Plug Power Inc. PLUG is benefitting from strength in its equipment business, supported by strong growth in sales. In the first quarter of 2026, sales of equipment and related infrastructure were $79 million, reflecting a 24.4% rise from a year ago.
The key driver of this performance was the surge in electrolyzer demand, with sales more than tripling year over year to approximately $40.9 million. PLUG’s GenEco platform has gained traction as a preferred option for industrial-scale applications in oil refining, chemicals, mining, semiconductors, steel and cement industries. The company has more than 320 MW of electrolyzer capacity deployed worldwide and an more than $8 billion project pipeline across industrial and energy applications. Hydrogen infrastructure revenues also grew in the first quarter, driven by three hydrogen site installations recognized during the quarter.
Despite this progress, several product lines remained under pressure. Decrease in sales of fuel cell systems, particularly GenSure units, is denting the revenues of Plug Power. Cryogenic equipment and liquefiers sales slowed due to 30 units sold during the quarter compared with 66 units sold during the year ago period.
Overall, PLUG’s equipment sales are gaining traction, supported by stronger demand for electrolyzers and hydrogen infrastructure. If this trend continues, it could support sustained growth in the coming quarters.
Snapshot of Plug Power’s Peers
Among its major peers, Flux Power Holdings, Inc. FLUX reported revenues of $6.59 million in the third quarter of fiscal 2026. Flux Power’s total revenues decreased 60.6% year over year. However, Flux Power continues to expand its lithium-ion energy storage solutions and SkyEMS software platform.
In the first quarter of 2026, PLUG’s another peer, Bloom Energy Corporation’s BE product revenues surged more than 200% year over year. Bloom Energy’s total revenues increased 130.4% year over year. The growth was fueled by robust demand for Bloom Energy’s solid oxide fuel cell systems and expanding adoption of hydrogen-capable solutions.
The Zacks Rundown for PLUG
Shares of Plug Power have surged 100% in the year-to-date period compared with the industry’s growth of 46.5%.
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From a valuation standpoint, Plug Power is trading at a forward price-to-earnings ratio of a negative 18.28X against the industry average of 30.47X. PLUG carries a Value Score of F.
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The Zacks Consensus Estimate for PLUG’s bottom line for 2026 has declined in the past 60 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).