Plug Power's AGM: From Losses to EBITDA Target as Electrolyzer Sales Soar 343%

Plug Power AGM: Electrolyzer sales triple, margins improve, AI data center hydrogen opportunity. Cash burn remains high, but EBITDA positive target set for Q4 2026. Stock up 200% from low.

The hydrogen specialist Plug Power heads into its annual general meeting on Thursday with a story that is rapidly shifting from survival mode to operational momentum. Shareholders gathering at 16:00 CET will hear from CEO Jose Luis Crespo just days after the company reported first-quarter numbers that show an electrolyzer business tripling in size — a bright spot that is helping to narrow the losses.

Revenue climbed 22% year-over-year to $163.5 million in the first quarter of 2026, driven almost entirely by the electrolyzer unit. That segment posted a 343% surge to $40.8 million as Plug Power moves beyond selling individual components and starts delivering complete infrastructure packages. The gross margin, deeply negative at minus 55% a year ago, has improved to minus 13% — still red, but heading in the right direction as the "Project Quantum Leap" cost-cutting program takes hold.

Yet the balance sheet remains the stock's biggest headwind. Of the $802 million in total liquidity, only $223 million is in freely available cash; the rest is tied up in project execution. The operating cash burn stood at minus $150 million in the first quarter. To bridge the gap, Plug Power is leaning on asset sales. It expects to raise around $275 million by selling hydrogen projects, including a deal with Stream Data Centers. The first tranche of $142 million is slated to close as soon as June. An additional $39.2 million is coming from a tax credit sale.

The company's new narrative centers on the energy appetite of artificial intelligence. Plug Power aims to supply up to 250 megawatts of hydrogen to U.S. data centers, and analysts estimate an initial contract could be worth roughly $30 million in annual revenue — modest for now, but strategically significant. By 2030, AI data centers could consume almost 12% of total U.S. electricity, according to industry estimates.

The stock, currently trading at €2.84 in Europe, sits just above its 50-day moving average of €2.75. It has recovered about 200% from its 52-week low of €0.94, but the past seven days have been punishing, with a 16% decline. Annualized volatility stands above 100%, underscoring the speculative nature of a company still chasing an operational turnaround. The relative strength index at 44 suggests the shares are neither overbought nor oversold.

Thursday's AGM features a board change as director Kavita Mahtani steps down. The central topic, however, is likely to be the timeline to profitability. Management has reiterated its goal of turning EBITDA positive by the fourth quarter of 2026, and analysts are watching closely to see whether the improving margins and the ramp-up in electrolyzer sales can deliver that target before the cash runway forces another dilutive move.