Plug Power Inc. (NASDAQ:PLUG) shares are trading higher after the company reported better-than-expected fourth-quarter financial results and announced the appointment of a new CEO.
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.
The stock jumped more than 27% amid heavy trading, as short interest, already elevated at over 25% of the tradable float, likely fueled intensified buying pressure.
Notably, session volume reached about 182.218 million shares, well above the 100-day average volume of roughly 98.620 million shares, signaling heightened trading activity.
Wall Street remains measured. JP Morgan’s Bill Peterson and BTIG’s Gregory Lewis both maintained Neutral ratings on the stock.
JP Morgan: Progress On Margins, Cautious On Outlook
Peterson said Plug Power delivered fourth-quarter revenue of $225 million, modestly ahead of consensus, reflecting solid execution.
He highlighted that Plug met its fiscal 2025 guidance, marking progress in a challenging market, and generated positive margins for the first time in several years as management refocused and resized the business.
Peterson pointed to material handling as the company’s main growth driver, supported by additional investments from pedestal customers and ITC renewals in the U.S.
In Europe, he said projects are gradually advancing toward final investment decisions in fiscal 2026 and fiscal 2027, backed by policy support and mandates.
Plug reiterated its goal of turning EBITDA positive in the fourth quarter of 2026 through further margin gains and sales growth.
He added that lower cash burn, supported by margin improvement and asset sales, makes management’s expectation of being fully funded through fiscal 2026 reasonable if current trends continue and market conditions do not weaken.
Peterson said fiscal 2026 revenue could reach roughly $800 million, below his prior estimate of $839 million, with about two-thirds of sales weighted to the second half of the year.
BTIG: Liquidity Focus And Asset Monetization
Lewis said Plug Power shares rose about 8% in aftermarket trading after the company reported fourth-quarter revenue of roughly $225 million, about 4% above consensus.
He noted that stronger sales in other segments offset weaker equipment revenue, and that all segments improved margins, lifting overall gross margin to about 2% and ending the year in line with management’s positive gross margin target.
Lewis said management remains focused on liquidity.
Plug recently agreed to sell its New York green hydrogen site to a data center developer for about $133 million, with closing expected in the early second quarter of 2026, including access to a 600MW substation.
He added that Plug aims to generate more than $275 million of incremental liquidity in the first half of 2026 by monetizing electricity rights tied to two additional assets.
Management also expects up to 40 tons per day of captive production and a 30-ton-per-day supply agreement with an industrial gas company to keep the hydrogen supply ahead of customer demand in the medium term.
In addition to asset sales, Lewis said management plans to reduce cash burn through cost optimization and lower capital expenditures in 2026.
Lewis highlighted that management continues to target positive EBITDA in the fourth quarter of 2026 and overall profitability by the end of 2028.
He said material handling will play a key role in margin expansion in 2026 as pedestal customers resume growth and renew fleets. Management pointed to tailwinds from the reintroduction and simplification of specific tax incentives.
Elevated Short Interest
The company has a short float of 346.598 million shares, representing 25.05% of its publicly traded float, indicating a significantly high level of short interest among investors betting against the stock.
PLUG Price Action: Plug Power shares were up 27.35% at $2.30 at the time of publication on Tuesday, according to Benzinga Pro data.
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