Analysis of Plug Power's Stock Price Collapse
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 days ago
0mins
Source: Fool
- Business Transformation Challenges: Plug Power initially aimed to develop residential hydrogen charging systems, but due to low demand, high costs, and regulatory hurdles, it shifted focus to hydrogen fuel cells and charging systems, resulting in a stock price decline from $150 per share in 1999 to under $3 today, reflecting the difficulties of strategic transformation.
- Customer Base and Market Demand: Currently, Plug Power's major customers include Amazon and Walmart, which utilize its hydrogen fuel cells and charging systems to power forklifts; despite macroeconomic pressures, Plug is actively securing more electrolyzer contracts for green hydrogen production, indicating sustained market demand for its products.
- Financial Performance Volatility: Plug Power experienced a significant revenue decline in 2024, with annual revenue dropping from $891 million in 2023 to $629 million, and net losses widening to $2.1 billion, highlighting the substantial impact of macroeconomic conditions on its business, although revenue is expected to rebound to $710 million in 2025, showing potential for recovery.
- Future Growth Expectations: Analysts project that Plug Power's revenue will grow at an 18% CAGR from 2025 to 2028, reaching $1.16 billion; if it achieves a 20% growth rate by 2036, its market cap could soar to $50 billion, which, while still below its IPO price, would yield significant returns for current investors.
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Analyst Views on PLUG
Wall Street analysts forecast PLUG stock price to fall
15 Analyst Rating
4 Buy
8 Hold
3 Sell
Hold
Current: 2.570
Low
0.75
Averages
2.46
High
7.00
Current: 2.570
Low
0.75
Averages
2.46
High
7.00
About PLUG
Plug Power Inc. is engaged in providing an end-to-end hydrogen ecosystem, from production, storage, and delivery to energy generation. The Company is focused on delivering hydrogen solutions. Its vertically integrated, end-to-end hydrogen solutions are designed to fit customer needs, including hydrogen production equipment and the delivery of hydrogen fuel, including fuel cells, proton exchange membrane (PEM) electrolyzers, hydrogen liquefiers, liquid hydrogen cryogenic solutions, and hydrogen production. Its product and service portfolio includes GenDrive, GenFuel, GenCare, GenKey, GenEco Electrolyzers, Liquefaction Systems, Cryogenic Equipment, GenSure, and Liquid Hydrogen. GenDrive is a hydrogen fueled PEM fuel cell system, providing power to material handling electric vehicles (EVs), including Class 1, 2, 3 and 6 electric forklifts, automated guided vehicles, and ground support equipment. GenFuel is a liquid hydrogen fueling, delivery, generation, storage, and dispensing system.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Hydrogen Market Sees New Opportunities
- Bloom Energy Financials: In Q1, Bloom Energy reported $751 million in solid oxide fuel cell revenue, achieving a non-GAAP profit of $0.44 per share, significantly improving from the previous year and demonstrating the viability of its business model.
- Hydrogen Market Outlook: The hydrogen market is projected to reach $600 billion by 2035, up from $280 billion in 2025, with Bloom Energy's success providing new market opportunities for Plug Power and attracting investor interest.
- Plug Power's Technical Limitations: While Plug Power's hydrogen fuel cell technology is applied in industrial forklifts, it is limited to hydrogen, whereas Bloom Energy's systems can utilize hydrogen, natural gas, or biogas, showcasing greater flexibility and market adaptability.
- Analyst Expectations: Although Plug Power remains unprofitable, analysts expect its revenue to grow 15% this year and accelerate to 18% next year, with a current price target of $3.69, reflecting a 40% upside from its present price and indicating optimism about its future financial progress.
See More
Bloom Energy's Hydrogen Technology Achieves Long-Awaited Success
- Significant Revenue Growth: In Q1 2023, Bloom Energy reported $751 million in solid oxide fuel cell revenue and a non-GAAP profit of $0.44 per share, marking a substantial improvement from the previous year and demonstrating the viability of its business model amid rising market demand.
- Broad Market Potential: Analysts project that the hydrogen market will reach $600 billion by 2035, with Bloom Energy's success opening new opportunities for companies like Plug Power, which still faces profitability challenges.
- Clear Technological Advantage: Bloom's solid oxide fuel cells can utilize hydrogen, natural gas, or biogas as fuel, enhancing its competitiveness in energy-intensive sectors such as AI data centers and driving mainstream adoption of hydrogen power.
- Increased Investor Attention: While Plug Power's profitability is still years away, analysts' expectation of a 15% revenue growth in 2023 reflects growing confidence in hydrogen technology, with a price target of $3.69 indicating a potential 40% upside from current levels.
See More
Analysis of Plug Power's Stock Price Collapse
- Business Transformation Challenges: Plug Power initially aimed to develop residential hydrogen charging systems, but due to low demand, high costs, and regulatory hurdles, it shifted focus to hydrogen fuel cells and charging systems, resulting in a stock price decline from $150 per share in 1999 to under $3 today, reflecting the difficulties of strategic transformation.
