Plug Power Stock Is Gaining Monday: What’s Going On?

by | Aug 10, 2026 | General

Plug Power Inc. (NASDAQ:PLUG) stock climbed more than 5% in Monday premarket trading as investors looked ahead to the hydrogen fuel-cell company’s second-quarter earnings report.

Plug Power is set to report earnings on Aug. 10. The results could provide a key test of the company’s efforts to strengthen liquidity, improve margins and reduce its cash burn.

Wall Street expects Plug Power to report revenue of $169.41 million and a loss of 8 cents per share.

Beyond the headline numbers, investors will likely focus on whether recent liquidity measures have given Plug Power enough financial flexibility to fund its hydrogen expansion. They will also be watching for signs that improving demand can translate into better margins and a clearer path toward self-funding operations.

Plug Power’s Recent Earnings Track Record

Plug Power has beaten earnings estimates in three of the past four quarters.

On May 11, the company reported a loss of 8 cents per share, narrower than the 10-cent loss analysts expected. Revenue of $163.51 million also topped the $140.31 million consensus estimate.

On March 2, Plug Power posted a loss of 6 cents per share, beating expectations for a 10-cent loss. Revenue reached $225.20 million, above the $218.70 million estimate.

However, the lower revenue estimate for the latest quarter underscores the volatility in Plug Power’s top-line performance.

Analysts Remain Divided On Plug Power

Wall Street remains split on Plug Power’s turnaround prospects. The stock carries a consensus Hold rating and an average price forecast of $3.21. Recent analyst actions include:

  • Susquehanna: Neutral; lowered its price forecast to $2.50 from $3.75 on July 10.
  • Morgan Stanley: Underweight; raised its forecast to $1.65 from $1.50 on July 9.
  • Wells Fargo: Equal-Weight; raised its forecast to $2.50 from $2 on May 19.
  • Canaccord Genuity: Hold; raised its forecast to $4 from $2.50 on May 12.
  • B. Riley Securities: Buy; raised its forecast to $5 from $3 on May 12.
  • TD Cowen: Hold; raised its forecast to $3 from $2 on May 12.
  • BMO Capital: Underperform; raised its forecast to $1.20 from $1 on May 12.

The wide range of forecasts reflects uncertainty over Plug Power’s valuation and the pace of its turnaround.

With the company still reporting losses, traditional price-to-earnings metrics offer limited insight. Instead, investors are focused on liquidity, gross margins, cash burn and Plug Power’s ability to eventually fund operations internally.


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Plug Power Faces A Key Earnings Test

Plug Power has recently traded in the low-$2 range, leaving shares well below the $3.21 average analyst price forecast.

The stock’s next move could hinge on the earnings report and management’s outlook. Signs of improving margins and liquidity could strengthen the turnaround case. However, renewed cash pressure or weaker guidance could weigh on sentiment.

ETFs With Significant Plug Power Exposure

Several clean-energy and hydrogen-focused exchange-traded funds have exposure to Plug Power:

The stock’s relatively large weighting in some hydrogen-focused ETFs means fund flows can add another source of buying or selling pressure on the shares.

PLUG Price Action

PLUG Stock Price Activity: Plug Power shares were up 5.05% at $2.29 during premarket trading on Monday, according to Benzinga Pro data.

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