Plug Power Stock Crashes: Here’s Why Investors Are Pulling the Plug

Another green energy darling bites the dust—this time it's hydrogen hopeful Plug Power getting the cold shoulder from Wall Street.

The hydrogen hype train derails

After months of bullish forecasts, reality hits hard as operational challenges and cash burn concerns send shareholders scrambling for exits. The 'future of clean energy' narrative isn't paying this quarter's bills.

Short sellers feast on broken promises

With missed production targets and widening losses, the bears are having a field day. Turns out, building hydrogen infrastructure costs actual money—who knew?

The brutal math of 'growth at all costs'

Another cleantech play learns the hard way that EBITDA matters more than ESG buzzwords when the Fed's hiking rates. But hey—at least the PowerPoint presentations still look fantastic.

Image source: Getty Images.

Putting Plug's plunge in perspective

There are a couple of reasons behind the drop in Plug stock this week. For one, Plug stock has had a pretty rough go of it in 2025. Through the first six months of 2025, shares had dropped 30%. With investors clicking the buy button last week due to a bullish report on the fuel cell industry's prospects, investors may have felt that this week is a good time to cut their losses -- or even collect some profits -- from the otherwise beleaguered stock.

Another source of discomfort for Plug investors this week could stem from a peer.(BE -1.61%) reported a notable deal withto deploy fuel cells in support of powering data centers. The same can't be said for Plug Power, so investors looking for fuel cell exposure may be jumping ship with Plug in favor of Bloom Energy.

Does the recent drop in Plug stock provide a buying opportunity?

While Plug stock is a little less expensive now, it doesn't mask the fact that there are ample concerns regarding the company's financials. Therefore, investors should look elsewhere for a hydrogen investment.