Fuel cell technology company Plug Power (PLUG) has reported mixed financial results for the calendar first quarter.
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The company that makes hydrogen fuel cells used to replace conventional batteries announced an earnings per share (EPS) loss of -$0.21, which was worse than a loss of -$0.19 expected on Wall Street. Revenue in the quarter totaled $133.70 million, which was ahead of the $132 million consensus forecast of analysts. Sales were up 11.2% from a year ago.
In terms of guidance, management said they expect revenue of $160 million at the midpoint for the current quarter. That’s above analysts’ estimates of $158.1 million. The company’s operating margin of -134% is up from -216% in the same quarter of 2024.
Plug Power’s income statement. Source: Main Street Data
‘Focus and Urgency’
In a news release, Plug Power CEO Andy Marsh said the company is “executing with focus and urgency.” While the start-up company is not yet profitable, it is having some success. Its hydrogen fuel cells are now powering forklifts used at Walmart’s (WMT) distribution centers, for example.
Looking ahead, analysts expect Plug Power’s revenue to grow 22.8% over the next 12 months, an improvement versus the past two years. In terms of its stock, PLUG shares have declined 58% so far in 2025 and currently trade for less than $1.
Is PLUG Stock a Buy?
The stock of Plug Power has a consensus Hold rating among 20 Wall Street analysts. That rating is based on five Buy, 10 Hold, and five Sell recommendations assigned in the last three months. The average PLUG price target of $2.03 implies 125% upside from current levels. These ratings are likely to change after the company’s financial results.
