Plug Power Inc. PLUG and Bloom Energy Corporation BE are well-known names in the clean energy space. Both companies are engaged in developing advanced energy solutions for commercial and industrial equipment worldwide.
Plug Power continues to capitalize on opportunities in the expanding green hydrogen market, while Bloom Energy is benefiting from robust demand for its sustainable onsite power solutions, driven by growing electricity needs across data centers, utilities and industrial customers. Which of these companies has the stronger upside potential? Let us take a detailed look at their fundamentals, growth drivers and challenges to find out.
The Case for PLUG
Plug Power showed signs of recovery across its core businesses in the second quarter of 2026. The company’s total net revenues increased to $178.3 million compared with $174 million in the second quarter of 2025. While revenues from equipment, related infrastructure and other products declined 1.1% year over year to $160.9 million from $162.7 million in the second quarter, the impact was more than offset by strong growth in other revenue streams.
Revenues from services performed on fuel cell systems and related infrastructure increased 55.9% year over year to $51.8 million in the quarter, while revenues from power purchase agreements increased 13.6% to $53.2 million. Fuel delivered to customers and related equipment revenues also continued to benefit from rising hydrogen consumption, supporting the company’s broader revenue recovery. While electrolyzer revenues declined 70.5% to $13.2 million in the second quarter, the same remained flat in the first half of 2026.
However, demand for Plug Power’s GenEco proton exchange membrane (PEM) electrolyzers continues to increase across industrial and energy sectors globally. PLUG’s electrolyzers enable customers in refining, chemicals, steel, fertilizer and commercial refueling to generate hydrogen on-site.
It is worth noting that in September 2026, Plug Power shipped a 1 MW GenEco PEM electrolyzer to HWR Hydrogen in New Zealand to produce green hydrogen for heavy-duty dual-fuel trucks. The project expands Plug Power’s hydrogen infrastructure footprint across New Zealand and Australia and supports the region’s growing clean transportation market.
In July 2026, Plug Power secured a 50-megawatt (MW) GenEco electrolyzer order for Orica’s Hunter Valley Hydrogen Hub in Australia, which became the country’s largest renewable hydrogen project to reach final investment decision (FID).
However, Plug Power continues to face significant financial pressures. In the second quarter of 2026, PLUG reported a net loss of approximately $190.1 million compared with $228.7 million in the year-ago quarter. For the first six months of 2026, the company reported a net loss of approximately $436.1 million.
The Case for Bloom Energy
Bloom Energy is expanding its onsite power platform to meet rising demand for reliable, fast-to-deploy and cost-efficient electricity. The company is benefiting from trends such as the rapid growth of AI data centers, grid capacity constraints, increasing demand for reliable power and government efforts to strengthen energy security and domestic manufacturing.
BE’s Energy Server platform generates electricity through a solid oxide fuel cell process without combustion. The system works alongside the grid and connects directly to customers’ electrical systems, helping reduce transmission losses. Its modular design allows it to scale from hundreds of kilowatts to several hundred megawatts, making it suitable for AI data centers, advanced manufacturing, cryptocurrency mining and other energy-intensive industries.
Bloom Energy continues to invest in R&D to improve efficiency, reduce manufacturing costs and support profitability. Government incentives promoting clean energy and technological innovation could also support demand.
Over the long term, Bloom Energy aims to expand the use of solid oxide fuel cells for critical infrastructure and energy-intensive industries. As power demand grows faster than grid capacity, its scalable onsite power solutions could support its growth.
How Does the Zacks Consensus Estimate Compare for PLUG & BE?
The Zacks Consensus Estimate for PLUG’s 2026 sales is $817.5 million, implying year-over-year growth of 15.2%. The consensus estimate for its bottom line is pegged at a loss of 41 cents per share.
The Zacks Consensus Estimate for BE’s 2026 sales is approximately $4.14 billion, indicating an increase of 104.3% year over year. The consensus estimate for its bottom line is pegged at $2.7 per share.
Price Performance and Valuation of PLUG & BE
In the past six months, shares of Plug Power have decreased 7.9%, while Bloom Energy stock has soared 89.5%.
From a valuation standpoint, PLUG is trading at a forward 12-month price-to-sales ratio of 3.17X, below its median of 3.38X over the last five years. BE’s forward sales multiple sits at 13.89X, above its median of 2.82X over the same time frame.
Conclusion
Despite PLUG’s ongoing challenges related to significant net losses and pressure on electrolyzer revenues, its growing demand for GenEco PEM electrolyzers, expanding project pipeline, rising hydrogen consumption and recovery across services and power purchase agreements are expected to support its long-term growth prospects. On the other hand, Bloom Energy continues to benefit from rising demand for reliable, fast-to-deploy onsite power, AI data center growth, grid capacity constraints, a scalable Energy Server platform and government support for clean energy and domestic manufacturing, which could support its growth over the long term.
Considering the long-term growth prospects and expanding market opportunities, BE appears better positioned than PLUG at present. While Bloom Energy currently sports a Rank #1 (Strong Buy), PLUG has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank stocks here.
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This article originally published on Zacks Investment Research (zacks.com).
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