- Customer Base and Market Demand: Currently, Plug Power's major customers include Amazon and Walmart, which utilize its hydrogen fuel cells and charging systems to power forklifts; despite macroeconomic pressures, Plug is actively securing more electrolyzer contracts for green hydrogen production, indicating sustained market demand for its products.
- Financial Performance Volatility: Plug Power experienced a significant revenue decline in 2024, with annual revenue dropping from $891 million in 2023 to $629 million, and net losses widening to $2.1 billion, highlighting the substantial impact of macroeconomic conditions on its business, although revenue is expected to rebound to $710 million in 2025, showing potential for recovery.
- Future Growth Expectations: Analysts project that Plug Power's revenue will grow at an 18% CAGR from 2025 to 2028, reaching $1.16 billion; if it achieves a 20% growth rate by 2036, its market cap could soar to $50 billion, which, while still below its IPO price, would yield significant returns for current investors.
See More
Plug Power's Stock Plummets Over 98%, Potential for Multibagger Gains Ahead
- Stock Performance: Plug Power's stock has plummeted over 98% from its IPO price of $150 per share in 1999 to under $3 today, indicating significant challenges in the market, although there is potential for a rebound over the next decade.
- Customer Base: Currently, Plug Power's largest customers are Amazon and Walmart, which utilize its hydrogen fuel cells and charging systems to power their forklifts, showcasing the company's application potential in large enterprises.
- Revenue Growth Outlook: Analysts expect Plug Power's revenue to grow at an 18% CAGR from 2025 to 2028, reaching $1.16 billion, indicating that the company could narrow its net losses in a stabilizing macro environment.
- Market Prospects: The global green hydrogen market is projected to expand at a 30.2% CAGR from 2026 to 2033, and if Plug Power achieves a 20% revenue growth over the next eight years, its market cap could grow nearly 14 times to $50 billion by 2036.
See More
Plug Power Completes Critical Phase of Hydrogen Project in Denmark
- Significant Project Progress: Plug Power has successfully completed the installation and commissioning of a 5 MW GenEco PEM electrolyzer system at the Måde Power-to-X facility in Esbjerg, Denmark, making it one of the first operational hydrogen production sites in Denmark, highlighting the company's rapid advancement in the hydrogen sector.
- Strong Annual Production Capacity: The facility is expected to produce approximately 550 metric tons of green hydrogen annually, equivalent to about 1,500 truckloads, certified as Renewable Fuel of Non-Biological Origin, further driving the transition to low-carbon energy systems in Europe.
- Efficiency Through Standardized Delivery: CEO José Luis Crespo noted that as the company enters its next growth phase, project delivery is shifting from one-off deployments to repeatable execution, leveraging past experiences to standardize processes, thereby reducing timelines and enhancing performance.
- Global Expansion of Operations: Plug Power operates over 70 GenEco electrolyzer systems across six continents, continuously optimizing design and commissioning processes, which enhances its competitiveness in the global hydrogen market and supports customers in achieving industrial decarbonization and energy resilience.
See More
Comparing Future Energy Paths: Eos Energy vs. Plug Power
- Financial Performance Comparison: Eos Energy's revenue reached approximately $114.2 million in FY 2025, a significant increase from $15.6 million the previous year, yet it reported a net loss of about $969.6 million, resulting in a net margin of -849.1%, highlighting the substantial financial pressures faced during its expansion.
- Market Competition Landscape: Eos Energy faces intense competition from established lithium-ion battery manufacturers, which often have greater vertical integration and lower operating costs, particularly those based in China, potentially impacting its market share and profitability.
- Production Capacity Enhancement: Eos Energy's
See More
Hydrogen Market Sees New Opportunities
- Bloom Energy Financials: In Q1, Bloom Energy reported $751 million in solid oxide fuel cell revenue, achieving a non-GAAP profit of $0.44 per share, significantly improving from the previous year and demonstrating the viability of its business model.
- Hydrogen Market Outlook: The hydrogen market is projected to reach $600 billion by 2035, up from $280 billion in 2025, with Bloom Energy's success providing new market opportunities for Plug Power and attracting investor interest.
- Plug Power's Technical Limitations: While Plug Power's hydrogen fuel cell technology is applied in industrial forklifts, it is limited to hydrogen, whereas Bloom Energy's systems can utilize hydrogen, natural gas, or biogas, showcasing greater flexibility and market adaptability.
- Analyst Expectations: Although Plug Power remains unprofitable, analysts expect its revenue to grow 15% this year and accelerate to 18% next year, with a current price target of $3.69, reflecting a 40% upside from its present price and indicating optimism about its future financial progress.
