Plug Power
Builds fuel cells, electrolyzers, and infrastructure for producing and delivering hydrogen.
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Profile
Sells GenDrive fuel-cell systems, GenEco electrolyzers, hydrogen-production and fueling equipment, and stationary power systems. An installed material-handling fleet generates equipment-replacement, service, power-agreement, and hydrogen-fuel revenue, while an owned production network supplies part of its customers' hydrogen needs.
Builds an integrated hydrogen platform around GenDrive fuel-cell power units for material-handling fleets, GenEco PEM electrolyzers, and hydrogen production, liquefaction, storage, delivery, and fueling infrastructure. GenSure stationary power systems, cryogenic equipment, and GenCare service extend the portfolio beyond vehicle power. Equipment sales sit alongside power agreements, maintenance, and hydrogen-fuel deliveries.
An established material-handling fleet supports replacement-unit, service, and fuel demand, while electrolyzer systems have been commissioned across North America, Europe, and Australia. Execution depends on hydrogen-plant reliability, service uptime, and converting large projects into delivered systems. Operations remain loss-making and capital-intensive, with exposure to concentrated customers, third-party hydrogen supply, clean-energy incentives, and evolving safety, siting, and permitting rules.
Company facts
Categories
Key statistics
Year to date −1.8% · Average volume (30d) 58.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 11, 2026 | UBS | Reiterate | Buy | $2.75 | $5 | |
| Jul 9, 2026 | Morgan Stanley | Reiterate | Underweight | $1.50 | $1.65 | |
| Apr 9, 2026 | Susquehanna | Reiterate | Neutral | $1.80 | $2.75 | |
| Mar 9, 2026 | Jefferies | Reiterate | Hold | $1.90 | $1.80 | |
| Mar 3, 2026 | BMO Capital | Target | $1.60 | $1 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | −$0.08 | −$0.14 | −80.1% | $169.1M | $178.3M | +5.4% | +5.21% |
| May 11, 2026Q1 FY26 | −$0.09 | −$0.08 | +11.1% | $139.9M | $163.5M | +16.9% | +1.14% |
| Mar 2, 2026Q4 FY25 | −$0.10 | −$0.06 | +40.0% | $217.4M | $225.2M | +3.6% | +23.20% |
| Nov 10, 2025Q3 FY25 | −$0.13 | −$0.12 | +7.7% | $217.4M | $177.1M | −18.6% | −1.17% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $133.7M | $174.0M | $177.1M | $225.2M | $163.5M | $178.3M | |
| Gross profit | −$73.9M | −$53.5M | −$120.2M | $5.5M | −$21.6M | −$1.7M | |
| Operating income | −$172.1M | −$153.6M | −$246.9M | −$107.1M | −$103.9M | −$64.1M | |
| Net income | −$196.7M | −$227.1M | −$361.9M | −$846.0M | −$245.3M | −$188.2M | |
| Diluted EPS | −$0.21 | −$0.20 | −$0.31 | −$0.73 | −$0.18 | −$0.14 | |
| Gross margin | -55.3% | -30.7% | -67.9% | 2.4% | -13.2% | -0.9% | |
| Operating margin | -128.7% | -88.3% | -139.4% | -47.5% | -63.6% | -36.0% |
Fiscal years (4-quarter sums)FY21 $502.3M · FY22 $701.4M · FY23 $891.3M · FY24 $628.8M · FY25 $709.9M
Revenue by product · Q2 FY26
Revenue by geography · Q4 FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $161.9M · Total debt $823.1M · Total assets $2.19B · Shareholders' equity $581.8M
Dividends
No dividends on record.
Ownership
Shares outstanding 1.40B · Float 1.33B · 95.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Norges Bank (The Central Bank of Norway) | 879.64M | 7.95% | 13G | Oct 10, 2024 |
| BlackRock, Inc. | 184.03M | 13.19% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 66.18M | 4.74% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 62.94M | 4.51% | 13F | Aug 13, 2026 |
| State Street Corp | 38.76M | 2.78% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 8, 2026 | Maureen O. Helmer | director | −50,000 | $3.23 |
| Jan 12, 2026 | Benjamin Haycraft | officer: CSO & GM EMEA | −40,000 | $2.17 |
| Dec 15, 2025 | Jose Luis Crespo | officer: See Remarks | +37,300 | $2.34 |
| Dec 10, 2025 | Benjamin Haycraft | officer: CSO & GM EMEA | −40,000 | $2.20 |
| Oct 10, 2025 | Benjamin Haycraft | officer: CSO & GM EMEA | −10,000 | $3.80 |
Peers
- Bloom Energy
Fuel-cell rival fielding solid-oxide stationary power and SOEC electrolyzers
- Air Products
World's largest hydrogen producer in green / liquid H2 supply and fueling
- Linde
Industrial-gas major across H2 production, liquefaction, PEM electrolysis
- Cummins
Accelera arm makes HyLYZER PEM electrolyzers and hydrogen fuel cells
- Ballard Power Systems
PEM fuel-cell rival in heavy-duty mobility re-entering material handling
- FuelCell Energy
Stationary fuel-cell maker with carbonate platform and electrolysis R&D
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Plug Power | $2.20 | +0.46% | $3.06B | — | — | 4.1 | +2.5% |
| Bloom Energy | $210.81 | +0.08% | $62.08B | 278.9 | 58.9 | 19.9 | +165.5% |
| Air Products | $308.09 | +0.03% | $68.61B | — | 21.6 | 5.4 | +4.6% |
| Linde | $489.36 | −0.03% | $226.45B | 31.6 | 26.2 | 6.4 | +9.4% |
| Cummins | $564.40 | −0.03% | $77.94B | 28.9 | 17.0 | 2.2 | +9.4% |
| Ballard Power Systems | $2.28 | +1.10% | $678.3M | — | — | 6.4 | +14.0% |
| FuelCell Energy | $17.82 | +0.28% | $1.42B | — | — | 8.5 | −4.9% |
| Median | 31.6 | 23.9 | 6.4 | +9.4% |