Plug Power ( PLUG ) stock pushed higher today after the hydrogen fuel cell specialist posted better-than-expected revenue growth and narrower losses for its fiscal Q4.
Additionally, investors cheered as PLUG’s Jose Luis Crespo, who was named as the company’s new CEO in October, officially assumed the role this week. Investors are betting that this leadership transition could prove the start of a new era for the Nasdaq-listed company.
The post-earnings rally saw Plug Power stock break its 50-day moving average (MA) on Tuesday, signaling momentum may continue in the clean energy name, which remains down about 14% from its year-to-date high.
Plug Power offered plenty of positives in its Q4 earnings release: Loss per share narrowed to $0.06 — significantly less than the expected $0.10 — as revenue rose more than 17%. In addition, the gross margin also turned positive (2.4%), marking a real operational improvement.
Still, caution is warranted in buying PLUG stock at current levels, given that the company only has about $368 million in unrestricted cash in 2025, versus a significant operating cash burn of about $536 million.
This means that Plug Power has less than a year of cash flow, creating significant financing risk that could require a reduction in capital expenditures if implemented within the profitability timeline.
Plug Power shares also rose this morning as management reiterated its commitment to turn adjusted EBITDA positive in the final quarter of 2026. However, this desire must be contextualized. The clean energy company has a history of disappointing investors with missing estimates.
While the forecast looks exciting today, it could become a significant hurdle if PLUG faces delays in hitting the stated profitability milestone. Basically, the margin of error is minimal due to liquidity constraints, which is why options traders are warning of a sharp rebound in its share price to $1.46 by mid-June.
It’s worth noting, however, that Wall Street remains somewhat bullish on PLUG shares even if they failed to break above their 100-day MA today.
