Plug Power fell about 2 percent today, its second straight down day in a month that has seen the stock drop more than 20 percent. We think this is mostly ordinary movement and the whole market drifting lower, especially with a major earnings update coming next week.
Our view
The company is racing to prove it can actually make money producing hydrogen rather than just selling the equipment. If you already own it, the upcoming earnings report will be the next real check on that progress, so sit tight for now.
The company will share its latest financial numbers on August 10. This update will be a key check on whether the firm is making progress toward its goal of reaching positive earnings before interest and taxes by the end of the year. Investors will likely focus on cash burn and whether the company is successfully producing more of its own hydrogen fuel. Making its own fuel is central to the plan to stop losing money on every sale.
Asset sales to bring in 80 million dollars in cash
The company is selling its Graham, Texas project and closing a deal on its New York Gateway project with Stream Data Centers. These moves are expected to provide about 80 million dollars in immediate cash. This is part of a larger plan to improve its cash position by more than 275 million dollars through selling assets and cutting costs.
This is a helpful step for a business that has been spending more cash than it brings in. By selling these projects, the company can fund its operations without having to sell more shares and dilute current owners.
Major 50-megawatt order for Australia hydrogen hub
The company secured an order for 50 megawatts of electrolyzers, which are machines that use electricity to split water into hydrogen and oxygen. The equipment is for the Hunter Valley Hydrogen Hub in Australia, which recently reached a final decision to move forward with construction.
This win helps build the company's backlog of work and proves it can compete for large-scale international projects. Converting these types of orders into actual revenue is a key part of the plan to grow the business toward profitability.
Analysts have kept a steady, cautious pattern of maintaining their existing ratings throughout the year. While 17 of 38 analysts rate the stock a buy, the average price target of $2 is 13% below the current share price.
Average target$1.80-13%vs $2.07 today
Avg price
Low $1High $2.75
Hold38 analysts
5Bearish
16Neutral
17Bullish
FirmRatingPrice TargetDate
Morgan Stanley
Underweight
$1.50→$1.65
7/9/2026
Susquehanna
Neutral
$2.50→$2.75
4/9/2026
Jefferies
Hold
$1.80
3/9/2026
BMO Capital
Underperform
$1
3/3/2026
Canaccord Genuity
Hold
$7
11/24/2025
H.C. Wainwright
—
$7
11/24/2025
Morgan Stanley
Underweight
$75→$1.50
10/16/2025
HSBC
—
$2.50→$4.40
10/9/2025
Wells Fargo
Equal Weight
$1→$1.50
8/14/2025
Truist Financial
Hold
$2→$1.50
3/5/2025
Susquehanna
Neutral
$2.50→$1.80
3/5/2025
Piper Sandler
Underweight
$1.40→$1.10
3/5/2025
Plug Power earnings
The company has a history of missing analyst targets, often by a wide margin, which suggests the business is still difficult for even experts to forecast accurately.
Earnings history
EstimateBeatMiss
Plug Power past earnings results
Expected
Actual
Surprise
EPS
$-0.09
$-0.18
-100.0%
Revenue
$140M
$164M
+16.9%
Key highlights
Margin improvement accelerating: Gross margin improved to -13% from -55% a year ago, showing the company is losing far less money on every dollar of sales as it cuts costs and optimizes its fuel network. This 42 percentage point jump brings the business much closer to its goal of reaching positive gross margins by the end of 2026.
Service costs dropping fast: The cost to service GenDrive fuel cell units fell more than 30% compared to last year, which is double the 15% reduction target management previously set. These lower costs are vital for long-term owners because service has historically been a major drag on the company's path to profitability.
Hydrogen fuel sales growth: Revenue from delivering hydrogen fuel grew 22% over the last year, and the profit margin on those sales improved by 54 percentage points. This shift was driven by higher prices and better efficiency at the company's production plants in Georgia, Tennessee, and Louisiana.
Asset sales boosting cash: The company expects to receive $142 million in June from its first asset sale, part of a larger $275 million plan to raise cash without selling more stock. These deals, along with a $39.2 million tax credit sale due by the end of May, help protect the $223 million currently held in unrestricted cash.
Profitability goal on track: Management expects the company to reach positive EBITDAS, a measure of earnings before interest, taxes, and other non-cash costs, by the fourth quarter of 2026. This target relies on continued growth in the project pipeline, which currently stands at over $8 billion across industrial and energy markets.
Our take: This was a strong step forward that shows the business is finally fixing its broken economics. While the headline loss looks wide, the massive jump in margins and the 30% drop in service costs prove that the path to profitability is becoming real. It strengthens the case that the company can reach its goals without needing more outside cash.
Plug Power’s next earnings date
Q2 2026
AUG
10
Expectation
EPS
$-0.08
Revenue
$169M
Metrics we are tracking
Metric
Expectations
Status
Fuel Margin Rate
Improving from -13% toward positive gross margins by late 2026
-13% in Q1 2026
Unrestricted Cash
Staying above $150 million until asset monetization closes
$223 million in Q1 2026
Electrolyzer Deployments
Reaching 500 MW of cumulative global capacity by FY2027
320 MW as of Q1 2026
Service Costs
Reducing per-unit GenDrive service costs by another 15% YoY
