Plug Power Reports Q4 and Full Year 2025 Results with Strong Sales Growth and Margin Expansion

Achieved Positive 4 th Quarter 2025 Gross Margin

Setting the Stage for 2026 Financial Targets

SLINGERLANDS, N.Y., March 02, 2026 (GLOBE NEWSWIRE) -- Plug Power Inc., a global leader in comprehensive hydrogen solutions for the hydrogen economy, today announced financial results and operational milestones for the 4th quarter and fiscal year ended December 31, 2025, and outlined strategic priorities for 2026 and beyond.

2025 Goals in Review

This past year marked a pivotal commercial inflection point for Plug. Over the last year, through Project Quantum Leap, Plug has taken decisive steps to improve margins and cash flows, including operations optimization, workforce streamlining, facilities consolidation, pricing increases on certain offerings, working capital reduction, and reprioritizing investments.

In addition to collective improvement efforts over the last two years, the Company has launched multiple follow-on actions to continue reducing cost and improving cash flows and margins in 2026 to accelerate the Company’s path to profitability. As Plug continues to drive innovation and expansion in the hydrogen economy, the Company remains focused on strengthening its financial foundation and executing its profitable growth strategy with discipline and efficiency.

Operational and Financial Highlights

Commercial Business Update

In 2025, Plug continued to execute its commercial growth strategy. Building on this momentum, the Company expects continued growth across material handling, GenEco electrolyzers, cryogenic equipment, and hydrogen fuel. Plug has established strong platforms for expansion in 2026, with greater scale potential in 2027 and beyond.

Material Handling Solutions

GenEco Electrolyzer Solutions

Fuel and Energy Solutions

Leadership Update

Jose Luis Crespo will assume the role of Chief Executive Officer effective March 2, 2026, bringing deep industry experience and a strong record of commercial leadership. Prior to his expected appointment as CEO, he served as President and Chief Revenue Officer at Plug, where he led revenue strategy, global sales, and commercial operations across all product lines and market segments. Crespo has more than a decade of experience in hydrogen, fuel cells, and industrial solutions, with a career marked by revenue growth, strategic customer wins, and global sales leadership. Over his tenure, Crespo was a principal architect of a multi-billion-dollar sales pipeline and cultivated strategic relationships with major enterprise customers. Crespo brings a natural fluency in European markets that has been instrumental in deepening Plug’s commercial relationships across the continent – an increasingly important growth region for the Company.

Jose Luis Crespo said, “I’m honored to have the opportunity to lead Plug Power at this pivotal stage of growth and transformation. In 2025, we achieved $710 million in revenues and Q4 margin positive as we projected at the start of the year. In 2026, we will continue executing with discipline, driving margin improvement, and delivering exceptional outcomes for our customers. By leveraging our strong commercial foundation, advancing cost-efficiency initiatives, and capitalizing on our more than $8 billion global sales funnel, we are converting operational momentum into sustainable financial performance. Our targets remain consistent in achieving positive EBITDAS in Q4 of 2026, positive operating income by the end of 2027, and full profitability by the end of 2028, while still growing the Company substantially.”

Earnings Call Details

Management will host a conference call to discuss results and business outlook.

Date: March 2, 2026

Time: 4:30 PM ET

Toll-Free: 877-407-9221 / +1 201-689-8597

Direct Webcast: https://event.webcasts.com/starthere.jsp?ei=1751318&tp_key=e18033c0ef

A live webcast will be available on the Plug Investor Relations website at www.ir.plugpower.com, and a playback will remain available online following the call.

About Plug

Plug designs, builds, and operates a fully integrated hydrogen ecosystem spanning production, storage, delivery, and power generation—enabling the global hydrogen economy. A first mover in the industry, Plug has built its business around electrolyzers, fuel cells, and hydrogen production plants, serving customers across material handling, industrial applications, and energy markets, and advancing energy resilience and industrial decarbonization.

Plug’s GenEco electrolyzers span five continents, while more than 74,000 GenDrive fuel cell systems operate worldwide across 280+ hydrogen-powered material handling sites. Plug also operates its own hydrogen generation network to ensure a reliable, domestically produced supply. Production facilities are currently operational in Georgia, Tennessee, and Louisiana, representing a combined capacity of 40 tons per day.

With employees and state-of-the-art manufacturing facilities around the world, Plug serves global leaders including Walmart, Amazon, Home Depot, BMW, and BP.

For more information, visit www.plugpower.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the Company’s expectations and projections about future financial performance; liquidity and capital resources; anticipated reductions in cash burn; expected benefits of Project Quantum Leap; anticipated cost reductions and margin improvements; expected reductions in future interest expense and the anticipated benefits of debt restructuring, including enhanced capital optionality; expected depreciation and amortization trends; expected timing and proceeds of contemplated asset monetization transactions; potential future monetization of impaired assets; hydrogen production capacity, utilization, and related infrastructure; anticipated project deployments; demand for hydrogen and electrolyzers; the Company’s expectations regarding future commercial expansion and scale; anticipated participation and growth in end markets, including aerospace and related sectors; and the Company’s targets of achieving positive EBITDAS in 2026, positive operating income by the end of 2027, and full profitability by the end of 2028. Forward-looking statements are generally identified by words such as "expect," "believe," "estimate," "anticipate," "project," "intend," "plan," "target," "will," "would," "could," "should," "may," "potential," "opportunity," and similar expressions. These statements are based on current expectations and assumptions and are subject to numerous risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ materially include, but are not limited to: the Company’s ability to achieve or sustain positive gross margins; execute cost reduction initiatives; realize the anticipated benefits of debt restructuring; complete contemplated asset monetization transactions or successfully monetize impaired assets; improve infrastructure utilization; access capital and manage liquidity; fluctuations in hydrogen demand and market conditions; delays in customer deployments; supply chain constraints; changes in government policies, incentives, or funding programs; competitive developments; the Company’s ability to expand commercially or achieve anticipated scale; and other risks described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update these statements, whether as a result of new information, future events, or otherwise, except as required by law.

MEDIA CONTACT

Teal Hoyos

media@plugpower.com