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Globe and Mail
21 hours ago
- Business
- Globe and Mail
Plug Power Second Quarter 2025 Highlights
• Execution on Project Quantum Leap helps accelerate business sales growth and financial performance • Q2 revenue up 21% year-over-year, driven by broad hydrogen demand LATHAM, N.Y., Aug. 11, 2025 (GLOBE NEWSWIRE) -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced its financial results and operational milestones for the second quarter ended June 30, 2025. Revenue Growth and Run Rate Momentum Plug reported $174 million in Q2 revenue, a 21% increase versus Q2 2024, driven by robust demand for its GenDrive fuel cells, GenFuel hydrogen infrastructure, and GenEco electrolyzer platforms. Electrolyzer revenue tripled year-over-year, reaching ~$45 million in Q2, as the business scales globally. Gross Margin, Operating Expenses, and Cash Flow Improvements Gross margin for Q2 2025 improved significantly to -31% from -92% in Q2 2024, a result of service cost reductions, equipment cost improvements, and improved hydrogen pricing. Continued execution of Project Quantum Leap delivered cost structure gains through: Optimization of the workforce Consolidation of facilities Reduction in professional services and software costs Renegotiated supply contracts, including a new hydrogen gas agreement expected to lower molecule cost in H2 2025 and onward The second quarter had approximately $80 million in non-cash charges largely associated with Project Quantum Leap. This compares to approximately $6 million in Q2 2024 for similar activities. Cash Flow and Liquidity Net cash used in operating and investing activities declined over 40% year-over-year. Plug exited Q2 with over $140 million in unrestricted cash and cash equivalents, and a platform to access over $300 million in additional debt capacity from the Company's secured debt facility. The Company is also positioned to benefit from monetization of tax credits under Sections 45V and 48E. Strategic and Market Highlights GenEco Electrolyzer Growth and Global Expansion Over 230 megawatts of GenEco electrolyzer programs are currently being mobilized across Europe, Australia, and North America, reflecting strong global demand and Plug's leadership in delivering industrial-scale hydrogen solutions. In April, Plug's Georgia hydrogen plant set a U.S. production record using GenEco systems — a milestone that demonstrates the scalability, reliability, and cost-effectiveness of our technology, underscoring Plug's ability to execute at scale and deliver high-volume, dependable hydrogen powered by GenEco electrolyzers. The GenEco electrolyzer sales funnel remains exceptionally strong, with additional customer commitments expected this year and multiple large-scale projects moving toward final investment decisions in 2026. Plug is also pursuing pre-FID agreements to secure long-term value earlier in the development cycle, reinforcing our leadership position in the global electrolyzer market. Strengthened Hydrogen Supply and Customer Confidence A major hydrogen supply agreement was extended with improved economics, supporting better margins in the second half. GenEco has become the electrolyzer platform of choice for industrial-scale applications in oil refining, chemicals, mining, semiconductors, steel, cement and more. Positioned for Growth in GenDrive Material Handling The extension of the Investment Tax Credit (ITC) through 2026 is stimulating customer demand for Plug's GenDrive fuel cells for material handling solutions. The Company expects this momentum to drive new bookings in the second half of 2025, setting the stage for significant growth in 2026. Advancing Plug's Energy Transition business with Proven Expertise Plug's Energy Transition business is gaining traction as the Company leverages its expertise in skid packaging and liquefier technology to support customers in industries including renewable diesel and sustainable aviation fuel (SAF). This capability is expected to open new revenue opportunities in the second half of 2025. Tax Credit Clarity Helps Accelerate Growth The passage of the One Big Beautiful Bill in July was a major policy win, solidifying the Section 45V Clean Hydrogen Production Tax Credit and the Section 48E Investment Tax Credit: 30% ITC for qualified fuel cell