Plug Power Inc (PLUG)
NASDAQ:PLUG
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Plug Power
(NASDAQ:PLUG)
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Rating:51Neutral
Price Target:
$3.50
▲(25.90% Upside)
Action:Reiterated
Date:05/14/26
The score is held down primarily by very weak financial performance (deep losses, negative margins, sustained free-cash-flow burn, and higher leverage). Offsetting that, technicals show a clear uptrend and the earnings call indicated strong operational improvement with reiterated growth guidance and a defined path toward profitability, though funding and execution risks remain. Valuation provides limited support due to negative earnings and no stated dividend.
Positive Factors
Electrolyzer revenue surge
A 343% jump in electrolyzer sales and a stated ~$8B opportunity funnel reflect a structural shift toward higher-capacity electrolyzer projects. Large contracts (Iberdrola, Galp, Hytogen) create multi-year revenue visibility, diversify away from material-handling alone, and underpin durable top-line expansion if execution holds.
Negative Factors
Persistent cash burn
Consistent negative operating and free cash flows indicate the core business still consumes substantial cash. Sustained cash burn means ongoing reliance on external funding or asset sales to fund operations, raising structural funding risk and limiting ability to invest organically until profitability and positive cash generation are achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
Electrolyzer revenue surge
A 343% jump in electrolyzer sales and a stated ~$8B opportunity funnel reflect a structural shift toward higher-capacity electrolyzer projects. Large contracts (Iberdrola, Galp, Hytogen) create multi-year revenue visibility, diversify away from material-handling alone, and underpin durable top-line expansion if execution holds.
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
$5.75B
Dividend YieldN/A
Average Volume (3M)86.50M
Price to Earnings (P/E)―
Beta (1Y)1.15
Revenue Growth15.19%
EPS Growth42.87%
CountryUS
Employees3,224
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-1.42
Shares Outstanding1,395,069,100
10 Day Avg. Volume95,486,569
30 Day Avg. Volume86,504,997
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 Cap0.93
Enterprise Value/Revenue7.19
Enterprise Value/Gross Profit-28.02
Enterprise Value/Ebitda-9.27
Forecast
1Y Price Target
$3.46Price Target Upside24.40% Upside
Rating ConsensusHold
Number of Analyst Covering15
EPS Forecast (FY)-0.34
Revenue Forecast (FY)$812.84M
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 ...
How the Company Makes Money
Plug Power generates revenue primarily by selling fuel cell systems and related hydrogen infrastructure, and by providing hydrogen and services tied to those deployments. Key revenue streams include: (1) Product revenue from fuel cell power units ...
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 | -573.81M | -635.01M | -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
Positive
2.78
Price Trends
3.05
Positive
2.60
Positive
2.46
Positive
Market Momentum
0.26
Negative
62.15
Neutral
80.69
Negative
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 2.78 is below the 20-day moving average (MA) of 3.57, below the 50-day MA of 3.05, and above the 200-day MA of 2.46, indicating a bullish trend. The MACD of 0.26 indicates Negative momentum. The RSI at 62.15 is Neutral, neither overbought nor oversold. The STOCH value of 80.69 is Negative, 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 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $82.49B | 13,310.66 | 0.82% | ― | 56.53% | -246.15% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $1.29B | -5.70 | -26.54% | ― | 48.29% | 11.56% | |
54 Neutral | $2.95B | -69.96 | -40.40% | ― | 172.57% | 25.87% | |
53 Neutral | $3.05B | -6.02 | 41.51% | ― | 725.76% | 20.97% | |
51 Neutral | $5.75B | -3.27 | -139.28% | ― | 15.19% | 42.87% | |
50 Neutral | $762.69M | >-0.01 | -21.56% | ― | -6.92% | 4.50% |
* Industrials Sector Average
PLUG
Plug Power
3.95
3.13
381.71%
FCEL
Fuelcell Energy
21.66
16.72
338.46%
BE
Bloom Energy
285.00
266.72
1459.08%
EOSE
Eos Energy Enterprises
8.43
4.28
103.13%
SLDP
Solid Power
3.31
1.89
133.10%
AMPX
Amprius Technologies Inc
20.28
17.64
668.18%
Plug Power Corporate Events
Executive/Board Changes
Plug Power CEO Jose Luis Crespo Joins Company Board
Positive
Mar 10, 2026
On March 4, 2026, Plug Power Inc. appointed its Chief Executive Officer and President, Jose Luis Crespo, to the board as a Class III director, with a term running until the 2026 annual shareholders’ meeting or until a successor is in place. ...
Business Operations and StrategyM&A Transactions
Plug Power Monetizes Project Gateway in Strategic Asset Sale
Positive
Feb 26, 2026
On February 24, 2026, Plug Power Inc. and a subsidiary agreed to sell their Project Gateway property and related assets in Alabama, Genesee County, New York, to Stream US Data Centers, LLC for between $132.5 million and $142 million, depending on ...
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.