Plug Power Inc. develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power. It also provides electrolyzers, a hydrogen generator for clean hydrogen production; liquefaction systems that provides liquid hydrogen to customers; cryogenic equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen and other cryogenic gases, including trailers and mobile storage equipment; and liquid hydrogen, an alternative fuel to fossil-based energy. The company sells its products through a direct product sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was incorporated in 1997 and is headquartered in Latham, New York.

Plug Power, Inc.

Key Points
Plug Power's financials appear to be turning a corner.
One analyst predicts 200% in potential upside.
Investors should be wary of the risks involved.
Plug Power (NASDAQ: PLUG) reported its fourth-quarter earnings on March 2. Shares immediately spiked in value. One month later, shares are still 25% higher than they were before the latest earnings announcement was made.
Why did Plug Power stock rise so sharply after earnings were announced? And why have shares held onto their gains despite a marketwide correction? The answer may surprise you, and so might the company's prospects over the next three years. Some analysts believe shares have more than 200% upside potential over the next 12 months. But there are some critical risks to be aware of before jumping in.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Plug Power may finally be turning a corner
I have been skeptical of Plug Power from an investment standpoint. But I do have to admit that the company's latest quarterly earnings came with a few positive surprises.
Last month, Plug Power reported full-year sales of more than $700 million, reached positive gross margins in the fourth quarter, announced $275 million in asset sales to shore up liquidity, and beat analyst expectations for earnings per share.
I have several concerns with Plug Power both as a stock and as a business. One of the biggest concerns is the company's massive quarterly cash burn. For most applications, hydrogen fuel cell systems like the ones Plug Power designs, manufactures, and sells aren't economically viable versus existing alternatives like fossil fuels and traditional renewables like wind and solar. Some experts believe hydrogen fuel cells could become competitive on price by 2030. But other experts believe it could take another decade or longer.
And when this technology does reach cost parity, there's no guarantee that the specific technological approach in question will be what Plug Power is able to produce. Put simply, some other hydrogen competitor could crack the code first with a proprietary approach.
Due to lackluster end market demand, Plug Power hasn't had much pricing power, often relying on government subsidies to survive. But last quarter's results -- which showed slowing cash burn and improved gross margins -- provide the company with some much-needed relief. There's just one problem left that I'm concerned with.
The next three years will still be challenging for PLUG stock
Even if Plug Power's prospects are looking more optimistic, the next three years should still result in massive dilution for shareholders. Over the last decade, Plug Power's total shares outstanding has grown by nearly 700%. So compared to 2016, patient investors own just one-seventh of their original stake in Plug Power on a percentage ownership basis. The company would need to be doing very well for shareholders to still profit. But that hasn't been the case. In recent years, Plug Power's net losses have actually accelerated.
Over the past 12 months, Plug Power's number of total shares outstanding has jumped by around 50%. This pace of dilution is simply too rapid for investors to profit, especially given that hydrogen fuel remains years, if not decades away from economic viability. So while Plug Power has been a surprise story thus for in 2026, the long-term outlook remains bleak from an investment standpoint.
Should you buy stock in Plug Power right now?
Before you buy stock in Plug Power, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Plug Power wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $515,294!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,077,442!*
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Plug Power Is One of 2026's Surprise Stories. Here's the 3-Year Outlook.