properties (2026–2032) Preservation of the PTC with direct pay and transferability for hydrogen projects beginning construction before 2028 Focus on Gross Margin Neutrality Plug expects to achieve gross margin breakeven on a run-rate basis in Q4 2025. Continued cost discipline, enhanced service execution, and scale benefits from GenEco deployments positions the Company to achieve this goal. Earnings Call Details Date: August 11, 2025 Time: 4:30 PM ET Dial-In: 877-407-9221 / +1 201-689-8597 Webcast: A live webcast will be available on the Plug Investor Relations website at and a playback will be available online for a period of time following the call. About Plug Plug Power is building the global hydrogen economy with a fully integrated ecosystem spanning production, storage, delivery, and power generation. A first mover in the industry, Plug Power provides electrolyzers, liquid hydrogen, fuel cell systems, storage tanks, and fueling infrastructure to industries such as material handling, industrial applications and energy producers—advancing energy independence and decarbonization at scale. With electrolyzers deployed across five continents, Plug Power leads in hydrogen production, delivering large-scale projects that redefine industrial power. The company has deployed over 72,000 fuel cell systems and 275 fueling stations and is the largest user of liquid hydrogen. Plug Power is rapidly expanding its generation network to ensure a reliable, domestically produced hydrogen supply. With plants operational in Georgia, Tennessee, and Louisiana, Plug Power's total production capacity is now 40 tons per day. Plug Power supports global leaders like Walmart, Amazon, Home Depot, BMW, and BP through its talented workforce and state-of-the-art manufacturing facilities around the world. For more information, visit Safe Harbor This communication contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about Plug, including but not limited to statements about Project Quantum Leap and the anticipated benefits from the implementation of such initiative; Plug's expectations regarding its financial profile and market outlook, including its estimated gross margins and the expected timing to break even on a run-rate basis; Plug's ability to deliver on its business and strategic objectives, including its expectations regarding its sales growth, gross margin, cash utilization, access to capital and working capital performance; Plug's expectations regarding its hydrogen production network and its ability to leverage its platform and reduce third-party fuel costs; Plug's expectations regarding benefits of the Section 45V Clean Hydrogen Production Tax Credit and the Section 48E Investment Tax Credit; and Plug's ability to advance financing initiatives which will support long-term capital efficiency. You are cautioned that such statements should not be read as a guarantee of future performance or results as such statements are subject to risks and uncertainties. Actual performance or results may differ materially from those expressed in these statements as a result of various factors, including, but not limited to, the following: the anticipated benefits and actual savings and costs resulting from Project Quantum Leap; the risk that Plug's ability to achieve its business objectives and to continue to meet its obligations is dependent upon its ability to maintain a certain level of liquidity, which will depend in part on its ability to manage its cash flows; the risk that the funding of the Department of Energy loan may be delayed or cancelled; the risk that Plug may continue to incur losses and might never achieve or maintain profitability; the risk that Plug may not be successful in its financing initiatives and not have sufficient capital to continue its operations; the risk that Plug may not be able to expand its business or manage its future growth effectively; the risk that global economic uncertainty, including inflationary pressures, fluctuating interest rates, currency fluctuations, increase in tariffs, and supply chain disruptions, may adversely affect Plug's operating results; the risk that Plug may not be able to obtain from its hydrogen suppliers a sufficient supply of hydrogen at competitive prices or the risk that Plug may not be able to produce hydrogen internally at competitive