‘We're Delivering Real Progress Toward Profitability:' Is Plug Power Stock a Buy, Sell, or Hold After Earnings?
Plug Power (PLUG) sits right at the center of this shift, building hydrogen fuel cells and the infrastructure to move hydrogen from production to end use, like forklifts, backup generators, and large-scale industrial systems. Plug aims to drive the hydrogen economy forward. But despite its bold vision, profitability has remained elusive, and 2025 has been brutal for the stock.
But with its first-quarter results ready to digest, let's see if the months ahead could be better for PLUG.
About Plug Power Stock
Plug Power (PLUG), founded in 1997 and based in Latham, New York, is a key player in the hydrogen energy space. The company designs and manufactures hydrogen fuel cell systems and infrastructure, targeting the material handling and stationary power markets.
Focused on PEM fuel cell and hybrid technologies, Plug delivers end-to-end clean energy solutions - from hydrogen production and storage to fueling and power generation. Its product suite - GenDrive, GenFuel, GenCare, ReliOn, and GenKey - supports major industrial clients seeking to replace traditional batteries with hydrogen-powered alternatives. Plug's market cap currently stands at $880 million.
PLUG stock has been in the trenches. Shares are down 65% over the past 52 weeks and 58% in 2025 alone. But late April flipped the script. A fresh $525 million loan and upbeat preliminary Q1 numbers sent shares rocketing over 25% in a single day. It was a rare spark in a long stretch of red.
With hydrogen demand climbing and clean energy in focus, Plug's rally hit at just the right moment.
Plug Power Reports Wider Loss Than Expected
Plug Power reported its first-quarter results on Monday, May 12. Revenue of $133.7 million was up 11% year-over-year and beat the consensus estimate for revenue of $132.2 million. And although its loss per share of $0.21 missed the consensus estimate for a loss of $0.19, it reflected a dramatic improvement from a loss of $0.46 in the year-ago quarter.
As CEO Andy Marsh said on the earnings call, Plug Power is deliving 'real progress toward profitability,' a feat that has eluded the company since its founding.
On that note, the company shared that it launched 'Project Quantum Leap' in Q1 with the goal of achieving $200 million in annualized savings. Net cash used in operating activities declined to $152.1 million in the quarter from $288.3 million last year.
'In 2025, we are focused on three core areas: material handling, electrolyzers, and hydrogen supply. These are the businesses where Plug holds competitive advantages – and where we believe we can deliver the most meaningful impact for our customers and investors.'
Looking ahead, Plug is targeting Q2 revenue between $140 million and $180 million. A key driver of improved performance will likely be its new Louisiana hydrogen plant, which it says it remains focused on leveraging. Analysts are guiding for a loss per share of $0.17 in Q2, a more than 50% improvement year-over-year.
What Do Analysts Expect for Plug Power Stock?
Plug Power's turnaround is catching attention. The stock has a consensus 'Hold' rating overall. Of the 25 analysts covering the stock, six recommend a 'Strong Buy,' 14 suggest a 'Hold,' and the remaining five have a 'Strong Sell' rating.
More excitingly, the stock's mean price target of $2.25 suggests that it could rally as much as 150% from the current price levels. The Street-high of $5 implies potential upside of 455%.