Key Points
Plug Power’s hydrogen charging business is heating up again.
It still looks cheap relative to its long-term growth potential.
Plug Power (NASDAQ: PLUG), a developer of hydrogen charging technologies, trades at about $2 today. That's a 99% decline from its reverse split-adjusted IPO price of $150 in 1999. At first glance, Plug might seem like one of the many companies that never recovered from the dot-com crash. It might also seem like a risky stock to buy in this turbulent market. However, it could be well-positioned to deliver multibagger gains over the next few years.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Why could Plug Power be a turnaround play?
Plug Power mainly sells hydrogen fuel cells, electrolyzers, and storage systems. It's deployed over 74,000 fuel cell systems across five continents, and its top customers include Amazon and Walmart. It's ramping up its production of green hydrogen in the U.S. while aggressively cutting costs with its "Project Quantum Leap" initiative.
In 2024, Plug's revenue declined 29%, and its net loss widened as it lapped two acquisitions amid macro headwinds that throttled demand for new hydrogen charging projects. But in 2025, its revenue rose 13%, and it narrowed its net loss as the macro environment improved, companies restarted hydrogen projects, and it sold more green hydrogen.
From 2025 to 2028, analysts expect its revenue to grow at an 18% CAGR to $1.2 billion as the hydrogen market continues to expand. With an enterprise value of $3.7 billion, it looks bargain at five times this year's sales -- and it could command a higher valuation in a hotter market.
Should you buy stock in Plug Power right now?
Before you buy stock in Plug Power, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Plug Power wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $515,294!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,077,442!*
Now, it’s worth noting Stock Advisor’s total average return is 917% — a market-crushing outperformance compared to 185% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of April 2, 2026.
Leo Sun has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Walmart. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This Overlooked $2 Stock Could Be the Biggest Winner of the Market Selloff

Key Points
Plug Power’s stock trades 99% below its IPO price.
But its stock could finally bounce back as the hydrogen market expands.
Plug Power (NASDAQ: PLUG), a developer of hydrogen charging technologies, went public in 1999 at a reverse split-adjusted price of $150 per share. It trades at about $2 as of this writing.
Plug Power originally planned to build hydrogen charging systems for entire homes, but high expenses, regulatory hurdles, and weak consumer demand derailed that ambitious strategy. Today, it mainly sells hydrogen fuel cells, electrolyzers, and storage systems.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Its two largest customers are Amazon and Walmart, which use its fuel cells in their hydrogen-powered forklifts. It's already deployed more than 74,000 fuel cell systems worldwide at over 280 hydrogen-powered material handling sites across five continents, and it's ramping up green hydrogen production across the United States.
With a market cap of $3 billion, Plug Power trades at less than four times its projected sales for 2026. Therefore, I believe this out-of-favor stock might deliver some multibagger gains for investors who can tune out the noise and ride out the near-term volatility.
Plug Power is on the cusp of a turnaround
Plug Power grew rapidly in 2022 and 2023, but a lot of that growth was fueled by its acquisitions of two smaller cryogenic storage companies rather than its core businesses. In 2024, its revenue plunged as it lapped those acquisitions, and the macro headwinds drove many companies to pause their hydrogen charging projects. Its operating and net losses also widened as sales growth stalled, and its stock plummeted below $1 last year.
Metric
2022
2023
2024
2025
Revenue
$701 million
$891 million
$629 million
$710 million
Growth (YOY)
40%
27%
(29%)
13%
Operating Margin
(97%)
(151%)
(321%)
(207%)
Net Income (Loss)
($724 million)
($1.37 billion)
($2.10 billion)
($1.69 billion)
But in 2025, Plug's revenue rose 13%, and it narrowed its operating and net losses. That growth was driven by rising demand for green hydrogen and new hydrogen charging projects, even after the Trump Administration paused the Department of Energy's $1.7 billion loan guarantee (for the construction of up to six green hydrogen facilities) to the company last year.
To meet that growing demand, it's increasing green hydrogen production in Texas and Georgia as it builds a new hydrogen liquefaction plant in Louisiana through a joint venture with Olin. It's also aggressively cutting costs with its "Project Quantum Leap" initiative. All of these catalysts suggest it's on the cusp of a turnaround.
From 2025 to 2028, analysts expect its revenue to grow at an 18% CAGR to $1.17 billion. The company also expects its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to turn positive by the fourth quarter of 2026 as it tightens up its spending. Assuming Plug Power matches those estimates, continues to grow its revenue at a 15% CAGR through 2036, and trades at ten times sales, its stock could rise nearly 12 times over the next decade.
Should you buy stock in Plug Power right now?
Before you buy stock in Plug Power, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Plug Power wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $501,381!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,012,581!*
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*Stock Advisor returns as of March 31, 2026.
Leo Sun has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Walmart. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Investors Who Get In on Plug Power (PLUG) Now Could See Their Money Multiply