prices; the risk that delays in or not completing its product and project development goals may adversely affect its revenue and profitability; the risk that its estimated future revenue may not be indicative of actual future revenue or profitability; the risk of elimination, nonrenewal, reduction of, or changes in qualifying criteria for government subsidies and economic incentives for alternative energy products, including Plug's qualification to utilize the PTC and ITC; the risk that volatility in commodity prices and product shortages may adversely affect Plug's gross margins and financial results; and the risk that Plug may not be able to manufacture and market products on a profitable and large-scale commercial basis. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Plug in general, see Plug's public filings with the Securities and Exchange Commission, including the 'Risk Factors' section of Plug's Annual Report on Form 10-K for the year ended December 31, 2024, Plug's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 as well as any subsequent filings. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made as of the date hereof and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Plug disclaims any obligation to update forward-looking statements except as may be required by law. (In thousands, except share and per share amounts) (Unaudited) June 30, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 140,736 $ 205,693 Restricted cash 195,443 198,008 Accounts receivable, net of allowance of $42,384 as of June 30, 2025 and $37,712 as of December 31, 2024 138,743 157,244 Inventory, net 643,926 682,642 Contract assets 97,714 94,052 Prepaid expenses, tax credits, and other current assets 113,435 139,845 Total current assets 1,329,997 1,477,484 Restricted cash $ 540,622 $ 637,008 Property, plant, and equipment, net 910,144 866,329 Right of use assets related to finance leases, net 55,017 51,822 Right of use assets related to operating leases, net 215,310 218,081 Equipment related to power purchase agreements and fuel delivered to customers, net 129,456 144,072 Contract assets 23,125 23,963 Intangible assets, net 81,043 84,660 Investments in non-consolidated entities and non-marketable equity securities 46,196 85,494 Other assets 22,870 13,933 Total assets $ 3,353,780 $ 3,602,846 — Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 152,060 $ 180,966 Accrued expenses 105,173 103,145 Deferred revenue and other contract liabilities 107,063 144,093 Operating lease liabilities 72,478 71,250 Finance lease liabilities 14,147 12,802 Finance obligations 81,368 83,129 Current portion of convertible debt instruments, net 145,318 58,273 Current portion of long-term debt (of which $64,000 was measured at fair value as of June 30, 2025 and $0 was measured at fair value as of December 31, 2024) 64,936 946 Contingent consideration, loss accrual for service contracts, and other current liabilities (of which $25,017 was measured at fair value as of June 30, 2025 and $28,954 was measured at fair value as of December 31, 2024) 93,223 93,885 Total current liabilities 835,766 748,489 — — Deferred revenue and other contract liabilities $ 40,624 $ 58,532 Operating lease liabilities 227,319 242,148 Finance lease liabilities 22,471 22,778 Finance obligations 228,609 264,318 Convertible debt instruments, net (of which $173,150 was measured at fair value as of December 31, 2024) — 321,060 Long-term debt (of which $133,861 was measured at fair value as of June 30, 2025 and $0 was measured at fair value as of December 31, 2024) 135,325 1,932 Contingent consideration, loss accrual for service contracts, and other liabilities (of which $16,913 was measured at fair value as of June 30, 2025 and $31,792 was measured at fair value as of December 31, 2024) 99,706 135,833 Total liabilities 1,589,820 1,795,090 — Stockholders' equity: Common stock, $.01 par value per share; 1,500,000,000 shares authorized; Issued (including shares in treasury): 1,165,714,048 as of June 30, 2025 and 934,126,897 as of December 31, 2024 $ 11,658 $ 9,342 Additional paid-in capital 8,789,434 8,430,537 Accumulated other comprehensive income/(loss) 3,478 (2,502) Accumulated deficit (7,018,200) (6,594,445) Less common stock in treasury: 18,494,066 as of June 30, 2025 and 20,230,043 as of December 31, 2024 (105,304) (108,795) Total Plug Power Inc. stockholders' equity 1,681,066 1,734,137 Non-controlling interest 82,894 73,619 Total stockholders' equity 1,763,960 1,807,756 Total liabilities and stockholders' equity $ 3,353,780 $ 3,602,846 Plug Power Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In thousands, except share and per share amounts) (Unaudited) Three months ended Six months ended June 30, June 30, 2025 2024 2025 2024 Net revenue: Sales of equipment, related infrastructure and other $ 99,173 $ 76,788 $ 162,679 $ 145,083 Services performed on fuel cell systems and related infrastructure 16,367 13,034 33,241 26,057 Power purchase agreements 23,633 19,674 46,843 37,978 Fuel delivered to customers and related equipment 34,399 29,887 63,856 48,173 Other 398 3,967 1,025 6,323 Net revenue $ 173,970 $ 143,350 $ 307,644 $ 263,614 Cost of revenue: Sales of equipment, related infrastructure and other 117,280 129,911 191,836 265,036 Services performed on fuel cell systems and related infrastructure 9,996 13,730 24,458 26,687 (Benefit)/provision for loss contracts related to service (10,832) 16,484 (1,944) 32,229 Power purchase agreements 45,272 54,312 95,204 109,540 Fuel delivered to customers and related equipment 65,636 58,317 124,990 116,890 Other 83 1,851 426 3,562 Total cost of revenue $ 227,435 $ 274,605 $ 434,970 $ 553,944 Gross loss $ (53,465) $ (131,255) $ (127,326) $ (290,330) Operating expenses: Research and development 12,193 18,940 29,550 44,220 Selling, general and administrative 87,893 85,144 168,732 163,103 Restructuring 2,964 1,629 20,118 7,640 Impairment 20,599 3,937 21,663 4,221 Change in fair value of contingent consideration (168) 3,768 (11,987) (5,432) Total operating expenses $ 123,481 $ 113,418 $ 228,076 $ 213,752 Operating loss (176,946) (244,673) (355,402) (504,082) Interest income 5,845 7,795 10,998 17,072 Interest expense (15,938) (9,511) (27,424) (20,836) Other income/(expense), net 3,817 (9,080) 5,107 (16,076) Loss on extinguishment of convertible debt instruments and debt (5,475) — (9,127) (14,047) Change in fair value of convertible debenture 9,240 — 1,902 — Change in fair value of debt (3,408) — (3,408) — Loss on equity method investments (45,850) (7,240) (48,220) (20,353) Loss before income taxes $ (228,715) $ (262,709) $ (425,574) $ (558,322) Income tax (expense)/benefit (12) 376 (12) 213 Net loss $ (228,727) $ (262,333) $ (425,586) $ (558,109) Net loss attributable to non-controlling interest $ (1,628) $ — $ (1,831) $ — Net loss attributable to Plug Power Inc. $ (227,099) $ (262,333) $ (423,755) $ (558,109) Net loss per share attributable to Plug Power Inc.: Basic and diluted $ (0.20) $ (0.36) $ (0.41) $ (0.81) Weighted average number of common stock outstanding 1,126,627,283 736,848,684 1,036,697,246 688,900,904 Plug Power Inc. and Subsidiaries (In thousands) (Unaudited) Six months ended June 30, 2025 2024 Operating activities Net loss $ (425,586) $ (558,109) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation of long-lived assets 24,910 34,603 Amortization of intangible assets 4,008 9,434 Lower of cost or net realizable value inventory adjustments and provision for excess and obsolete inventory 21,166 53,359 Stock-based compensation 24,167 40,013 Loss on extinguishment of convertible debt instruments and debt 9,127 14,047 Provision/(recoveries) for losses on accounts receivable 4,672 (1,313) Amortization of premium of debt issuance costs on convertible debt instruments and long-term debt (214) (718) Provision for common stock warrants 18,599 10,327 Deferred income tax benefit — (213) Impairment 21,663 4,221 (Recovery)/loss on service contracts (25,806) 7,292 Change in fair value of contingent consideration (11,987) (5,432) Lease origination costs — (2,467) Change in fair value of convertible debenture (1,902) — Change in fair value of debt 3,408 — Loss on equity method investments 48,220 20,353 Changes in operating assets and liabilities that provide/(use) cash: Accounts receivable 13,829 55,261 Inventory 16,356 (11,925) Contract assets (5,210) (2,897) Prepaid expenses and other assets 41,691 (20,864) Accounts payable, accrued expenses, and other liabilities (4,077) (15,818) Payments of contingent consideration (8,341) (9,164) Payments of operating lease liability, net (11,133) — Deferred revenue and other contract liabilities (54,938) (42,456) Net cash used in operating activities $ (297,378) $ (422,466) Investing activities Purchases of property, plant and equipment (79,069) (193,923) Purchases of equipment related to power purchase agreements and equipment related to fuel delivered to customers (7,409) (11,022) Cash paid for non-consolidated entities and non-marketable equity securities (838) (63,713) Net cash used in investing activities $ (87,316) $ (268,658) Financing activities Payments of contingent consideration — (1,836) Proceeds from public and private offerings, net of transaction costs 276,192 572,120 Payments of tax withholding on behalf of employees for net stock settlement of stock-based compensation (207) (602) Contributions by non-controlling interest 750 — Proceeds from exercise of stock options — 67 Principal payments on convertible debentures (185,962) — Proceeds from debt issuance 199,500 — Premium on principal of convertible debenture settled in cash (3,832) — Principal payments on long-term debt (688) (685) Cash paid for closing fees related to DOE loan guarantee (13,414) — Principal repayments of finance obligations and finance leases (46,275) (42,313) Net cash provided by financing activities $ 226,064 $ 526,751 Effect of exchange rate changes on cash (5,278) 14,135 Decrease in cash and cash equivalents (64,957) (72,674) Decrease in restricted cash (98,951) (77,564)
Yahoo
25-07-2025
- Business
- Yahoo
Plug Power's Equipment Weakness Grows: What's the Road Ahead?
Plug Power Inc. PLUG is experiencing increasing challenges across several of its core product categories. In the first quarter of 2025, the company reported a 7% year-over-year decrease in revenues from equipment, related infrastructure and other demand for PLUG's key product offerings, including hydrogen infrastructure, cryogenic equipment, fuel cell systems (GenDrive) and engineered oil and gas equipment, resulted in the decline in revenues. In the quarter, hydrogen infrastructure revenues dropped $6.6 million owing to only one hydrogen site installation being completed compared with three in the same period last unit sales also fell significantly, with 848 units sold in the quarter compared with 1,298 a year ago, leading to a $2.3 million revenue reduction. Cryogenic equipment sales were negatively impacted by slower progress on projects that are nearing completion. Engineered oil and gas equipment sales, acquired through the Frames acquisition, also declined $2.7 in January 2025, Plug Power signed a three-gigawatt (GW) agreement with Allied Green Ammonia in Australia which reflects rising global demand for green hydrogen. If sustained, this momentum could help offset the softness in PLUG's legacy products and reshape its long-term growth trajectory. Snapshot of Plug Power's Peers Among its major peers, Flux Power Holdings, Inc. FLUX reported revenues of $16.7 million in the third quarter of fiscal 2025. Flux Power's total revenues increased 16% year over year, driven by strong demand in both material handling and ground support markets. Flux Power continues to expand its lithium-ion energy storage solutions and SkyEMS software the first quarter of 2025, PLUG's another peer, Bloom Energy Corporation's BE product and service revenues rose 26.5% year over year. Bloom Energy's total revenues surged 38.6% year over year. The growth was fueled by robust demand for Bloom Energy's solid oxide fuel cell systems and expanding adoption of hydrogen-capable solutions. The Zacks Rundown for PLUG Shares of Plug Power have lost 16.9% in the year-to-date period against the industry's growth of 13.5%. Image Source: Zacks Investment Research From a valuation standpoint, Plug Power is trading at a forward price-to-earnings ratio of a negative 3.89X against the industry average of 23.08X. PLUG carries a Value Score of F. Image Source: Zacks Investment Research The Zacks Consensus Estimate for PLUG's bottom line for second-quarter 2025 has increased in the past 60 days. Image Source: Zacks Investment Research The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Plug Power, Inc. (PLUG) : Free Stock Analysis Report Flux Power Holdings, Inc. (FLUX) : Free Stock Analysis Report Bloom Energy Corporation (BE) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24-07-2025
- Business
- Yahoo
Is Plug Power Stock a Buy Now?
