NEW YORK, May 11, 2026, 11:20 (EDT)
- Plug Power shares rose about 11% in late-morning U.S. trading before first-quarter results due after the close.
- Analysts expect a narrower loss and modest sales growth, but investors are watching margins and cash use.
- The move comes as hydrogen names draw fresh attention from power demand, data centers and industrial decarbonization.
Plug Power shares jumped Monday ahead of its first-quarter results, putting a sharp pre-earnings rally behind a company still trying to prove it can turn hydrogen demand into durable profit. The stock traded at $3.47, up 35 cents from the previous close, after touching $3.625 intraday.
The timing matters. Monday’s report is the next test of whether Plug’s fourth-quarter margin rebound was a step change or a one-off lift from cost cuts, pricing and mix. Investors are also watching whether new Chief Executive Jose Luis Crespo can keep the company’s 2026 profitability timetable intact after taking the top job in March.
The rally has also moved faster than the fundamentals have been reported. BörsenNEWS showed Plug near 2.99 euros in German trading, up 12.87%, but noted the stock remained far below earlier highs. That makes the call less about a single earnings-per-share number and more about whether the company can cut losses without choking off growth.
Plug has scheduled its first-quarter release and conference call for 4:30 p.m. ET on Monday, after the U.S. market close. The company describes itself as a supplier across hydrogen production, storage, delivery and power generation, with fuel-cell systems, electrolyzers and hydrogen plants as core products.
The Street’s bar is not high, but it is specific. Finanzen.net cited 17 analysts forecasting an average loss of 9.7 cents a share, against a loss of 21 cents a year earlier, and revenue of $139.9 million, up 4.64% from the prior-year quarter.
Plug’s last report gave bulls something to work with. The company said 2025 revenue rose 12.9% to about $710 million, fourth-quarter revenue reached $225.2 million and gross profit turned positive at $5.5 million, or 2.4% of sales. Crespo said Plug would keep executing “with discipline,” and the company said it still aimed for positive EBITDAS — earnings before interest, taxes, depreciation, amortization and stock-based compensation — in the fourth quarter of 2026. Plug Power
Analysts are split. Capital.com cited Clear Street analyst Tim Moore lifting his target to $3.50 and keeping a Buy rating, while Susquehanna’s Biju Perincheril raised his target to $2.75 but stayed Neutral. It also cited MarketBeat’s broader Hold consensus, with targets ranging from $0.80 to $7.
The competitive backdrop is helping the trade. Bloom Energy, another fuel-cell and power-systems name, rose about 11% in U.S. trading Monday. In Germany, market commentary has also framed the hydrogen field around different approaches, with NEL tied to electrolyzer infrastructure and dynaCERT pitched as a bridge technology for existing diesel-heavy fleets.
A newer demand angle is power. Plug has been considering as much as 250 megawatts of hydrogen-generated electricity for a possible PJM Interconnection auction; PJM runs a large U.S. power grid across 13 states and Washington, D.C. Chairman Andy Marsh told Bloomberg, in comments carried by Energy Connects, “We’re courting data center operators and utilities,” as AI-linked power demand tightens supply. Energy Connects
But the rally raises the bar. Plug still has to show fuel margins can move toward break-even, equipment margins can hold up in a seasonally tougher quarter, and asset sales can support liquidity while the company keeps spending on growth. A clean revenue beat may not be enough if cash burn stays heavy.
For now, Monday’s move is a positioning trade before the numbers. After 4:30 p.m. in New York, investors will get the harder question: whether Plug’s turnaround is starting to show in cash, not just in forecasts.