Plug Power (NASDAQ:PLUG) developer of hydrogen fuel cell systems for electric equipment and vehicles, closed Wednesday at $2.32, down 0.43%. The stock slipped alongside sector peers.
Trading volume reached 84.1 million shares, coming in 15% below its three-month average of 96.8 million shares. Plug Power IPO'd in 1999 and soared in the first few months of trading. It has fallen 99% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) fell 1.36% to 6,625, while the Nasdaq Composite (NASDAQINDEX:^IXIC) lost 1.46% to finish at 22,152. Among other hydrogen stocks, Bloom Energy (NYSE:BE) closed down 2.17% at $156.58 and Ballard Power Systems (NASDAQ:BLDP) fell 2.61% to end at $2.61.
What this means for investors
Today’s slight decline may be just a blip on Plug Power’s 25-year outlook. The company seems to be starting to turn things around. It has a new CEO in Jose Luis Crespo, and the stock has gained 24.73% in the past month. Its Q4 earnings beat analyst estimates.
However, in addition to potential liquidity challenges further down the road, Plug Power may face some legal issues. Several securities class action lawsuits have been filed against the firm, alleging it misrepresented activities related to a $1.66 billion Department of Energy loan. The lawsuits are not new, but a slew of legal press releases today and yesterday may have impacted the stock.
Investors who see opportunities in the new leadership and strategic shifts will be watching to see how these cases impact Plug Power’s recovery narrative.
Should you buy stock in Plug Power right now?
Before you buy stock in Plug Power, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Plug Power wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $508,877!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,115,328!*
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*Stock Advisor returns as of March 18, 2026.
Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stock Market Today, March 18: Plug Power's Rally Stalls Slightly

Key Points
Plug Power posted positive results on March 2.
Better high upside stocks exist.
It has been a tough year for Plug Power (NASDAQ: PLUG) stock. At one point, shares were down in value by nearly 20%. But in recent sessions, shares have recovered strongly. In fact, Plug Power stock outperformed the S&P 500 index by 7% last week alone.
What is behind the company's resurgence? One catalyst in particular is likely responsible. Every hydrogen stock investor will want to understand this news.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Plug Power just reported a surprisingly strong earnings report
On March 2 -- the start of Plug Power's stock price surge -- Plug Power reported fourth-quarter earnings, as well as full-year 2025 earnings. The results were, at least on the surface, impressive. In total last year, the company:
Surpassed $700 million in revenue, a 12.9% increase year over year
Achieved positive gross margins in the fourth quarter -- a huge win for a company used to posting large losses
Improved its liquidity position to pursue its 2026 growth initiatives
Plug Power's management team was emphatic about how strong its 2025 results were. "This past year marked a pivotal commercial inflection point for Plug," a press release for the company stressed. Several analysts also upgraded the stock and increased their price targets.
Does all this momentum make Plug Power stock a buy? Not so fast. Many of the analysts who upgraded the stock are still bearish on the company as a long-term investment, with price targets below the current trading price. And while positive gross margins are encouraging, the company still posted a net loss of $1.7 billion last year -- more than half its current market cap.
Meanwhile, most experts believe that hydrogen fuel's economic viability is still years or perhaps even decades away. Investors looking for high-risk, high-upside stocks are likely better off looking at next-gen nuclear stocks with more near-term adoption possibilities within high growth sectors like artificial intelligence (AI).
Oklo Inc. (NYSE: OKLO), for example, is developing small modular reactor (SMR) technologies that are tailored specifically for AI data center adoption. Oklo's facilities could deliver reliable base load power for decades without refueling. Hydrogen fuel systems like what Plug Power provides, meanwhile, need regular refueling, adding significant transportation complexity and costs, plus unforeseen opportunities for blackouts.
Oklo's market cap of $9 billion is higher than Plug Power's $3 billion valuation. But if you're looking to take a big swing at huge potential upside, SMR stocks like Oklo are the clear winners. Major tech firms and data center operators have already shown great interest in this emerging technology. Plug Power has also seen some traction in this regard, but the tech industry's interest in SMR technology seems much higher than for hydrogen-based solutions.
To be clear, both Oklo and Plug Power are speculative growth stocks. But from my perspective, SMR technology seems to be garnering more interest from higher-growth sectors like AI than hydrogen. Despite Plug Power's positive streak in recent trading sessions, I'm still steering clear.
Should you buy stock in Plug Power right now?
Before you buy stock in Plug Power, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Plug Power wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $514,000!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,105,029!*
Now, it’s worth noting Stock Advisor’s total average return is 930% — a market-crushing outperformance compared to 187% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of March 17, 2026.
Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Plug Power Stock Beat the Market by 7% Last Week