Key Points Plug Power is a key player in the hydrogen economy, developing an end-to-end ecosystem that includes fuel cells, electrolyzers, and hydrogen infrastructure. The company serves major clients, including Amazon and Walmart, and operates hydrogen production plants in Tennessee and Georgia. Plug Power has never recorded a full-year net profit since its initial public offering, and it has significantly diluted its shareholders' interests over that time. These 10 stocks could mint the next wave of millionaires › Plug Power (NASDAQ: PLUG) appears to be a trailblazer in the hydrogen economy, boasting a diverse portfolio of technologies including fuel cells, electrolyzers, and hydrogen infrastructure. The company's vision of a decarbonized future has garnered considerable attention. However, ambition alone does not guarantee success, and the company has a long history of underdelivering for investors. If you're considering scooping up Plug Power stock, here's what you should know first. Plug Power's ambitious end-to-end hydrogen ecosystem Plug Power aims to revolutionize the green hydrogen sector and is creating an end-to-end ecosystem that encompasses every facet of the industry: energy generation, production, storage, and delivery. Plug Power's fuel cell technology harnesses hydrogen and oxygen to power everything from material-handling vehicles, such as forklifts, to power stations and electric delivery vans. It also produces proton exchange membrane (PEM) fuel cell systems like GenDrive and GenSure. PEMs split water into hydrogen and oxygen using clean electricity, or can run in reverse to produe eletricity from hydrogen and oxygen (water is the byproduct). To support the growing demand for hydrogen, Plug Power also manufactures powerful hydrogen liquefiers capable of processing 15 to 30 tons per day, along with advanced cryogenic solutions for safe storage and transportation, including high-tech liquid storage tanks and delivery trailers. It counts retail heavyweights Amazon and Walmart among its primary customers. Plug Power operates hydrogen production plants in Charleston, Tennessee, and Kingsland, Georgia. Additionally, it has a new joint venture with Olin Corporation called Hidrogenii, which operates a 15-ton-per-day hydrogen production plant in St. Gabriel, Louisiana, that began operations earlier this year. The Georgia plant is the largest electrolytic liquid hydrogen production facility in the United States, achieving a record output of 300 metric tons in April 2025. The company aims to increase its total hydrogen capacity to 40 tons per day while reducing fuel costs, since management expects internally producing hydrogen to be one-third the cost of purchasing it. A long history of losing money Funding plays a crucial role in Plug's business, particularly given its long-term financial struggles. Since going public over twenty-five years ago, Plug Power has never recorded a full-year net profit. Last year, the company posted a $2.1 billion net loss. To stay afloat, Plug Power has repeatedly resorted to raising capital through the equity markets, meaning that share dilution has been its primary means of financing its operations. Over the past decade, the average number of diluted shares outstanding has soared from 177 million to over 945 million. This relentless increase in share count means that existing shareholders have seen the value of their investments decrease significantly due to dilution alone. PLUG Revenue (TTM) data by YCharts The company is addressing this with what it calls "Project Quantum Leap," a comprehensive cost-reduction initiative aimed at achieving annual savings of $150 million to $200 million. These measures include workforce reductions, facility consolidations, and cuts to discretionary spending and capital expenditures. Management aims to achieve a positive gross margin by the end of the fourth quarter of this year, with operating income projected to be positive in 2027 and overall profitability expected in 2028. The company has secured much-needed funding Plug has had some positive developments on the funding front. Earlier this year, it secured a $1.66 billion loan from the U.S. Department of Energy to construct up to six state-of-the-art clean hydrogen factories across the United States. In addition to this substantial backing, Plug Power raised nearly $280 million through an upsize underwritten offering in March 2025. This involved the sale of 46,500,000 shares of common stock and prefunded warrants to purchase an additional 138,930,464 shares. The company also established a $525 million secured credit facility with Yorkville Advisors, drawing an initial $210 million tranche in May 2025. This move enabled the company to retire $60 million of its existing convertible debentures, thereby reducing some dilution to shareholders from these instruments. Is Plug Power stock a buy now? Plug Power operates in a clean energy market with promising long-term potential. That said, it has a long history of consistent losses, shareholder dilution, and an inability to translate its opportunity into profitable growth. Analysts project that the company will continue to operate at a loss over the next four years. They anticipate an improvement in its bottom line during that period, from a net loss per share of $2.67 last year to one of $0.59 this year and one of $0.38 in 2026. Plug Power is making progress in expanding its operation and building out its end-to-end hydrogen ecosystem. With that said, the company continues to spend significantly, and its losses have only increased over the past few years; therefore, dilution in the coming years remains a risk. Given its extended history of losses, investors are better off waiting to see visible improvements to Plug Power's bottom line before buying the stock. