Here's Why Plug Power Stock Soared 37.6% in the First Half of 2026

Plug Power (PLUG) surged 37.6% in the first half of 2026, fueled by a sharp turnaround in gross margins and stronger-than-expected revenue. The hydrogen fuel cell maker posted a 2.4% gross margin in Q4 2025, a stark reversal from negative 123% in the year-ago quarter, signaling meaningful progress on its cost-reduction plan.

First-quarter 2026 revenue came in at $163.5 million, beating Wall Street expectations. CEO Jose Luis Crespo reaffirmed guidance for positive EBITDAS by Q4 2026, a milestone that has eluded the company through years of heavy losses. The confirmation kept momentum behind the stock through mid-year.

The rally stalled in late June. Shares have dropped 19% since June 30 with no company-specific catalyst or negative disclosure to explain the pullback. The decline appears technical rather than fundamental, opening questions about whether recent sellers are taking profits after the first-half run or reacting to broader risk-off rotation.