Plug Power Inc.
- Open
- 2.19
- Day high
- 2.19
- Day low
- 2.14
- Prev close
- 2.19
- Volume
- 34.8M
- Mkt cap
- $3.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 5.2
- P/S
- 4.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$162K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Plug Power Inc. (PLUG) is a Industrials company listed on NASDAQ. The stock is up 46% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering PLUG.
Plug Power Inc. (PLUG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PLUG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 10, 2026 | $-0.08 | $-0.14 | -80.1% | $178M | +5.4% |
| May 11, 2026 | $-0.09 | $-0.08 | +11.1% | $164M | +16.9% |
| Mar 3, 2025 | $-0.23 | $-1.65 | -617.4% | $191M | +11.9% |
| Aug 8, 2024 | $-0.30 | $-0.36 | -20.0% | $143M | -22.5% |
| May 9, 2024 | $-0.32 | $-0.43 | -34.4% | $120M | -23.7% |
| Mar 1, 2024 | $-0.56 | $-1.07 | -91.1% | $222M | +0.0% |
| Nov 9, 2023 | $-0.32 | $-0.47 | -46.9% | $199M | -51.8% |
| Mar 1, 2023 | $-0.26 | $-0.38 | -46.2% | $221M | -21.5% |
| Mar 1, 2022 | $-0.12 | $-0.32 | -166.7% | $162M | +2.7% |
| Aug 5, 2021 | $-0.07 | $-0.18 | -157.1% | $125M | +0.0% |
| Jun 22, 2021 | $-0.08 | $-0.12 | -50.0% | $72M | -6.9% |
| Feb 25, 2021 | $-0.08 | $-0.05 | +37.5% | $316M | +262.3% |
PLUG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Haycraft Benjaminofficer: CSO & GM EMEA | Grant | 362,694 | $2.83 |
| Jul 6, 2026 | Kenausis Gregorydirector | Grant | 3,980 | $2.71 |
| Jul 6, 2026 | Angle Colin Mdirector | Grant | 3,558 | $2.71 |
| Jul 6, 2026 | Haycraft Benjaminofficer: CSO & GM EMEA | Grant | 357,143 | $2.57 |
| Jul 6, 2026 | BONNEY MARK Jdirector | Grant | 8,764 | $2.71 |
| Jul 6, 2026 | Joggerst Patrickdirector | Grant | 7,644 | $2.71 |
| Jul 2, 2026 | Marsh Andrewdirector | Grant | 72,469 | $2.71 |
| Jun 29, 2026 | Conway Gerard L JRofficer: Gen. Coun, Corp Sec., Exec. VP | Grant | 357,143 | $2.57 |
| Jun 29, 2026 | Crespo Jose Luisofficer: See Remarks | Grant | 777,202 | $2.83 |
| Jun 29, 2026 | Crespo Jose Luisofficer: See Remarks | Grant | 765,306 | $2.57 |
| Jun 29, 2026 | MIDDLETON PAUL Bofficer: CFO & Executive VP | Grant | 510,204 | $2.57 |
| Jun 29, 2026 | MIDDLETON PAUL Bofficer: CFO & Executive VP | Grant | 389,105 | — |
| Jun 29, 2026 | Conway Gerard L JRofficer: Gen. Coun, Corp Sec., Exec. VP | Grant | 362,694 | $2.83 |
| Jun 29, 2026 | Fullerton Deanofficer: Chief Operating Officer | Grant | 408,163 | $2.57 |
| Jun 29, 2026 | Fullerton Deanofficer: Chief Operating Officer | Grant | 414,508 | $2.83 |
Source: PLUG SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full PLUG insider & 13F page →Plug Power Inc. company profile
Overview
Plug Power Inc. (NASDAQ:PLUG) is a pioneering clean energy company founded in 1997 and headquartered in Latham, New York. The company went public in 1999 and has evolved from a fuel cell technology developer into a comprehensive provider of hydrogen fuel cell solutions and green hydrogen production infrastructure. Plug Power operates across North America and internationally, focusing on building an end-to-end green hydrogen ecosystem that spans production, storage, delivery, and application of hydrogen-based energy solutions for industrial and transportation markets.
Business
Plug Power operates in the clean energy sector, specifically focusing on hydrogen fuel cell technology and green hydrogen production. The company's business is built around creating a complete hydrogen ecosystem, from generating clean hydrogen to powering various applications with fuel cell systems. The company operates through several key business segments: 1. **Material Handling Solutions (approximately 55% of revenue)**: Plug Power's GenDrive systems are hydrogen-powered fuel cell units that replace traditional lead-acid batteries in electric forklifts and other material handling equipment used in warehouses and distribution centers. These systems offer faster refueling (3-5 minutes versus hours for battery charging) and consistent power output throughout operation. Major customers include Walmart, Amazon, and Home Depot. 2. **Electrolyzer Technology (approximately 30% of revenue)**: The company manufactures proton exchange membrane (PEM) electrolyzers that use renewable electricity to split water into hydrogen and oxygen, producing "green hydrogen." These industrial-scale systems are sold to customers building hydrogen production facilities for various applications including fertilizer production, steel manufacturing, and fuel production. 3. **Hydrogen Production and Fuel Services**: Plug Power operates its own hydrogen production plants in Georgia, Tennessee, and Louisiana, with additional facilities planned. The company produces and sells liquid hydrogen fuel to support its fuel cell customers and the broader hydrogen market through its GenFuel delivery and dispensing systems. 4. **Stationary Power and Other Applications**: The company provides GenSure stationary fuel cell systems for backup power applications in telecommunications, utilities, and other critical infrastructure, along with ProGen fuel cell engines for electric vehicles and other mobility applications.
