Plug Power (PLUG) AI Stock Analysis

• Market Cap: $1.62B
• Dividend Yield: N/A
• Average Volume (3M): 118.40M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.32
• Revenue Growth: -19.85%
• EPS Growth: 4.94%
• Country: US
• Employees: 3,224
• Sector: Industrials
• Sector Strength: 88
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.21
• Shares Outstanding: 1,146,559,300
• 10 Day Avg. Volume: 91,062,526
• 30 Day Avg. Volume: 118,398,505
• PEG Ratio: -0.06
• Price to Book (P/B): 0.57
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.41
• Enterprise Value/Market Cap: 1.01
• Enterprise Value/Revenue: 0.62
• Enterprise Value/Gross Profit: -3.03
• Enterprise Value/Ebitda: -0.25
• 1Y Price Target: $1.29
• Price Target Upside: -7.86% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 19

• Rating: 56 Neutral
• Price Target: $1.50 ▲(7.14%Upside)

Plug Power's overall score is primarily influenced by its financial struggles, including negative margins and cash flow issues. Positive sentiment from recent earnings calls and strategic initiatives in Europe provide some optimism, but the current valuation and technical analysis suggest caution.

Positive Factors

Cost Management

Plug continues to execute on cost savings as it targets $200mn in annualized run-rate cost reductions across manufacturing, logistics, sourcing, and SG&A.

Revenue Performance

Plug reported 1Q25 results that exceeded consensus estimates, with revenue higher than expected.

Negative Factors

Financial Performance

Free cash flow of -$152m was lower than consensus and lower than the company's own preview earlier this quarter.

Regulatory Challenges

Discontinuation of 45V credits pose a threat to the economics of green hydrogen, while DOE uncertainty continues to be an overhang in the new administration.

Plug Power Business Overview & Revenue Model

Company Description

Plug Power Inc. delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally. It engages in building an end-to-end green hydrogen ecosystem, including green hydrogen production, storage and delivery, and energy generation through mobile or stationary applications. The company provides proton exchange membrane (PEM), fuel cell and fuel processing technologies, and fuel cell/battery hybrid technologies, as well as related hydrogen and green hydrogen generation, storage, and dispensing infrastructure. The company offers GenDrive, a hydrogen-fueled PEM fuel cell system that provides power to material handling electric vehicles; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors. It also provides GenKey, an integrated turn-key solution for transitioning to fuel cell power; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; and GenFuel Electrolyzers that are hydrogen generators optimized for clean hydrogen production. The company sells its products through a direct product sales force, original equipment manufacturers, and dealer networks. It has strategic agreements with Airbus; Lhyfe; Edison Motors; Phillips 66; Apex Clean Energy; BAE Systems; and Universal Hydrogen Co. The company was founded in 1997 and is headquartered in Latham, New York.

How the Company Makes Money

Plug Power generates revenue primarily through the sale of hydrogen fuel cell systems and related services. The company's key revenue streams include the production and sale of fuel cell units, maintenance services, and hydrogen fuel supply. Additionally, Plug Power engages in strategic partnerships and collaborations with major industry players to expand its market reach and enhance its product offerings. These partnerships often involve joint development projects, co-marketing efforts, or supply agreements that contribute to Plug Power's earnings. Furthermore, the company's revenue is bolstered by government incentives and grants aimed at promoting clean energy solutions, which support its growth and adoption in various markets.

Plug Power Financial Statement Overview

Summary

Plug Power's financial performance is challenged by significant profitability issues, with negative gross and net profit margins. Despite moderate leverage, poor returns on equity and negative cash flow growth highlight financial instability.

Income Statement

Plug Power's income statement reveals significant challenges with profitability and growth. The company reported a negative gross profit margin of -84.00% and a net profit margin of -312.25% for the TTM period. Revenue growth showed a modest increase of 2.13% compared to the previous annual period, but EBIT and EBITDA margins remain deeply negative. There is a persistent trend of high negative margins, indicating ongoing operational inefficiencies.

Balance Sheet

The balance sheet reflects a mixed picture. Plug Power has a debt-to-equity ratio of 0.35, indicating moderate leverage, but the return on equity of -107.98% shows poor returns on shareholder investments. The equity ratio stands at 51.12%, suggesting a balanced asset structure. Despite the manageable debt levels, the company's significant equity losses raise concerns about financial sustainability.

