Hydrogen fuel cell company Plug Power (PLUG) is set to report its Q1 earnings next week – May 11. Its stock is up over 56% in the year-to-date driven by increased demand for hydrogen power in AI data centers.
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According to TipRanks’ Options Tool, options traders expect about a 14.13% move in either direction in PLUG stock in reaction to its Q1 results.
What Wall Street Expects
Wall Street expects PLUG to report a quarterly loss of $0.09 per share, indicating an increase of 57.1% compared to the year-ago period. Analysts forecast revenues of $142.52 million, representing an increase of 6.6% year over year.
Will PLUG beat these forecasts? As can be seen below, it has a poor track record of doing so in recent quarters.
Key Issues Ahead of Earnings
In 2025, Plug Power reported approximately 13% revenue growth versus the prior year, driven primarily by material handling and its electrolyzer businesses. However, its management warned that equipment margins are seasonal and that Q1 2026 may show weaker equipment margins. It also said that fuel margins are improving but not yet breakeven.
According to Zacks, ‘Net revenue- Sales of equipment, related infrastructure and other’ is set to reach $63.94 million. That would be a 0.7% hike from the prior-year quarter. ‘Net revenue- Services performed on fuel cell systems and related infrastructure’ should come in at $22.66 million, up 34.3%.
‘Net revenue- Fuel delivered to customers and related equipment’ is expected to reach $30.78 million, up 4.5%.
Operationally, Plug Power is working on large-scale projects including supplying a 275-MW PEM electrolyzer for a Quebec project aimed at producing low-carbon ammonia for the mining sector.
Is PLUG a Good Stock to Buy Now?
On TipRanks, PLUG has a Hold consensus based on 4 Buy, 7 Hold and 2 Sell ratings. Its highest price target is $7. PLUG stock’s consensus price target is $2.75, implying a 10.71% downside.