Analysts are expecting big things from Plug Power (NASDAQ: PLUG) in 2025. According to Wall Street consensus estimates, the hydrogen fuel specialist should boost sales by roughly 36% in 2025. And just earlier this month, Plug Power received a $1.66 billion loan guarantee from the federal government to "help finance the construction of up to six facilities across several states that will produce clean hydrogen utilizing the company's own electrolyzer technology."
In many ways, things are looking up for the company. But the share price tells another story. Over the past year, shares have lost around 25% of their value. The past few weeks have been particularly difficult, as the stock price has fallen well under the $3 mark.
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Is now the time to be contrarian and buy this embattled stock that's expected to have a rosy year ahead financially?
Three things every Plug Power investor should know
The first thing to understand is that the company's recent loan guarantee -- critical funding that will help it expand its hydrogen fuel system footprint -- was issued under the departing Biden administration. It's not clear that this loan guarantee will be continued by the new Trump administration.
The reason this is so critical is that Plug Power's business is very capital intensive. The company designs and manufactures equipment that contribute to facilities that cost hundreds of millions of dollars. This reality, and the fact that hydrogen fuel systems -- Plug Power's main technological focus -- still aren't cost competitive with fossil fuel alternatives, have produced consistent losses for the company, which management has backstopped using government funding and repeated stock sales.
So there are the first two things to be very mindful of now. Plug Power's recent loan guarantee win is far from guaranteed, yet the business will remain heavily reliant on such programs to stay financially viable.
The final thing to note is that, according to most experts, Plug Power's primary industry -- hydrogen power -- likely won't be cost competitive with alternatives for years, if not decades. From 2020 to 2030, for instance, McKinsey & Company projects total hydrogen demand to rise by just 40%. That's a compound annual growth rate of less than 5%. Most of hydrogen's demand growth, the firm believes, won't be realized for another decade, maybe two.
All of this is bad news for a company that has generated billions in losses over recent years. Over the past 12 months, the company has generated negative free cash flow of $1.3 billion, all while continuing to heavily dilute shareholders.
Over the last five days, however, Plug Power shares have lost another 30% of their value. Could the valuation finally be worth taking a risk on this struggling company?
This is my strategy for Plug Power stock
Some businesses aren't worth an investment at any price. For me, Plug Power meets this threshold. Will hydrogen be a mainstay in our future global economy? Due to "difficult to decarbonize" sectors like asphalt and concrete production, it's likely we'll see gradually growing demand for the fuel source. But any sizable demand growth won't occur this year, or even perhaps this decade. That's a problem for Plug Power considering it's generating massive losses today.
Even if the company boosts its sales by 36%, that won't be nearly enough to turn the company profitable. Hydrogen is an exciting industry to watch, but I'd stay away as an investor, even at today's discounted price. There's just too much risk that the company won't survive long-term. And even if it does, it'll come at a heavy price, like massive shareholder dilution.
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Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Should You Buy Plug Power Stock While It's Below $3?

