It's been a volatile year for hydrogen and fuel cell stocks. Two of the main players in the space, Plug Power (NASDAQ: PLUG) and FuelCell Energy (NASDAQ: FCEL), have been on a roller coaster, resulting in massive swings. Which company is worthy of your attention right now?
FuelCell's stock has seen explosive growth this year and, despite a recent drop, has risen more than 150% so far. This is largely the result of surging data center demand. The company's sales pipeline grew 267% to 4 gigawatts in the second quarter, and it announced an important strategic collaboration with Siemens. The partnership will help the company scale and deploy its fuel cells more quickly.
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FuelCell's financials still reflect the business's riskiness. The company's latest quarter saw revenue actually fall 5% year over year, while the backlog also dropped considerably to about $1.1 billion. FuelCell also recently diluted its shareholders by offering $225 million in newly issued shares.
Plug Power is a turnaround story. So far this year, the company's stock has risen about 30%. Revenue in the first quarter of 2026 rose 22% year over year, and gross margins improved dramatically. The efforts of newly appointed CEO Jose Luis Crespo, called "Project Quantum Leap," are taking shape. Plug aims to achieve positive EBITDAs (multiple examples of earnings before interest, taxes, depreciation, and amortization) by the fourth quarter of 2026.
Both stocks are still incredibly volatile and high risk, but with data center demand growing, each company could play a substantial role in the energy revolution. Still, at this point, Plug Power's story is more grounded in operational efficiency and improving fundamentals, while FuelCell is benefiting mostly from excitement and speculative enthusiasm. I have to give Plug the competitive edge here.
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