NEW YORK, March 17, 2026, 09:49 EDT
Plug Power Inc stock hovered near $2.24 during Tuesday morning trading in the U.S., with investors eyeing Chief Executive Jose Luis Crespo’s session at the J.P. Morgan Industrials Conference. It marks one of Crespo’s initial encounters with institutional investors since stepping into the role this month.
Timing here is key. Plug is aiming to prove that a cleaner fourth quarter can lay the groundwork for a real turnaround, following years marked by losses and big cash burn. The company, on March 2, posted 2025 revenue at roughly $710 million and reported a fourth-quarter gross profit of $5.5 million — that’s profit after direct costs. Plug reiterated its goal: get to positive EBITDAS by the fourth quarter of 2026. That measure excludes interest, taxes, depreciation, amortization, and share-based compensation.
Even after climbing 4.2% Monday, Plug shares remain a long way off their highs. The stock opened Tuesday near $2.24—still roughly 51% below the 52-week high of $4.58.
Plug on Monday announced that Crespo and Vice President of Investor Relations Roberto Friedlander are scheduled to meet with investors in Washington on Tuesday. Chief Financial Officer Paul Middleton, for his part, is lined up for a roadshow spanning London, Stockholm and Paris from March 16 to 18. According to the company, the discussions will focus on strategic priorities, growth prospects, and long-term financial goals.
After over ten years at Plug, Crespo stepped into the CEO spot on March 2. The following day, in a company statement, he laid out the agenda: Plug was moving forward with “clear priorities: disciplined execution, margin improvement, capital efficiency” and a drive for “consistent financial performance.” Andy Marsh, now serving as chairman, called Crespo “instrumental” in ramping up both commercial and operational sides at Plug. Plug Power
Near-term liquidity for Plug hinges in part on the Feb. 26 deal to offload its Project Gateway property in New York to Stream Data Centers, a sale fetching at least $132.5 million and possibly up to $142 million. Plug described this move as the initial phase of a broader effort targeting over $275 million in liquidity enhancements within the year. Crespo referred to the transaction as a “disciplined approach to capital management and strategic execution.” Plug Power
Peers edged higher, though gains were modest. Ballard Power Systems picked up close to 1%, Air Products & Chemicals tacked on about 0.5% in early moves. Plug held steady.
Still, the risks are right there. Plug wrapped up 2025 with $368.5 million in unrestricted cash, having burned through $535.8 million in operating activities for the year. Net loss to shareholders? $1.63 billion, plus $785.4 million in impairment charges. The Stream transaction is slated to close by June 30, pending the usual closing conditions.
During the March 2 results, Crespo stuck to Plug’s plan: “executing with discipline,” aiming for positive EBITDAS in Q4 2026, moving to positive operating income by late 2027, and reaching full profitability by the end of 2028. Tuesday’s conference offers Crespo a shot at filling in more specifics—timing and metrics—for that roadmap. Plug Power