Revenue model
Plug Power generates revenue through multiple business models across its hydrogen ecosystem. The primary revenue streams include **product sales** of fuel cell systems and electrolyzers, **hydrogen fuel sales** from its production facilities, and **service contracts** for ongoing maintenance and support. The company's **material handling business** operates on a turnkey model where customers purchase complete systems including fuel cells, hydrogen storage, and dispensing infrastructure, often accompanied by long-term service agreements. **Electrolyzer sales** involve large industrial equipment purchases, typically ranging from millions to hundreds of millions of dollars per project, sold to industrial customers, utilities, and project developers building hydrogen production facilities. **Hydrogen fuel sales** provide recurring revenue as customers require continuous fuel supply for their operations. The company has been building production capacity to reduce reliance on third-party hydrogen suppliers and improve margins. **Service revenue** comes from ongoing maintenance contracts, parts sales, and technical support services. Several factors significantly impact Plug Power's margins and profitability. **Positive margin drivers** include the company's vertical integration strategy, which reduces hydrogen procurement costs as internal production facilities come online. Government incentives such as the Inflation Reduction Act's production tax credits for clean hydrogen and investment tax credits for fuel cell systems provide substantial economic benefits. The company's scale advantages in manufacturing and established customer relationships in material handling create some pricing power. **Margin pressures** come from intense competition in the electrolyzer market, particularly from Chinese manufacturers offering lower-cost alternatives. Raw material costs for fuel cell components, including platinum and other precious metals, directly impact manufacturing costs. The company faces execution risks in scaling production facilities and achieving targeted utilization rates. Additionally, changes in government policy regarding hydrogen incentives and trade tariffs on imported components can significantly affect profitability.
Competitive moat
Plug Power's competitive moat is **moderate but improving** through its vertical integration strategy and established market positions. The company's strongest moat exists in the **North American material handling market**, where it has built significant customer relationships with major retailers and logistics companies. These relationships involve substantial infrastructure investments by customers, creating switching costs and customer stickiness. The company's comprehensive service network and hydrogen delivery capabilities provide additional barriers to competition in this segment. The company's **vertical integration** from hydrogen production to fuel cell applications creates some competitive advantages, particularly as it reduces dependence on third-party hydrogen suppliers and improves cost structure. Plug Power's operational experience in hydrogen production and fuel cell deployment provides valuable expertise that competitors may struggle to replicate quickly. However, the company faces **significant competitive threats** across its business lines. In electrolyzers, Chinese manufacturers offer substantially lower-cost alternatives, putting pressure on Plug Power's pricing and market share. The hydrogen production business faces competition from established industrial gas companies with greater scale and resources. Additionally, the broader adoption of battery electric vehicles and improved battery technology poses a long-term threat to hydrogen fuel cell applications in transportation. The company's **technological moat is limited** as fuel cell and electrolyzer technologies are increasingly commoditized. While Plug Power has operational expertise and established manufacturing capabilities, the core technologies are not proprietary, and barriers to entry continue to decrease as the hydrogen industry matures. The company's success depends heavily on execution, cost management, and maintaining its first-mover advantages in key markets rather than on insurmountable technological barriers.
Risks & safety
**Overall Assessment**: Plug Power presents **high financial risk** with limited margin of safety due to substantial cash burn, significant debt levels, and challenging path to profitability. **Cash Burn and Solvency**: - Free cash flow burn of $146 million in Q1 2025, though improved from $361 million in Q2 2024 - Current cash position of $296 million with quarterly burn rate suggesting approximately 6-8 quarters of runway - Total debt-to-equity ratio of 0.35, manageable but concerning given negative cash flows - Current ratio of 1.95 provides some short-term liquidity cushion **Valuation Metrics**: - Trading at 0.69x book value, suggesting potential asset value but offset by operational losses - Negative EBITDA of $178 million (Q1 2025) makes traditional valuation metrics difficult to apply - Enterprise value reflects significant skepticism about future profitability **Other Considerations**: - Dependence on government incentives and policy support creates regulatory risk - Capital-intensive business model requires continued external financing - Potential $1.7 billion DOE loan facility could significantly improve liquidity if approved - "Quantum Leap" cost reduction program targeting $200 million in annual savings provides some optimism for cash flow improvement
Recent development
Over the past few years, Plug Power has undergone significant strategic transformation focused on **vertical integration** and **operational efficiency**. The company launched "Project Quantum Leap" in 2024, a comprehensive restructuring program targeting $150-200 million in annual cost savings through workforce reductions (over 15% since early 2024), facility consolidations, and operational streamlining. The company has made substantial progress in **hydrogen production infrastructure**, bringing online facilities in Georgia and Tennessee with combined capacity of approximately 40 tons per day. The Louisiana facility, developed through a joint venture with Olin Corporation, is expected to add 15 tons per day capacity. A major milestone is the planned Texas facility supported by a potential $1.7 billion Department of Energy loan guarantee, which would significantly expand production capacity. **International expansion**, particularly in Europe, has become a key strategic focus. Plug Power has secured 8 gigawatts of basic engineering design packages, primarily in European markets, representing potential multi-billion dollar revenue opportunities. The company is actively pursuing projects across aviation, maritime, and industrial applications in Spain, Portugal, and the UK. The **electrolyzer business** has shown substantial growth, with revenue increasing nearly six-fold in Q4 2024 compared to the prior year. The company has deployed significant electrolyzer capacity and is positioned in multiple large-scale hydrogen projects globally. Recent strategic partnerships include agreements with Airbus, Phillips 66, and other major industrial players. **Financial management** has become increasingly important, with the company securing $280 million in equity financing and a $525 million structured financing facility in 2025. Management has focused on reducing cash burn, improving gross margins, and targeting operational cash flow breakeven, though this timeline has been pushed back multiple times.
PLUG company profile · for informational purposes only — not investment advice.
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