Despite Losses, Market Cap Soars by Nearly 1 Trillion Won Due to Margin Improvement

Plug Power Inc. (PLUG) soared about 10.7% on the Nasdaq on the 13th, rising as high as $3.93. Its market capitalization swelled to roughly $5.5 billion (about KRW 7.5 trillion), with a single-day gain of around $650 million (approximately KRW 900 billion). Trading volume topped 167 million shares, indicating robust short-term demand.

In its Q1 2026 earnings report released on the 11th, Plug Power posted revenue of $163.5 million (roughly KRW 2.2 trillion), a 22% increase year-on-year, and saw its GAAP gross margin improve sharply from –55% to –13%. However, the company still recorded a net loss of approximately $245 million (about KRW 330 billion) and a loss per share of $0.18. Following the results, B. Riley Securities raised its price target, citing the revenue surprise, while noting that margin improvements coexist with investor concerns over cash burn—a dynamic that has driven the share price higher.

Headquartered in New York State, Plug Power specializes in hydrogen fuel cells and green hydrogen solutions. The company supplies fuel cell systems for warehouse forklifts, electrolyzers, and hydrogen production and distribution infrastructure to major customers such as Amazon and Walmart. It has secured around $1.66 billion (approximately KRW 2.2 trillion) in loan guarantees from the U.S. Department of Energy to develop green hydrogen plants domestically, yet large-scale capital expenditures and cumulative losses remain key financial risk factors for investors.