Overview

• Shares jumped about 19%–20% on Sept. 17 and roughly 40% over the past week, marking one of the stock’s sharpest recent moves.
• The Global X Hydrogen ETF (HYDR) touched a 52-week high, and several reports tied hydrogen gains to the Federal Reserve’s rate cut.
• Plug Power extended its Uline relationship through 2030 and unveiled a partnership with GH2 Global in Brazil to deploy hydrogen-powered logistics.
• Q2 revenue reached $174 million, up 21% year over year, with electrolyzer revenue tripling to about $45 million.
• Despite the rally, Plug reported roughly $2.0 billion in losses over the past four quarters, held about $141 million in cash against roughly $992 million in debt, and has a record of deep drawdowns in past market stress.