New York, May 21, 2026, 06:06 (EDT)
Plug Power shares barely moved before the U.S. market opened Thursday. The company advanced a UK hydrogen project into its next stage, signaling new order conversion. Even so, the stock is still weighed down as Plug faces questions around margins and its cash strategy.
The stock traded at $3.31 early, down roughly 0.3% from the previous close, as Nasdaq activity picked up before the main session started. U.S. stocks were set for a regular Thursday. Nasdaq and NYSE both show the next planned market holiday is Memorial Day on May 25.
Timing is key here. Plug Power (PLUG) ended Wednesday flat at $3.31, trading in a range from $3.22 to $3.43. That comes after shares slid 8.73% Monday and lost another 4.06% Tuesday. The Nasdaq Composite moved the other way, climbing 1.54% to 26,270.36 Wednesday as broader U.S. stocks recovered.
Plug said on Wednesday it reached final investment decision, or FID, for the 30-megawatt Barrow Green Hydrogen project in Barrow-in-Furness, Cumbria. Developers use FID to commit to start building. Plug will provide six 5 MW GenEco PEM electrolyzers for the site. These electrolyzers split water with electricity to make hydrogen; if the power is renewable it’s green hydrogen.
Green Hydrogen Energy Company, set up by Schroders Greencoat and Carlton Power, is building the project. Plug said it should deliver around 100 gigawatt-hours of green hydrogen per year to Kimberly-Clark’s Barrow plant, cutting natural gas use at the site by as much as 50% and lowering carbon dioxide emissions by 18,300 tonnes.
Plug CEO Jose Luis Crespo said the step takes the project “from award into execution.” Kristian Høeg Madsen of Schroders Greencoat called it a “key milestone.” Carlton Power’s Eric Adams said Plug is “a strong partner.” Plug Power
Plug’s shift from a story of promise to one of proof is showing up in the numbers. In its latest first-quarter filing, revenue rose 22% from a year earlier to $163.5 million. GAAP gross margin also improved to negative 13%, better than negative 55%. Plug posted a GAAP loss of 18 cents a share. Adjusted EPS, which takes out some items, came in at a loss of 8 cents.
Liquidity is still in focus. Plug finished the quarter with over $802 million in total cash, of which $223 million was unrestricted and around $579 million was restricted. The company also flagged about $275 million in expected cash from selling hydrogen project assets. Plug is sticking with its goal for positive EBITDAS in the fourth quarter. EBITDAS is a non-GAAP measure that includes interest, tax, depreciation, amortization, and stock-based expense added back.
Wall Street isn’t showing strong conviction. Benzinga said this week that Wells Fargo upped its target price to $2.50 but stuck with an Equal-Weight, while Susquehanna moved its target to $3.75 and stayed Neutral. Canaccord went to $4 with a Hold. BMO Capital’s Ameet Thakkar kept an Underperform and told TipRanks/TheFly that margins “remain well negative.” Benzinga
The tape across peers isn’t smooth. FuelCell Energy and Bloom Energy saw more action Wednesday as traders focused on fuel-cell stocks linked to AI data-center power, while Plug’s exposure leans heavier on hydrogen, electrolyzers and handling gear. That difference means PLUG has a clearer project driver but lacks the data-center angle that’s given some rivals a lift.
Barrow faces the risk of not shifting the near-term financial math fast enough. Plug has already pointed to delays in project development, permitting, construction, or commissioning, and timing issues for asset monetization, margin improvement, cash usage, and access to financing as factors that could throw off its targets. If any of those go off track, a UK project win might still get overshadowed by worries about cash burn and dilution.
Plug’s setup on Thursday is tight but big for investors. The company has a project advancing, its stock is holding just above support after falling for two days, and Plug is still working to turn recent revenue gains into lasting profit. What happens next might hinge less on the headline and more on whether Plug can prove Barrow leads to real money, not just a bigger backlog.
