Plug Power: the short position through a restatement, a going-concern warning and a federal loan
FINRA's twice-monthly counts for the hydrogen company from the March 2021 restatement to the 2025 peak, through the November 2023 going-concern warning and the Department of Energy loan guarantee.
- Start
- 15.11% (15 Jan 2021)
- Peak
- 33.23% (30 Sep 2025)
- Low
- 7.29% (30 Jun 2021)
- End
- 25.02% (31 Dec 2025)
Figures are the short interest as a percentage of shares outstanding, from FINRA data, 120 points between 15 Jan 2021 and 31 Dec 2025.
What the data showed
Short interest stood at 15.11% of shares outstanding on 15 Jan 2021 and fell to a low of 7.29% on 30 Jun 2021. It then rose over four years to 33.23% on 30 Sep 2025, the highest reading in the company's record on this site, and ended the window at 25.02% on 31 Dec 2025.
2021 to 2025
On 16 March 2021 the company said it would restate its financial statements for fiscal 2018 and 2019 and the quarters of 2019 and 2020; it completed the restatement and filed its 2020 annual report on 14 May 2021. With its third-quarter results in November 2023 it disclosed substantial doubt about its ability to continue as a going concern. On 14 May 2024 the Department of Energy gave a conditional commitment for a loan guarantee of up to $1.66 billion for its hydrogen plants, and the guarantee closed on 16 January 2025.
Reading the line
The position kept rising through and after each of those events rather than turning on any one of them. FINRA's days-to-cover figure, which peaked at 9.37 days on 15 Sep 2023, shows how the count compared with trading volume over the same period. This page records what was published and when; it does not say whether any position was right.
Full history and today's figure: Plug Power, Inc..
About this page
US short interest data: FINRA (finra.org). FINRA® is a registered trademark of the Financial Industry Regulatory Authority, Inc. This site is not affiliated with or endorsed by FINRA or the SEC; displayed for personal reference, bulk redistribution is not permitted (see terms). The narrative describes what the published figures showed and widely reported public events around them; it is not a description of any company's prospects and is not investment advice.