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National Post
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See 'Non-GAAP Financial Measure' and the reconciliation of such measure to the most comparable IFRS figure below. Article content The Strategic Transaction with CC Capital Article content On April 3, 2025, CC Capital Partners, LLC ('CC Capital') and the Company completed its previously announced transaction whereby an affiliate of CC Capital made a significant investment into the Company (the 'Strategic Transaction') as described further in the Company's June 30, 2025 MD&A (as filed on SEDAR+ at Through April 2, 2025, the Company qualified as an investment entity under IFRS and used fair value as the key measure to monitor and evaluate its primary investments. As a result of the Strategic Transaction, the Company transformed from an investment entity into an operating entity and for all reporting periods after April 3, 2025, the financial statements of the Company will be reported on the basis of the Company being an operating entity. 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Fox was trying to hold on to viewers who were angry at the network for saying Biden had won the election. Fox said it was covering a newsworthy story. It accuses the London-based company, which had only Los Angeles County as a client for the 2020 election, of exaggerating its claims of damages in the hope of receiving a financial windfall. Maria Bartiromo, Lou Dobbs and Jeanine Pirro From left: Maria Bartiromo in 2016, Lou Dobbs in 2017, Jeanine Pirro in 2015. (AP) Pirro now working in the second Trump administration The focus on Pirro is noteworthy because the former Fox personality now serves in Trump's second administration as U.S. attorney in Washington, D.C. Smartmatic, relying on emails and text messages revealed as part of the case, said Pirro was using her position as a Fox host in 2020 to help Trump and persuade him to pardon her ex-husband, Albert Pirro, who was convicted of conspiracy and tax evasion. Trump pardoned him before leaving office in 2021. In a text to then-Republican National Committee chairwoman Ronna McDaniel in September 2020, Pirro said, 'I'm the No. 1 watched show on news cable all weekend. I work so hard for the President and the party,' Smartmatic said in court papers. One of her own producers, Jerry Andrews, called Pirro a 'reckless maniac,' Smartmatic said. He texted after one of her shows in November that it was 'rife (with) conspiracy theories and bs and is yet another example of why this woman should never be on live television.' The court papers said Pirro also suggested 'evidence' of supposed fraud to Trump lawyer Sidney Powell that she could use on a television appearance — material that also was spread by Bartiromo. Bartiromo still works at Fox, and in 2020 had shows on both the news channel and Fox Business Network. The court papers uncovered messages showing her desire to help Trump: 'I am very worried. Please please please overturn this. Bring the evidence, I know you can,' she texted to Powell. Dobbs, whose business show was canceled by Fox in February 2021, texted to Powell four days after the election, saying 'I'm going to do what I can to help stop what is now a coup d'etat in (its) final days — perhaps moments," a reference to Biden's victory. Dobbs died in 2024. U.S. Attorney for the District of Columbia Jeanine Pirro speaks during a newss conference first about the indictment of an alleged Haitian gang leader and then about murders in Washington in 2024 and 2025, Tuesday, Aug. 12, 2025, at the U.S. Attorney... U.S. Attorney for the District of Columbia Jeanine Pirro speaks during a newss conference first about the indictment of an alleged Haitian gang leader and then about murders in Washington in 2024 and 2025, Tuesday, Aug. 12, 2025, at the U.S. Attorney's office in Washington. (AP Photo/Jacquelyn Martin) A central figure in Fox's 'pivot' Smartmatic portrayed Pirro as a central figure in Fox's 'pivot' to deemphasize Biden's victory because it angered Trump fans. Instead, the network found that ratings jumped whenever claims of election fraud were discussed, it said. As in the Dominion case, the discovery process helped Smartmatic find messages and statements that seem embarrassing in retrospect. For example, in early December, Fox's Jesse Watters texted colleague Greg Gutfeld that 'Think of how incredible our ratings would be if Fox went ALL in on STOP THE STEAL.' Fox, in a response to the newly-revealed court papers, pointed to an ongoing corruption case involving Smartmatic and its executives, including a claim by federal prosecutors that it used money from the sale of voting machines to set up a 'slush fund' for bribing foreign officials. 'The evidence shows that Smartmatic's business and reputation were badly suffering long before any claims by U.S. President Trump's lawyers on Fox News and that Smartmatic grossly inflated its damage claims to generate headlines and chill free speech,' Fox said. 'Now, in the aftermath of Smartmatic's executives getting indicted for bribery charges, we are eager and ready to continue defending our press freedoms.' Smartmatic has already settled similar defamation claims against Newsmax and One America News Network in relation to their post-2020 election coverage. ___ David Bauder writes about the intersection of media and entertainment for the AP. Follow him at and David Bauder, The Associated Press
