Plug Power (PLUG) stock extended its gains and posted a new year-to-date high of $2.74 on April 6 as investors continued to celebrate the company’s largest electrolyzer contract in Canada.
The company’s 275 MW deal for Hy2gen’s Courant project in Quebec, which includes a Front End Engineering Design (FEED) contract, positions it at the center of a major North American green hydrogen initiative.
Despite the recent gains, Plug Power stock is still down nearly 30% from its 52-week high.
The Courant project will leverage Hydro-Québec’s low-carbon network to produce green hydrogen, subsequently converting it into low-carbon ammonia and ammonium nitrate for the industrial end market of mining and agriculture.
Construction will begin next year and full commissioning is planned for 2029, giving Plug Power investors a visible multi-year revenue runway tied to this single contract.
The award strengthens the clean energy company’s global electrolyzer portfolio, which includes more than 300 MW distributed across six continents.
A more than $8 billion sales funnel spanning a 100 MW PEM array at GALP’s Sines refinery in Portugal and a liquid hydrogen supply deal with NASA makes PLUG stock even more attractive to own in 2026.
Long-term investors should consider holding onto Plug Power shares as well because the company’s new CEO, José Luis Crespo, has recently laid out an ambitious profitability timeline.
The Nasdaq-listed company is now targeting positive EBITDA by the final quarter of 2026 and full profitability within the next two years.
More importantly, its outlook is based on tangible progress: PLUG’s fourth-quarter gross margin moved to positive 2.4% from a staggering negative 122.5% a year earlier, indicating that years of operational restructuring are beginning to translate into financial improvement.
It is also worth mentioning that the options price continues to indicate a bullish bias.
According to Barchart, derivatives contracts expiring in mid-September have the top price currently set at $3.68, indicating a potential upside of another 37% from here.
Some Wall Street analysts also currently share options traders’ optimism about Plug Power.