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $433,181!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $40,702!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $641,800!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join , and there may not be another chance like this anytime soon.*Stock Advisor returns as of July 21, 2025 John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Courtney Carlsen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon and Walmart. The Motley Fool has a disclosure policy. Is Plug Power Stock a Buy Now? was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
03-07-2025
- Business
- Globe and Mail
Plug Power Eyes Expansion in Green Energy Sector: Can It Deliver Growth?
Plug Power Inc. PLUG has been plagued with a high cash burn rate and negative gross margins over the past several quarters. Decline in revenues from the sales of hydrogen equipment and related infrastructure has been weighing on its performance. The company has been subject to lower sales of GenDrive units, GenSure stationary backup power units, cryogenic storage equipment and liquefiers. Despite this, PLUG has been considering to scale up its business and invest in hydrogen plants, given the long-term growth potential of the green hydrogen energy market. Going by some estimates the green hydrogen energy market is expected to grow to $30 billion by 2030. PLUG looks forward to capitalize on the opportunity with increased green hydrogen production at its new plant in Georgia, as well as a new joint venture with chemical products company, Olin Corporation OLN in Louisiana. In January 2025, Plug Power also secured a loan guarantee worth $1.66 billion from the U.S. Department of Energy (DOE) to support the construction of six green hydrogen production facilities. This marks a significant step in the expansion of its domestic manufacturing and hydrogen production capabilities. Also, the Senate's revision of the Trump administration's proposed tax bill is expected to offer two-year tax credit extensions for the hydrogen industry. This is likely to help Plug Power remain solvent as it considers scaling up its business. Although, the ongoing challenges, including negative gross margins and cash outflows, are likely to affect PLUG's near-term performance, its investments in the lucrative green hydrogen market and the Quantum Leap project are likely to be beneficial in the long run. Growth Investments in Clean Energy Space from PLUG's Peers Among Plug Power's major peers, Bloom Energy Corporation BE is poised to benefit from its expanding domestic and international commercial capability. In February 2025, Bloom Energy announced an expansion of its longstanding relationship with Equinix. Its fuel cells allow Equinix to generate on-site power at its data centers more sustainably than typical grid-delivered energy. Also, Bloom Energy's fuel cell projects with SK ecoplant in South Korea have significantly contributed to its performance in the past several quarters. Its another peer, FuelCell Energy, Inc. FCEL, remains focused on investing in the development and commercialization of its solid oxide fuel cell platform. This includes strategic collaborations that will allow FuelCell Energy to deploy the technology in energy, hydrogen generation and emissions reduction projects. FuelCell Energy continues to deploy its mature carbonate fuel cell systems, which generate clean electricity, heat and hydrogen, and support carbon capture. The Zacks Rundown for PLUG Shares of Plug Power have gained 14.7% in the past three months compared with the industry 's growth of 48.7%. Image Source: Zacks Investment Research From a valuation standpoint, Plug Power is trading at a forward price-to-earnings ratio of a negative 2.83X against the industry average of 20.88X. PLUG carries a Value Score of F. The Zacks Consensus Estimate for PLUG's bottom line for 2025 has been stable in the past 60 days. Image Source: Zacks Investment Research PLUG stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in the coming year. While not all picks can be winners, previous recommendations have soared +112%, +171%, +209% and +232%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Plug Power, Inc. (PLUG): Free Stock Analysis Report FuelCell Energy, Inc. (FCEL): Free Stock Analysis Report Olin Corporation (OLN): Free Stock Analysis Report Bloom Energy Corporation (BE): Free Stock Analysis Report
Globe and Mail
27-06-2025
- Business
- Globe and Mail
Plug Power's Equipment Revenues Decline: Is the Risk Priced In?
