Plug Power (PLUG +1.97%) had a standout April, with shares surging 38.5% during the month, according to data provided by S&P Global Market Intelligence.
The April surge wasn't driven by a single event. A stack of catalysts drove the hydrogen stock higher, with investors and analysts turning increasingly bullish about Plug Power's prospects. All eyes are now on its upcoming earnings release.
Image source: The Motley Fool.
What's happening with Plug Power stock?
In early April, Plug secured a 275 megawatts (MW) electrolyzer contract for Hy2gen Canada's Courant project. Courant is one of North America's largest decarbonized ammonium nitrate facilities for the mining industry. It will use the green hydrogen generated from Plug Power's GenEco electrolyzers to produce low-carbon ammonia and process it into renewable ammonium nitrate, providing high-grade, sustainable explosives for the Canadian mining sector.
It's a massive deal, and to put its scale into perspective, consider that this single contract almost equals the 300 MW of GenEco electrolyzers that Plug Power has shipped globally so far. The deal also reinstates green hydrogen's viability for large-scale decarbonization and could open the door to similar wins for Plug Power.
In March, Plug Power reported a record $187 million in electrolyzer revenue for 2025, helping lift total full-year revenue 13% to $710 million. More importantly, the company delivered its first-ever positive gross profit with a 2.4% gross margin, taking an early but meaningful step toward profitability.
NASDAQ: PLUG
Key Data Points
While the 2025 results came out in March, the momentum carried through April. Some analysts even raised their price targets on the hydrogen stock. Clear Street analyst Tim Moore raised Plug Power stock's price target to $3.50 per share from $3 a share after the company's cost savings program showed up on its gross margins.
Will Plug Power stock surge after May 11?
The question still lingers even after Plug Power reported its first-ever positive gross profit. While green hydrogen has significant potential and Plug Power is a frontrunner, the company continues to battle heavy cash burn, execution risks, and a long history of missed financial targets. Management now expects Plug to achieve full profitability by the end of 2028.
April's rally suggests the market is beginning to believe Plug Power may finally be turning a corner. But the next major test comes on May 11, when Plug Power reports first-quarter results. Can the company sustain margin improvement and further narrow losses? If it does, the stock could post strong gains as investors finally start viewing Plug Power less as a speculative hydrogen play and more as a credible long-term turnaround story.
