It was a wild ride for Plug Power (PLUG 3.85%) investors in 2025. Through the first nine months of the year, the fuel cell stock had logged 37.6% gain. The stock's rise, however, couldn't be sustained, and shares tumbled in the closing months of the year, leaving the stock 7.5% lower at the end of 2025 than at the start of the year.
But hope springs eternal for the hydrogen stock, and it has maintained a much different trajectory through the first half of the year. According to data provided by S&P Global Market Intelligence, Plug stock rocketed 37.6% in the first half of 2026.
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Investors celebrated Plug's progress with Project Quantum Leap
While Plug stock saw some upward momentum early in 2026, the company's fourth-quarter 2025 financial results reported in March served as a major catalyst for the stock's rise. With the company's cost-savings initiative, Project Quantum Leap, seeming to bear fruit, Plug reported a 2.4% gross margin in Q4 2025 -- a sharp improvement from the negative 123% it reported in Q4 2024.
At the bottom of the income statement, investors found more to cheer. For the last quarter of 2025, Plug posted earnings per share (EPS) of negative $0.63 compared to negative $1.48 in Q4 2024.
NASDAQ: PLUG
Key Data Points
Following Plug's March Q4 2025 results report, several firms raised their price targets, further fueling the stock's rise. Wells Fargo boosted its price target to $2 from $1.50 shortly after the report, and in April, Susquehanna raised its target to $2.75 from $2.50, while Clear Street raised it to $3.50 from $3.
Investors continued driving the stock higher in May, when Plug reported Q1 2026 financial results. Beating analysts' expectations that it would post revenue of $141.2 million, Plug reported $163.5 million on the top line -- 22% higher on a year-over-year basis. But it was likely management's year-end commentary that provided the most fodder for the bulls. Speaking to the company's continuing improvements, Jose Luis Crespo, Plug's CEO, reaffirmed the belief that the company would achieve positive earnings before interest, taxes, depreciation, amortization, and share-based expense (EBITDAS) in the fourth quarter of 2026.
The second half of the year isn't off to a great start
While Plug stock moved decisively higher in the first half of the year, it has moved in the opposite direction so far in July. As of this writing, shares of Plug are down 19% since June 30. It's worth noting, though, that the company hasn't reported any negative news that would explain the stock's decline.
While profitability has consistently eluded Plug, the company seems to be making progress toward proving that its fuel cell and hydrogen business can be lucrative. Should the company report further success in reducing expenses when it reports second-quarter 2026 financial results later this summer, it may suggest that a new day for Plug is dawning.
