NEW YORK, March 6, 2026, 07:02 EST
- Plug Power is set to ring the Nasdaq closing bell this Friday, highlighting Jose Luis Crespo’s debut week as CEO and putting next year’s results in focus.
- Plug Power’s revenue for 2025 climbed 12.9% to roughly $710 million, and gross margin in the fourth quarter moved into positive territory. Still, the company ended up with a net loss of $1.69 billion.
- At 6:41 a.m. EST, shares changed hands at $2.29, off 19 cents from where they settled previously.
Plug Power is set to ring Nasdaq’s closing bell Friday, a move that comes as the company points to a leadership shakeup and steadier operating trends heading into year-end. Shares changed hands at $2.29 as of 6:41 a.m. EST, off 19 cents from Thursday’s close.
Timing is key here. Plug Power posted a positive gross margin for the fourth quarter and managed to shrink its cash burn, yet the company ended up posting a $1.69 billion loss in 2025. As for the broader hydrogen sector, project delays, cancellations, and shaky demand haven’t let up.
Plug is tying the Times Square event to its 2025 results and the recent leadership change. Jose Luis Crespo, who officially took over as chief executive on March 2, steps in after Andy Marsh’s nearly twenty-year run at the helm; Marsh has now moved to chairman.
The company posted 2025 revenue of roughly $710 million, marking a 12.9% increase from last year. Fourth-quarter revenue landed at $225.2 million. Gross profit for the quarter came in at $5.5 million, or 2.4% of sales—quite a turnaround from last year’s gross margin loss, which was equal to 122.5% of sales.
Unrestricted cash wrapped up 2025 at $368.5 million. Net cash used in operations dropped to $535.8 million, an improvement from $728.6 million the prior year. Plug also pointed to over $275 million in planned asset sales, saying that should keep the business funded through 2026.
Crespo described Plug’s strategy as moving into a “next phase,” with a sharper focus on disciplined execution, stronger margins, and capital efficiency. He stuck with the company’s goal to deliver positive EBITDAS by the fourth quarter of 2026—a figure that leaves out interest, tax, depreciation, amortization, and share-based compensation. After that, Plug is eyeing positive operating income in 2027, and says it’s on track for full profitability in 2028. Plug Power
Still, plenty could go sideways. Plug disclosed that it inked the first of three planned monetization deals back in February, aiming to wrap that one up in about six weeks. The other two deals are penciled in for the first half of 2026. In its filings, the company flagged a list of risks: hydrogen demand swings, potential deployment holdups, policy changes, and capital constraints all have the potential to derail the plan.
Mounting pressure has forced the company to pivot. Earlier this year, Plug secured a conditional loan guarantee from the U.S. Department of Energy worth as much as $1.66 billion. But in November, Plug announced it would step back from the program, shifting its capital instead to projects with faster returns—think data centers. At the time, Marsh called the decision a sign of Plug’s “financial discipline.” Reuters
Bloom Energy is already pushing into the space. Back in January, it landed a $2.65 billion fuel-cell contract linked to a data-center power build—evidence of just how much the race for on-site power at big computing complexes is heating up among fuel-cell companies.
Marsh called Crespo “instrumental” in building out Plug’s commercial and operating muscle, adding he has “full confidence” in the incoming CEO. With Friday’s bell, investors have the handover in full view. Now, the real question: Can Plug keep those margin improvements and actually nail the liquidity deals on deck? Plug Power
