Markets

Plug Power Stock Plunges 7% After Earnings Loss Exceeds Estimates And Margins Worsen

The hydrogen company's adjusted loss exceeded the Zacks estimate, while plant outages and scale-up costs hurt gross margin.

Plug Power, which makes hydrogen fuel-cell systems and produces hydrogen fuel, plunged 7.33% to $1.39 in Tuesday trading, as of 11:16 AM ET, wiping out $154 million in market value. The drop followed Monday's earnings release, announced in an SEC filing, with an adjusted loss larger than estimated and a deterioration in gross margin.

Loss Misses, Gross Margin Worsens

Plug's third-quarter adjusted loss was $0.12 per share, matching the year-earlier loss but exceeding the Zacks consensus estimate of a $0.07 loss.

Gross margin moved further below zero, reaching negative 2.7% compared with negative 0.9% in the previous quarter. The company attributed the deterioration to costs of scaling up electrolyzers and unplanned outages at its hydrogen plants.

A Slide Before The Results

Tuesday's decline put Plug on pace for its second drop of 7% or more this month. Its total market value stood at $1.94 billion in Tuesday trading, as of 11:16 AM ET.

The stock had already lost 11% over the previous month before Tuesday's session. Through Monday's close, Plug was down 24% year-to-date, against a 10% gain for the S&P 500; it also closed Monday 64% below its highest closing price of the past year.

Walmart's Refresh And Hydrogen Operations

Plug's fuel cells primarily power forklifts and other material-handling vehicles at manufacturing and distribution sites. It also sells stationary systems for backup and large-scale power, along with electrolyzers that separate water into hydrogen and oxygen and equipment that liquefies hydrogen.

The business predominantly serves North American and European material-handling markets, selling directly and through equipment manufacturers and their dealers. Plug reports one business segment and runs hydrogen plants in Tennessee, Georgia and Louisiana.

Walmart accounted for 24.2% of Plug's revenue in 2025. CEO Jose Luis Crespo said the retailer's equipment refresh cycle is expected to begin in the fourth quarter.