Plug Power Inc. (NASDAQ:PLUG) announced Monday that it has begun supplying NASA with up to 218,000 kilograms (480,000 pounds) of liquid hydrogen to support operations at the Glenn Research Center in Cleveland and the Neil A. Armstrong Test Facility in Sandusky, Ohio.
- PLUG is lagging behind market performance. Get the complete picture here.
The $2.8 million contract marks Plug's first-ever liquid hydrogen supply award from NASA.
By securing this contract, Plug enters the expanding space industry, where demand for liquid hydrogen is poised to grow significantly in the coming years.
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Plug will deliver the liquid hydrogen using its dedicated cryogenic transport fleet and leverage its expanding network of U.S. hydrogen production facilities.
With multiple generation sites providing built-in redundancy, Plug ensures supply security while serving NASA alongside its industrial, mobility, and energy customers.
By winning this contract, Plug extends its hydrogen ecosystem beyond material handling into high-specification markets, reinforcing its strategy to build a hydrogen network capable of serving aerospace, industrial operations, and next-generation energy systems.
Recent Events
Plug Power stock tumbled after announcing it is raising $375 million via a private offering of convertible senior notes due 2033.
The company plans to use the proceeds to retire $243 million of high-interest debt and repurchase part of its 2026 convertible notes.
JP Morgan analyst Bill Peterson maintained a Neutral rating and withdrew his price forecast, noting that while the move supports de-leveraging, consistent progress on profitability, margins, and cash burn is needed before adopting a more positive outlook.
Plug reiterated its fiscal 2025 and 2026 guidance, projecting adjusted quarter-over-quarter and year-over-year margin improvements, stronger equipment sales, and better fixed-cost absorption.
Fiscal 2026 sales are expected to reach ~$300 million in fourth-quarter with 15% gross margins, helping drive EBITDA positivity and support long-term targets for EBIT and net income by 2027–2028.
Growth prospects remain supported by the 2026 renewal of investment tax credits, fleet upgrades, capacity expansion, and greenfield projects that avoid legacy infrastructure costs.
PLUG Price Action: Plug Power shares were down 2.48% at $1.96 during premarket trading on Friday, according to Benzinga Pro data.
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