New York, March 4, 2026, 07:12 (EST)
- Plug Power shares surged 23% Tuesday, buoyed by a narrower adjusted loss and the company’s first positive quarterly gross profit.
- Plug reported $368.5 million in unrestricted cash at the close of 2025, and the company is aiming to turn EBITDAS positive by late 2026.
- A local paper reported that selling land and power infrastructure linked to a planned data center expansion might fetch as much as $142 million.
Shares of Plug Power Inc jumped 23.2% on Tuesday, boosted by a stronger-than-expected fourth quarter and news of a fresh CEO, as the hydrogen fuel cell company looks to curb its cash burn. Reuters
Plug’s fourth-quarter revenue climbed to $225.2 million, with the company turning in a $5.5 million gross profit—2.4% of sales—after logging a sharp gross margin loss the previous year. The company posted a 2025 net loss attributable to Plug of roughly $1.63 billion and closed the year holding $368.5 million in unrestricted cash, having burned through $535.8 million in operating cash during 2025. Plug stuck with its target for positive “EBITDAS” in the fourth quarter of 2026, its own metric that strips out interest, taxes, depreciation, amortization, and share-based compensation. GlobeNewswire
Plug’s latest liquidity strategy centers on selling property. The company is unloading a parcel of land and an electrical substation in upstate New York, assets once set aside for a now-cancelled green hydrogen project. According to the Times Union, the deal might reach $142 million if the buyer agrees to remove certain equipment. CEO Jose Luis Crespo told analysts, “The results we delivered were not accidental,” characterizing this period as an “inflection point,” the paper reported. Times Union
Plug Power handed the reins to Crespo on March 2, putting the company’s longtime insider at the top after Andy Marsh shifted to chairman. That move, part of a previously announced transition plan, puts Crespo in charge with a familiar agenda: “We are entering our next phase with clear priorities: disciplined execution, margin improvement, capital efficiency,” he said in a statement. Plug Power
Not everyone’s convinced. BMO’s Ameet Thakkar pointed out that “Plug’s pivot towards a more narrowly focused hydrogen application-oriented company (material handling and electrolyzers) rather than green hydrogen supplier continues,” sticking with his $1 price target. Barron’s
Plug’s “Project Quantum Leap” initiative—its big efficiency and cost-cutting drive—has been front and center, with the company rolling out price and service-cost tweaks to shore up margins. Plug also reworked its debt during the fourth quarter, aiming to reduce future interest payments and stretch out maturities.
Investors’ patience is running out when it comes to hydrogen companies still in the red. Plug is vying for industrial clients against rivals like Bloom Energy and Ballard Power Systems, and it’s also pursuing electrolyzer projects—territory already packed with competing suppliers.
Still, the margin for error remains slim. Plug is banking on further cost cuts, higher sales that don’t drag up working capital again, and timely asset deals. Any misstep, though, and the company could be looking at another round of financing—this time, likely on tougher terms.
Plug’s business centers on hydrogen fuel cell systems—think warehouse and logistics fleets—plus electrolyzers for on-site hydrogen production. The company also operates hydrogen production facilities and promotes fuel cells as a backup-power solution for energy-intensive locations like data centers.
Management is looking for ongoing growth through 2026 in material handling, electrolyzers, cryogenic equipment, and hydrogen fuel. “Greater scale potential” could show up in 2027 and later, according to the company.
