Achieved Positive 4th Quarter 2025 Gross Margin
Setting the Stage for 2026 Financial Targets
SLINGERLANDS, N.Y., March 02, 2026 (GLOBE NEWSWIRE) — Plug Power Inc., a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced financial results and operational milestones for the 4th quarter and fiscal year ended December 31, 2025, and outlined strategic priorities for 2026 and beyond.
2025 Goals in Review
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* Achieved Over $700 million in revenue
* Achieved positive gross margin for Q4 2025
* Established strong liquidity platform to fund 2026
* Positioned Company to achieve the EBITDAS Q4 2026 goal This past year marked a pivotal commercial inflection point for Plug. Over the last year, through Project Quantum Leap, Plug has taken decisive steps to improve margins and cash flows, including operations optimization, workforce streamlining, facilities consolidation, pricing increases on certain offerings, working capital reduction, and reprioritizing investments.
In addition to collective improvement efforts over the last two years, the Company has launched multiple follow-on actions to continue reducing cost and improving cash flows and margins in 2026 to accelerate the Company’s path to profitability. As Plug continues to drive innovation and expansion in the hydrogen economy, the Company remains focused on strengthening its financial foundation and executing its profitable growth strategy with discipline and efficiency.
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Operational and Financial Highlights
* Revenues: Full year 2025, revenue increased 12.9% year-over-year at ~$710 million, with 4th quarter 2025 revenue totaling $225.2 million. This marks a 17.6% growth over 4th quarter 2024 and increased 27.2% from 3rd quarter 2025. This revenue improvement was driven by higher equipment sales volumes and continued commercial momentum across core markets.
* Gross Margin: In the 4th quarter 2025, the Company reported $5.5 million in positive gross profit, 2.4% of sales compared to gross margin loss of -122.5% of sales in the 4th quarter 2024. This improvement was driven primarily by increased sales volume, favorable mix, increased pricing, enhancements in the fuel network, reduced service cost-per-unit, and manufacturing efficiency gains under the Company’s Project Quantum Leap initiative. Given the improvements over the last year, we believe we have now achieved sustainable operational profitability in the material handling services offering. This marks a significant milestone.
* Liquidity Planning: The Company announced an agreement expected to generate over $275 million through asset monetization, supporting major U.S. data center build-out and strengthening near-term liquidity and infrastructure utilization. This includes three separate transactions, the first of which was signed in February 2026, and is targeted to close within the next six weeks. The other two transactions are targeted to close within the first half of 2026. In addition, during the 4th quarter 2025 the Company restructured its debt which reduces future interest expenses, enhances future debt capital optionality, and improves near-term liquidity given extended maturities.
* Cash Management: The Company ended 2025 with $368.5 million in unrestricted cash. Net cash used in operating activities was $535.8 million for the full year 2025, compared to $728.6 million for the full year 2024. This reflects a reduction of over 26.5% year-over-year. Continued improvements planned in 2026, coupled with reduced capex requirements, position for the Company to achieve another substantial reduction in cash burn in 2026 consistent with the last two years. The continued improvements in cash flows, the beginning cash position, and planned proceeds from the data center asset sale collectively position the Company to fund operations through 2026.
* Asset Impairment and Other Charges: Plug recorded ~$763 million in various net charges in the 4th quarter of 2025 predominantly associated with non-cash charges for varied asset impairments and capital transactions. These charges stem from strategic shifts in its business operations and the continued Project Quantum Leap initiative, as outlined above. As a result of the impairment charges recorded, it will reduce associated future depreciation and amortization. In addition, similar to the data center project sale, these impaired assets represent opportunities for the Company to monetize and extract significant value as the market opportunities evolve. In addition, in association with the varied capital transactions undertaken in the 4th quarter 2025, the Company recorded certain non-cash charges.
* Earnings-per-Share (EPS): For the 4th quarter 2025, GAAP EPS was ($0.63) compared to GAAP EPS of ($1.48) for Q4 2024. Excluding the charges described above, the adjusted EPS for the quarter was ($0.06) versus adjusted EPS of ($0.29) for Q4 2024 that excludes similar charges. A reconciliation of GAAP to non-GAAP measures is provided below.Commercial Business Update
In 2025, Plug continued to execute its commercial growth strategy. Building on this momentum, the Company expects continued growth across material handling, GenEco electrolyzers, cryogenic equipment, and hydrogen fuel. Plug has established strong platforms for expansion in 2026, with greater scale potential in 2027 and beyond.
Material Handling Solutions
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* Performance improved during the period, supported by Investment Tax Credit dynamics, increased customer demand, and improved service execution.
