Beyond Meat, Oklo And Plug Ride EPS-Free Rally: Investors Go Wild For Red Ink

Author: Erica Kollmann | October 21, 2025 10:44am

Who needs profits when you've got momentum?

Stocks with negative EPS have significantly outperformed those with positive earnings in recent months—with unprofitable firms leading gains, especially within broader indexes. Roughly 40% of the companies in the Russell 2000, for example, reported zero or negative earnings.​

• BYND stock is soaring. See the real-time price action here. 

Expert Insights

Apollo's chief economist Torsten Slok pointed to this "remarkable" divergence and compared it to momentum-driven late-cycle rallies seen during periods like the dotcom bubble. 

Research suggests the market may be operating under unique conditions, where speculative fervor and optimism toward innovation and growth potential outweigh short-term profitability.

Experts warn that such periods often do not end gently.​

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Standout Stocks: BYND, PLUG, OKLO and More

Many of the companies with negative EPS are capturing retail investors' attention and are celebrated for their disruptive technologies. Some examples are: 

• Plug Power, Inc. (NASDAQ:PLUG) develops hydrogen fuel and alternative energy solutions, reporting negative earnings as it invests heavily in infrastructure.​ Plug shares have gained 300% over the past six months. 

• Oklo, Inc. (NYSE:OKLO) is a nuclear startup facing early operational losses,  but generating buzz as the AI revolution demands massive amounts of power.​​ Oklo shares were up 600% since April. 

• The latest meme-stock sensation Beyond Meat, Inc. (NASDAQ:BYND) operates in plant-based foods, striving for scalability but currently incurring ongoing losses.​ BYND stock was up more than 170% in the last two days. 

• Quantum computing — and not profitable — company Rigetii Computing, Inc. (NASDAQ:RGTI) has gained 425% in the past six months.  

Many other tech, clean energy and biotech firms with similar unprofitable profiles have seen share price surges, indicating broad market enthusiasm for speculative growth over immediate profits. 

There could be several reasons for the rise in unprofitable tech stocks, including the excitement around innovation and late-cycle risk appetite driving money into high-beta stocks.​

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• Rigetti, D-Wave, IonQ Could Get JPMorgan’s Support—Quantum Stocks Take Off

Photo: Shutterstock

Posted In: BYND OKLO PLUG RGTI