Plug Power (PLUG) shares rallied over 12% in regular trading Monday and added another 6% in Tuesday’s premarket after the hydrogen fuel cell company reported first-quarter revenue well above Wall Street expectations.
The company posted Q1 2026 revenue of $163.5 million, blowing past the consensus estimate of about $140 million – a roughly 17% beat. Earnings per share came in at -$0.08, a 20% positive surprise versus the forecasted -$0.10, and a 53% improvement from the -$0.17 loss in the same quarter last year. Operating loss narrowed to approximately $109 million, roughly in line with the Street’s estimate of $110 million.
Gross margin saw a dramatic swing, improving 42 percentage points year-over-year from -55% in Q1 2025 to -13% this quarter. Service costs per unit dropped over 30%, and the electrolyzer segment stood out with a 343% revenue surge. Hydrogen fuel sales rose 22%. The company ended the quarter with $802 million in cash, and management reiterated its goal of reaching positive EBITDA by Q4 2026. CEO Andy Marsh said margin improvements and revenue growth are on track with the company’s strategy.
The strong numbers triggered a move that may have been amplified by short covering, as short interest stands at roughly 25% of the float. From a technical perspective, the stock has formed a double-bottom pattern with a neckline at $2.66 and is now flashing a rounded bottom pattern often seen in cup-and-handle formations. With the stock holding above the 50-day and 100-day moving averages and momentum indicators rising, analysts see a potential target of $4.57 – roughly 30% above current levels.
