Plug Power (PLUG) has spent the last few years under heavy selling pressure as mounting losses continue to overshadow its steady revenue growth. While the hydrogen fuel cell leader has made real progress in high-potential segments like electrolyzers, the path to profitability still feels frustratingly out of reach. However, PLUG stock has shown signs of life lately. After a brutal start to 2025, shares have staged a notable double-digit rebound over the past month, signaling a spark of renewed investor confidence. 

The bounce comes as the company rolls out a series of encouraging updates, breathing life back into a stock that had been stuck in the red. Among the most attention-grabbing moves is Plug’s latest deal with Allied Green Ammonia, an ambitious agreement to supply 2 gigawatts of electrolyzer capacity for a large-scale project in Uzbekistan. 

Plug Power has a history of landing eye-catching deals, including those with heavyweights like Walmart (WMT) and Amazon (AMZN). But so far, those partnerships haven’t done much to move the profitability needle — and there’s a fair chance this latest one won’t either. So, with fresh momentum in the air, is Plug Power finally worth a buy? Or is it still best approached with caution as we head into July?

About Plug Power Stock

New York-based Plug Power is positioning itself at the center of the emerging hydrogen economy with a broad ecosystem that touches everything from production and storage to distribution and power generation. As an early mover, the company offers a wide range of hydrogen solutions, including electrolyzers, fuel cells, storage tanks, and fueling infrastructure, serving industries from logistics to energy production all in pursuit of large-scale decarbonization.

Plug's reach is global, with electrolyzer deployments spanning five continents and a growing footprint in hydrogen production. To date, Plug has rolled out more than 72,000 fuel cell systems and 275 fueling stations, making it one of the largest consumers of liquid hydrogen. The company’s market capitalization currently stands at approximately $1.3 billion. 

After a brutal stretch that saw PLUG stock tumble 36% over the past 52 weeks and drop 30% so far in 2025, Plug Power is finally showing signs of life. In just the past month, shares have roared back with a 68% gain, blowing past the broader S&P 500 Index’s ($SPX) 5% climb during the same period. This marks a sharp shift in momentum for the beaten-down hydrogen fuel cell player, sparking renewed interest from investors who had largely written PLUG stock off.

Plug Power’s Q1 Earnings Snapshot

Plug Power delivered its fiscal 2025 first-quarter results on May 12. While the numbers weren’t all bad, they did spark a sharp 10% selloff the very next day. For the period, the company reported revenue of $133.7 million, an 11% increase from the prior year and just above Wall Street’s expectations. That modest beat was fueled by growing electrolyzer shipments, consistent demand from the material handling business, and solid traction in its cryogenic technology platform. 

Despite posting year-over-year (YOY) revenue growth, Plug Power couldn’t dodge another wave of investor disappointment, as losses continued to weigh heavily on its financials. The company reported a Q1 2025 loss of $0.21 per share, an improvement from the $0.46 loss a year earlier but still a penny short of analyst forecasts, triggering fresh skepticism.

There was some progress on margins, with gross margin improving to -55% from a brutal gross margin of-132% in Q1 of fiscal 2024. The gains came thanks to better supply-chain management, cost-cutting efforts, pricing tweaks, and growing scale across its hydrogen platform. But even with those improvements, Plug remains deep in negative territory, leaving many investors unconvinced that a true turnaround is underway.

Looking ahead to Q2, Plug Power projects revenue between $140 million and $180 million, signaling hopes for steady progress. Management also expects further improvements in gross margin and working capital as the year moves forward, offering a cautiously optimistic outlook in the face of ongoing challenges. Reflecting on the Q1 performance, CEO Andy Marsh commented, “We’re delivering real progress toward profitability and scaling our hydrogen ecosystem to meet growing global demand for clean energy.” 

What Do Analysts Think About Plug Power Stock?

Overall, Wall Street isn’t rushing in just yet. With doubts still swirling around Plug Power’s path to profitability, the consensus remains a cautious “Hold” rating as analysts wait to see whether the recent momentum can truly stick. Of the 23 analysts offering recommendations, six give PLUG stock a solid “Strong Buy,” 13 suggest a “Hold,” and the remaining four give a “Strong Sell" rating. The average analyst price target of $1.96 indicates 31% potential upside from current price levels.