Cash Flow

Cash flow analysis indicates troubling signs with a negative free cash flow growth rate of 15.19% and an operating cash flow to net income ratio of 0.33, highlighting inefficiencies in converting income into cash flow. The free cash flow to net income ratio of 0.45 further underscores the cash flow challenges the company faces.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	642.22M	628.81M	891.34M	701.44M	502.34M	-100.47M
Gross Profit	-539.67M	-624.89M	-507.79M	-194.36M	-171.31M	-523.81M
EBITDA	-1.90B	-1.98B	-1.26B	-632.53M	-409.57M	-550.95M
Net Income	-2.01B	-2.10B	-1.37B	-724.01M	-459.96M	-561.68M
Balance Sheet
Total Assets	3.63B	3.60B	4.90B	5.76B	5.95B	2.42B
Cash, Cash Equivalents and Short-Term Investments	295.84M	205.69M	135.03M	2.16B	3.87B	1.31B
Total Debt	655.98M	1.08B	968.85M	898.73M	810.15M	715.12M
Total Liabilities	1.70B	1.80B	2.00B	1.70B	1.34B	910.10M
Stockholders Equity	1.86B	1.73B	2.90B	4.06B	4.61B	1.51B
Cash Flow
Free Cash Flow	-900.98M	-1.06B	-1.80B	-1.29B	-551.44M	-206.53M
Operating Cash Flow	-666.48M	-728.64M	-1.11B	-828.62M	-358.18M	-156.31M
Investing Cash Flow	-328.35M	-402.36M	728.05M	-679.37M	-1.74B	-95.33M
Financing Cash Flow	893.34M	983.17M	6.12M	-77.46M	3.60B	1.52B

Plug Power Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 1.4 is above the 20-day moving average (MA) of 1.20, above the 50-day MA of 0.98, and below the 200-day MA of 1.72, indicating a neutral trend. The MACD of 0.10 indicates Negative momentum. The RSI at 61.61 is Neutral, neither overbought nor oversold. The STOCH value of 74.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PLUG.

Plug Power Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BE	73 Outperform	$5.14B	―	0.86%	―	20.95%	―
Sector *	65 Neutral	$10.65B	15.49	5.57%	1.97%	2.71%	-26.32%
PLUG	56 Neutral	$1.62B	―	-83.81%	―	-19.85%	4.94%
EOSE	55 Neutral	$1.20B	―	125.43%	―	37.60%	-161.38%
ENVX	53 Neutral	$1.95B	―	-85.86%	―	77.59%	2.01%
AMPX	53 Neutral	$471.34M	―	-68.88%	―	209.20%	4.24%
FCEL	51 Neutral	$118.97M	―	-20.52%	―	48.62%	0.23%

Plug Power Corporate Events

Plug Power Issues Series F Stock to CEO

On June 5, 2025, Plug Power Inc. announced the issuance of a single share of its newly designated Series F Mirroring Preferred Stock to CEO Andrew J. Marsh for $1,000. This move is intended to facilitate a vote on a proposed reverse stock split at the upcoming annual meeting on July 3, 2025. The Series F Mirroring Preferred Stock is designed to reflect the voting preferences of common stockholders on the reverse stock split proposal without overriding their decisions. This strategic step is crucial for aligning shareholder interests and potentially impacting the company’s stock structure.

The most recent analyst rating on (PLUG) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.

Plug Power Reports Q1 2025 Financial Improvements

Plug Power reported its financial results for the first quarter of 2025, highlighting significant improvements in cash flow and operational milestones, including the commissioning of a hydrogen liquefaction plant in Louisiana. The company’s revenue increased to $133.7 million, driven by growing electrolyzer deliveries and material handling demand, while gross margin losses improved from -132% to -55% year-over-year. Plug Power also secured a $525 million credit facility to enhance liquidity and reduce potential dilution risk. The company continues to focus on expanding its hydrogen generation network and global electrolyzer business, with notable achievements such as a 3 GW supply agreement for a green hydrogen-to-ammonia project in Australia and surpassing 8 GW in global contracts.

The most recent analyst rating on (PLUG) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.

Plug Power Secures $525M Debt Facility Agreement

On April 28, 2025, Plug Power Inc. announced a secured debt facility agreement with Yorkville Advisors for up to $525 million in secured debentures. The initial $210 million tranche is expected to close on May 2, 2025, with proceeds used to retire existing convertible debenture principal, reducing potential dilution. Additionally, Plug Power reported strong preliminary Q1 2025 results, with expected revenue between $130 million and $134 million, and significant cost-saving measures projected to save over $200 million annually. The completion of a new hydrogen production plant in Louisiana further strengthens Plug’s hydrogen network, positioning the company for long-term growth and profitability.