Plug Power Inc. PLUG is plagued by lower demand across several of its core product categories, which is adding pressure to its performance. In the second quarter of 2026, revenues from PLUG’s equipment, related infrastructure and other products declined 17.4% year over year to $81.9 million.
The decrease in revenues resulted from lower demand for hydrogen infrastructure and cryogenic equipment. In the second quarter, hydrogen infrastructure revenues fell by $3.4 million year over year to $8.2 million. In the same period, the Cryogenic equipment and liquefier sales were flat at $26.7 million compared with $26.8 million in the prior-year quarter. While electrolyzer revenues declined 70.5% to $13.2 million in the second quarter, the same remained flat in the first half of 2026. These mixed trends indicate that several of Plug Power’s core product lines continue to face uneven demand.
However, the company’s fuel cell systems product line jumped 105.2% year over year to $31.9 million in the second quarter, reflecting strong growth within the equipment portfolio. If maintained, this strength could partially counter the weakness in Plug Power’s other product categories and play an important role in balancing its overall performance.
Snapshot of Plug Power’s Peers
Among its major peers, Bloom Energy Corporation’s BE product revenues surged 215.4% year over year. Bloom Energy’s total revenues surged 165.5% 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.
Another peer of PLUG, Flux Power Holdings, Inc. FLUX reported revenues of $8.2 million in the fourth quarter of fiscal 2026 (ended June 2026). Flux Power’s total revenues increased 25% sequentially in the same period, driven by increased customer orders. Flux Power continues to expand its lithium-ion energy storage solutions and SkyEMS software platform.
The Zacks Rundown for PLUG
Shares of Plug Power have gained 43.7% in the past year compared with the industry’s growth of 49.1%.
Image Source: Zacks Investment Research
From a valuation standpoint, Plug Power is trading at a forward price-to-sales ratio of 3.26X compared with the industry average of 7.7X. PLUG carries a Value Score of F.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for PLUG’s bottom line for 2026 has decreased in the past 60 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Plug Power, Inc. (PLUG): Free Stock Analysis Report
Flux Power Holdings, Inc. (FLUX): Free Stock Analysis Report
Bloom Energy Corporation (BE): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).