Plug Power Q4 2025 Results Show Margin Turnaround

Plug Power reported stronger sales and its first positive gross margin in its Q4 2025 results, the company said in a March 2, 2026 press release. The announcement also named Jose Luis Crespo as CEO and outlined asset-sale plans to bolster liquidity.

Results and Profitability

Revenue in the fourth quarter reached $225.2 million, up 17.6% year over year and 27.2% sequentially, driven by higher equipment sales volumes and accelerating commercial momentum in core markets. For the full year, revenue rose 12.9% to $710 million, with electrolyzer sales setting a company record at $187 million. The company identified electrolyzers as a key growth driver.

The quarter produced $5.5 million in gross profit, a 2.4% gross margin compared with a gross-margin loss of 122.5% in the year-ago quarter. The company attributed the swing to higher volumes, a more favorable mix, pricing increases, fuel-network improvements, lower service costs, and manufacturing efficiencies under Project Quantum Leap. Completed in Q4 2025, Project Quantum Leap included workforce reductions, manufacturing realignment, and facilities consolidation aimed at improving margins and cash flow.

Despite operational progress, the company recorded about $763 million in non-cash impairment and other charges tied to asset impairments, capital transactions, and Project Quantum Leap. It reported a GAAP loss of $0.63 a share and an adjusted loss of $0.06 a share, compared with an adjusted loss of $0.29 a share a year earlier.

Liquidity and Leadership

Plug Power ended 2025 with $368.5 million in unrestricted cash and used $535.8 million in operating cash for the year, a 26.5% improvement from 2024. Management said cash flow improved but remains a near-term focus.

Jose Luis Crespo became CEO on March 2, 2026. He had served as president and chief revenue officer since 2013, leading revenue growth from $27 million in 2013 to more than $700 million in 2025. Andy Marsh transitioned to chairman under a previously announced plan. Crespo said, "We are entering our next phase with clear priorities: disciplined execution, margin improvement, capital efficiency to achieve sustainable profitable growth."

The company expects to generate more than $275 million from planned 2026 asset monetizations, including data-center assets, to support liquidity. It targets positive EBITDAS in the fourth quarter of 2026, positive operating income by the end of 2027, and company-level profitability by the end of 2028. Further cash-burn reductions in 2026 will come from follow-on Quantum Leap measures, lower capital spending, and working-capital optimization.