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Plug Power
(NASDAQ:PLUG)
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Rating:44Neutral
Price Target:
$2.50
▼(-10.07% Downside)
Action:Reiterated
Date:06/12/26
PLUG scores low primarily due to persistently large losses, negative margins, and substantial ongoing cash burn alongside rising leverage. Technicals also remain weak with the stock below key moving averages and a negative MACD. The score is partially supported by earnings-call evidence of improving revenue growth and sharply better margins, but continued unprofitability and reliance on asset monetizations keep risk elevated.
Positive Factors
Electrolyzer growth
A 343% electrolyzer revenue surge and a multi‑billion project funnel indicate structural product expansion into large, project-driven renewables. Scaling electrolyzer sales diversifies revenue beyond material handling, supports longer-term recurring service and fuel contracts, and positions Plug in growing green hydrogen markets.
Negative Factors
Persistent cash burn
Consistent large negative operating and free cash flows mean Plug relies on external financing to fund operations and growth. Persistent cash burn constrains strategic optionality, increases dilution risk, and makes execution on multi‑year projects contingent on successful financing or asset sales rather than internal cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Electrolyzer growth
A 343% electrolyzer revenue surge and a multi‑billion project funnel indicate structural product expansion into large, project-driven renewables. Scaling electrolyzer sales diversifies revenue beyond material handling, supports longer-term recurring service and fuel contracts, and positions Plug in growing green hydrogen markets.
Read all positive factors
Plug Power Key Performance Indicators (KPIs)
Any
Revenue by Segment
Analyzes revenue from different business segments, highlighting which areas are driving growth and profitability, and indicating the company's strategic focus and market opportunities.
Analyzes revenue from different business segments, highlighting which areas are driving growth and profitability, and indicating the company's strategic focus and market opportunities.
Data provided by:
The Fly
The FlyPlug Power (PLUG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.43B
Dividend YieldN/A
Average Volume (3M)58.49M
Price to Earnings (P/E)―
Beta (1Y)1.32
Revenue Growth15.19%
EPS Growth42.87%
CountryUS
Employees2,344
SectorIndustrials
Sector Strength72
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-1.42
Shares Outstanding1,395,069,100
10 Day Avg. Volume51,016,207
30 Day Avg. Volume58,491,569
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)2.33
Price to Sales (P/S)3.21
P/FCF Ratio-3.45
Enterprise Value/Market Cap1.11
Enterprise Value/Revenue5.17
Enterprise Value/Gross Profit-20.16
Enterprise Value/Ebitda-2.34
Forecast
1Y Price Target
$3.65Price Target Upside31.13% Upside
Rating ConsensusHold
Number of Analyst Covering13
EPS Forecast (FY)-0.34
Revenue Forecast (FY)$813.34M
Plug Power Business Overview & Revenue Model
Company Description
Plug Power Inc. specializes in providing comprehensive clean hydrogen and zero-emission fuel cell solutions. These innovative offerings cater to various sectors, including supply chain and logistics, on-road electric vehicles, and stationary power...
How the Company Makes Money
Plug Power primarily makes money by selling hydrogen and hydrogen-related equipment and services. Key revenue streams include: (1) Sales of fuel cell systems and related products: Plug sells fuel cell engines, power units, and integrated solutions...
Plug Power Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presented substantial operational progress: strong revenue growth (+22%), an exceptional electrolyzer revenue surge (+343%), large improvements in gross margin (42 percentage points) and fuel margins (+54 percentage points), service cost reductions (~30%), improved liquidity ($802M total cash) and clear targets toward positive EBITDA in Q4 2026. However, material challenges remain: the company is still unprofitable (gross margin -13%, adjusted EPS -$0.08), relies on asset monetization and restricted cash releases for funding, and faces timing and execution risks on large electrolyzer projects. On balance, the quantitative and operational improvements indicate momentum and a credible path to profitability, while execution and funding risks warrant monitoring.Positive Updates
Top-Line Growth
Revenue increased 22% year-over-year to $163.5 million in Q1 2026, driven by growth across material handling, electrolyzers, and hydrogen fuel.
Negative Updates
Still-Negative Gross Margin and Profitability
Despite major improvement, gross margin remains negative at -13% in Q1 2026 (vs -55% prior), and adjusted EPS is still negative at -$0.08, indicating the company has not yet reached profitability.
Read all updates
Q1-2026 Updates
Positive
Negative
Top-Line Growth
Revenue increased 22% year-over-year to $163.5 million in Q1 2026, driven by growth across material handling, electrolyzers, and hydrogen fuel.
