The author remains bearish on Plug Power (PLUG), though his view has softened somewhat due to improving financials and a management change, and he still finds buying the stock unlikely for now. Plug grew sales at a 21.3% compound annual growth rate from 2015 through 2025, but its operating cash flow has been negative for a decade. In the first half of 2026, Plug reported negative $244 million in operating cash flow, while Bloom Energy (BE) reported $300 million in operating cash flow. Its outstanding share count rose from over 180 million in March 2016 to about 1.4 billion by February 2026, diluting shareholders. The author says the third-quarter 2026 results could change his view, but argues that without organic cash generation the stock is not a sound investment.
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