Plug Power Inc. (NASDAQ:PLUG) stock traded higher Tuesday after the company reported better-than-expected second-quarter results following Monday’s closing bell.
Plug Power reported second-quarter revenue of $178.30 million, up 9% from the first quarter and above the Street consensus estimate of $169.41 million.
The hydrogen technology company reported an adjusted loss of 7 cents per share, narrower than the 8-cent-per-share loss analysts expected.
Gross margin reached breakeven, a sharp improvement from negative 31% in the second quarter of 2025 and negative 13% in the first quarter of 2026.
“Our second quarter results demonstrate that Plug is executing its transformation into a stronger, more efficient and profitable company,” CEO Jose Luis Crespo said.
Raises 2026 Revenue Growth Outlook
The company raised its full-year 2026 revenue growth outlook to between 15% and 16% year over year. The company also expects to achieve positive EBITDAS in the fourth quarter of 2026.
“Our electrolyzer pipeline continues to expand, and we see an increasing conversion rate,” Crespo said.
Analyst Outlook
Plug Power carries a Hold consensus rating with an average price forecast of $3.22. Recent analyst moves include:
- HC Wainwright & Co.: Buy (Maintains forecast to $7.00) (Aug. 11)
- Susquehanna: Neutral (Lowers forecast to $2.50) (July 10)
- Morgan Stanley: Underweight (Raises forecast to $1.65) (July 9)
Top ETF Exposure
Plug Power also has significant exposure through clean-energy and hydrogen-focused exchange-traded funds.
The Global X Hydrogen ETF (NASDAQ:HYDR) has a 10.66% weighting in Plug Power, while the Direxion Hydrogen ETF (NYSE:HJEN) has a 6.90% weighting. The iShares Global Clean Energy ETF (NASDAQ:ICLN) has a 2.84% weighting.
As a result, large inflows or outflows from these ETFs can contribute to buying or selling pressure in Plug Power shares.
PLUG Price Action: Plug Power shares were trading up 17.06% at $2.465 at the time of publication on Tuesday, according to Benzinga Pro data.
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