Key Points
Plug Power's stock has fallen nearly 95% in the past five years.
Plug reported $5.5 million in gross profit in the fourth quarter of 2025.
I first purchased shares of Plug Power (NASDAQ: PLUG) nearly four years ago, back in the spring of 2022. Plug Power seemed to have a lot of potential, and the company's $14-per-share price felt quite reasonable for a long-term investor at the time. As of market close on March 9, Plug Power is barely hovering above $2. My position in Plug Power is down an excruciating 76%.
Overlooking red flags
I've always had a healthy risk appetite when it comes to high-risk green energy investments. I'm a believer and optimist that one day our world will run on clean forms of energy only. Also, like many before me, some good investments leading up to my purchase of Plug Power gave me an inflated sense of confidence and hubris that led to overlooking a few red flags.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Plug Power had an exciting narrative a few years ago. Government support, coupled with hype around green hydrogen, made the company look like the stock of the future. ESG and clean energy, in general, generated enormous enthusiasm in the first part of this decade.
What I overlooked was Plug's heavy cash burn and deeply negative margins. The company was growing revenue, but costs were mounting substantially. Plug's high overhead necessitated issuing more stock. Dilution is an investor's worst nightmare. Plug Powernow has nearly 1.4 billion shares outstanding. Since I purchased Plug Power stock, the number of issued shares has doubled.
Plug Power is now also facing a class action lawsuit alleging it misled and misrepresented its funding and ability to build hydrogen facilities. The case has not yet been resolved.
A new day for Plug Power
All this being said, I still have hope for Plug Power. I haven't had a reason to sell, so my shares sit in my portfolio at a fraction of their former value. Why do I have hope for Plug? First, because it recently appointed new leadership in Jose Luis Crespo, who was formerly the President and Chief Revenue Officer. Crespo took over as CEO on March 2. He's a proven and effective sales leader.
Secondly, the company is showing signs of a potential turnaround. Plug Power announced an internal initiative called Project Quantum Leap early last year. The goal was to take decisive steps to improve margins and cash flows. To achieve the desired results, Plug Power is focusing on operations optimization, workforce streamlining, facilities consolidation, and pricing increases according to its latest quarterly report.
So far, the initiative seems to be working. In the fourth quarter of 2025, Plug Power reported $5.5 million in gross profit and a 2.4% gross margin. This profit stands in stark contrast to the (122.5%) margin reported in the fourth quarter of 2024.
Plug Power still has a long way to go, but with new leadership and a renewed focus on strong business fundamentals, perhaps I'll make good on my investment someday. The costly lesson I learned was not to get swept up in stories or narratives while ignoring clear red flags in the financials. A good investor is focused on a business's fundamentals, not just hope.
Should you buy stock in Plug Power right now?
Before you buy stock in Plug Power, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Plug Power wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $522,791!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,132,678!*
Now, it’s worth noting Stock Advisor’s total average return is 952% — a market-crushing outperformance compared to 191% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of March 11, 2026.
Catie Hogan has positions in Plug Power. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Buying Plug Power Taught Me a Costly Lesson

