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Plug Power
Plug Power (PLUG) investor relations material
Plug Power Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Mar, 2026
Executive summary
Achieved over $710 million in revenue for 2025, up 12.9% year-over-year, with Q4 revenue of $225.2 million, a 17.6% increase over Q4 2024 and 27.2% sequential growth from Q3 2025.
Reached positive gross margin in Q4 2025 (2.4% of sales), a significant turnaround from a -122.5% margin in Q4 2024, marking a 125 percentage point improvement year-over-year.
Implemented Project Quantum Leap, optimizing operations, streamlining workforce, consolidating facilities, increasing pricing, and reducing working capital.
Leadership transition to a new CEO, with Jose Luis Crespo to assume the role March 2, 2026, tasked with driving sustained profitable growth.
2025 marked an inflection point with double-digit revenue growth and positive margin despite macroeconomic uncertainty.
Financial highlights
Full-year 2025 revenue: $710 million (+12.9% YoY); Q4 2025 revenue: $225.2 million (+17.6% YoY, +27.2% QoQ).
Q4 2025 gross profit: $5.5 million (2.4% margin), compared to a gross margin loss in Q4 2024.
GAAP EPS for Q4 2025 was -$0.63, improved from -$1.48 in Q4 2024; Adjusted EPS was -$0.06 versus -$0.29 year-over-year.
Net loss for 2025: ($1.63) billion, improved from ($2.10) billion in 2024.
Ended 2025 with $368.5 million in unrestricted cash.
Outlook and guidance
2026 revenue growth expected to be directionally similar to 2025, driven by material handling and electrolyzer businesses.
Targeting EBITDAS-positive Q4 2026, positive operating income by end of 2027, and full profitability by end of 2028.
Expects continued growth in material handling, electrolyzers, cryogenic equipment, and hydrogen fuel in 2026 and beyond.
Expecting continued improvement in cash usage and further cost reductions in 2026.
80% of 2026 revenue outlook is highly confident, with the remaining 20% in advanced negotiations.
What assets are being monetized for data centers?
How is material handling profitability sustained?
Strategy for monetizing impaired assets?
What drives electrolyzer funnel conversion?
How is 2026 cash funding secured?
What new drivers boost material handling growth?
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Next Plug Power earnings date
Q1 202611 May, 2026
Plug Power
Next Plug Power earnings date
Q1 202611 May, 2026
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Frequently asked questions
With sites and technologies across the globe, Plug Power Inc. has paved their way to success by providing hydrogen fuel cell technology turnkey solutions for the material handling, stationary power, and mobility markets. The company designs and manufactures industry-leading hydrogen fuel cell electric vehicles. The company's fuel cells are being sold around the world in customers' forklifts to address material handling for all industries.
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