PLUG: Plugging away toward profitability

Research evidence excerpt

PLUG: Plugging away toward profitability

Clean Energy

Clean Energy - Market Weight

PLUG POWER INC (PLUG) May 11, 2026

PLUG: Plugging away toward profitability Rating:

Peer Perform

The Wolfe Byte Price: $3.52

Decent 1Q results, driven by higher-than-expected electrolyzer rev, but earnings Price Target:

in line as margins are still negative (although improved). Execution appears to be NA

moving in the right direction, but we remain PP until we see firmer demand. View PLUG Model

View Comp Table

1Q rev beat but earnings in line. 1Q rev of $164M beat our WRe of $137M and cons Company Information

of $144M, driven by higher-than-expected electrolyzer rev. Adj EPS of (-$0.08) was 52-Week Range $1 - $5

Market Cap. (MM) $4,907

in line with our WRe of (-$0.08) and better than cons of (-$0.10). However, results Enterprise Value (MM) $4,503

included $0.08/share of adjustments (impairments, restructuring, warrant-related Shares Out. (MM) 1,394.0

items), implying a GAAP loss of $0.18/share. PLUG's FY26 outlook for 13%-15% y/y Avg. Value Traded (MM) $142.99 SI% of Float 25.8%

revenue growth is in line with our WRe of $802M and cons of $804M.

4.5Tangible margin improvement is showing up. Revenue grew 22% y/y, while gross

margins improved to -13% (from -55%). Management also sounded increasingly 3.54

confident that margins will continue to improve through 2026, supported by lower 3

service costs (down 30% y/y), better fuel margins, and operating leverage. 2.52

Growth tied to refresh cycles. PLUG expects AMZN's materials handling refresh 1.51

cycle to begin ramping at the end of 2026, with 10-12 sites per year over the next 0.5

Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-265-6 years (~20k GenDrive units total).