* The Company saw new deployments and fleet refresh programs at key customer sites, with increased activity across both new and repeat accounts.
* In the fourth quarter of 2025, Plug expanded its GenDrive and GenFuel solutions with Floor and Decor, deploying hydrogen-powered units supported by on-site liquid hydrogen storage and dispensing infrastructure at its Frederickson, Washington distribution center.GenEco Electrolyzer Solutions
* Delivered a record $187 million revenue year for electrolyzers in 2025, and have an approximate $8 billion global sales funnel.
* During the year, Plug advanced engineering, configuration, and project planning milestones with Allied Green Ammonia across large-scale green hydrogen and derivatives projects tied to potential multi-gigawatt deployments.
* The Company was selected by Carlton Power to supply and service 55 megawatts of GenEco electrolyzers across three UK green hydrogen projects.
* Plug completed installation of 100 megawatts of GenEco PEM electrolyzer array at GALP’s Sines Refinery in Portugal. All ten 10-megawatt arrays were delivered and installed, and commissioning is underway. Once operational, the system is expected to produce up to 15,000 tons of renewable hydrogen annually.
* Delivered and installed five 5-megawatt containerized electrolyzers to the Iberdrola site in Castellon, Spain.
* To date, the Company has shipped over 300 megawatts of GenEco electrolyzers globally, and is now deployed on six continents, demonstrating broad commercial adoption and operating experience across multiple markets.Fuel and Energy Solutions
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* Fuel and energy operations continued to scale across the Company’s hydrogen production network in 2025.
* The Louisiana hydrogen plant came online in the first half of 2025. Together with facilities in Georgia and Tennessee, the network has the combined capacity to produce up to 40 tons of liquid hydrogen per day.
* During 2025, the Company was awarded its first liquid hydrogen supply contract with NASA, expanding into the aerospace and space research market and validating product quality and delivery performance.
* The Company delivers approximately 25 tons of hydrogen per day through its logistics network, supported by 34 liquid hydrogen trailers and 89 gaseous trailers, improving delivery flexibility and supply reliability.
* To complement our own network, during 2025, we reached an agreement with one of the largest IGCs that provided us with competitively priced hydrogen for the additional 30 tons per day of additional capacity.Leadership Update
Jose Luis Crespo will assume the role of Chief Executive Officer effective March 2, 2026, bringing deep industry experience and a strong record of commercial leadership. Prior to his expected appointment as CEO, he served as President and Chief Revenue Officer at Plug, where he led revenue strategy, global sales, and commercial operations across all product lines and market segments. Crespo has more than a decade of experience in hydrogen, fuel cells, and industrial solutions, with a career marked by revenue growth, strategic customer wins, and global sales leadership. Over his tenure, Crespo was a principal architect of a multi-billion-dollar sales pipeline and cultivated strategic relationships with major enterprise customers. Crespo brings a natural fluency in European markets that has been instrumental in deepening Plug’s commercial relationships across the continent – an increasingly important growth region for the Company.
Jose Luis Crespo said, “I’m honored to have the opportunity to lead Plug Power at this pivotal stage of growth and transformation. In 2025, we achieved $710 million in revenues and Q4 margin positive as we projected at the start of the year. In 2026, we will continue executing with discipline, driving margin improvement, and delivering exceptional outcomes for our customers. By leveraging our strong commercial foundation, advancing cost-efficiency initiatives, and capitalizing on our more than $8 billion global sales funnel, we are converting operational momentum into sustainable financial performance. Our targets remain consistent in achieving positive EBITDAS in Q4 of 2026, positive operating income by the end of 2027, and full profitability by the end of 2028, while still growing the Company substantially.”
Earnings Call Details
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Management will host a conference call to discuss results and business outlook.
Date: March 2, 2026
Time: 4:30 PM ET
Toll-Free: 877-407-9221 / +1 201-689-8597
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Direct Webcast: https://event.webcasts.com/starthere.jsp?ei=1751318&tp_key=e18033c0ef
A live webcast will be available on the Plug Investor Relations website at http://www.ir.plugpower.com, and a playback will remain available online following the call.
About Plug
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Plug designs, builds, and operates a fully integrated hydrogen ecosystem spanning production, storage, delivery, and power generation-enabling the global hydrogen economy. A first mover in the industry, Plug has built its business around electrolyzers, fuel cells, and hydrogen production plants, serving customers across material handling, industrial applications, and energy markets, and advancing energy resilience and industrial decarbonization.
