Plug Power’s Critical Juncture: NASA Contract and Financial Pressures

Plug Power finds itself at a pivotal moment. The hydrogen technology company is navigating a complex landscape where significant operational milestones are juxtaposed with urgent financial challenges. Investors are weighing whether the firm's growth narrative can ultimately outweigh persistent concerns over its capital requirements.

The financial picture presents a mixed bag. For the third quarter of 2025, Plug Power reported revenue of $177.1 million. While its adjusted loss per share of -$0.12 slightly surpassed some expectations, the top-line figure fell short of certain forecasts. This earnings release contributed to notable share price volatility. The stock currently trades at €1.93, reflecting a decline of approximately 15% since the start of the year.

A key date now looms on the calendar. The company has postponed an extraordinary general meeting to January 29, 2026. The central agenda item is a request for shareholder approval to double the number of authorized common shares. This move is deemed essential for securing future funding, yet it inherently carries the risk of dilution for current equity holders. Management faces the dual task of reinforcing its operational strategy and convincing investors that this capital-raising mechanism is vital for long-term stability, despite its dilutive effect.

Should investors sell immediately? Or is it worth buying Plug Power?

Operational Advances Amid Market Skepticism

On the operational front, recent developments provide grounds for optimism. A landmark achievement was securing a first-of-its-kind contract to supply liquid hydrogen to NASA. Valued at up to $2.8 million, the agreement involves provisioning two NASA facilities in Ohio. Although the sum is modest relative to total revenue, entry into the aerospace sector is viewed as a prestigious endorsement of the company's capabilities.

Furthermore, Plug Power is bolstering its European footprint through a memorandum of understanding with Hy2gen for a project in France. These strides, however, are set against a backdrop of divided market sentiment. Institutional heavyweights like BlackRock and UBS increased their stakes in Q3 2025, a move often interpreted as a vote of confidence. Conversely, a substantial segment of the market remains bearish. By mid-November 2025, the short interest stood at a significant 26.8% of the free float, indicating many traders are betting on further share price declines.

The path forward requires Plug Power to successfully bridge this gap between its promising project pipeline and the immediate need to strengthen its balance sheet. The coming months will be critical in demonstrating that its growth story is sustainable.