NEW YORK, June 1, 2026, 14:03 (EDT)
- Plug Power shares were up 0.8% at $3.98 in afternoon trade. The stock hit $4.01 earlier in the session.
- Next up, cash is in focus for the stock, not hydrogen. Plug ended March with $802 million in total and restricted cash, while just $223 million was unrestricted.
- Fuel-cell stocks traded mixed. Bloom Energy and Ballard Power rose, while FuelCell Energy fell.
Plug Power Inc. shares rose on Monday, recovering part of last week’s losses. Traders looked at the company’s better margins but kept an eye on persistent high cash burn at the hydrogen equipment maker.
The stock rose 0.8% to $3.98 in afternoon trading. More than 42 million shares changed hands. It started the session at $3.91 and moved between $3.80 and $4.01. The company’s market cap was around $5.5 billion.
Plug’s stock is back in the spotlight as a gauge for whether investors will back losses to fund the company’s move into green hydrogen, a low-carbon fuel. The last quarter put up higher revenue and some margin gains, but losses stayed large and cash burn kept going.
Nasdaq ticks up as tech climbs, oil drags. Wall Street was close to record levels on Monday, with the Nasdaq Composite rising 0.14%. Gains in technology shares balanced out fresh pressure from higher oil prices and some geopolitical concerns, according to Reuters.
Plug’s action didn’t play out across the sector. Shares of Bloom Energy rose 0.4% and Ballard Power Systems also gained 0.4%. FuelCell Energy dropped 0.9%. The move shows investors aren’t treating the hydrogen and fuel-cell group as a single trade anymore.
Plug shares dropped 4.13% to $3.95 on Friday, ending behind Ballard while the Nasdaq advanced, according to MarketWatch. Monday’s gain left Plug just above that close.
Plug Power said first-quarter revenue rose 22% from last year to $163.5 million. Gross margin was still negative at minus 13%, but that narrowed from minus 55%. The company lost money on gross profit, but losses per sales dollar shrank a lot.
Plug CEO Jose Luis Crespo said the quarter showed “strong commercial execution and continued progress improving the underlying economics of the business.” The company is aiming for positive EBITDAS — earnings before interest, taxes, depreciation, amortization and share-based expense — in the fourth quarter. Plug Power
The project pipeline is key to the bull view. Plug said in May the Barrow Green Hydrogen project in the UK, set for 30 megawatts, hit final investment decision. That means financing and commercial terms are locked in, letting execution kick off. Plug plans to supply its proton exchange membrane electrolyzers—these use electricity to split water into hydrogen and oxygen.
Barrow has taken Plug’s biggest UK project “from award into execution,” Crespo said. The site will supply about 100 gigawatt-hours of green hydrogen a year to Kimberly-Clark’s Barrow location, aiming to cut natural gas use by as much as 50%. Plug Power
Analyst calls on the stock are mixed. BMO Capital’s Ameet Thakkar held his Underperform and a $1.20 price target after the results. TD Cowen’s Jeff Osborne stuck with Hold at $3. B. Riley’s Ryan Pfingst is still at Buy with a $5 target. That’s from an analyst roundup after the latest earnings. A price target is just where analysts expect a stock might go over time, not a guarantee.
Risks for Plug are clear. The company’s net loss widened to $245.3 million in the first quarter, and operating cash outflow was $150.0 million. Plug expects to raise about $275 million through asset sales, with the first piece—roughly $142 million—set to close in June. Any holdup would leave liquidity and dilution on investors’ radar.
Another issue remains in the capital structure. Plug shareholders in February signed off on boosting the authorized common shares to 3 billion from 1.5 billion, according to a filing. The move gives the company extra flexibility for raising cash, but investors know it could mean more equity deals down the line.
