New York, April 26, 2026, 13:03 (EDT)
Shares of Plug Power Inc. slipped 1.26% to finish at $3.14 on Friday, notching a third straight loss even as the Nasdaq posted gains. The hydrogen company’s stock remains sharply lower—down 31.44% from its 52-week peak of $4.58, according to MarketWatch. Investors are watching to see if the margin improvements can stick.
That’s relevant now because Plug’s rebound from its early-year lows pushed the focus away from survival funding. The question ahead: not so much if hydrogen equipment will sell, but if the company can convert those orders—along with asset sales and tighter costs—into a cash flow that actually holds up.
Plug’s full-year 2025 revenue climbed 12.9% to roughly $710 million, according to figures released in March. For the fourth quarter, revenue stood at $225.2 million. Gross profit for the quarter turned positive—$5.5 million, or 2.4% of sales—marking a significant rebound from last year’s gross margin loss.
Jose Luis Crespo, who stepped in as chief executive on March 2, said Plug remains focused on “executing with discipline” as it targets positive EBITDAS in the fourth quarter of 2026. EBITDAS, a non-GAAP metric, excludes interest, taxes, depreciation, amortization, and share-based expense. Plug Power
The company has been trying to convince investors to stay patient. On April 2, Plug announced it landed a front-end engineering and design deal to deliver a 275-megawatt GenEco PEM electrolyzer system for Hy2gen Canada’s Courant project in Quebec. The electrolyzer splits water into hydrogen and oxygen using electricity, with PEM describing the system’s membrane component.
Crespo pointed to the Hy2gen win as proof Plug can handle “large-scale hydrogen and hydrogen-derived products.” This project focuses on producing low-carbon ammonia and renewable ammonium nitrate for mining, marking a shift toward heavier industrial clients, quite different from Plug’s usual forklift fuel-cell business. GlobeNewswire
Data centers factor in as well. Back in February, Plug cut a deal to sell its Project Gateway facility in New York to Stream Data Centers for no less than $132.5 million—the figure could climb to $142 million. The move fits into Plug’s broader effort to boost liquidity by over $275 million.
Back in March, Bloomberg reported Plug was weighing a move to supply up to 250 megawatts of hydrogen power into a possible U.S. grid auction, targeting demand fueled by artificial-intelligence data centers. The company’s chairman, Andy Marsh, said Plug would require contracts with terms of no less than seven years, according to Bloomberg.
The landscape is still patchy. Ballard Power Systems—frequently traded in sync with Plug—dropped 2.96% on Friday. Shares of Air Products & Chemicals, which deals in industrial gases, edged down 0.62%, MarketWatch data show. Plug’s slide happened as clean-energy stocks softened broadly, rather than on Plug-specific news.
Opinions are split on Wall Street. Susquehanna’s Charles Minervino bumped his Plug target up to $2.75 from $2.50 this month, sticking with Neutral, according to TipRanks. Over at BMO Capital, Ameet Thakkar listed a Sell and put his target at $1 as of April 20.
Still, the risks remain. Plug’s filings flag doubts about project execution, extracting value from contracts, keeping liquidity under control, and navigating market, regulatory, and competitive headwinds. Selling assets can buy some breathing room, but that alone doesn’t demonstrate the business can cover its own costs.
Back in February, shareholders signed off on raising the number of authorized shares to 3 billion—something Plug argued was necessary for funding options, acquisition deals, joint ventures, and equity-based pay. The catch for existing investors: it leaves the door open to dilution.
