Plug Power shows signs of financial turnaround amid rising hydrogen demand

Plug Power is undergoing a financial turnaround under CEO Jose Luis Crespo. After posting a $1.7 billion loss in 2025, the company reported a narrower loss of $188 million last quarter. Gross losses also improved significantly, moving from a $53.5 million loss the previous year to a negative $1.7 million.

Revenue growth is being driven by double-digit increases in sales of GenEco hydrogen fuel systems. The company recently secured its largest order to date, a 275-PEM electrolyzer system for the Canadian conglomerate Hy2gen.

Despite operational shifts, institutional interest remains high. BlackRock has increased its stake to approximately 13.19% of the company, and Russell Investments Group recently increased its position by over 550%. While the stock remains significantly below its 52-week high, analysts have issued varying price targets, with some forecasting substantial upside based on the company's potential to reach profitability.