Plug Power's Stock Surges 93% in Three Months as Revenue Grows
Plug Power, a hydrogen fuel cell technology company, has witnessed a dramatic shift in its fortunes. Despite not turning a profit in over two decades, the company has experienced a significant turnaround in recent months.
Plug Power's stock has been volatile in 2025. It dropped by 30% in the first half of the year but has since surged by 93% in the past three months. The company's revenue grew by 21% year over year in the last quarter, with a notable improvement in gross margin to negative 31% from negative 92% in Q2 2024.
Plug Power aims to achieve 'gross margin breakeven on a run-rate basis' in the fourth quarter, indicating it expects to cover its production costs with sales. This goal is part of the company's ambitious 'Project Quantum Leap', initiated to cut costs and reduce its cash burn rate. The project targets annual savings of $150 million to $200 million.
Despite its long history of losses, Plug Power shows signs of turning a corner. Its recent revenue growth and gross margin improvement, coupled with its cost-cutting initiatives, suggest a more sustainable future for the company.