Plug’s GenEco electrolyzers span five continents, while more than 74,000 GenDrive fuel cell systems operate worldwide across 280+ hydrogen-powered material handling sites. Plug also operates its own hydrogen generation network to ensure a reliable, domestically produced supply. Production facilities are currently operational in Georgia, Tennessee, and Louisiana, representing a combined capacity of 40 tons per day.
With employees and state-of-the-art manufacturing facilities around the world, Plug serves global leaders including Walmart, Amazon, Home Depot, BMW, and BP.
For more information, visit http://www.plugpower.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the Company’s expectations and projections about future financial performance; liquidity and capital resources; anticipated reductions in cash burn; expected benefits of Project Quantum Leap; anticipated cost reductions and margin improvements; expected reductions in future interest expense and the anticipated benefits of debt restructuring, including enhanced capital optionality; expected depreciation and amortization trends; expected timing and proceeds of contemplated asset monetization transactions; potential future monetization of impaired assets; hydrogen production capacity, utilization, and related infrastructure; anticipated project deployments; demand for hydrogen and electrolyzers; the Company’s expectations regarding future commercial expansion and scale; anticipated participation and growth in end markets, including aerospace and related sectors; and the Company’s targets of achieving positive EBITDAS in 2026, positive operating income by the end of 2027, and full profitability by the end of 2028. Forward-looking statements are generally identified by words such as “expect,” “believe,” “estimate,” “anticipate,” “project,” “intend,” “plan,” “target,” “will,” “would,” “could,” “should,” “may,” “potential,” “opportunity,” and similar expressions. These statements are based on current expectations and assumptions and are subject to numerous risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ materially include, but are not limited to: the Company’s ability to achieve or sustain positive gross margins; execute cost reduction initiatives; realize the anticipated benefits of debt restructuring; complete contemplated asset monetization transactions or successfully monetize impaired assets; improve infrastructure utilization; access capital and manage liquidity; fluctuations in hydrogen demand and market conditions; delays in customer deployments; supply chain constraints; changes in government policies, incentives, or funding programs; competitive developments; the Company’s ability to expand commercially or achieve anticipated scale; and other risks described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update these statements, whether as a result of new information, future events, or otherwise, except as required by law.
MEDIA CONTACT
Teal Hoyos
[email protected]
Plug Power Inc. and Subsidiaries Consolidated Balance Sheets As of December 31, 2025 and 2024 (In thousands, except share and per share amounts) 2025 2024 Assets Current assets: Cash and cash equivalents $368,540 $205,693 Restricted cash 186,746 198,008 Accounts receivable, net of allowance of $46,805 as of December 31, 2025 and $37,712 as of December 31, 2024 134,758 157,244 Inventory, net 520,968 682,642 Contract assets 105,268 94,052 Prepaid expenses, tax credits, and other current assets 93,988 139,845 Total current assets 1,410,268 1,477,484 Restricted cash 438,698 637,008 Property, plant, and equipment, net 281,001 866,329 Right of use assets related to finance leases, net 44,852 51,822 Right of use assets related to operating leases, net 182,206 218,081 Equipment related to power purchase agreements and fuel delivered to customers, net 122,926 144,072 Contract assets 24,137 23,963 Intangible assets, net 29,228 84,660 Investments in non-consolidated entities and non-marketable securities 46,909 85,494 Other assets 14,343 13,933 Total assets $2,594,568 $3,602,846 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $168,744 $180,966 Accrued expenses 128,010 103,145 Deferred revenue and other contract liabilities 66,742 144,093 Operating lease liabilities 70,407 71,250 Finance lease liabilities 10,934 12,802 Finance obligations 76,160 83,129 Current portion of convertible debt instruments, net 2,583 58,273 Current portion of long-term debt 626 946 Contingent consideration, loss accrual for service contracts, and other current liabilities (of which $4,871 was measured at fair value as of December 31, 2025 and $28,954 was measured at fair value as of December 31, 2024) 86,382 93,885 Total current liabilities 610,588 748,489 Deferred revenue and other contract liabilities 34,203 58,532 Operating lease liabilities 194,709 242,148 Finance lease liabilities 17,627 22,778 Finance obligations 191,806 264,318 Warrant liabilities 52,323 – Convertible debt instruments, net (of which $431,014 was measured at fair value as of December 31, 2025 and $173,150 was measured at fair value as of December 31, 2024) 431,014 321,060 Long-term debt 1,306 1,932 Contingent consideration, loss accrual for service contracts, and other liabilities (of which $6,906 was measured at fair value as of December 31, 2025 and $31,792 was measured at fair value as of December 31, 2024) 57,678 135,833 Total liabilities $1,591,254 $1,795,090 Stockholders’ equity:
