Plug Power (PLUG 0.32%) is once again gaining traction, driven by renewed momentum in the hydrogen industry and recent positive developments in its commercial pipeline. Plug’s stock has risen by more than 65% year to date as of May 6. Is now the time to buy Plug Power, or is this just another short-term wave built on hydrogen hype?
Today’s Change
(-0.32%) $-0.01
Current Price
$3.12
Key Data Points
Market Cap
$4.4B
Day’s Range
$3.05 – $3.21
52wk Range
$0.69 – $4.58
Volume
46M
Avg Vol
79M
Gross Margin
-3409.40%
Plug is regaining credibility with a new CEO and a clearer, more focused roadmap, driven by an in-house initiative to improve performance called “Project Quantum Leap.” The efforts are thus far paying off. In 2025, Plug Power’s revenue topped $700 million, a nearly 13% jump from the prior year. The company’s gross margin also turned positive, rising to 2.4%.
In early April, Plug announced that it had been selected to supply a 275-megawatt (MW) GenEco Electrolyzer system for a Hy2gen project in Canada. This is a major contract and a sign that Plug is serious about its turnaround strategy. Plug’s new CEO, Jose Luis Crespo, anticipates that the company could have positive EBITDA by the end of fiscal 2026 and potentially reach profitability by the end of 2028.
Image source: The Motley Fool.
These are all positive signs for Plug. However, the execution of the plan and the company’s delicate finances remain high-risk. Plug is still burning a lot of cash. In 2025, Plug had a net loss of $1.69 billion.
Competition is also stiff in the hydrogen industry. Companies such as Bloom Energy (BE +1.22%) and FuelCell Energy (FCEL +11.56%) are also making substantial headway in the space. Plug has deeply disappointed investors over the years, and it will take significant time and a highly disciplined effort to truly build trust and deliver long-term returns for shareholders.
Hydrogen fuel will probably be embraced commercially someday, but not quite yet. Plug’s stock is priced well right now for investors who believe in hydrogen’s future and upside potential, but the company is still quite risky. Plug will report its first-quarter 2026 earnings on May 11, and investors will see whether its momentum continues.
Catie Hogan has positions in FuelCell Energy and Plug Power. The Motley Fool has positions in and recommends Bloom Energy. The Motley Fool has a disclosure policy.