Key Points
Plug Power generated a top-and-bottom-line beat in its most recent quarterly results.
It reached a milestone in 2025, with its top line eclipsing $700 million for the first time.
Questions about long-term profitability, however, are likely to weigh on the stock.
The world's energy needs are only going up, thanks in large part to the growing demand for all things related to artificial intelligence (AI), including chatbots, models, and next-gen products and services. Growth-oriented investors have been targeting energy stocks in anticipation of the demand.
One polarizing stock to own in recent years has been Plug Power (NASDAQ: PLUG). The hydrogen fuel cell company can help offer solutions to rising energy needs. However, with poor financial results in the past, investors have been worried about its long-term viability. It has cratered a whopping 95% in just five years.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
But with the company recently reporting some impressive quarterly results, has Plug Power shown that it's on the right track, and that it's safe to buy the energy stock?
Plug Power delivers solid numbers in Q4
On March 2, Plug Power reported its quarterly results for the last three months of 2025. The company's sales came in at $225.2 million, which was better than analyst expectations of $217 million. And on the bottom line, its adjusted per-share loss was $0.06 was not as bad as the $0.10 loss that Wall Street was anticipating.
It was a strong performance for the company, which gave shares of Plug Power a boost, as they went from $1.81 before earnings to as high as $2.50 a couple of days later. While the energy stock has given back some gains since then, it is on a much more positive trajectory nonetheless.
Why the stock is still a highly risky option for investors
An earnings beat, especially on both the top and bottom lines, is a great result for Plug Power, and it has certainly helped move the stock. But when it comes to long-term investing, it's the big picture that matters most, not how a company does from one quarter to the next.
And this is why Plug Power is still a risky investment. The company experienced some decent growth in 2025 with its full-year revenue rising by 13% and reaching a new record of $710 million, but the lack of profitability remains a big concern. Plus, the company is still burning through cash, calling into question the sustainability and safety of the stock over the long term.
Plug Power may have some promising growth opportunities as the world's energy needs continue to grow, but without a clear path to profitability, investors should tread carefully with the stock. Although its valuation is a fraction of what it was five years ago, that doesn't make it a safer buy. Unless you have a high risk tolerance, you're likely better off avoiding Plug Power and seeking out safer growth investments instead.
Should you buy stock in Plug Power right now?
Before you buy stock in Plug Power, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Plug Power wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $530,233!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,119,682!*
Now, it’s worth noting Stock Advisor’s total average return is 955% — a market-crushing outperformance compared to 191% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

After Beating Expectations in Q4, Is It Safe to Buy Plug Power Stock?

Key Points
Plug Power stock has been a value sink for shareholders over the past three decades.
There are signs that Plug's cost-savings initiative is yielding legitimate results.
Plug stock isn't a buy, but the company is definitely worth watching closely in 2026.
Since its debut on public markets, Plug Power (NASDAQ: PLUG) stock has sparked excitement among those who recognized the company as an early leader in the burgeoning fuel cell and hydrogen industry. Over the past three decades, though, Plug's shares have vastly underperformed the S&P 500 (SNPINDEX: ^GSPC), and for a long time, I've been doubtful that the stock's trajectory would reverse.
But some of the company's recent developments have motivated me to reconsider my position. I'm not ready to add Plug stock to my buy list just yet, though I am thinking more deeply about it for a couple of reasons.
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This C-suite change is A-1 in my book
The first week of March marked a significant change in Plug's history: Andy Marsh stepped down as chief executive officer (CEO), and Jose Luis Crespo took the helm. While Marsh deserved credit for some of the company's accomplishments since 2008, on balance, shareholders have not benefited from his tenure.
From the time of his appointment as CEO on April 8, 2008, to March 1, 2026, when he stepped down, Plug stock plummeted 95%. If you had invested $1,000 upon Marsh's hiring as CEO, you'd only be looking at $50 left of your investment. With Crespo now serving as CEO, there's new hope for shareholders.
Profits are coming into focus -- kinda, sorta
Plug hasn't achieved the same sort of success as its fuel-cell peer Bloom Energy, which is now consistently generating gross profits and operating cash flow -- two things that remain elusive for Plug -- but it's making some progress.
Over the past year, Plug has implemented Project Quantum Leap to reduce costs and improve cash flow. It seems to be working. Plug recently reported fourth-quarter 2025 financial results, featuring a gross profit of $5.5 million, a substantial reversal from the $233 million gross loss it reported in the same period last year. Plus, management stated the company is on track to achieve its target of attaining positive earnings before interest, taxes, depreciation, amortization, and share-based expense (EBITDAS) by the fourth quarter of 2026.
Next steps to take before plugging Plug stock into your portfolio
While there are some reasons to believe that Plug stock represents a less speculative investment than it had been just a few months ago, it's still too soon to declare that it's out of the woods. The company has projected achieving positive EBITDAS for more than a decade. The current forecast is nothing new, however, and there's still ample risk with a Plug investment. Cautious investors with eyes on Plug stock should look for the company to continue reducing its losses as validation of its turnaround. And if Plug succeeds in achieving its target of breaking even on an EBITDAS basis at the end of 2026, it would be a bright green flag that the company is proceeding in the right direction.
For those who are more earnest about exposure to the hydrogen industry, however, there are fortunately other hydrogen stocks that are more compelling buys right now.
Should you buy stock in Plug Power right now?
Before you buy stock in Plug Power, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Plug Power wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $534,008!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,090,073!*
Now, it’s worth noting Stock Advisor’s total average return is 949% — a market-crushing outperformance compared to 190% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of March 9, 2026.
Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

