Plug Power (PLUG) is a hydrogen fuel cell firm that sells clean power systems, fuel, and electrolyzers. The company is set to report Q1 2026 results today, and Wall Street is looking for a loss of $0.09 per share on revenue of $142.52 million. That would mark a 57.1% gain from the year-ago loss, while sales are expected to rise 6.6%.
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The stock has already had a strong run. Shares are up nearly 60% year-to-date, helped by fresh demand hopes for hydrogen power, with AI data centers seen as one possible growth driver. Still, the bar is not easy. TipRanks’ Options Tool shows that traders expect about a 14.13% move in either way after the report, so the market is set for a sharp stock move.
Meanwhile, PLUG shares dropped slightly on Friday, closing at $3.12.
Margins Remain the Main Focus
Plug’s last report gave bulls some clear points to like. In Q4 2025, gross margin swung by 125 percentage points, from negative 122.5% in Q4 2024 to positive 2.4%. The company also said 2025 revenue rose 13%, led by material handling and electrolyzers.
At the same time, the company is not out of the woods yet. Plug has warned that Q1 equipment margins may be weaker due to seasonality. It also said fuel margins are better, but they are not yet at break-even. As a result, investors will likely focus less on just the EPS print and more on whether the margin gains from Q4 can hold up.
The electrolyzer business will also be in focus. Plug said it shipped more than 300 MW of GenEco electrolyzers across six continents and posted a record $188 million in electrolyzer revenue in 2025. In addition, management pointed to an about $8 billion project funnel and 750 MW of new basic design deals over the last two months.
Cash Burn and Guidance Will Matter
Liquidity is another key issue. Plug ended 2025 with $368.5 million in cash and has said it expects about $275 million from asset sales in the first half of 2026. That should help fund the year, but investors still want to see lower cash burn and a clearer path to profit.
Management has guided 2026 revenue growth to be close to 2025’s 13% pace. It also aims to reach positive EBITDAS in Q4 2026, with a longer-term goal of operating income in 2027 and full profit in 2028. However, that plan depends on better margins, lower costs, and steady demand from material handling and electrolyzer clients.
Overall, Plug’s Q1 report needs to show that the Q4 margin rebound was not a one-time boost. A clean beat, better cash use, and firm guidance could support the rally. However, weak margins or soft comments on cash could bring back fears that the turnaround still has more work ahead.
Is PLUG a Good Stock to Buy?
Turning to the Street, Plug Power split analysts’ views with a Hold consensus, based on 10 ratings. The average PLUG stock price target is $2.98, which implies a 4.65% downside from the current price.
