NEW YORK, April 9, 2026, 16:08 EDT
Plug Power shares moved higher Thursday, climbing 2.5% to $2.715 as of 3:53 p.m. EDT, after the hydrogen equipment firm reiterated its ambition to hit positive EBITDAS by the end of 2026 during a Canada investor roadshow. The updated presentation, shared with investors, maintained the company’s target for the profit metric, which strips out interest, tax, depreciation, amortization, and share-based compensation. Plug’s deck also highlighted $150 million to $200 million in anticipated savings from its Project Quantum Leap initiative.
The update lands at a key moment for Plug, which is still working to prove that improved margins can actually drive more reliable cash flows. Back in March, the company reported $368.5 million in unrestricted cash at the end of 2025, and it managed to reduce net cash used in operations to $535.8 million—down from $728.6 million the previous year. Plug also expects to bring in over $275 million from asset sales to keep operations funded through 2026.
Plug’s management hit Toronto on Tuesday, then Montreal Wednesday, meeting institutional investors as part of an RBC-hosted non-deal roadshow, according to the company. Chief Financial Officer Paul Middleton and investor-relations chief Roberto Friedlander were on hand. The Wednesday presentation left long-term targets in place: operating income in the black by late 2027, and full profitability by the end of 2028.
The news lands right after a major project win for Plug. Just last week, the company announced it had secured front-end engineering and design duties—essentially, the groundwork before full-scale construction—on a 275-megawatt GenEco electrolyzer system for Hy2gen’s Courant project in Quebec. This is one of the largest electrolyzer contracts Plug has landed so far. Electrolyzers use electricity to break water into hydrogen and oxygen.
Jose Luis Crespo stepped in as chief executive on March 2 and said Plug’s 2026 targets are “consistent.” Crespo called the Hy2gen award a sign of demand for “proven electrolyzer technology.” Hy2gen CEO Cyril Dufau-Sansot labeled Courant a “green chemical project” aimed at Canada’s mining sector. SEC
The deck spells out the operational scale underpinning the effort. Plug reports it’s running hydrogen plants in Georgia and Louisiana, each producing 15 tons daily, plus another 10 tons per day out of Tennessee. On the GenEco side, the company says it has rolled out 320 MW of electrolyzers, spread over 70-plus units and reaching six continents.
Still early days for the turnaround. Plug posted full-year 2025 revenue around $710 million, with fourth-quarter sales at $225.2 million. Gross profit swung into the black—$5.5 million, or 2.4% of sales—after last year’s gross-margin loss of 122.5%. GAAP loss per share landed at 63 cents.
Ballard Power Systems climbed around 1.5% in peer trading, while FuelCell Energy posted a gain close to 3.0% at that point. Plug landed above Ballard, but just shy of FuelCell’s advance for the session.
Still, there are plenty of risks baked in. Plug’s investor deck flagged the possibility that hydrogen plant financing might fall through, Department of Energy loans could be pushed back or scrapped, and any moves in subsidies, tariffs, commodities, or supply could pressure margins and performance.
Plug is getting a fresh shot to clarify its story. The company says Crespo will take live questions on April 16, zeroing in on strategy, where Plug stands in the market, execution priorities, and the state of the hydrogen sector.
