WILMINGTON, Del., April 21, 2026, 13:36 (EDT)
- A Delaware judge has given the green light to part of an investor suit targeting Plug Power, zeroing in on claims tied to the company’s hydrogen production targets and a specific revenue forecast.
- On Tuesday, Plug welcomed investors to its Louisiana hydrogen facility for a tour co-hosted with Oppenheimer, part of a broader push by management to engage shareholders.
- The stock slipped roughly 5% into the early afternoon, but the company stuck with its target for positive EBITDAS by the fourth quarter of 2026.
Plug Power Inc. shareholders can move forward with part of their securities suit, following a Delaware federal judge’s decision that lets some claims about the company’s growth projections go to court. The order came down as Plug held an Oppenheimer-organized site visit at its Louisiana hydrogen facility.
Timing is critical here for Plug, which is still working to restore its standing after years marked by losses, heavy cash burn, and serial fundraising. Last week, Chief Executive Jose Luis Crespo told investors the company had shifted to “full execution mode” and was putting “non-dilutive capital strategies” first. Plug is sticking to its goal of turning EBITDAS—a profitability metric the company favors—positive in the fourth quarter of 2026. Q4 CDN
On Monday, Judge Jennifer L. Hall ruled that claims related to Plug’s end-of-2022 hydrogen production target and a single revenue projection can move forward. Bloomberg Law noted the original suit was tossed, but the revised complaint stuck—former employees’ statements and fresh allegations gave enough heft on both falsity and intent to let parts of the case proceed.
Plug shares slipped roughly 5% to $3.06 by early afternoon Tuesday, after finishing the prior session at $3.22. Air Products barely budged, while Ballard Power ticked down. That left the sector’s pressure concentrated on Plug rather than its peers.
Plug is working to steer focus toward its operational momentum. Back in March, the company reported 2025 revenue up 12.9% to roughly $710 million, with fourth-quarter sales at $225.2 million. Gross profit swung positive, hitting $5.5 million—thanks in part to Project Quantum Leap’s efforts on costs and pricing. The company said it wrapped up 2025 holding $368.5 million in unrestricted cash, and maintained that its starting cash plus targeted asset sales should be enough to keep it funded through 2026.
Plug had described Tuesday’s Louisiana event as an investor tour of its St. Gabriel plant, kicking off with Oppenheimer at 8:00 a.m. CT. The facility is key for the company: Plug and Olin previously said it’s capable of liquefying up to 15 metric tons of hydrogen daily, which would bring Plug’s total U.S. production capacity to 40 tons per day across plants in Louisiana, Georgia, and Tennessee.
Crespo’s focus lately has been squarely on cleaning up the balance sheet. During last week’s investor Q&A, he pointed to past dilution as necessary for building out operations, but stressed a shift toward relying less on equity and pushing harder for cash flow. That approach fits with Plug’s deal in February with Stream Data Centers—Plug expects the arrangement to deliver at least $132.5 million, possibly up to $142 million, from its Project Gateway site in New York.
Management keeps pointing to signs of commercial interest. Back on April 2, Plug announced it had landed a FEED contract — that’s the front-end engineering and design phase — to deliver a 275-megawatt electrolyzer system for Hy2gen’s Courant project in Quebec. It’s one of the company’s biggest electrolyzer wins to date. Crespo last week added that business with Amazon and Walmart is “growing again.” Plug Power
The downside risk is still on the table. Stream has until the end of June to get the deal over the line, standard closing conditions apply, and Plug isn’t sugarcoating things—there are warnings about financing, the timing of projects, demand from customers, policy moves, and supply-chain snags. On top of that, the Delaware lawsuit clouds the picture further, with management now pitching investors on a cleaner 2026 story.
Investors now face the question: can Plug’s push for improved margins, fuller plant utilization, and asset sales finally deliver on its storied hydrogen promises—and, crucially, start generating real cash? Each quarter will provide a fresh verdict, with the microscope dialed in tighter than ever.
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