NEW YORK, March 27, 2026, 17:06 EDT
Plug Power slipped late Friday, last trading at $2.18, off 6 cents from its previous close. Earlier in the day, CEO Jose Luis Crespo again emphasized Plug’s strategy for hitting profitability, according to an interview posted by .
This shift has weight for Plug, which is working to persuade investors that the leadership shakeup in March and its push to boost margins will right the ship—even after reporting a $1.63 billion net loss in 2025. Revenue climbed to roughly $710 million last year, yet the company’s losses stayed deep.
Crespo put it plainly: top of his list is “execution” across Plug’s electrolyzers, hydrogen production, and fuel-cell systems—the company’s core business lines. He reaffirmed Plug’s outlook, sticking to its timeline for reaching positive EBITDA in the fourth quarter of 2026, hitting positive operating income in 2027, and aiming for full profitability the following year, 2028. Investing.com
Crespo cited a 100-megawatt project underway at Galp’s Sines refinery in Portugal, along with a 25-megawatt effort involving Iberdrola and BP in Spain, as signs that renewable hydrogen is starting to gain traction in industrial settings. As these larger-scale projects come online, he said, Plug should see steadier revenue and stronger margins.
Plug reported on March 2 that it turned in a positive gross profit for the fourth quarter of 2025 and wrapped up the year holding $368.5 million in unrestricted cash. The company is eyeing planned asset sales to help cover operations through 2026. Plug also noted that net cash used in operations dropped 26.5% last year.
The pain on Friday stretched beyond Plug. U.S. stocks slid sharply, rattled by the ongoing Middle East war and fading risk appetite. The Nasdaq dropped 2.15%, while the S&P 500 fell 1.67%. Ken Polcari, chief market strategist at SlateStone Wealth, summed up the mood: “overall tone has turned very negative.” Reuters
Still, everything comes down to execution and policy. Crespo points to U.S. tax credits as a boost, yet insists Plug’s approach “not dependent on incentives.” The company, for its part, highlights risks around liquidity, heavy reliance on key customers, large-project delivery and when government backing actually arrives—any of these could move the needle. Investing.com
Jose Luis Crespo officially stepped in as CEO on March 2, following Andy Marsh, who had long led Plug. The company had flagged the leadership change back in October. Plug’s market cap sat around $2.69 billion as of Friday’s close.