Read all positive updates
Company Guidance
Management reiterated full‑year revenue growth guidance of 13–15% (with roughly ~40% of sales in H1 and ~60% in H2), and reiterated targets of positive EBITDA in Q4 2026, positive operating income in 2027 and full profitability in 2028; they used Q1 as a baseline—Q1 revenue $163.5M (+22% YoY), electrolyzer revenue $40.8M (from $9.2M, +343% YoY), material handling +15% YoY and hydrogen fuel sales +10% YoY (fuel overall ~20% top‑line growth YoY); gross margin improved from -55% to -13% (42 percentage points, Paul cited a 71% YoY improvement) and fuel margin rose ~54 ppts YoY, service cost per unit is down ~30% YoY, adjusted EPS was -$0.08 vs -$0.17 a year ago (excluding ~ $140M of primarily non‑cash warrant charges); liquidity at quarter end was $223M unrestricted and $579M restricted (total $802M) with restricted cash releasing at ~ $50M/quarter, planned asset monetizations > $275M (first ~$142M expected in June), a $39.2M Section 48 tax‑credit sale (Plug’s net ~ $20M), Q1 CapEx ~ $7M, an OpEx target of ~ $75M/quarter, and an inventory reduction target of at least $100M for the year.Plug Power Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
34
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 739.76M | 709.92M | 628.81M | 891.34M | 701.44M | 502.34M |
| Gross Profit | -189.79M | -242.04M | -624.89M | -507.79M | -194.36M | -171.31M |
| EBITDA | -1.63B | -1.58B | -1.98B | -1.26B | -632.53M | -409.57M |
| Net Income | -1.68B | -1.63B | -2.10B | -1.37B | -724.01M | -459.96M |
Balance Sheet | ||||||
| Total Assets | 2.37B | 2.59B | 3.60B | 4.90B | 5.76B | 5.95B |
| Cash, Cash Equivalents and Short-Term Investments | 223.19M | 555.29M | 205.69M | 135.03M | 2.16B | 3.87B |
| Total Debt | 1.01B | 997.17M | 1.08B | 1.13B | 898.73M | 810.15M |
| Total Liabilities | 1.59B | 1.59B | 1.80B | 2.00B | 1.70B | 1.34B |
| Stockholders Equity | 749.81M | 978.07M | 1.73B | 2.90B | 4.06B | 4.61B |
Cash Flow | ||||||
| Free Cash Flow | -666.20M | -661.48M | -1.06B | -1.80B | -1.08B | -551.44M |
| Operating Cash Flow | -580.31M | -535.84M | -728.64M | -1.11B | -620.83M | -358.18M |
| Investing Cash Flow | -100.36M | -137.23M | -402.36M | 728.05M | -679.37M | -1.74B |
| Financing Cash Flow | 404.42M | 628.17M | 983.17M | 6.12M | -77.46M | 3.60B |
Plug Power Technical Analysis
Negative
2.78
Price Trends
3.16
Negative
2.78
Negative
2.63
Negative
Market Momentum
-0.22
Positive
27.79
Positive
10.31
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLUG, the sentiment is Negative. The current price of 2.78 is above the 20-day moving average (MA) of 2.63, below the 50-day MA of 3.16, and above the 200-day MA of 2.63, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 27.79 is Positive, neither overbought nor oversold. The STOCH value of 10.31 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PLUG.
Plug Power Risk Analysis
Plug Power disclosed 53 risk factors in its most recent earnings report. Plug Power reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Plug Power Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $73.11B | -10,056.20 | 0.82% | ― | 56.53% | -246.15% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
53 Neutral | $1.55B | -3.16 | -31.69% | ― | 29.71% | 11.38% | |
51 Neutral | $539.96M | -4.76 | -21.56% | ― | -6.92% | 4.50% | |
49 Neutral | $1.68B | -38.10 | -40.40% | ― | 172.57% | 25.87% | |
47 Neutral | $1.62B | -1.00 | 41.51% | ― | 725.76% | 20.97% | |
44 Neutral | $3.43B | ― | -139.28% | ― | 15.19% | 42.87% |
* Industrials Sector Average
PLUG
Plug Power
2.23
0.61
37.65%
FCEL
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21.03
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291.62%
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244.61
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863.03%
EOSE
Eos Energy Enterprises
4.40
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-4.97%
SLDP
Solid Power
2.32
-0.17
-6.83%
AMPX
Amprius Technologies Inc
11.53
5.09
79.04%
Plug Power Corporate Events
Executive/Board ChangesShareholder Meetings
Plug Power Shareholders Approve Board Changes and Incentive Plan
Neutral
Jun 15, 2026
On June 11, 2026, Plug Power Inc. shareholders elected Colin Angle, Jose Luis Crespo, Patrick Joggerst and Gary K. Willis to the board as Class III directors, approved a 25 million-share increase to the 2021 Stock Option and Incentive Plan, endors...
Business Operations and StrategyFinancial DisclosuresShareholder Meetings
Plug Power Highlights Profitability Path at Annual Meeting
Positive
Jun 11, 2026
On June 11, 2026, Plug Power will host its annual meeting of stockholders via live webcast, where CEO and President Jose Luis Crespo will present a corporate overview and update investors on operational progress and strategy. The company plans to ...
Executive/Board Changes
Plug Power Board Member Resigns for New Wells Fargo Role
Neutral
Jun 4, 2026
On June 2, 2026, Plug Power said Class I director Kavita Mahtani, who has served on its board since April 2022 and sits on the Audit Committee and Strategy Financing Committee, notified the company she will resign effective June 11, 2026. The com...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.