In a world racing toward cleaner energy, hydrogen has emerged as a quiet powerhouse. Used in everything from industrial processes to fueling next-gen vehicles, global demand reached 97 million metric tons in 2023, and it is only climbing. With projections pointing toward 150 million metric tons by 2030, the hydrogen sector is poised to become a cornerstone of the energy transition.

Plug Power (PLUG) sits right at the center of this shift, building hydrogen fuel cells and the infrastructure to move hydrogen from production to end use, like forklifts, backup generators, and large-scale industrial systems. Plug aims to drive the hydrogen economy forward. But despite its bold vision, profitability has remained elusive, and 2025 has been brutal for the stock.

But with its first-quarter results ready to digest, let’s see if the months ahead could be better for PLUG. 

About Plug Power Stock

Plug Power (PLUG), founded in 1997 and based in Latham, New York, is a key player in the hydrogen energy space. The company designs and manufactures hydrogen fuel cell systems and infrastructure, targeting the material handling and stationary power markets.

Focused on PEM fuel cell and hybrid technologies, Plug delivers end-to-end clean energy solutions - from hydrogen production and storage to fueling and power generation. Its product suite - GenDrive, GenFuel, GenCare, ReliOn, and GenKey - supports major industrial clients seeking to replace traditional batteries with hydrogen-powered alternatives. Plug’s market cap currently stands at $880 million.

PLUG stock has been in the trenches. Shares are down 65% over the past 52 weeks and 58% in 2025 alone. But late April flipped the script. A fresh $525 million loan and upbeat preliminary Q1 numbers sent shares rocketing over 25% in a single day. It was a rare spark in a long stretch of red. 

With hydrogen demand climbing and clean energy in focus, Plug’s rally hit at just the right moment.

Plug Power Reports Wider Loss Than Expected

Plug Power reported its first-quarter results on Monday, May 12. Revenue of $133.7 million was up 11% year-over-year and beat the consensus estimate for revenue of $132.2 million. And although its loss per share of $0.21 missed the consensus estimate for a loss of $0.19, it reflected a dramatic improvement from a loss of $0.46 in the year-ago quarter. 

As CEO Andy Marsh said on the earnings call, Plug Power is deliving “real progress toward profitability,” a feat that has eluded the company since its founding.

On that note, the company shared that it launched “Project Quantum Leap” in Q1 with the goal of achieving $200 million in annualized savings. Net cash used in operating activities declined to $152.1 million in the quarter from $288.3 million last year. 

“In 2025, we are focused on three core areas: material handling, electrolyzers, and hydrogen supply. These are the businesses where Plug holds competitive advantages – and where we believe we can deliver the most meaningful impact for our customers and investors.” 

Looking ahead, Plug is targeting Q2 revenue between $140 million and $180 million. A key driver of improved performance will likely be its new Louisiana hydrogen plant, which it says it remains focused on leveraging. Analysts are guiding for a loss per share of $0.17 in Q2, a more than 50% improvement year-over-year. 

What Do Analysts Expect for Plug Power Stock?

Plug Power’s turnaround is catching attention. The stock has a consensus “Hold” rating overall. Of the 25 analysts covering the stock, six recommend a “Strong Buy,” 14 suggest a “Hold,” and the remaining five have a “Strong Sell” rating.

More excitingly, the stock’s mean price target of $2.25 suggests that it could rally as much as 150% from the current price levels. The Street-high of $5 implies potential upside of 455%.