Plug Power faces 25‑million‑share dilution vote, stock slides

Plug Power's shares fell nearly 10% in a single day, extending a seven‑day loss of about 18% after investors reacted to a proposal that could issue up to 25 million new shares at the company's annual meeting on 11 June 2026. The dilution plan, discussed alongside the departure of board member Kavita Mahtani, raises concerns for a firm that still reports losses but posted a 22% revenue increase to $163.5 million in Q1 2026 and improved its gross margin to –13% from –55% a year earlier. The company’s cash balance is around $800 million, bolstered by $39.2 million from the sale of tax credits linked to its Louisiana hydrogen plant.

Earlier in the year the stock had rallied from about €1.52 to above €3 on news of new orders, cost‑cutting measures and personnel changes, sparking renewed optimism among some investors despite the current volatility.