Credit and interest ratesnegative · 5 filings
“The increase was primarily due to interest expense incurred related to the 6.75% Convertible Senior Notes, which were issued during the fourth quarter of 2025.”10-Q · Aug 10, 2026 ↗
Plug Power Inc.
PLUG
Market read
Plug Power Inc.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 6 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
What changed
- Revenue increased 22.3% versus the comparable filing period.
- Operating cash flow remained negative at -150.0M.
Company-0.7% todayVolume comparison unavailable
Market group0 of 6 activeSpeculative Emerging Tech · unavailable
Disclosed network0 of 4 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Interest expense increased because of the 6.75% Convertible Senior Notes issued in the fourth quarter of 2025.
- Improved pricing helped reduce the six-month gross loss in the PPA business; compare whether that contribution is repeated or reverses.
Invalidation: The isolated read changes if PLUG's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 6 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 4 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 22.3% versus the comparable filing period.
- The operating loss narrowed by 69.0M.
Evidence that challenges
- Operating cash flow remained negative at -150.0M.
- Cash declined 72.7M versus the comparable period.
- Net margin fell 2.9 percentage points.
What would clarify the read
- Interest expense increased because of the 6.75% Convertible Senior Notes issued in the fourth quarter of 2025.
- Improved pricing helped reduce the six-month gross loss in the PPA business; compare whether that contribution is repeated or reverses.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements259
Verified relationships5
Evidence supporting the case
- Latest annual revenue changed +12.9% year over year.
- Operating margin changed +114.5 percentage points in the latest annual period.
- Net margin changed +104.9 percentage points in the latest annual period.
- Pricing and mix has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Diluted shares increased 46.1% in the latest annual period.
- Credit and interest rates has repeated adverse evidence across 5 filings.
- Product pipeline and R&D has repeated adverse evidence across 5 filings.
- Restructuring and cost reductions has repeated adverse evidence across 5 filings.
- Demand and volume has repeated adverse evidence across 3 filings.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 11, 2026
2.106m-5.2%12m+45.5%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$502.3M-638.8%$-0.82—
2022-12-31$701.4M+39.6%$-1.25+3.9%
2023-12-31$891.3M+27.1%$-2.30+2.7%
2024-12-31$628.8M-29.5%$-2.68+31.8%
2025-12-31$709.9M+12.9%$-1.42+46.1%
What management says matters
Persistent and emerging business drivers
Product pipeline and R&Dnegative · 5 filings
“The increase was primarily due to an increase in professional fees, partially offset by a decrease in government-sponsored research and development project expense.”10-Q · Aug 10, 2026 ↗
Restructuring and cost reductionsnegative · 5 filings
“Furthermore, during the three and six months ended June 30, 2026, the Company recorded an impairment charge of $5.2 million related to the Company’s right of use assets related to finance leases, net to the impairment financial statement line item in the unau…”10-Q · Aug 10, 2026 ↗
Pricing and mixpositive · 4 filings
“The increase in the benefit was primarily due to improved pricing structure as well as reductions in cost to service our GenDrive units due to improved stack reliability and increased labor utilization.”10-Q · Aug 10, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 3.4× · EV/sales 2.9×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
2.10-0.7% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for PLUG. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing presents a mixed picture
10-Q filed 2026-05-11 against the comparable filing from 2025-05-12.
OperationsconstructiveEvidence score +3
liquiditycautiousEvidence score -2
valuationmixed
What improved
- Revenue increased 22.3% versus the comparable filing period.
- The operating loss narrowed by 69.0M.
What weakened
- Operating cash flow remained negative at -150.0M.
- Cash declined 72.7M versus the comparable period.
- Net margin fell 2.9 percentage points.
Filing receipts
“Partially offsetting these increases, the cost of revenue related to sales of fuel cell systems and cost of revenue related to sales of cryogenic equipment and liquefiers decreased during the three months ended March 31, 2026 primarily due to the decreases in volume described above as well as decreased labor and overhead costs resulting from the Company’s restructuring activities.”
“The decrease in gross loss was primarily due to an increase in the average selling price of fuel, decreased cost of purchased fuel and an increase in internal fuel production, which inherently costs less than purchased fuel. Expenses Research and development.”
“The decrease in gross loss was primarily due to improved pricing and the reduction in cost described above. Cost of revenue – fuel delivered to customers and related equipment .”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind PLUG
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
OLNOlin CorporationpartnerMay 11, 2026 ▾
“We operate in Europe under the name Plug Power Europe to sell electrolyzers to customers in the Europe, Middle East and African (EMEA) region and to sell hydrogen fuel cell systems for the European material handling market.”
AMZNAmazon.com, Inc.lenderAug 11, 2025 ▾
“Revenue associated with fuel delivered to customers and related equipment represents the sale of hydrogen to customers that has been purchased by the Company from a third party or generated at our hydrogen production plants.”
Depended on by
OLNOlin CorporationpartnerFeb 20, 2026 ▾
“Olin Corporation and Plug Power, Inc.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 3 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
PLUG is currently a Early Follower in the organic co-movement group Speculative Emerging Tech. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for PLUG; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.