Plug Power, Inc. (NASDAQ:PLUG) shares are trading higher in the premarket session on Tuesday.
The firm appointed Jose Luis Crespo as Chief Executive Officer, marking the start of the company’s “next phase of disciplined growth and focused execution”. Crespo assumed the role on March 2, 2026.
On Monday, the firm signaled a strategic shift toward disciplined growth as it closed out 2025 with improved margins and tighter cash management during the company’s fourth-quarter conference call.
Earnings Snapshot
Plug Power reported a fourth-quarter loss of 63 cents per share, missing the analyst estimate for a loss of 10 cents, according to Benzinga Pro data.
Quarterly revenue came in at $225.2 million, which beat the consensus estimate of $217.77 million.
What We Learned From The Earnings Call
New CEO Jose Luis Crespo used his first earnings call to outline a roadmap aimed at sustained profitability after years of heavy investment.
The company reported roughly 30% revenue growth for 2025 and posted a positive gross margin in the fourth quarter, marking a sharp turnaround from the prior year.
Crespo credited tighter execution and cost controls for the swing in performance.
Gross margin reached 2.4% in the fourth quarter, compared with deeply negative levels a year earlier. Leadership tied the improvement to scaled hydrogen production and leaner service costs.
CFO Paul B. Middleton said the company cut unit service expenses nearly in half over the past year. He also highlighted production gains at hydrogen facilities in Georgia and Louisiana.
Management expects those plants to drive additional efficiencies in 2026.
“In 2026, we expect to begin executing projects with Carlton and Schedders in the UK, and we will continue progressing with A Light Green Ammonia towards FID on the 3 gigawatt project in Australia and the 2 gigawatt project in Uzbekistan,” an executive said.
Growth Drivers For 2026
Plug projects revenue growth in 2026 that mirrors last year’s pace. Crespo pointed to expanding demand in material handling and electrolyzers.
Customers including Amazon.com Inc. (NASDAQ:AMZN) and Walmart Inc. (NYSE:WMT) continue fleet upgrades and site expansions.
The electrolyzer segment also gained traction overseas. Plug shipped more than 300 megawatts of systems worldwide and booked record electrolysis revenue in 2025.
Executives see European decarbonization mandates supporting future orders.
Liquidity And Charges
Plug ended 2025 with $368.5 million in unrestricted cash. The company expects 275 million Euros from asset monetization transactions slated to close in 2026. Leadership believes that funding, along with lower capital spending, will support operations through the year.
The company recorded $763 million in mostly noncash impairment charges tied to assets and capital restructuring. Middleton said those write-downs should lower future depreciation expenses.
Plug aims to reach positive adjusted EBITDA in the fourth quarter of 2026. Management targets operating income in 2027 and full profitability in 2028.
PLUG Price Action: Plug Power shares were up 11.05% at $2.00 during premarket trading on Tuesday, according to Benzinga Pro data.
Photo by T. Schneider via Shutterstock
