5 Revealing Analyst Questions From Plug Power's Q1 Earnings Call

Plug Power’s first quarter results saw revenue growth and operational improvements, but the market reacted negatively to ongoing margin pressure and continued losses. Management attributed the quarter’s performance to renewed momentum in the material handling segment and successful commissioning of additional hydrogen production capacity. CEO Andy Marsh highlighted that Plug Power’s “Q1 cash burn was down nearly 50% year-over-year,” due to cost reduction initiatives and improved execution across core business lines. The focus on internal production and inventory management provided some buffer against near-term cost inflation, but new tariffs and policy uncertainty weighed on investor sentiment.

Is now the time to buy PLUG? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions Plug Power’s Q1 Earnings Call

• Bill Peterson (JPMorgan) asked about the implications of changing U.S. tax credits on Plug Power’s Texas facility and DOE loan. CEO Andy Marsh acknowledged policy uncertainty, stating that while safe harbor provisions are positive, the company is accelerating construction to qualify and increasingly focusing on European opportunities.
• Bill Peterson (JPMorgan) also inquired about the status of the electrolyzer order pipeline. Marsh responded that while around $200 million in backlog exists for the year, the scale and complexity of projects mean some closures could extend into 2026.
• George Gianarikas (Canaccord Genuity) questioned the potential for business divestitures to accelerate profitability. Marsh clarified there are no current plans to sell any business segments.
• Colin Rusch (Oppenheimer) sought updates on hydrogen production facility performance. Marsh and Jose Luis Crespo reported operational improvements and noted that the Georgia site had its best month yet, with Louisiana’s design improvements supporting smoother ramp-up.
• Eric Stine (Craig Hallum) asked about trends in the material handling segment after a shift to direct sales and price increases. Crespo explained that Plug Power is seeing expansion with both existing and new customers, but higher pricing may lengthen sales cycles.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be monitoring (1) the pace and margin profile of large European electrolyzer project conversions from backlog to revenue, (2) the impact of U.S. policy changes and tariffs on domestic demand and cost structure, and (3) Plug Power’s ability to sustain lower cash burn and progress toward gross margin breakeven. Execution on further cost reduction initiatives and capital deployment will also be closely watched.

Plug Power currently trades at $1.31, up from $0.90 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free).

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