I've Been a Plug Power Bear for Years, but That May Soon Be Changing

Key Points
Investors in Plug Power can expect more share dilution.
Plug Power, however, has finally turned a positive gross profit.
It expects to become fully profitable by 2028 under the new CEO's leadership.
Plug Power's (NASDAQ: PLUG) performance so far in 2026 has been a classic financial see-saw. After kicking off the year on a strong note on the back of high expectations for its green hydrogen roadmap, the hydrogen stock gave back all those early gains in February ahead of earnings, dropping 15.4% in the month, according to data provided by S&P Global Market Intelligence.
Turns out, Plug Power's numbers more than impressed investors, and the stock is flying higher again in March.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Why Plug Power stock fell in February
Something caught investors' attention in early February. On Feb. 5, Plug Power adjourned a special meeting of shareholders after failing to obtain the necessary votes to pass critical proposals, including one to increase the authorized shares to avoid a reverse stock split.
Eventually, though, shareholders approved the proposal on Feb. 12, which means Plug Power can now double its authorized share count to raise money. That, however, will also dilute existing shareholder value, a persistent sore point for investors in Plug Power.
With Plug Power also posting huge losses quarter after quarter and burning cash rapidly, investors remained on the sidelines until the company reported its fourth-quarter and full-year 2025 results on March 6.
Is Plug Power stock a buy now?
Shares of Plug Power have risen nearly 14% in March, as of this writing. The hydrogen fuel cell maker reported 17.6% revenue growth in the fourth quarter and its first-ever positive gross profit of $5.5 million.
Investors see that positive gross margin as proof of success for Project Quantum Leap, the company's restructuring plan that was launched to streamline operations and cut costs. To top that, Plug Power's annual cash burn dropped by 26.5%, providing a glimmer of financial discipline that has been missing for years and giving investors a reason to reconsider investing in the languishing stock.
The rally in Plug Power stock is also being fueled by a change in command, with new CEO Jose Luis Crespo taking charge on March 2. Crespo has a bold vision for Plug Power, targeting a positive operating income by the end of 2027 and "full" profitability by the end of 2028.
While an unexpectedly strong showing in the fourth quarter and a new leader are encouraging signs and have injected fresh life into Plug Power stock, Crespo's targets still look ambitious for a company that hasn't been able to turn a profit in more than two decades of its existence.
Can Crespo turn Plug Power's fortunes around? Investors may want to wait some quarters to see how things progress before betting on Plug Power stock.
Should you buy stock in Plug Power right now?
Before you buy stock in Plug Power, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Plug Power wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $534,008!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,090,073!*
Now, it’s worth noting Stock Advisor’s total average return is 949% — a market-crushing outperformance compared to 190% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of March 9, 2026.
Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Plug Power, Inc.

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