back in March, Morgan Stanley’s David Arcaro stuck with his sell rating, noting that even after a surprise revenue beat and a swing to positive gross margin, the road to profit still looks execution-heavy.
Monday brings the first regular trading after U.S. markets closed for Good Friday on April 3. Now, traders are watching to see if Plug’s 7.1% jump on April 2—following last week’s Quebec victory—has more room to run.
