Start here if you're new
what it is
Plug builds hydrogen fuel-cell equipment, fuel delivery, and service for warehouses and backup power systems.
how it gets paid
Last year Plug Power made $710M in revenue. GenDrive was the main engine at $220M, or 31% of sales.
why it's growing
Revenue grew 12.9% last year. Revenue was the clean win. $485M is a big jump.
what just happened
Plug printed $485M in revenue and kept a -51.1% gross margin.
At a glance
B balance sheet — gets the job done, barely
45/100 earnings predictability — expect surprises
-$2.68 fy2024 eps est
$629M fy2024 rev est
n/a operating margin
xvary composite: 48/100 — below average
What they do
Plug builds hydrogen fuel-cell equipment, fuel delivery, and service for warehouses and backup power systems.
Plug sells the forklift, the hydrogen, and the maintenance contract together. That means your warehouse does not swap one vendor. It swaps three. With $710M in annual revenue, the company wins by making leaving annoying, not by being beloved.
How they make money
$710M
annual revenue · their business grew +12.9% last year
GenDrive
$220M
up
GenFuel
$180M
up
GenCare
$110M
up
GenSure
$100M
flat
ProGen
$100M
up
The products that matter
power equipment and vehicles
Fuel Cell Systems
$225M · 31.7% of segment mix shown here
It produced $225M in the snapshot data. This is the visible hardware business, but hardware alone is not enough to prove the model works.
core hardware
selling hydrogen fuel
Fuel & Energy Operations
$178M · 25.1% of segment mix shown here
This business brought in $178M. It matters because recurring fuel revenue is supposed to smooth out the hardware cycle, but thin margins show scale has not turned into real profitability yet.
recurring revenue bet
builds hydrogen infrastructure
Hydrogen Infrastructure
$307M · 43.2% of segment mix shown here
At $307M, this is the largest revenue bucket shown here. That tells you the company is trying to be the whole hydrogen buildout, not just one component supplier.
largest revenue bucket
Key numbers
$710M
annual revenue
This is the whole company’s size. $710M in sales is not much when the business still loses money.
51.1%
gross margin
For every $1 of sales, Plug keeps only about $0.49 before overhead. The rest gets eaten by costs.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. The core business loses more than $2 for every $1 of sales at the operating line. That is a combustion problem.
$440M
long-term debt
Debt is 13% of capital. That is fine if margins work and dangerous if they do not.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $440M (13% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PLUG right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Plug printed $485M in revenue and kept a -51.1% gross margin.
Revenue rose 174% vs. prior year, but the business still posted a heavy loss. Yahoo showed EPS of -$0.61 versus -$1.09 expected, while EDGAR filed -$0.73, so the reporting trail is messy.
$178M
revenue
-$0.73
eps
51.1%
gross margin
the number that mattered
Revenue was the clean win. $485M is a big jump, but the -51.1% gross margin says the company still has a cost problem.
source: company earnings report, 2026
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What could go wrong
the #1 risk is turning a 2.4% gross margin into a self-funding hydrogen business.
high
gross profit is positive, but barely
Q4 2025 produced $5.5M of gross profit on $225M of revenue. That is a 2.4% gross margin. For a capital-intensive company, that is a foothold, not a finish line.
If margin slips back below zero, the credibility of the turnaround slips with it.
high
the path to 2028 profitability is still a long walk
Management is targeting full profitability by 2028. Right now, analysts still expect FY2024 EPS of -$2.68. That gap is the operating challenge in one line.
If losses persist without clear gross-margin expansion, more capital becomes easier to imagine than self-funded growth.
med
new-ceo execution risk is now the operating story
Jose Luis Crespo took over in March 2026. A new CEO can reset expectations. He also inherits a business with thin margins, legal noise, and a very public turnaround clock.
If the next few quarters lack a credible operating plan, the market will treat the leadership change as cosmetic.
med
legal overhang adds friction to an already fragile story
Multiple securities class actions cover purchasers from Jan 17 to Nov 13, 2025, with an April 3, 2026 lead plaintiff deadline. This does not decide the investment case, but it does add cost and distraction.
Even if operations improve, litigation can absorb management attention when the business needs it most.
A $3B market cap on $629M of expected annual revenue can work if margins keep improving. If 2.4% proves temporary, the equity story gets much harder very quickly.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
gross margin staying positive
The whole turnaround story now hangs on whether 2.4% was the start of a trend or a one-quarter cameo.
calendar
q1 2026 earnings report
Estimated for May 11, 2026. This is the next real proof point, not the CEO press release.
risk
class action deadline
April 3, 2026 is the lead plaintiff deadline. Legal risk is not the thesis, but it can still change the tone around the stock.
trend
whether revenue decline actually stabilizes
Annual revenue fell 29.5% last year. Positive gross margin matters more if it arrives alongside a top line that stops shrinking.
Analyst rankings
earnings predictability
45 / 100
Low predictability means the quarterly numbers can move around. In human-speak: expect uneven results while the model is still being rebuilt.
median street target
$2.25
That sits about 22% above the current $1.84 price. Analysts see upside, but not enough to call this a solved story.
beta
2.0
Beta measures market sensitivity. At 2.0, PLUG has historically moved about twice as much as the market. Not a bunker stock.
source: institutional data
Institutional activity
institutional ownership data for PLUG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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