In 2026, the stock market has moved on from hydrogen as a speculative investment and is rediscovering it as a solid industrial asset. While the initial euphoria has faded, record sums are now flowing into concrete infrastructure and production. Three technology leaders in particular are driving development forward with their different approaches. Plug Power is focusing on the commercialization of hydrogen ecosystems, dynaCERT is optimizing the combustion process for cleaner diesel engines with its HydraGEN™ systems, and Nel ASA is scaling up green production with its electrolysers.
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Plug Power – First profit opens up scope for realignment
Plug Power’s latest financial results mark a turning point that many investors would have thought impossible. In the fourth quarter of 2025, the company achieved a positive gross margin of 2.4%. This is a huge leap compared to the disastrous minus 122.5% from the same period last year. Although the bottom line is still a net loss per share of minus USD 0.63, the loss adjusted for special items was significantly lower than expected at minus USD 0.06. Revenue growth of just under 13% to around USD 710 million for the year as a whole also shows that demand for electrolysers and the expansion of customer business are paying off. Operating cash outflow was reduced by over 26% year-on-year. This signals that the cost-cutting measures of the past two years are slowly bearing fruit and that the bottom may have been reached in terms of cash consumption. This appears to lay the foundation for a sustainable operational turnaround.
At the beginning of March, Jose Luis Crespo took the helm, a man who already knows the company from a sales perspective. As a long-time president and chief revenue officer, he was instrumental in building a billion-dollar order pool and cultivating strategic relationships with major customers such as Amazon and Walmart. His promotion to CEO is a clear signal. Plug Power aims to move away from pure technology enthusiasm toward disciplined commercial scaling. Crespo has set ambitious but clearly defined goals. Positive earnings before interest, taxes, depreciation, and amortization (EBITDA) are to be achieved as early as the fourth quarter of 2026. He is targeting operating profit by the end of 2027 and full profitability by 2028.
In parallel with its operational realignment, Plug Power has strengthened its balance sheet. The sale of a stake in the “Project Gateway” site in New York to data center developer Stream Data Centers will bring in at least USD 132.5 million. This is the first step in a broader initiative that is expected to bring the company more than USD 275 million in additional liquidity. The transaction is a smart move, as it separates non-operating assets such as real estate and focuses on the core business of hydrogen and fuel cells. At the same time, Plug Power is participating in the data center boom without having to tie up capital in this infrastructure itself. The liquidity concerns that have long weighed on the company should thus be resolved for the time being. The stock is currently trading at USD 2.13.
dynaCERT – Sharpening its focus
Canadian cleantech company dynaCERT (TSX:DYA) has done its homework and, starting in 2026, will focus entirely on the areas where its HydraGEN™ technology has the greatest leverage. Heavy-duty transport, mining, oil and gas production, and stationary power generation are now the focus of its sales efforts. These are precisely the sectors in which diesel consumption and emission pressure are particularly high and where savings have a direct impact on the bottom line. The message to potential customers is clear. Those who want to operate their fleet or generators more economically will find a tool here that pays off.
As logical as the technology may seem, the road to market remains bumpy. In the transport industry, for example, talks with fleet operators are promising, but the big contracts are still pending. Management is open about the reasons. They range from tight budgets at freight forwarders to lengthy internal review processes and a regulatory environment that is constantly changing. These are not excuses, but the reality in traditional industries with long decision-making processes. Production capacity is ready to scale as soon as orders materialize. Here, dynaCERT is well-equipped for rapid scaling.
In parallel with its hardware, the company is positioning itself in the emissions certificate business. Its in-house telematics platform, HydraLytica™, provides the data needed to reliably document savings. However, complex recognition procedures on the international CO2 markets are also slowing down progress here. That is why the company is now focusing on selected channels with verified data instead of getting bogged down in bureaucratic red tape. In the long term, this area could become an important pillar if the company succeeds in monetizing the certificates efficiently, thus evolving from a hardware supplier into a provider of environmental services. The share is currently trading at CAD 0.105.
Nel ASA – Technology update overshadows weak annual figures
Nel ASA’s financial results for 2025 show a company in transition. At NOK 963 million, revenue was significantly lower than in the previous year, down 31%. The alkaline electrolysis division was particularly weak, with a 44% decline in revenue. As expected, operating profit deteriorated, as the group is investing heavily in the future. Cash and cash equivalents remained solid at NOK 1.6 billion, partly because Nel cut costs early on and reduced its workforce by around 15%. For investors, the question is not so much about the current figures, but rather whether the strategy is working.
To assess whether Nel is on the right track, investors should pay less attention to quarterly revenue and focus more on order intake. And that sends a clear message. With NOK 686 million in the final quarter of 2025, the company achieved the second-best result in its history. A 40 MW order for PEM electrolysers worth more than USD 50 million and follow-up orders from H2 Energy in Switzerland show that the technology is convincing. The total order backlog climbed to NOK 1.3 billion, with 70% coming from the PEM division. Nel is thus proving that it remains relevant despite the challenging market environment.
However, the real story is unfolding in Herøya. A 1 GW production line for the new pressure-based alkaline electrolysis technology is being built there, supported by the EU Innovation Fund with up to EUR 135 million. Initial prototype tests significantly exceeded expectations in terms of efficiency and cost reduction. The market launch is planned for May 2026. Nel is deliberately focusing on a standardized, modular design in container format, which should drastically reduce installation costs. This positions the company competitively against Asian suppliers, not only in terms of technology but also in terms of price. Currently, one share costs NOK 2.088.
By 2026, the hydrogen sector is expected to move beyond the speculation phase and will be transforming into a real industrial business. Plug Power has driven this change the furthest with operational discipline, a strengthened balance sheet, and concrete profitability targets through 2028. dynaCERT is pursuing a pragmatic niche approach by making the existing diesel market more efficient with HydraGEN™. However, the pace and scale of this transformation will be determined by upcoming contract signings. Nel ASA, on the other hand, is setting the course for long-term competitiveness in the green power generation market with its new, cost-effective electrolyser technology. The strategies differ, but all three address the new demand for commercially viable solutions.
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