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Plug Power Inc.
$2.4B
Market Cap
P/E
PEG
-68.0%
ROCE
N/M
ROE
0.99
D/E
-101.4%
OPM
-49.3%
% from 52W High
63
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for PLUG including FX impact
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📈 Price History
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About

Plug Power Inc. designs, develops, and sells hydrogen products and solutions in Europe, Australia, North America, and internationally. The company offers GenDrive, a hydrogen fueled PEM fuel cell system, which powers material handling EVs, including Class 1, 2, 3 and 6 electric forklifts, automated guided vehicles, and ground support equipment; GenFuel, a liquid hydrogen fueling, delivery, generation, storage, and dispensing system; and GenCare, an Internet of Things based maintenance and on-site service program. It also provides GenKey, a turn-key solution; GenEco electrolyzers for clean hydrogen production; liquefaction systems; cryogenic equipment, such as trailers and mobile storage equipment for the distribution of liquified hydrogen, oxygen, argon, nitrogen, and other cryogenic gases; GenSure, a stationary fuel cell solution; and liquid hydrogen. The company serves customers in material handling operations, fuel cell electric vehicle fleets, and stationary power applications through its direct sales force, original equipment manufacturers, and dealer networks. Plug Power Inc. was incorporated in 1997 and is based in Slingerlands, New York.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding PLUG
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 27.74M $62.7M 0.10% Mar 2026
Steve Cohen Point72 Asset Management 2.04M $4.6M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Plug Power Q1 2026 revenue $163.5M, up 22% YoY; gross margin improves to -13%
Revenue & Profitability
Q1 2026 revenue was $163.5 million, a 22% increase year-over-year. Gross margin improved from -55% to -13%, a 42 percentage point improvement. Adjusted EPS was -$0.08, compared to -$0.17 in Q1 2025. Total cash at quarter end was $802 million ($223 million unrestricted, $579 million restricted).
Outlook
Management sees strengthening demand, particularly in aviation due to jet fuel shortages caused by geopolitical instability (Iran). Energy security concerns in Europe are accelerating synthetic fuel projects. The reinstatement of the Investment Tax Credit in the U.S. improves the economics of hydrogen solutions. Full-year 2026 revenue growth is expected to be 13-15%, with first-half representing roughly 40% of the total.
Growth Drivers
Key growth drivers include material handling fleet refreshes: Amazon will refresh approximately 20,000 units over five to six years starting in late 2026, and Walmart is planning a substantial refresh in 2026-2027. Electrolyzer growth is supported by an $8 billion opportunity funnel, with projects in Europe, Canada, and Uzbekistan advancing. The fuel business is expanding through new site deployments and merchant hydrogen sales.
Balance Sheet & CapEx
CapEx in Q1 2026 was only $7 million, reflecting that the hydrogen production network is already built. The company is now in a leverage phase. Asset monetization is expected to generate over $275 million from Stream Data Centers and $39.2 million from selling the Section 48 tax credit for the Louisiana joint venture (closing by end of May).
Margins
Gross margin improved 42 percentage points year-over-year to -13%. GenDrive per-unit service costs fell over 30% year-over-year due to improved stack reliability and reduced labor touches. Fuel margin improved by 54 percentage points year-over-year, driven by network efficiency and a third-party gas sourcing agreement. Management expects sequential gross margin improvement throughout 2026.
Key Risks
Management highlighted complexity and delays in large project final investment decisions (FIDs), citing permit issues (e.g., an Australian project held up by an easement permit). Geopolitical instability (Iran) affects fuel markets and creates both risk and opportunity. Reliance on key customers like Amazon and Walmart is a concentration risk. Bureaucratic and regulatory hurdles in Europe and other regions can slow project timelines.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-10
Q2 2026 saw revenue rise 9% sequentially to $178.3 million, with gross margin nearing breakeven and operating expenses down 50% year-over-year. Full-year revenue growth guidance was raised to 15%-16%, and positive EBITDA is targeted for Q4, supported by strong segment performance and improved cash usage.
Q1 2026 Q1 2026 2026-05-11
Q1 2026 saw 22% revenue growth and a 42-point gross margin improvement, driven by strong gains in electrolyzers and hydrogen fuel. Asset monetization and cost actions support liquidity and margin expansion, with positive EBITDA targeted for Q4 2026.
Q4 2025 Q4 2025 2026-03-02
Achieved 30% revenue growth and positive gross margin in Q4 2025, with strong improvements in cash flow and margin discipline. 2026 guidance targets similar growth, positive EBITDA in Q4, and continued expansion in material handling and electrolyzer segments.
Q3 2025 Q3 2025 2025-11-10
Q3 revenue reached $177 million, with strong growth in electrolyzers and improved cash burn. Asset monetization and a new hydrogen supply agreement strengthen liquidity and position the company for margin and cash flow improvements, with 2025 revenue guidance reaffirmed at $700 million.
Q2 2025 Q2 2025 2025-08-11
Q2 revenue rose 21% year-over-year to $174 million, with gross margin improving to -31% from -92%. Strong electrolyzer sales, operational efficiencies, and policy tailwinds support guidance for gross margin neutrality by Q4 and $700 million in 2025 revenue.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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