Plug Power shares jumped 83% in the first five months of 2026 before giving up 100% of those gains, leaving the stock below $3. The hydrogen company continues to post strong sales growth and improving gross margins, but it still reported a $245.3 million loss last quarter, including roughly $140 million in noncash charges. Over the past three years, Plug Power's shares outstanding have increased by 131%, reflecting heavy shareholder dilution that has repeatedly erased stock rallies. The author remains cautious, arguing that until the company proves it can be sustainably profitable without costly dilution, the stock is too risky.
Plug Power IncHeavy shareholder dilution (131% increase in shares outstanding) and ongoing losses, including $245.3 million last quarter, make the stock risky.
NVIDIA Corporation