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Plug Power
(NASDAQ:PLUG)
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Rating:52Neutral
Price Target:
$2.00
▼(-4.31% Downside)
Action:Reiterated
Date:08/11/26
The score is held back primarily by weak financial performance—deep losses, negative gross profit on a TTM basis, rising balance-sheet strain, and ongoing free-cash-flow burn. Offsetting this, the latest earnings call showed clear operational momentum (raised guidance, near-breakeven gross margin, and sharply reduced cash usage), and corporate asset monetizations improve near-term liquidity. Technicals remain weak with the stock below major moving averages and a negative MACD, limiting near-term confidence.
Positive Factors
Revenue growth & margin progress
Management raised full-year revenue guidance while reporting gross margin progress to roughly breakeven (~-0.9%). Durable improvement in top-line growth plus structurally better gross economics suggests the company is moving toward scalable unit economics, reducing need for continual financing if sustained.
Negative Factors
Persistent unprofitability
The company is structurally loss-making on a TTM basis, selling well below cost in aggregate. Sustained negative gross and net margins require significant scale, pricing improvements or cost reductions to reach self-sustaining profitability; otherwise losses will continue to erode shareholder value.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & margin progress
Management raised full-year revenue guidance while reporting gross margin progress to roughly breakeven (~-0.9%). Durable improvement in top-line growth plus structurally better gross economics suggests the company is moving toward scalable unit economics, reducing need for continual financing if sustained.
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.
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The Fly
The FlyPlug Power (PLUG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.17B
Dividend YieldN/A
Average Volume (3M)47.96M
Price to Earnings (P/E)―
Beta (1Y)1.09
Revenue Growth10.59%
EPS Growth41.83%
CountryUS
Employees2,344
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-1.36
Shares Outstanding1,397,195,300
10 Day Avg. Volume42,188,718
30 Day Avg. Volume47,958,950
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$3.20Price Target Upside52.87% Upside
Rating ConsensusHold
Number of Analyst Covering14
EPS Forecast (FY)-0.41
Revenue Forecast (FY)$819.22M
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:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed clear and measurable operational improvement: stronger revenue, significant sequential and year-over-year margin improvements, sharp reductions in cash burn, meaningful commercial wins in electrolyzers and material handling, and concrete near-term liquidity via asset monetization. Balancing this, several material challenges remain — notably deeply negative fuel and PPA margins, GAAP losses driven in part by non-cash charges, some one-time drivers to OpEx improvement, and execution/timing risk on large electrolyzer projects and asset sales. Overall the momentum and visibility into the second half, coupled with raised guidance and demonstrated cash burn reduction, outweigh the remaining issues.Positive Updates
Revenue Growth and Raised Guidance
Q2 revenue of $178.0M, up ~9% sequentially and contributing to H1 revenue of $342M (up ~11% YoY). Management raised full-year revenue growth guidance to 15%–16% (previously 13%–15%).
Negative Updates
Fuel and PPA Margins Still Materially Negative
Despite improvement, fuel gross margin remains deeply negative (~-48.8%) and PPA platform loss rates are ~-30%, indicating substantial remaining work to reach sustainable profitability in these segments.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth and Raised Guidance
Q2 revenue of $178.0M, up ~9% sequentially and contributing to H1 revenue of $342M (up ~11% YoY). Management raised full-year revenue growth guidance to 15%–16% (previously 13%–15%).
