Plug Power (PLUG -3.55%) has grand ambitions. It's building an end-to-end hydrogen ecosystem to produce, store, and deliver lower-carbon emissions energy to customers across the U.S. and Europe. The company's strategy could fuel significant revenue and earnings growth in the coming years.
Plug Power was a first mover in the hydrogen sector. The company developed the first commercially viable hydrogen fuel cell technology market. It has since deployed an industry-leading 69,000-plus fuel cell systems into the electric mobility market.
The company is leveraging its first-mover advantage and hydrogen experience to become a leader in producing the low-carbon fuel. It's building and developing several hydrogen production facilities across the U.S. and Europe. Plug Power set an ambitious goal of growing its business at a 30% compound annual rate through 2030.
Plug Power's path to 2030 has it on track to steadily improve its profitability. The company aims to exit 2025 with a positive gross margin. Meanwhile, it aims to exit 2027 by delivering positive operating income. That would make it profitable by the end of 2028.
Plug's enormous growth potential has many investors interested in buying the leading hydrogen stock. Here's a step-by-step guide on how to invest in its shares and some things to consider before buying the stock.
How to invest
How to buy Plug Power stock
You'll need to take a few steps before buying shares in Plug Power (or any other stock). Here's a step-by-step guide to adding the hydrogen-focused company to your portfolio:
- Open your brokerage app: Log in to your brokerage account where you handle your investments.
- Search for the stock: Enter the ticker or company name into the search bar to bring up the stock's trading page.
- Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
- Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
- Submit your order: Confirm the details and submit your buy order.
- Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.
Stock Ticker
Should I invest?
Should I invest in Plug Power?
Doing research is essential before buying a stock. It could lead you away from buying shares or further confirm your thesis. Here are some reasons why you might want to buy shares of Plug Power:
- You believe that green hydrogen powered by renewable energy could be a crucial solution in helping decarbonize the global economy.
- You think Plug Power's heavy investment in building an end-to-end hydrogen solution will pay off down the road.
- You believe the stock will significantly outperform the S&P 500 over the next five years.
- You don't need dividend income from your investment.
- You understand that Plug Power isn't profitable and will continue losing money for at least the next several years.
- You're comfortable with owning a stock that could be very volatile.
- You understand the risks, including the possibility that shares of Plug Power could continue to lose value.
On the other hand, here are some factors that might cause you to opt against buying shares of Plug Power:
- You're unsure if hydrogen will be a commercially viable alternative energy solution.
- You're worried about Plug Power's ability to finance its ambitious growth strategy.
- You're concerned that the company will continue to lose money.
- You're retired or nearing retirement and need investments that generate income.
- You're seeking investments with less volatility and a higher probability of generating attractive total returns.
Profitability
Is Plug Power profitable?
Profitability is a big driver of share price growth over the long term. Unfortunately, profitability has proven elusive for Plug Power. That has weighed on its share price over the years:
Shares of the company have lost more than 99% of their value since its initial public offering (IPO) more than 20 years ago.
Plug Power was still a long way from profitability as of mid-2025. In 2024, the company reported $628.8 million in revenue, down from $891.3 million. Plug posted a staggering loss of over $2.1 billion for the year, up from almost $1.4 billion in the prior year.
The company is on a path to profitability. It's investing heavily to increase its manufacturing scale and build green hydrogen production facilities, which should continue powering robust revenue growth while improving its margins. The company believes that as it continues to scale, it will eventually turn the corner and reach profitability in the coming years. It currently aims to reach overall profitability by the end of 2028.
Dividends
Does Plug Power pay a dividend?
Plug Power didn't make dividend payments to its shareholders as of mid-2025. The company hasn't declared a dividend since its 1999 initial public offering. Since the company isn't yet anywhere near becoming profitable, it likely won't initiate a dividend in the foreseeable future.
ETFs with exposure
ETFs with exposure to Plug Power
An alternative to investing directly in Plug Power stock is to consider a passive investment through a fund that holds its shares. One of the most common passive investment vehicles is an exchange-traded fund (ETF).
Exchange-Traded Fund (ETF)
In mid-2025, 67 ETFs held 146.6 million shares of Plug Power, according to ETF.com. The Global X Hydrogen ETF (HYDR -1.19%) had the highest allocation to Plug Power at over 6.5%. It was the fund's fifth-largest holding. That makes it a potentially appealing option for investors seeking greater passive exposure to Plug Power and other leading hydrogen stocks.
Stock splits
Will Plug Power stock split?
Plug Power hadn't announced an upcoming stock split as of mid-2025. The company had never completed a regular stock split in its history.
However, Plug Power did complete a reverse stock split in 2011. It completed a 1-for-10 reverse stock split to maintain its listing on the Nasdaq Stock Market and make its share price more appealing to institutional investors like mutual funds and hedge funds. Given its low stock price (less than $1 per share in mid-2025), it might need to complete another reverse stock split to maintain its listing on the Nasdaq.
Related investing topics
The bottom line on Plug Power
Plug Power has an ambitious plan to become a powerhouse in the hydrogen industry. The company is investing heavily to build additional hydrogen production sites and other infrastructure to become a leading provider of this lower-emissions fuel. The company's strategy could enable it to generate robust revenue and earnings growth in the coming years.
However, Plug Power has struggled to produce profits in the past. There's no guarantee it will achieve its bold plans and make money in the future. It's a very risky investment that could either pay off spectacularly or continue eroding shareholder value.
FAQs
Investing in Plug Power FAQs
Is PLUG a good stock to buy now?
Plug Power holds tremendous promise. The company is building an integrated hydrogen network. Those investments could fuel significant earnings and profit growth over the coming years.
However, Plug Power's potential comes with many risks. While hydrogen holds substantial promise as a low-emissions fuel source, its commercial viability remains a big question. Meanwhile, Plug Power has yet to prove it can make money from the technology. It needs to routinely raise capital from investors to fund its operations and growth, which has weighed heavily on its share price. Investors should view Plug Power as a very speculative and high-risk stock that also offers high reward potential.
What will PLUG stock be worth in five years?
It's impossible to accurately predict a stock's price several years into the future. Forecasting Plug's future stock price is even more challenging, given its funding issues.
On the one hand, the company expects to grow its business at a compound annual rate of more than 30% through 2030. It also expects to turn the corner and reach profitability by the end of 2028. If it's successful, the company could deliver significant share price appreciation.
However, Plug hasn't delivered on its grand growth plans in the past. Further, it needs to raise significant capital from investors to fund its operations and growth. Its shares could continue losing value in the future, especially if it doesn't deliver on its ambitious growth plan.
Is Plug Power a publicly traded company?
Plug Power has been a publicly traded company since it completed its initial public offering in 1999. The hydrogen company trades under the stock ticker PLUG on the Nasdaq stock exchange.
