It was a wild ride for Plug Power (NASDAQ: PLUG) investors in 2025.
Through the first nine months of the year, the fuel cell stock had logged 37.6% gain
The stock’s rise, however, couldn’t be sustained, and shares tumbled in the closing months of the year, leaving the stock 7.5% lower at the end of 2025 than at the start of the year. But hope springs eternal for the hydrogen stock, and it has maintained a much different trajectory through the first half of the year. According to data provided by S&P Global Market Intelligence, Plug stock rocketed 37.6% in the first half of 2026.
Investors celebrated Plug’s progress with Project Quantum Leap While Plug stock saw some upward momentum early in 2026, the company’s fourth-quarter 2025 financial results reported in March served as a major catalyst for the stock’s rise. With the company’s cost-savings initiative, Project Quantum Leap, seeming to bear fruit, Plug reported a 2.4% gross margin in Q4 2025 — a sharp improvement from the negative 123% it reported in Q4 2024. At the bottom of the income statement, investors found more to cheer.