Plug Power Stock Jumps as Earnings Beat Points to Profitability, Say Analysts

Plug Power shares have risen 7% this year but have tumbled since hitting a recent high in early June. (Agnes Lopez/Bloomberg)

Shares of Plug Power rose sharply Tuesday after the hydrogen technology production company posted strong second-quarter results and raised full-year revenue guidance.

Plug Power stock gained 12% to $2.37 in premarket trading on Tuesday after ending Monday down 3.2%. Shares entered the trading session on Tuesday up 7% this year but have dropped 48% since closing at a recent high of $4.09 on June 2.

The stock was making a comeback on earnings.

Plug Power late Monday posted an adjusted loss of 7 cents a share, narrower than a year-earlier loss of 18 cents and narrower than Wall Street expectations that called for a loss of 8 cents. Revenue rose 2.5% to $178.3 million, topping the analyst consensus call for $160.1 million, according to FactSet.

Hydrogen fuel sales increased about 15% in the quarter, due to growth in consumption across the company’s customer base.

Plug Power, impressively, also reported that gross margin neared breakeven territory, marking a hefty improvement from a year ago and the first quarter.

But the big takeaway for Wall Street was Plug Power’s decision to raise its 2026 revenue guidance growth expectation to 15% to 16%, up from the company’s previous 13% to 15% growth view.

Plug said the updated revenue forecast is expected to be driven largely by new volumes anticipated in the fourth quarter. The company also sees a multi-year growth runway as demand from Amazon.com and Walmart increases with new deployments and fleet refresh programs.

Morgan Stanley analyst David Arcaro wrote Tuesday that the earnings report and guidance signal that Plug is “making progress towards profitability.”

Arcaro, who has an Underweight rating on the stock with a $1.65 price target, added he remains focused on “execution over the coming quarters as higher sales volumes will be needed to drive greater leverage in the business.”

B. Riley analyst Ryan Pfingst, meanwhile, maintained a Buy rating on Plug Power with a $5 price target.

Pfingst wrote Tuesday he sees meaningful “momentum” for the company.

If the market reaction is any indicator, the B. Riley analyst might be on to something.

Write to Kit Norton at kit.norton@barrons.com

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