PLUG POWER INC
PLUG · Electrical Industrial Apparatus · 1.40B shares · +26%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$163M (gross $182K, SBC $163M)
Reference price $3.23 · est. market cap ~$4.5B — last insider sale, 2026-06-08 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D42Cash-burning hydrogen/fuel-cell company with deeply negative margins and a short runway despite revenue growth.
Strengths
- Revenue grew 12.9% (63rd pct) and cash/investments at $368.5M sit in the 72nd percentile
- Asset-monetization initiative (~$132.5M data-center land sale) provides near-term liquidity
Risks
- Negative gross margin (-34%, 2nd pct), operating margin -207%, and FCF margin -91%; $1.7B net loss and $8.2B accumulated deficit
- Cash runway ~2.3 quarters (26th pct); chronic reliance on dilutive equity/debt financing
Notable findings
- No interest coverageInterest coverage -22.53 (cannot cover interest)
- Net lossNet loss (net margin -229.8%)
- Cash burnNegative free cash flow (-647.0M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +26%/yr over 4y (dilution, book value/share -92%)
- Revenue declineRevenue -27.4% YoY
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
-34.1%
Operating margin
-206.7%
Net margin
-229.8%
Return on equity
-166.8%
Return on assets
-62.9%
Revenue growth (QoQ)
-27.4%
Interest coverage
-22.5×
Current ratio
2.3×
Free cash flow
-$647M
Tangible book value
$949M
Cash & investments
$369M
Cash runway
2q
Stock comp / revenue
7.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | Angle Colin M | Grant | 40K | — |
| 2026-06-11 | WILLIS GARY K | Grant | 40K | — |
| 2026-06-11 | MCNAMEE GEORGE C | Grant | 40K | — |
| 2026-06-11 | Kenausis Gregory | Grant | 40K | — |
| 2026-06-11 | Joggerst Patrick | Grant | 40K | — |
| 2026-06-11 | HELMER MAUREEN O | Grant | 40K | — |
| 2026-06-11 | BONNEY MARK J | Grant | 40K | — |
| 2026-06-08 | HELMER MAUREEN O | Sell | 50K | $3.23 |
| 2026-04-01 | Marsh Andrew | Grant | 3.7K | $2.26 |
| 2026-04-01 | Kenausis Gregory | Grant | 8.7K | $2.26 |
| 2026-04-01 | Mahtani Kavita | Grant | 10.0K | $2.26 |
| 2026-04-01 | Angle Colin M | Grant | 3.9K | $2.26 |
| 2026-04-01 | BONNEY MARK J | Grant | 11K | $2.26 |
| 2026-04-01 | Joggerst Patrick | Grant | 8.8K | $2.26 |
| 2026-01-12 | Haycraft Benjamin | Sell | 40K | $2.17 |
| 2026-01-02 | HELMER MAUREEN O | Grant | 14K | $1.97 |
| 2026-01-02 | MCNAMEE GEORGE C | Grant | 13K | $1.97 |
| 2026-01-02 | Mahtani Kavita | Grant | 11K | $1.97 |
| 2026-01-02 | Kenausis Gregory | Grant | 10.0K | $1.97 |
| 2026-01-02 | Joggerst Patrick | Grant | 10K | $1.97 |
| 2026-01-02 | BONNEY MARK J | Grant | 12K | $1.97 |
| 2026-01-02 | Angle Colin M | Grant | 5.1K | $1.97 |
| 2026-01-02 | WILLIS GARY K | Grant | 16K | $1.97 |
| 2025-12-15 | Crespo Jose Luis | Buy | 37K | $2.34 |
| 2025-12-10 | Haycraft Benjamin | Sell | 40K | $2.20 |
| 2025-11-28 | Marsh Andrew | Grant | 12K | $2.01 |
| 2025-11-10 | Haycraft Benjamin | Sell | 10K | $2.92 |
| 2025-11-07 | Haycraft Benjamin | Tax withheld | 36K | $2.51 |
| 2025-10-31 | Marsh Andrew | Grant | 9.4K | $2.69 |
| 2025-10-17 | Haycraft Benjamin | Tax withheld | 7.8K | $3.48 |
| 2025-10-10 | Haycraft Benjamin | Sell | 10K | $3.80 |
| 2025-10-03 | Marsh Andrew | Grant | 18K | $3.81 |
| 2025-10-01 | MCNAMEE GEORGE C | Grant | 11K | $2.33 |
| 2025-10-01 | Kenausis Gregory | Grant | 8.4K | $2.33 |
| 2025-10-01 | Joggerst Patrick | Grant | 8.6K | $2.33 |
| 2025-10-01 | HELMER MAUREEN O | Grant | 12K | $2.33 |
| 2025-10-01 | BONNEY MARK J | Grant | 10K | $2.33 |
| 2025-10-01 | Angle Colin M | Grant | 4.3K | $2.33 |
| 2025-10-01 | Mahtani Kavita | Grant | 9.7K | $2.33 |
| 2025-10-01 | WILLIS GARY K | Grant | 14K | $2.33 |
