NEW YORK, March 6, 2026, 07:02 EST
- Plug Power will ring Nasdaq’s closing bell on Friday to mark Jose Luis Crespo’s first week as chief executive and spotlight its 2025 results. 1
- 2025 revenue rose 12.9% to about $710 million and fourth-quarter gross margin turned positive, but the company still posted a $1.69 billion net loss. 2
- Shares were quoted at $2.29 at 6:41 a.m. EST, down 19 cents from the previous close.
Plug Power will ring Nasdaq’s closing bell later Friday, using the event to highlight a management change and firmer year-end operating trends. Shares were quoted at $2.29 at 6:41 a.m. EST, down 19 cents from the previous close. 1
The timing matters. The hydrogen fuel-cell maker reported a positive gross margin in the fourth quarter and lower cash burn, but it still lost $1.69 billion in 2025. Outside Plug, the hydrogen market is still dealing with project delays, cancellations and uncertain demand. 2
Plug said the Times Square ceremony marks its 2025 results and the arrival of Jose Luis Crespo, who formally became chief executive on March 2. He replaced Andy Marsh, who moved to chairman after leading the company for nearly two decades. 1
The company reported 2025 revenue of about $710 million, up 12.9% from a year earlier, while fourth-quarter revenue rose to $225.2 million. Gross profit in the quarter was $5.5 million, or 2.4% of sales, versus a gross margin loss equal to 122.5% of sales a year earlier. 2
Unrestricted cash ended 2025 at $368.5 million. Net cash used in operations fell to $535.8 million from $728.6 million in 2024, and Plug said planned asset sales worth more than $275 million should help finance the business through 2026. 2
Crespo said Plug was entering its “next phase” with “clear priorities” around disciplined execution, margin improvement and capital efficiency. He reiterated a target of positive EBITDAS by the fourth quarter of 2026 — a company metric that excludes interest, tax, depreciation, amortization and share-based pay — followed by positive operating income in 2027 and full profitability in 2028. 3
But a lot still has to go right. Plug said the first of three planned monetization deals was signed in February and is targeted to close within six weeks, while the other two are due in the first half of 2026. Its filings also warned that hydrogen demand, deployment delays, policy shifts and access to capital could still knock the plan off course. 2
That pressure has already pushed the company to change course. Plug was offered a conditional U.S. Department of Energy loan guarantee of up to $1.66 billion in 2024, but said in November it would suspend participation in that program and redirect capital toward quicker-payback opportunities, including data centers. Marsh said then the move reflected Plug’s “financial discipline.” 4
Rival Bloom Energy is already moving in that lane. It won a $2.65 billion fuel-cell order tied to a data-center power project in January, underlining how aggressively on-site power for large computing sites is becoming a contest for fuel-cell makers. 5
Marsh said Crespo had been “instrumental” in scaling Plug’s commercial and operating capabilities and that he had “full confidence” in his successor. Friday’s bell puts that handover in front of investors; the next test is whether the company can hold on to those margin gains and close the planned liquidity deals. 3
