Plug Power Inc.'s stock has remained under pressure in February 2026, trading around $1.84 after a volatile stretch that saw sharp declines and partial recoveries, as investors grapple with the hydrogen specialist's ongoing cash burn, dilution risks from share authorization increases, and pending fourth-quarter 2025 earnings.

Plug Power Inc
Plug Power Inc

As of February 23, 2026, Plug Power (NASDAQ: PLUG) closed at $1.84, down 1.60% on the day with volume exceeding 66 million shares. The shares have fallen roughly 26% over the past 30 days and about 17.5% year-to-date, though they show a modest 15.7% gain over the past year. The 52-week range spans a low of $0.69 to a high of $4.58, reflecting extreme volatility in a sector tied to green hydrogen adoption and policy support.

The recent weakness follows a series of developments that have heightened scrutiny on the company's financial position. In February 2026, shareholders approved a charter amendment to double authorized common shares from 1.5 billion to 3.0 billion, a move intended to provide flexibility for future capital raises but raising dilution concerns among investors. The special meeting, originally scheduled for January and adjourned multiple times, was accelerated to February 12, 2026, with the board urging votes in favor to support operations and growth.

Plug Power has faced persistent challenges in achieving profitability despite its position as a leader in hydrogen fuel cell systems and green hydrogen production. The company has never posted a full-year operating profit since going public in 1999, with trailing losses underscoring execution hurdles in scaling electrolyzer deployments and hydrogen supply. Last twelve months free cash flow remains deeply negative at around -$904 million, though analysts project narrowing losses and eventual positive cash flow by 2028.

Management's Project Quantum Leap cost-savings initiative, launched in 2025, aims to streamline operations and focus on higher-margin offerings. Gross margins have shown improvement—negative 51.1% in recent periods versus worse prior figures—with targets for breakeven on gross profit by end-2025 and positive EBITDAS by end-2026. Full profitability is eyed for 2028.

Operational momentum includes key contracts and deployments. In early February 2026, Plug completed the first hydrogen fill for Hynetwork's Rotterdam pipeline segment, delivering 32 tons of renewable fuel of non-biological origin (RFNBO) hydrogen alongside custom infrastructure. This builds on European expansion, where supportive regulations have boosted traction.

Other recent wins include a December 2025 commencement of a multi-year liquid hydrogen supply contract with NASA for up to 218,000 kilograms to Glenn and Armstrong facilities, valued at about $2.8 million through 2030. The deal validates Plug's capabilities in high-demand aerospace applications. Additional partnerships feature a 5MW PEM electrolyzer LOI with Hy2gen for France's Sunrhyse project and installations like a 5MW GenEco unit in Namibia for Africa's first fully integrated green hydrogen facility.

These milestones highlight growing demand for green hydrogen in material handling, stationary power, and emerging sectors like space and heavy industry. Plug has deployed over 72,000 fuel cell systems and 285 fueling stations, positioning it as a major liquid hydrogen user with operational plants in Georgia, Tennessee, and Louisiana producing 40 tons per day.

Yet headwinds persist. Ongoing class-action securities lawsuits allege misleading statements about DOE loan guarantees and project timelines, adding legal uncertainty. Analyst consensus leans Hold, with 14 firms setting an average 12-month price target around $2.10—implying limited near-term upside but potential if execution improves. Some upgrades, like Clear Street's to Buy in late 2025, cite paths to profitability.

The next major catalyst arrives March 2, 2026, when Plug reports Q4 and full-year 2025 results before market open, followed by a 4:30 PM ET conference call. Analysts forecast a loss of about $0.10 per share, with focus on revenue trends, margin progress, backlog conversion, and updated guidance amid Project Quantum Leap impacts. Positive surprises on cost controls or new contracts could spark a rebound; continued cash burn or delays might extend downside pressure.

Plug Power navigates a pivotal phase in the hydrogen economy's evolution. Its leadership in fuel cells, electrolyzers, and infrastructure—bolstered by partnerships with Walmart, Amazon, Home Depot, BMW, and BP—offers long-term potential as global decarbonization accelerates. However, proving sustainable profitability amid capital intensity and competition will determine whether current weakness proves temporary or structural.

Investors weighing the risk-reward see Plug as a high-beta play on green energy transitions, with valuation at roughly 2.9 times trailing sales suggesting room for recovery if milestones are met. As earnings approach, the stock's trajectory will hinge on evidence that operational gains translate to financial stability in 2026 and beyond.