Plug Power Overview
Plug Power (NASDAQ: PLUG) experienced a significant decline in its stock price, dropping from an initial reverse-split-adjusted IPO price of $150 per share in 1999 to under $3 today. The company’s primary focus has shifted from residential hydrogen charging systems to hydrogen fuel cells, electrolyzers, and storage systems due to low demand and high costs.
As of 2025, Plug Power reported revenues of $710 million, following a downturn in 2024 when revenues fell to $629 million. Its largest clients include Amazon and Walmart, utilizing its systems for forklift operations. The firm has secured a major 275 MW electrolyzer contract for a green hydrogen project in Quebec and is developing facilities for the U.S. Department of Energy. Analysts project an 18% compound annual growth rate for revenues from 2025 to 2028, potentially reaching $1.16 billion.
The company’s deployed fuel cell systems increased from approximately 50,000 in 2021 to over 74,000 by 2025, suggesting robust pent-up demand in the market.
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