After a strong jump in October, all eyes are now on the company’s upcoming earnings and long-term growth strategy.
Latham, New York, United States, 10 November 2025– Plug Power, a major name in the green hydrogen sector, ended October with a 15.5% gain. While that might seem like a modest rise, the bigger story lies in the first two weeks of the month, when the stock climbed more than 70%. Even though some of that momentum cooled off later, Plug Power shares are still up over 70% across the past three months.
With the company set to report its quarterly results on November 10, investors are asking one key question: Is Plug Power preparing for another breakout?
Why Plug Power Shares Rose in October
Several important updates helped boost Plug Power’s stock last month:
- The company delivered the first of its 10 electrolyzers to Galp’s Sines refinery in Portugal, one of its major international projects.
- It secured a large 2-gigawatt electrolyzer deal with Allied Biofuels, raising the total project partnership to 5 gigawatts.
- It formed a partnership with Edgewood Renewables to develop a renewable fuel facility in Nevada.
- Plug Power raised $370 million through a warrant sale, with a possibility of adding another $1.4 billion if the warrants are fully exercised.
- The company announced a leadership transition: Jose Luis Crespo will take over as CEO in March 2026. Crespo has been crucial in growing Plug Power’s global customer base, including big names like Walmart, Amazon, and Home Depot.
Crespo shared that Plug Power expects its electrolyzer and material-handling solutions to continue driving revenue. Meanwhile, the company’s green hydrogen plant in Georgia, currently the largest of its kind in the United States, is helping lower production costs by reducing reliance on third-party suppliers.
Plug Power believes it can break even on gross margins by late 2025 and reach profitability by 2028. These targets encouraged investors and contributed to the stock’s October rally. Analysts have also taken notice, with H.C. Wainwright raising its price target on Plug Power from $3 to $7 earlier in the month.
Could Plug Power Stock Really Climb Another 200%?
Based on current prices, this new price target suggests that Plug Power shares could rise nearly 200%. But while the renewable energy and hydrogen market continues to expand, investors should remain realistic. For Plug Power to make such a large jump, the company must show clear progress in:
- Cost reduction
- Stable hydrogen production
- Improved gross margins
- Meeting its profitability timeline
If Plug Power reports better-than-expected margins on November 10 and reaffirms its long-term goals, the stock may see another boost in the short term. But the real story will unfold over several years, not months.
Should You Invest Now?
Plug Power is in a rapidly growing industry, and the world’s transition toward clean energy could support long-term demand. However, the company still has to prove that it can scale production efficiently and reach consistent profitability.
Investors should watch the earnings report closely and consider Plug Power as a potential long-term growth play rather than a quick trade.