Read all positive updates
Company Guidance
Plug raised full‑year revenue growth guidance to 15–16% (up from 13–15%) after Q2 revenue of $178M (+9% sequential) and H1 revenue of $342M (+11% YoY); gross margin improved to approximately breakeven (~‑0.9%) from ‑30.7% a year ago and ‑13% last quarter, driven by equipment, service (service revenue $29.8M, +82% YoY; service margin 27%) and fuel (fuel revenue $39.5M, +15% YoY; fuel margin ~‑48.8% vs ‑91% a year ago) improvements, with PPA loss rates improving to ~‑30% from ‑92% a year ago. OpEx declined ~50% YoY to $62M (management still targeting roughly $75M/quarter run‑rate), Q2 net cash usage was ~$61M (‑58% sequential), unrestricted cash was ~$162M (total cash >$670M including $510M restricted), the company has received $47M of an expected ~$80M STREAM tranche and is pursuing >$275M of asset monetization, capex was < $9M in H1, inventory is down ~$28M YTD with at least $100M of inventory reduction planned for the year, material‑handling deployments were 1.67k GenDrive units in Q2, and management expects the second half to be ~40% larger than the first half with equipment‑led volume driving a path to positive EBITDA in Q4 2026 (operating income positive in Q4 2027 and full‑year profitability in 2028).Plug Power Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
38
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 744.09M | 709.92M | 628.81M | 891.34M | 701.44M | 502.34M |
| Gross Profit | -138.00M | -242.04M | -624.89M | -507.79M | -194.36M | -171.31M |
| EBITDA | -1.59B | -1.58B | -1.98B | -1.26B | -632.53M | -409.57M |
| Net Income | -1.64B | -1.63B | -2.10B | -1.37B | -724.01M | -459.96M |
Balance Sheet | ||||||
| Total Assets | 2.19B | 2.59B | 3.60B | 4.90B | 5.76B | 5.95B |
| Cash, Cash Equivalents and Short-Term Investments | 161.89M | 555.29M | 205.69M | 135.03M | 2.16B | 3.87B |
| Total Debt | 823.10M | 997.17M | 1.08B | 1.13B | 898.73M | 810.15M |
| Total Liabilities | 1.61B | 1.59B | 1.80B | 2.00B | 1.70B | 1.34B |
| Stockholders Equity | 581.75M | 978.07M | 1.73B | 2.90B | 4.06B | 4.61B |
Cash Flow | ||||||
| Free Cash Flow | -536.14M | -661.48M | -1.06B | -1.80B | -1.08B | -551.44M |
| Operating Cash Flow | -482.56M | -535.84M | -728.64M | -1.11B | -620.83M | -358.18M |
| Investing Cash Flow | -59.33M | -137.23M | -402.36M | 728.05M | -679.37M | -1.74B |
| Financing Cash Flow | 335.41M | 628.17M | 983.17M | 6.12M | -77.46M | 3.60B |
Plug Power Technical Analysis
Positive
2.09
Price Trends
2.35
Negative
2.79
Negative
2.49
Negative
Market Momentum
-0.03
Negative
51.04
Neutral
34.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLUG, the sentiment is Positive. The current price of 2.09 is below the 20-day moving average (MA) of 2.15, below the 50-day MA of 2.35, and below the 200-day MA of 2.49, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 51.04 is Neutral, neither overbought nor oversold. The STOCH value of 34.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PLUG.
Plug Power Risk Analysis
Plug Power disclosed 55 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $59.33B | 241.03 | 24.77% | ― | 90.98% | 685.69% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
53 Neutral | $540.79M | -5.15 | -19.68% | ― | -51.49% | 14.04% | |
52 Neutral | $3.17B | -1.67 | -176.19% | ― | 10.59% | 41.83% | |
50 Neutral | $1.51B | -35.57 | -34.75% | ― | 143.61% | 13.94% | |
49 Neutral | $1.56B | -2.97 | -31.69% | ― | 29.71% | 11.38% | |
48 Neutral | $1.39B | -0.84 | 55.63% | ― | 533.87% | 31.49% |
* Industrials Sector Average
PLUG
Plug Power
2.27
0.60
35.93%
FCEL
Fuelcell Energy
19.54
15.31
361.94%
BE
Bloom Energy
201.45
152.10
308.21%
EOSE
Eos Energy Enterprises
3.81
-2.46
-39.23%
SLDP
Solid Power
2.37
-2.36
-49.89%
AMPX
Amprius Technologies Inc
10.34
2.66
34.64%
Plug Power Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Plug Power Monetizes Infrastructure Assets to Boost Liquidity
Positive
Jul 13, 2026
On July 13, 2026, Plug Power announced that it had agreed to sell its Graham, Texas Project and restructure the sale of its New York Gateway Project to Stream US Data Centers, deepening its strategic shift toward monetizing infrastructure assets. ...
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.