2 Hydrogen Stocks to Buy in August if You Believe in the Turnaround

Two hydrogen stocks are worth considering for investment in August 2026 if one believes in the industry's turnaround. Plug Power (NASDAQ: PLUG) and Bloom Energy (NYSE: BE) are two companies that could offer significant growth potential.

Plug Power has shown improvement in recent quarters, with an adjusted loss per share of just $0.07, beating expectations. Revenue reached $178.3 million, and gross margins approached breakeven. The company has cut costs by 50% year over year and deployed units more than doubled to 1,666. With $160 million in cash and equivalents, Plug has the runway to hit its targets and hit its growth goals.

Bloom Energy has been a standout performer in the sector, with solid oxide fuel cells becoming increasingly in-demand for AI data centers. In Q2 2026, Bloom's operating earnings jumped 680% year over year, and revenue grew to over $1 billion, a 165% increase from the previous year. Management raised its guidance, and the company now has $2.67 billion in cash and equivalents on the balance sheet.

However, Bloom's high valuation may be a concern, with a trailing P/E ratio nearing 300. Despite this, the company's growth potential remains strong as AI-power demand continues to expand worldwide.