Plug Power Inc. PLUG is facing headwinds in some of its core product categories. In the first quarter of 2025, revenues from equipment, related infrastructure and other products declined 7% year over year to $63.5 million. The decrease in revenues resulted from lower demand for hydrogen infrastructure, cryogenic equipment, fuel cell systems (GenDrive), and engineered oil and gas equipment. In the quarter, hydrogen infrastructure revenues decreased by $6.6 million, owing to one hydrogen site installation completed compared with three completed in the same period last year. GenDrive sales also fell, with just 848 units sold compared with 1,298 units in the prior year, resulting in a $2.3 million revenue decline. Cryogenic equipment sales slipped due to slower progress on projects that are nearing completion. Sales of engineered oil and gas equipment, acquired through the Frames acquisition, also declined by $2.7 million in the quarter. These results show that some of Plug Power's legacy product lines are losing momentum. However, Plug Power's electrolyzer product line surged 581.7% year over year in the first quarter, driven by increased deliveries across North America, Europe and Asia. Also, a recent three gigawatt (GW) deal with Allied Green Ammonia in Australia and more than eight GW in design contracts highlight growing global demand for green hydrogen. If the current pace holds, this growth could help offset weakness in PLUG's legacy product lines and reshape its long-term growth path. Plug's Peers in Equipment Sales Among its major peers, FuelCell Energy, Inc. FCEL reported product revenues of $13.0 million in the second quarter of fiscal 2025. FuelCell's total revenues rose 67% to $37.4 million in the same period, reflecting gains in service agreements. FuelCell continues to deploy its mature carbonate fuel cell systems, which generate clean electricity, heat and hydrogen, and support carbon capture. PLUG's another peer, Bloom Energy Corporation 's BE product and service revenues increased 26.5% year over year in the first quarter of 2025. Bloom Energy's total revenues rose 38.6% year over year. This growth was driven by strong demand for Bloom Energy's solid oxide fuel cell systems and expanding adoption of hydrogen-capable solutions. The Zacks Rundown for PLUG Shares of Plug Power have lost 42.8% in the year-to-date period against the industry 's growth of 12.1%. From a valuation standpoint, Plug Power is trading at a forward price-to-earnings ratio of a negative 2.45X against the industry average of 21.16X. PLUG carries a Value Score of F. The Zacks Consensus Estimate for PLUG's bottom line for second-quarter 2025 has increased in the past 60 days. The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks' Research Chief Picks Stock Most Likely to "At Least Double" Our experts have revealed their Top 5 recommendations with money-doubling potential – and Director of Research Sheraz Mian believes one is superior to the others. Of course, all our picks aren't winners but this one could far surpass earlier recommendations like Hims & Hers Health, which shot up +209%. See Our Top Stock to Double (Plus 4 Runners Up) >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Plug Power, Inc. (PLUG): Free Stock Analysis Report FuelCell Energy, Inc. (FCEL): Free Stock Analysis Report Bloom Energy Corporation (BE): Free Stock Analysis Report This article originally published on Zacks Investment Research (