| 2025-09-16 | Haycraft Benjamin | Sell | 11K | $1.59 |
| 2025-08-29 | Marsh Andrew | Grant | 18K | $1.67 |
| 2025-08-01 | Marsh Andrew | Grant | 20K | $1.54 |
| 2025-07-04 | Marsh Andrew | Grant | 38K | $1.01 |
| 2025-07-03 | Mahtani Kavita | Grant | 77K | — |
| 2025-07-03 | Kenausis Gregory | Grant | 77K | — |
| 2025-07-03 | Joggerst Patrick | Grant | 77K | — |
| 2025-07-03 | HELMER MAUREEN O | Grant | 77K | — |
| 2025-07-03 | BONNEY MARK J | Grant | 77K | — |
| 2025-07-03 | Angle Colin M | Grant | 77K | — |
| 2025-07-03 | WILLIS GARY K | Grant | 77K | — |
| 2025-07-03 | MCNAMEE GEORGE C | Grant | 77K | — |
| 2025-07-01 | MCNAMEE GEORGE C | Grant | 17K | $1.49 |
| 2025-07-01 | WILLIS GARY K | Grant | 22K | $1.49 |
| 2025-07-01 | Mahtani Kavita | Grant | 15K | $1.49 |
| 2025-07-01 | Joggerst Patrick | Grant | 13K | $1.49 |
| 2025-07-01 | HELMER MAUREEN O | Grant | 18K | $1.49 |
| 2025-07-01 | BONNEY MARK J | Grant | 16K | $1.49 |
| 2025-07-01 | Angle Colin M | Grant | 6.7K | $1.49 |
| 2025-07-01 | Kenausis Gregory | Grant | 13K | $1.49 |
| 2025-06-11 | Crespo Jose Luis | Sell | 37K | $1.32 |
| 2025-06-09 | MIDDLETON PAUL B | Buy | 650K | $1.03 |
| 2025-05-30 | Marsh Andrew | Grant | 36K | $0.84 |
| 2025-05-16 | MIDDLETON PAUL B | Buy | 350K | $0.72 |
| 2025-05-05 | MIDDLETON PAUL B | Tax withheld | 17K | $0.84 |
| 2025-05-05 | Conway Gerard L JR | Tax withheld | 16K | $0.84 |
| 2025-05-05 | Crespo Jose Luis | Tax withheld | 17K | $0.84 |
| 2025-04-06 | Hull Martin Daniel | Tax withheld | 19K | $1.22 |
| 2025-04-01 | Mahtani Kavita | Grant | 17K | $1.35 |
| 2025-04-01 | HELMER MAUREEN O | Grant | 20K | $1.35 |
| 2025-04-01 | WILLIS GARY K | Grant | 24K | $1.35 |
| 2025-04-01 | MCNAMEE GEORGE C | Grant | 19K | $1.35 |
| 2025-04-01 | Kenausis Gregory | Grant | 15K | $1.35 |
| 2025-04-01 | Angle Colin M | Grant | 7.4K | $1.35 |
| 2025-04-01 | Joggerst Patrick | Grant | 15K | $1.35 |
| 2025-04-01 | BONNEY MARK J | Grant | 18K | $1.35 |
| 2025-01-02 | WILLIS GARY K | Grant | 15K | $2.13 |
| 2025-01-02 | MCNAMEE GEORGE C | Grant | 12K | $2.13 |
| 2025-01-02 | Mahtani Kavita | Grant | 11K | $2.13 |
| 2025-01-02 | Kenausis Gregory | Grant | 9.2K | $2.13 |
| 2025-01-02 | Joggerst Patrick | Grant | 9.4K | $2.13 |
| 2025-01-02 | HELMER MAUREEN O | Grant | 13K | $2.13 |
| 2025-01-02 | BONNEY MARK J | Grant | 11K | $2.13 |
| 2025-01-02 | Angle Colin M | Grant | 4.2K | $2.13 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
- Stream US Data Centers, LLC
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-15 | Shareholder voteOther | filing ↗ |
| 2026-06-11 | Reg FDExhibits | filing ↗ |
| 2026-06-04 | Exec/director change | filing ↗ |
| 2026-05-11 | ResultsExhibits | filing ↗ |
| 2026-03-10 | Exec/director change | filing ↗ |
| 2026-03-02 | ResultsExhibits | filing ↗ |
| 2026-02-26 | Material agreementOtherExhibits | filing ↗ |
| 2026-02-13 | 5.03Shareholder voteExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-15 | 2026-06-11 | 0001104659-26-074022 ↗ |
| 8-K | 2026-06-11 | 2026-06-11 | 0001104659-26-072652 ↗ |
| 8-K | 2026-06-04 | 2026-06-02 | 0001104659-26-070504 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001104659-26-058712 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001104659-26-058615 ↗ |
| 8-K | 2026-03-10 | 2026-03-04 | 0001104659-26-025805 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001104659-26-022286 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0001104659-26-022247 ↗ |
| 8-K | 2026-02-26 | 2026-02-24 | 0001104659-26-020476 ↗ |
| 8-K | 2026-02-13 | 2026-02-12 | 0001104659-26-014846 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0001104659-26-013537 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0001104659-26-010793 ↗ |