Plug Power's (PLUG +1.34%) performance so far in 2026 has been a classic financial see-saw. After kicking off the year on a strong note on the back of high expectations for its green hydrogen roadmap, the hydrogen stock gave back all those early gains in February ahead of earnings, dropping 15.4% in the month, according to data provided by S&P Global Market Intelligence.
Turns out, Plug Power's numbers more than impressed investors, and the stock is flying higher again in March.
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Why Plug Power stock fell in February
Something caught investors' attention in early February. On Feb. 5, Plug Power adjourned a special meeting of shareholders after failing to obtain the necessary votes to pass critical proposals, including one to increase the authorized shares to avoid a reverse stock split.
Eventually, though, shareholders approved the proposal on Feb. 12, which means Plug Power can now double its authorized share count to raise money. That, however, will also dilute existing shareholder value, a persistent sore point for investors in Plug Power.
PLUG Shares Outstanding data by YCharts
With Plug Power also posting huge losses quarter after quarter and burning cash rapidly, investors remained on the sidelines until the company reported its fourth-quarter and full-year 2025 results on March 6.
Is Plug Power stock a buy now?
Shares of Plug Power have risen nearly 14% in March, as of this writing. The hydrogen fuel cell maker reported 17.6% revenue growth in the fourth quarter and its first-ever positive gross profit of $5.5 million.
Investors see that positive gross margin as proof of success for Project Quantum Leap, the company's restructuring plan that was launched to streamline operations and cut costs. To top that, Plug Power's annual cash burn dropped by 26.5%, providing a glimmer of financial discipline that has been missing for years and giving investors a reason to reconsider investing in the languishing stock.
The rally in Plug Power stock is also being fueled by a change in command, with new CEO Jose Luis Crespo taking charge on March 2. Crespo has a bold vision for Plug Power, targeting a positive operating income by the end of 2027 and "full" profitability by the end of 2028.
While an unexpectedly strong showing in the fourth quarter and a new leader are encouraging signs and have injected fresh life into Plug Power stock, Crespo's targets still look ambitious for a company that hasn't been able to turn a profit in more than two decades of its existence.
Can Crespo turn Plug Power's fortunes around? Investors may want to wait some quarters to see how things progress before betting on Plug Power stock.
