New York, March 4, 2026, 07:12 (EST)
- Plug Power jumped 23% on Tuesday after the company posted its first-ever positive quarterly gross profit and reported a slimmer adjusted loss.
- Plug wrapped up 2025 with $368.5 million in unrestricted cash on hand, and it’s targeting EBITDAS positivity sometime toward the end of 2026.
- A local newspaper put the possible sale of land and power assets tied to a planned data center expansion at up to $142 million.
Plug Power Inc soared 23.2% on Tuesday after the hydrogen fuel cell maker posted a fourth-quarter result that topped estimates and named a new CEO—moves aimed at reining in cash burn.
Plug reported fourth-quarter revenue of $225.2 million and managed a $5.5 million gross profit, marking a 2.4% margin after taking a sizeable margin hit the year before. Net loss attributable to Plug for 2025 came in at about $1.63 billion. As the year wrapped, the company was left with $368.5 million in unrestricted cash, after burning through $535.8 million in operating cash over 2025. Plug kept its aim for positive “EBITDAS” in Q4 2026—the company’s preferred figure, which leaves out interest, taxes, depreciation, amortization, and share-based compensation. GlobeNewswire
Plug is turning to asset sales in its latest push for liquidity, putting an upstate New York land parcel and an electrical substation on the block—properties previously earmarked for a scuttled green hydrogen initiative. The Times Union reports that the sale could net up to $142 million, depending on whether the buyer takes on additional equipment. CEO Jose Luis Crespo, speaking to analysts, said, “The results we delivered were not accidental,” while describing the current stretch as an “inflection point,” according to the paper. Times Union
Plug Power elevated Jose Luis Crespo to CEO on March 2, following Andy Marsh’s move to chairman. Crespo, a longtime figure at the company, picks up where the outgoing chief left off, sticking with the plan laid out earlier. His focus? “We are entering our next phase with clear priorities: disciplined execution, margin improvement, capital efficiency,” Crespo said in a statement. Plug Power
But skepticism remains. BMO analyst Ameet Thakkar noted Plug is still shifting toward a tighter hydrogen niche—zeroing in on material handling and electrolyzers, not supplying green hydrogen at large. Thakkar is holding firm on his $1 price target.
Plug’s “Project Quantum Leap” has taken the spotlight as the company pushes through efficiency moves and trims costs, including adjustments to prices and service charges intended to lift margins. During the fourth quarter, Plug also retooled its debt structure, seeking to lower future interest expenses and extend its debt maturities.
Investors are losing patience with hydrogen firms that remain unprofitable. Plug is scrambling to lock down industrial customers as it faces off with Bloom Energy and Ballard Power Systems. On top of that, it’s chasing new electrolyzer projects, a space already crowded with suppliers.
The margin for error is still razor-thin. Plug needs to pull off more cost reductions and boost sales—without letting working capital balloon again—and close asset deals on schedule. One slip, and another financing round could be on the table, probably with even stiffer terms.
Plug focuses on hydrogen fuel cell systems, used primarily by warehouse and logistics fleets, and provides electrolyzers for on-site hydrogen generation. Alongside running hydrogen production plants, the company pitches its fuel cells as a backup power fix for energy-hungry places such as data centers.
The company says it’s targeting steady gains in material handling, electrolyzers, cryogenic equipment, and hydrogen fuel through 2026. Bigger growth—what it calls “greater scale potential”—may not materialize until 2027 or beyond.
