NEW YORK, March 29, 2026, 12:04 EDT
Plug Power shares ended Friday at $2.18, marking a four-day losing streak. Chief Executive Jose Luis Crespo reiterated the hydrogen company’s goals: Plug still targets positive EBITDA—earnings before interest, taxes, depreciation and amortization—in the fourth quarter of 2026, with full profitability set for 2028.
Timing is key here. Plug is looking to extend the momentum from its strong fourth-quarter gross margin but keep a lid on cash burn, now under the direction of a new CEO who stepped in on March 2. The company finished 2025 holding $368.5 million in unrestricted cash. Plug says cash from a planned data-center asset sale will help cover its operations into 2026.
The deal is key for Plug’s short-term liquidity. In a February filing, the company said it had signed a definitive agreement with Stream Data Centers, which is expected to deliver no less than $132.5 million—marking the first phase of a push to free up over $275 million using asset sales, releasing restricted cash, and trimming maintenance expenses.
Crespo insists the strategy stays the same, just sharper. “My immediate priority is execution,” he told an interviewer Friday. Earlier in the week, a company post outlined Plug’s pivot from building capacity to actually delivering, spotlighting electrolyzers — the gear that splits water into hydrogen — plus hydrogen production and fuel cells aimed at logistics. Investing.com
There are some new figures out of Plug. On March 2, the company reported fourth-quarter revenue up 17.6% year over year, reaching $225.2 million. Gross profit landed in positive territory at $5.5 million, or 2.4% of sales. For the year, revenue rose 12.9%, coming in at roughly $710 million.
Still, the scale of the challenge is clear. LSEG data on Reuters put Plug’s 2025 full-year gross loss at roughly $242 million, with the net loss landing at about $1.63 billion.
The shift kicked off before now. Back in November, Reuters said Plug had pulled back from the U.S. Department of Energy’s loan program, redirecting its focus to projects in the data-center power space—chasing what it expects will be stronger returns as demand rises for backup and auxiliary power.
Uncertainty remains over the stock. LSEG data from Capital.com points to a hold consensus for Plug, with 12-month price targets as low as $0.75 and up to $7. Friday, Plug’s shares fell harder than Air Products’ modest slide and mirrored losses seen at hydrogen peer Ballard Power.
It’s not hard to see where things could go wrong. Plug has flagged risks including possible delays or failures in asset sales, slippage on major projects, and the chance that liquidity gets squeezed. Competition and the uncertain timetable on government incentives also hang over the company’s results.
Crespo isn’t pitching a fresh slogan—he wants investors focused on execution. Stepping in as Plug’s chief executive earlier this month, he emphasized “disciplined execution” and “capital efficiency,” describing this as the company’s next stage as it aims to convert scale into more reliable returns. Plug Power
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