Plug Power Inc., a global provider of integrated hydrogen solutions, released its financial results and operational progress for the fourth quarter and full year ending December 31, 2025. The company also outlined its strategic focus areas for 2026 and the years ahead. For 2025, Plug Power delivered several major goals. Revenue surpassed $700 million, the company reported a positive gross margin in the fourth quarter and it built a stronger liquidity position to support operations in 2026. Plug also confirmed that it remains on track to achieve its target for positive EBITDAS by the fourth quarter of 2026.
The past year marked an important transition in Plug’s commercial maturity. Through Project Quantum Leap, the company introduced a series of cost-improvement measures, including streamlining operations, reducing workforce size where necessary, consolidating facilities, adjusting pricing on certain products, improving working capital and prioritizing investments more efficiently. These efforts have strengthened Plug’s operations and improved cash flow trends. In addition, Plug has launched new initiatives to further reduce costs and enhance margins in 2026, reinforcing its commitment to long-term profitability while continuing to support innovation across the hydrogen economy.
Financial and operational performance in 2025 reflected this progress. Revenue for the year reached roughly $710 million, up 12.9 percent from 2024. The fourth quarter delivered $225.2 million in revenue, representing a 17.6 percent increase over the same period in 2024 and a 27.2 percent rise from the third quarter of 2025. Higher equipment sales and steady demand across key markets supported this growth. The fourth quarter of 2025 also marked an important turnaround in profitability. Plug reported a positive gross profit of $5.5 million, equal to a 2.4 percent margin. This compared with a significant gross margin loss in the fourth quarter of 2024.
The improvement came from stronger sales volume, favorable product mix, improved pricing, lower service costs per unit and greater efficiency across its fuel network and manufacturing operations under Project Quantum Leap. The company believes it has now reached sustainable operational profitability in material handling services. Plug also strengthened its liquidity through a set of asset monetization agreements expected to generate more than $275 million. These transactions support major U.S. data-center development and are scheduled to close throughout the first half of 2026. In addition, the company restructured debt in the fourth quarter of 2025, which will reduce future interest expenses and extend maturities.
Plug ended 2025 with $368.5 million in unrestricted cash. The company used $535.8 million in operating cash during the year, which was more than 26 percent lower than in 2024. With continuing efforts to reduce spending and lower capital requirements, Plug expects another meaningful improvement in cash burn during 2026. The company also recorded approximately $763 million in net non-cash charges in the fourth quarter of 2025, mainly tied to various asset impairments and capital transactions. These adjustments reflect business realignment decisions and broader strategic changes under Project Quantum Leap. While the charges impact reported earnings, they will reduce future depreciation and amortization. Plug noted that some impaired assets could still create value in the future as market conditions evolve.
For the fourth quarter of 2025, Plug reported GAAP earnings per share of ($0.63), compared to ($1.48) in the fourth quarter of 2024. Excluding the non-cash charges, adjusted EPS was ($0.06), compared to ($0.29) on an adjusted basis for the same period in 2024. The company continued advancing its commercial strategy in 2025, preparing for further expansion in 2026. Growth is expected across material handling, GenEco electrolyzers, cryogenic technologies and hydrogen fuel solutions. In material handling, Plug saw improved performance driven by Investment Tax Credit developments, stronger customer demand and better service results. The company supported new deployments and fleet refresh programs across several customer sites.
In the fourth quarter, Plug expanded its GenDrive and GenFuel offerings with Floor and Decor, installing hydrogen-powered systems supported by on-site liquid hydrogen infrastructure at the company’s Frederickson, Washington distribution facility. GenEco electrolyzers also delivered a strong year, generating a record $187 million in revenue and building a global sales funnel worth approximately $8 billion. Plug made progress on engineering and planning work with Allied Green Ammonia for potential multi-gigawatt green hydrogen projects. The company was selected by Carlton Power to provide 55 megawatts of GenEco electrolyzers for three hydrogen projects in the United Kingdom. Plug also installed 100 megawatts of GenEco PEM electrolyzers at GALP’s refinery in Sines, Portugal, with commissioning underway.
Once operational, this installation is expected to generate up to 15,000 tons of renewable hydrogen per year. Plug also supplied five 5-megawatt containerized electrolyzers to a facility operated by Iberdrola in Castellón, Spain. Overall, the company has now shipped more than 300 megawatts of electrolyzer capacity worldwide, with deployments across six continents. In fuel and energy operations, Plug expanded its hydrogen production network during 2025. A new plant in Louisiana began operating in the first half of the year, joining facilities in Georgia and Tennessee. Together, the network can produce up to 40 tons of liquid hydrogen per day. Plug also secured its first liquid hydrogen supply contract with NASA, expanding its presence in aerospace and space research.
The company currently delivers about 25 tons of hydrogen per day using a logistics fleet of 34 liquid hydrogen trailers and 89 gaseous trailers. To support growing demand, Plug reached an agreement with a major industrial gas company for competitively priced hydrogen, adding another 30 tons of daily supply. Plug also shared a leadership transition. Jose Luis Crespo will become Chief Executive Officer on March 2, 2026. He most recently served as President and Chief Revenue Officer, overseeing revenue strategy and global commercial operations.
Crespo brings over a decade of experience in hydrogen, fuel cells and industrial solutions, and has played a central role in building Plug’s multibillion-dollar sales pipeline and expanding partnerships, particularly in European markets. Reflecting on the company’s progress, Crespo said he is honored to lead Plug during a time of meaningful growth and transformation. He noted that the company achieved its revenue and margin goals for 2025, and that the focus for 2026 will be on disciplined execution, margin expansion and strong customer outcomes. Crespo reaffirmed Plug Power’s long-term targets of achieving positive EBITDAS in the fourth quarter of 2026, positive operating income by the end of 2027 and full profitability by the end of 2028, while continuing to grow the business.
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