Plug Power stock soars as revenue grows: will the gains hold?

Plug Power stock price jumped by over 8% in the extended hours after the company published its full-year financial results, which showed strong revenue growth and narrowing losses.

It jumped to $1.9, bringing its market capitalization to over $2.52 billion.

So, will the stock continue rising or resume the downward trend?

Plug Power stock jumped after earnings 

Plug Power, a highly shorted energy company, published its financial results on Monday, which showed strong revenue growth and narrowing losses.

The company said that its net revenue returned to growth last year. It made over $709 million in revenue, up from $628 million in the previous year.

Most of this revenue was from the sale of equipment, which came in at $371 million.

This segment, however, has been shrinking as its revenue was $390 million in 2024 and $711 million in 2023. 

As such, the company will need to keep growing its businesses to offset the weakness in its key segment.

Its power purchase agreements revenue rose from $77 million to $107 million, while the fuel delivered to consumers rose from $97 million to $133 million.

Additionally, revenue from services on fuel services systems rose from $52 million to $94 million.

Fuel sales have been on a growth trajectory in the past few years, moving from $66 million in 2024 to $133 million last year.

This growth happened even as the hydrogen vehicle industry largely died after Nikola filed for bankruptcy.

Meanwhile, the company continued to narrow its huge losses. It made a net loss of over $1.6 billion in 2025 from $2.14 billion in the previous year.

This loss included a $763 million impairment charge. It made a gross profit of $5.5 million, helped by its higher sales. 

Still, there is a risk that the company will raise money this year, continuing its dilution to its shareholders.

It ended the quarter with $368 million in restricted cash, which will not be enough to fund its operations this year.

One approach the company plans to raise money is to monetise its assets in support of the ongoing data centre build-up.

Plug Power has been one of the most dilutive companies in the energy sector, with its number of outstanding shares rising to 1.14 billion from 595 million in 2025. 

Wall Street analysts predict that the company’s revenue will continue growing in the foreseeable future.

The average estimate among analysts is that its revenue will jump by 18% this year to $823 million, followed by $1.03 billion next year.

Analysts also expect it to continue narrowing its losses.

The average estimate is that its loss per share will narrow from 85 cents in 2025 to 31 cents this year and 23 cents next year.

PLUG stock price technical analysis 

Plug Power stock price chart | Source: TradingView 

The daily timeframe chart shows that the Plug Power share price peaked at $4.55 in October last year to the current $1.9. 

It has crashed below the 61.8% Fibonacci Retracement level. Also, the stock moved below the lower side of the bearish flag pattern.

The stock also remains below all moving averages, while the Supertrend indicator has remained in the red. 

Therefore, the most likely scenario is where the PLUG stock price remains under pressure in the near term as financing concerns remain.

If this happens, there is a likelihood that it will drop to $1.50.