Why Plug Power (PLUG) Is Up 12.6% After Winning a NASA Space Hydrogen Supply Deal

• Plug Power recently began its first-ever contract to supply up to 218,000 kilograms (480,000 pounds) of liquid hydrogen, worth up to US$2.8 million, to NASA’s Glenn Research Center and Neil A. Armstrong Test Facility in Ohio, using its own U.S. production network and cryogenic transport fleet.
• This NASA award marks Plug Power’s entry into the space sector and showcases its ability to meet high-specification, mission-critical hydrogen requirements beyond its core material-handling market.
• We’ll now examine how Plug Power’s entry into NASA’s high-specification space hydrogen market could reshape its longer-term investment narrative.

Find companies with promising cash flow potential yet trading below their fair value.

Plug Power Investment Narrative Recap

To own Plug Power, you need to believe that its vertically integrated hydrogen network can eventually scale into a profitable business, helped by policy support and large project wins. The NASA liquid hydrogen contract is symbolically important but financially small, so it does little to change the near term focus on improving gross margins and managing liquidity, which remain the key catalyst and biggest risk.

The most relevant recent development alongside the NASA news is Plug’s plan for a January 2026 shareholder vote to double its authorized common stock to 3.0 billion shares. For a company already dealing with cash burn and substantial past dilution, this move directly intersects with the main near term risk that further equity issuance could pressure existing shareholders even if operational catalysts, like new high specification contracts, materialize.

Yet behind Plug’s new NASA opportunity, investors should also be aware of the planned doubling of authorized shares and the potential for...

Read the full narrative on Plug Power (it's free!)

Plug Power's narrative projects $1.2 billion revenue and $124.7 million earnings by 2028. This requires 22.2% yearly revenue growth and about a $2.1 billion earnings increase from -$2.0 billion today.

Uncover how Plug Power's forecasts yield a $2.79 fair value, a 25% upside to its current price.

Exploring Other Perspectives

Twenty two Simply Wall St Community fair value estimates for Plug Power range from US$1.49 to about US$7.09, reflecting a wide spread of views on upside potential. You can set these opinions against the core risk that persistent negative margins and ongoing cash burn may require more external funding, which could shape both execution and shareholder outcomes over time.

Explore 22 other fair value estimates on Plug Power - why the stock might be worth 33% less than the current price!

Build Your Own Plug Power Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Plug Power research is our analysis highlighting 2 key rewards and 4 important warning signs that could impact your investment decision.
• Our free Plug Power research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Plug Power's overall financial health at a glance.

Interested In Other Possibilities?

Every day counts. These free picks are already gaining attention. See them before the crowd does:

• Trump's oil boom is here - pipelines are primed to profit. Discover the 22 US stocks riding the wave.
• The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 25 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement.
• Uncover the next big thing with financially sound penny stocks that balance risk and reward.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com