Plug Power (PLUG) stock falls on Q4 2025 Earnings

Plug Power Inc. (PLUG) reported Q4 2025 results that showed a revenue beat but continued large losses.

Revenue: $225.2 million (up 17.6% year-over-year) vs. estimate $222.1 million.

Gross profit: $5.5 million (down 102.3% year-over-year).

Operating loss: -$763.2 million (worse by 41.3% year-over-year).

Net loss attributable to common shareholders: -$787.4 million (down 41.0% year-over-year).

Diluted EPS: -0.69 (down 58.2% year-over-year) vs. estimate -0.1046.

Balance sheet and cash flow highlights:

Cash from operating activities: -$148.6 million (improved 13.3% year-over-year).

Cost of sales: $219.8 million (down 48.4% year-over-year).

Purchases of property, plant and equipment: -$4.4 million (down 87.1% year-over-year).

Cash and cash equivalents: $368.5 million (up 79.2% year-over-year).

Total liabilities: $1.59 billion (down 11.4% year-over-year).

Market reaction and takeaway:

Shares moved about 8.9% since market close.

Overall, Plug Power delivered revenue growth and a modest beat to expectations, but profitability remains weak with sizable operating and net losses; cash improved materially while liabilities declined year-over-year.

Note: This financials data is sourced from a third-party provider and has not been independently verified by Quiver.

Plug Power Inc. Insider Trading Activity

Plug Power Inc. insiders have traded $PLUG stock on the open market 6 times in the past 6 months. Of those trades, 1 have been purchases and 5 have been sales.

Here’s a breakdown of recent trading of $PLUG stock by insiders over the last 6 months:

BENJAMIN HAYCRAFT (CSO & GM EMEA) has made 0 purchases and 5 sales selling 110,972 shares for an estimated $259,445.
JOSE LUIS CRESPO (See Remarks) purchased 37,300 shares for an estimated $87,282

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

Plug Power Inc. Hedge Fund Activity

We have seen 218 institutional investors add shares of Plug Power Inc. stock to their portfolio, and 205 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

VANGUARD GROUP INC added 19,967,339 shares (+18.2%) to their portfolio in Q4 2025, for an estimated $39,335,657
BLACKROCK, INC. added 17,594,907 shares (+17.7%) to their portfolio in Q4 2025, for an estimated $34,661,966
TWO SIGMA INVESTMENTS, LP added 17,541,102 shares (+162.0%) to their portfolio in Q4 2025, for an estimated $34,555,970
GOLDMAN SACHS GROUP INC removed 15,552,203 shares (-64.4%) from their portfolio in Q4 2025, for an estimated $30,637,839
RENAISSANCE TECHNOLOGIES LLC added 14,052,600 shares (+inf%) to their portfolio in Q4 2025, for an estimated $27,683,622
HRT FINANCIAL LP removed 9,689,968 shares (-98.9%) from their portfolio in Q4 2025, for an estimated $19,089,236
MORGAN STANLEY added 9,670,070 shares (+193.0%) to their portfolio in Q4 2025, for an estimated $19,050,037

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Plug Power Inc. Analyst Ratings

Wall Street analysts have issued reports on $PLUG in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Clear Street issued a "Buy" rating on 12/31/2025
HC Wainwright & Co. issued a "Buy" rating on 10/03/2025

To track analyst ratings and price targets for Plug Power Inc., check out Quiver Quantitative's $PLUG forecast page.

Plug Power Inc. Price Targets

Multiple analysts have issued price targets for $PLUG recently. We have seen 5 analysts offer price targets for $PLUG in the last 6 months, with a median target of $2.5.

Here are some recent targets:

Jeffrey Osborne from TD Cowen set a target price of $2.0 on 01/09/2026
Tim Moore from Clear Street set a target price of $3.0 on 12/31/2025
George Gianarikas from Canaccord Genuity set a target price of $2.5 on 11/20/2025
Biju Perincheril from Susquehanna set a target price of $2.5 on 11/17/2025
Amit Dayal from HC Wainwright & Co. set a target price of $7.0 on 10/03/2025