Plug Power Goes Parabolic—Can The Hydrogen Hype Last?

Shares of Plug Power have defied gravity in recent weeks, notching an unprecedented 10-day winning streak and more than doubling in value to $2.82 as of September 23, 2025. Despite a historical track record of operating losses and continued projections of negative earnings in fiscal 2025, the stock has caught fire amid a convergence of bullish catalysts. Chief among them is the potential for a $370 million cash injection from warrant exercises by Heights Capital Management, following a new disclosure by the company. This has not only stoked optimism around Plug’s near-term liquidity position but also contributed to a significant short squeeze, with more than 40% of the float sold short. Investor sentiment is also riding high following improved guidance during Plug’s Q2 earnings call and expectations of gross margin neutrality by Q4 2025. However, the recent rally comes against a backdrop of persistent losses and deteriorating valuation metrics. Here’s a breakdown of the four key forces fueling the stock’s meteoric rise—and the headwinds investors shouldn’t ignore