Plug Power (NASDAQ:PLUG) Issues Earnings Results

Plug Power (NASDAQ:PLUG) issued its earnings results on Monday. The electronics maker reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01, FiscalAI reports. The business had revenue of $178.30 million during the quarter, compared to the consensus estimate of $169.11 million. Plug Power had a negative return on equity of 49.30% and a negative net margin of 227.13%.Plug Power’s revenue was up 2.5% on a year-over-year basis.

Here are the key takeaways from Plug Power’s conference call:

• Revenue guidance was raised to 15%–16% growth for 2026, from 13%–15%, following first-half revenue of $342 million, up 11% year over year.
• Gross margin improved to approximately breakeven from negative 30.7% a year ago, while operating expenses fell 50% year over year and quarterly net cash usage declined 58% sequentially to $61 million.
• Material handling showed strong momentum, with GenDrive deployments more than doubling year over year and service revenue rising 82%; two major customers are expected to refresh more than 20,000 units over the next three years.
• Electrolyzer demand is advancing through new project milestones, including FIDs for Carlton Power and Orica, while European hydrogen regulations and subsidy programs could support a multi-year growth opportunity.
• Plug remains dependent on substantial second-half equipment volume to achieve its goal of positive EBITDA in the fourth quarter; fuel gross margin was still negative 48%, and the reported OpEx improvement included a $39.7 million recovery, largely from a settled contract dispute.

Plug Power Price Performance

PLUG stock opened at $2.11 on Tuesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.40 and a current ratio of 2.36. The business has a 50-day simple moving average of $2.53 and a two-hundred day simple moving average of $2.60. The company has a market capitalization of $2.94 billion, a P/E ratio of -1.60 and a beta of 2.20. Plug Power has a 52-week low of $1.41 and a 52-week high of $4.58.

Hedge Funds Weigh In On Plug Power

Large investors have recently bought and sold shares of the stock. Renaissance Technologies LLC bought a new stake in shares of Plug Power in the 4th quarter worth $27,684,000. Two Sigma Investments LP boosted its holdings in Plug Power by 292.1% during the third quarter. Two Sigma Investments LP now owns 10,830,893 shares of the electronics maker’s stock worth $25,236,000 after purchasing an additional 8,068,713 shares during the last quarter. Graham Capital Management L.P. grew its position in Plug Power by 110.7% in the 4th quarter. Graham Capital Management L.P. now owns 737,112 shares of the electronics maker’s stock worth $1,452,000 after purchasing an additional 7,640,212 shares in the last quarter. State Street Corp grew its position in Plug Power by 29.9% in the 4th quarter. State Street Corp now owns 32,258,283 shares of the electronics maker’s stock worth $63,549,000 after purchasing an additional 7,416,943 shares in the last quarter. Finally, Electron Capital Partners LLC purchased a new stake in Plug Power in the 3rd quarter valued at about $10,663,000. 43.48% of the stock is currently owned by institutional investors.

More Plug Power News

Here are the key news stories impacting Plug Power this week:

• Positive Sentiment: Revenue and adjusted earnings exceeded expectations. Plug Power reported second-quarter revenue of approximately $178.3 million, up 2.5% year over year and ahead of estimates near $169 million. Adjusted EPS was a loss of $0.07 versus the expected $0.08 loss, while the loss improved from $0.16 per share a year earlier. Plug Power beats revenue estimates, raises guidance
• Positive Sentiment: Management raised its 2026 outlook. Plug Power now targets approximately 15% to 16% revenue growth, or $816.4 million to $823.5 million, modestly above consensus. The company also aims to achieve positive EBITDA in the fourth quarter, which could signal progress toward its long-term profitability goals. Plug Power targets revenue growth and positive EBITDA
• Positive Sentiment: Operating trends improved. The company reported roughly break-even gross margin, lower operating expenses, significant sequential revenue growth and net cash usage of approximately $61 million. These results support the bullish case that cost controls and execution are beginning to improve the business. Plug reports revenue and improved margins
• Neutral Sentiment: Options activity points to heightened interest and volatility. Traders purchased 87,770 call options, about 44% above typical call volume. This may reflect bullish expectations around the earnings report, but options activity is not proof of sustained fundamental demand.
• Negative Sentiment: Plug Power remains unprofitable. Despite beating estimates, the company posted a substantial GAAP loss, with a negative net margin and negative return on equity. Achieving positive EBITDA in the fourth quarter remains a target rather than an established trend.
• Negative Sentiment: Technical and analyst caution persists. Pre-earnings market data characterized PLUG as unattractive ahead of the report, while the stock’s 50-day and 200-day moving averages remain above its recent trading level. Brokerages maintain an average “Hold” recommendation. Barchart analysis of Plug Power stock

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Oppenheimer reiterated a “market perform” rating on shares of Plug Power in a research note on Tuesday. Susquehanna reduced their price target on shares of Plug Power from $3.75 to $2.50 and set a “neutral” rating for the company in a report on Friday, July 10th. Wall Street Zen downgraded shares of Plug Power from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Morgan Stanley increased their price objective on shares of Plug Power from $1.50 to $1.65 and gave the stock an “underweight” rating in a research report on Thursday, July 9th. Finally, BMO Capital Markets raised their target price on Plug Power from $1.00 to $1.20 and gave the company an “underperform” rating in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Plug Power presently has an average rating of “Hold” and a consensus target price of $3.30.

Plug Power Company Profile

Plug Power Inc is a U.S.-based company specializing in the design and manufacture of hydrogen fuel cell systems that serve as clean energy replacements for conventional batteries in electric vehicles and material handling equipment. Its core solutions include ProGen fuel cell engines, GenDrive power systems for forklifts and warehouse vehicles, and GenFuel hydrogen refueling infrastructure. These offerings are sold as standalone components or integrated turnkey solutions under the GenKey brand, providing customers with on-site refueling, equipment installation and maintenance services.

In addition to its fuel cell and refueling products, Plug Power develops backup power and off-grid energy solutions through its GenSure line, which targets telecommunications, data centers and utility applications.