Overview
- Plug Power reported first-quarter revenue of about $163.5 million, up roughly 22% from a year ago, with an adjusted loss of $0.08 per share that came in better than expected.
- Management said cost cuts under Project Quantum Leap drove a sharp margin recovery, including GAAP gross margin improving 42 points to negative 13% and big drops in service costs alongside stronger hydrogen fuel margins.
- The company ended the quarter with about $802 million in cash and expects more than $275 million from hydrogen asset monetizations, including roughly $142 million from a Stream Data Centers deal targeted for June.
- Analysts raised targets after the update, with Susquehanna to $3.75 (Neutral), Canaccord to $4 (Hold), and B. Riley to $5 (Buy), while the stock’s average target sits near $3.47 with a Hold consensus.
- Plug is aiming for positive EBITDAS by late 2026 and full profitability by 2028, yet analysts caution that execution risk remains high given roughly $150 million in operating cash burn each quarter.