Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Plug Power, a company operating in the hydrogen fuel cell and electrolyzer market, reported a second quarter 2026 revenue of $178.3 million, representing a 9% sequential increase and an 11% year-over-year growth for the first half.</li><li>This revenue growth, combined with improved operational performance, has led the company to raise its full-year revenue growth guidance to 15%-16% from a prior 13%-15% forecast.</li><li>A key highlight of the quarter is the significant improvement in gross margins, which moved to roughly breakeven compared to negative 30.7% a year ago and negative 13% in the prior quarter.</li></ul>

Plug Power, a company operating in the hydrogen fuel cell and electrolyzer market, reported a second quarter 2026 revenue of $178.3 million, representing a 9% sequential increase and an 11% year-over-year growth for the first half.This revenue growth, combined with improved operational performance, has led the company to raise its full-year revenue growth guidance to 15%-16% from a prior 13%-15% forecast.A key highlight of the quarter is the significant improvement in gross margins, which moved to roughly breakeven compared to negative 30.7% a year ago and negative 13% in the prior quarter.

Plug Power’s $61 Million Cash Burn — A Pivotal 58% Improvement!

<ul><li>Plug Power, a company specializing in hydrogen fuel cell systems and electrolyzer technology, reported first-quarter 2026 results marked by revenue growth, margin improvement, and ongoing operational initiatives.</li><li>Total revenue rose 22% year-over-year to $163.5 million, with contributions from all three strategic areas: material handling, electrolyzers, and hydrogen fuel.</li><li>The electrolyzer segment demonstrated particularly strong momentum, with revenue increasing from $9.2 million in Q1 2025 to $40.8 million in Q1 2026, driven by progress on large-scale projects in Europe and expanding opportunities in aviation synthetic fuels.</li></ul>

Plug Power, a company specializing in hydrogen fuel cell systems and electrolyzer technology, reported first-quarter 2026 results marked by revenue growth, margin improvement, and ongoing operational initiatives.Total revenue rose 22% year-over-year to $163.5 million, with contributions from all three strategic areas: material handling, electrolyzers, and hydrogen fuel.The electrolyzer segment demonstrated particularly strong momentum, with revenue increasing from $9.2 million in Q1 2025 to $40.8 million in Q1 2026, driven by progress on large-scale projects in Europe and expanding opportunities in aviation synthetic fuels.

Plug Power’s 42-Point Margin Swing — Is The Hydrogen Turnaround Finally Real?

<ul><li>Plug Power Incorporated reported financial and operational results for the fourth quarter and full year of 2025, marking a year of revenue growth and margin improvement amid a challenging macroeconomic environment.</li><li>Under new CEO Jose Luis Crespo, the company targeted top-line growth, improved margins aiming for margin neutrality in Q4, reduced cash usage, and expanded hydrogen production, including the commissioning of a new plant in Louisiana.</li><li>In 2025, Plug Power achieved approximately 13% revenue growth and turned gross margin positive in the fourth quarter with a 125 percentage point improvement from negative 122.5% in Q4 2024 to positive 2.4% in Q4 2025.</li></ul>

Plug Power Incorporated reported financial and operational results for the fourth quarter and full year of 2025, marking a year of revenue growth and margin improvement amid a challenging macroeconomic environment.Under new CEO Jose Luis Crespo, the company targeted top-line growth, improved margins aiming for margin neutrality in Q4, reduced cash usage, and expanded hydrogen production, including the commissioning of a new plant in Louisiana.In 2025, Plug Power achieved approximately 13% revenue growth and turned gross margin positive in the fourth quarter with a 125 percentage point improvement from negative 122.5% in Q4 2024 to positive 2.4% in Q4 2025.

Plug Power: Inside The Electrolyzer Expansion And What’s Driving Its Global Hydrogen Push!

<ul><li>Plug Power Inc. delivered a solid third-quarter performance in 2025, reporting $177 million in revenue, demonstrating growth across its core business units.</li><li>Key drivers included a 13% year-over-year increase in its GenEco electrolyzer business, which generated $65 million in revenue, indicating strong global demand for hydrogen solutions.</li><li>A pivotal development has been Plug’s execution in scaling hydrogen production, underscored by substantial projects like the Galp initiative in Portugal.</li></ul>

Plug Power Inc. delivered a solid third-quarter performance in 2025, reporting $177 million in revenue, demonstrating growth across its core business units.Key drivers included a 13% year-over-year increase in its GenEco electrolyzer business, which generated $65 million in revenue, indicating strong global demand for hydrogen solutions.A pivotal development has been Plug’s execution in scaling hydrogen production, underscored by substantial projects like the Galp initiative in Portugal.

Plug Power Inc.: Expanding Into A $14 Billion Market Opportunity With Game-Changing Fuel Cell Adoption!

Market Intelligence, ORTEX

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ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Cross Asset Strategy

<ul><li>Options sentiment fractured this week.</li><li>Defensive hedging dominated in healthcare and real estate names, while clean energy attracted a rare burst of pure bullish call flow.</li><li>The week's most striking signals came from opposite ends of the put-call spectrum, with several names printing z-scores above 4.0.</li></ul>

Options sentiment fractured this week.Defensive hedging dominated in healthcare and real estate names, while clean energy attracted a rare burst of pure bullish call flow.The week's most striking signals came from opposite ends of the put-call spectrum, with several names printing z-scores above 4.0.

Weekly Digest: Bears and Bulls Clash as REIT Options Flash Extremes

United States

Plug Power, Inc. designs, develops, manufactures and commercializes fuel cell systems for electric lift trucks and materials handling equipment.  The Company offers its products globally to retail, grocery, and institutional food distribution centers as well as manufacturing facilities.

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Plug Power Inc (PLUG US)

Plug Power’s $61 Million Cash Burn — A Pivotal 58% Improvement!

Plug Power, a company operating in the hydrogen fuel cell and electrolyzer market, reported a second quarter 2026 revenue of $178.3 million,...

Baptista Research

Plug Power’s 42-Point Margin Swing — Is The Hydrogen Turnaround Finally Real?

Plug Power, a company specializing in hydrogen fuel cell systems and electrolyzer technology, reported first-quarter 2026 results marked by...

Baptista Research

Plug Power: Inside The Electrolyzer Expansion And What’s Driving Its Global Hydrogen Push!

Plug Power Incorporated reported financial and operational results for the fourth quarter and full year of 2025, marking a year of revenue growth...

Baptista Research

Plug Power Inc.: Expanding Into A $14 Billion Market Opportunity With Game-Changing Fuel Cell Adoption!

Plug Power Inc. delivered a solid third-quarter performance in 2025, reporting $177 million in revenue, demonstrating growth across its core...

Baptista Research

Weekly Digest: Bears and Bulls Clash as REIT Options Flash Extremes

Options sentiment fractured this week. Defensive hedging dominated in healthcare and real estate names, while clean energy attracted a rare burst...

ORTEX Market Intel

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