Why Plug Power Stock Jumped 26% in March

By Neha Chamaria – Apr 8, 2026 at 4:34PM ESTKey PointsPlug Power expects to turn fully profitable by the end of 2028.It has a new leader at the helm who is focused on improving operational performance.Plug Power (PLUG +5.36%) was one of the biggest surprises of March. The stock that fell nearly 34% in the four months through February jumped 26.3% last month, according to data provided by S&P Global Market Intelligence. Plug Power is still a loss-making company, but two critical "wins" in its latest quarter have refueled investor interest in the hydrogen stock. Image source: Getty Images. What is happening with Plug Power stock? Plug Power earned its first-ever positive gross profit of $5.5 million, or a gross margin of 2.4%, in the fourth quarter. This was a massive shift from the negative gross margin of 122.5% it reported in Q4 2024. Higher volumes, pricing, and lower costs under Plug's restructuring program, called Project Quantum Leap, drove its margins. Revenue surged 17.6% year over year, beating analysts' estimates. Plug Power ended the quarter with $368.5 million in cash. Its annual cash burn declined by 26.5%, and the company expects the trend to continue in 2026 as it further cuts costs and capital expenditures. Several analysts raised their outlook on Plug Power stock after the earnings. Investors in the hydrogen stock don't get to see something like that too often. In late February, Plug also announced plans to divest some assets and expects to receive up to $142 million in total proceeds by the second quarter of this year. It plans to raise $275 million in total in 2026. ExpandNASDAQ: PLUGPlug PowerToday's Change(5.36%) $0.14Current Price$2.65Key Data PointsMarket Cap$3.5BDay's Range$2.60 - $2.7752wk Range$0.69 - $4.58Volume3MAvg Vol91MGross Margin-3409.40% In early March, the company also announced a leadership change, with Jose Luis Crespo taking the helm on March 2. He has been with the company for over a decade.

Is Plug Power stock a buy now? Crespo is focused on "converting operational momentum into sustainable financial performance", which should ideally mean better margins and a clear path to profitability for Plug Power. The CEO expects the company to achieve operating profitability by the end of 2027 and full profitability by the end of 2028. That would be a dramatic turnaround for a company that hasn't been profitable in over two decades and issued a going concern warning just about two years ago. Not surprisingly, Plug Power stock surged in March following the leadership change, strong numbers, and solid guidance. That, however, doesn't necessarily mean Plug Power stock is already a buy. I'd track its progress for a few more quarters, especially since dilution risks remain and Plug still needs a lot of cash. On top of that, the company recently faced multiple class action lawsuits related to its representation of a $1.66 billion loan from the U.S. Department of Energy. Plug Power suspended activities related to the loan program in late 2025 and warned that the loan commitment could even terminate. Read NextApr 8, 2026 •By Matt DiLalloPlug Power's New CEO Jose Luis Crespo Is Focused on Profitability. Is Now the Time to Buy the Clean Energy Stock?Apr 8, 2026 •By Catie HoganCould Plug Power's New Electrolyzer Project Lead to Profitability?Apr 7, 2026 •By Parkev Tatevosian, CFAShould You Buy Plug Power Stock Today?Apr 7, 2026 •By Ryan VanzoWhere Will Plug Power Be in 10 Years?Apr 7, 2026 •By Matt DiLalloBest Hydrogen Stocks to Buy in 2026 and How to Invest in ThemApr 7, 2026 •By Manali Pradhan, CFA3 Reasons to Buy Plug Power Stock in AprilAbout the AuthorNeha Chamaria is a contributing Motley Fool stock market analyst covering energy, industrials, utilities, and materials sectors, with a focus on dividend stocks. Prior to The Motley Fool, Neha worked on portfolio valuations for hedge funds at HSBC and authored articles as a journalist. She holds a master’s degree in finance from ICFAI and an MBA from Symbiosis University, along with certifications from the National Stock Exchange of India. Neha was honored with an all-India gold medal for her M.S. in Finance and was the first woman in her family to pursue a professional career.TMFNehaChamariaX@nehamschamariaStocks MentionedPlug PowerNASDAQ: PLUG$2.66(+5.36%)+$0.14*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.