See More
Bloom Energy's Hydrogen Technology Achieves Long-Awaited Success
- Significant Revenue Growth: In Q1 2023, Bloom Energy reported $751 million in solid oxide fuel cell revenue and a non-GAAP profit of $0.44 per share, marking a substantial improvement from the previous year and demonstrating the viability of its business model amid rising market demand.
- Broad Market Potential: Analysts project that the hydrogen market will reach $600 billion by 2035, with Bloom Energy's success opening new opportunities for companies like Plug Power, which still faces profitability challenges.
- Clear Technological Advantage: Bloom's solid oxide fuel cells can utilize hydrogen, natural gas, or biogas as fuel, enhancing its competitiveness in energy-intensive sectors such as AI data centers and driving mainstream adoption of hydrogen power.
- Increased Investor Attention: While Plug Power's profitability is still years away, analysts' expectation of a 15% revenue growth in 2023 reflects growing confidence in hydrogen technology, with a price target of $3.69 indicating a potential 40% upside from current levels.
See More
Analysis of Plug Power's Stock Price Collapse
- Business Transformation Challenges: Plug Power initially aimed to develop residential hydrogen charging systems, but due to low demand, high costs, and regulatory hurdles, it shifted focus to hydrogen fuel cells and charging systems, resulting in a stock price decline from $150 per share in 1999 to under $3 today, reflecting the difficulties of strategic transformation.
- Customer Base and Market Demand: Currently, Plug Power's major customers include Amazon and Walmart, which utilize its hydrogen fuel cells and charging systems to power forklifts; despite macroeconomic pressures, Plug is actively securing more electrolyzer contracts for green hydrogen production, indicating sustained market demand for its products.
- Financial Performance Volatility: Plug Power experienced a significant revenue decline in 2024, with annual revenue dropping from $891 million in 2023 to $629 million, and net losses widening to $2.1 billion, highlighting the substantial impact of macroeconomic conditions on its business, although revenue is expected to rebound to $710 million in 2025, showing potential for recovery.
- Future Growth Expectations: Analysts project that Plug Power's revenue will grow at an 18% CAGR from 2025 to 2028, reaching $1.16 billion; if it achieves a 20% growth rate by 2036, its market cap could soar to $50 billion, which, while still below its IPO price, would yield significant returns for current investors.
See More
Plug Power's Stock Plummets Over 98%, Potential for Multibagger Gains Ahead
- Stock Performance: Plug Power's stock has plummeted over 98% from its IPO price of $150 per share in 1999 to under $3 today, indicating significant challenges in the market, although there is potential for a rebound over the next decade.
- Customer Base: Currently, Plug Power's largest customers are Amazon and Walmart, which utilize its hydrogen fuel cells and charging systems to power their forklifts, showcasing the company's application potential in large enterprises.
- Revenue Growth Outlook: Analysts expect Plug Power's revenue to grow at an 18% CAGR from 2025 to 2028, reaching $1.16 billion, indicating that the company could narrow its net losses in a stabilizing macro environment.
- Market Prospects: The global green hydrogen market is projected to expand at a 30.2% CAGR from 2026 to 2033, and if Plug Power achieves a 20% revenue growth over the next eight years, its market cap could grow nearly 14 times to $50 billion by 2036.
See More
Plug Power Completes Critical Phase of Hydrogen Project in Denmark
- Significant Project Progress: Plug Power has successfully completed the installation and commissioning of a 5 MW GenEco PEM electrolyzer system at the Måde Power-to-X facility in Esbjerg, Denmark, making it one of the first operational hydrogen production sites in Denmark, highlighting the company's rapid advancement in the hydrogen sector.
- Strong Annual Production Capacity: The facility is expected to produce approximately 550 metric tons of green hydrogen annually, equivalent to about 1,500 truckloads, certified as Renewable Fuel of Non-Biological Origin, further driving the transition to low-carbon energy systems in Europe.
- Efficiency Through Standardized Delivery: CEO José Luis Crespo noted that as the company enters its next growth phase, project delivery is shifting from one-off deployments to repeatable execution, leveraging past experiences to standardize processes, thereby reducing timelines and enhancing performance.
- Global Expansion of Operations: Plug Power operates over 70 GenEco electrolyzer systems across six continents, continuously optimizing design and commissioning processes, which enhances its competitiveness in the global hydrogen market and supports customers in achieving industrial decarbonization and energy resilience.
See More
Comparing Future Energy Paths: Eos Energy vs. Plug Power
- Financial Performance Comparison: Eos Energy's revenue reached approximately $114.2 million in FY 2025, a significant increase from $15.6 million the previous year, yet it reported a net loss of about $969.6 million, resulting in a net margin of -849.1%, highlighting the substantial financial pressures faced during its expansion.
- Market Competition Landscape: Eos Energy faces intense competition from established lithium-ion battery manufacturers, which often have greater vertical integration and lower operating costs, particularly those based in China, potentially impacting its market share and profitability.
- Production Capacity Enhancement: Eos Energy's
See More
