New York, March 3, 2026, 05:19 ET — Premarket
Shares of Plug Power Inc (PLUG.O) jumped higher in after-hours trade on Monday, buoyed by a positive quarterly gross margin—something the hydrogen fuel-cell and electrolyzer company rarely posts—alongside news of its CEO transition. The stock had finished the regular session 1.1% higher at $1.81, and was recently up nearly 8% in late trading at $1.96, according to MarketWatch data. 1
Investors aren’t loosening their hold on loss-making clean energy plays that still need outside funding to reach scale. For Plug, the immediate focus narrows to two points: margins—can they avoid slipping—and the pace of cash burn, which needs to keep easing.
Gross margin tracks profit left after direct costs, excluding overhead. Plug has spent years investing in hydrogen supply and equipment sales. Still, traders want to see that the business model can reliably pay for itself.
Plug reported net revenue for 2025 climbed 12.9% to $709.9 million, with fourth-quarter sales reaching $225.2 million. Gross profit for the quarter came in at $5.5 million, equal to 2.4% of sales. Adjusted loss improved, narrowing to 6 cents a share from last year’s 29 cents. The company wrapped up 2025 holding $368.5 million in unrestricted cash, reducing its operating cash burn to $535.8 million, down from $728.6 million the previous year. Non-cash charges for the quarter totaled about $763 million. Plug also detailed an asset-monetization strategy aiming to generate more than $275 million for liquidity needs. 2
Jose Luis Crespo stepped into the CEO role on March 2. “In 2026, we will continue executing with discipline, driving margin improvement,” he said. Crespo repeated the company’s targets: positive EBITDAS in the fourth quarter of 2026, operating income turning positive by the end of 2027, and reaching full profitability by the close of 2028. EBITDAS, a twist on EBITDA, includes share-based compensation in its adjustments. 3
Margin gains aside, investors are likely to dig into whether Plug’s progress is really about selling more units, or just squeezing out one-time benefits from pricing and costs. Asset sales can’t afford delays either—cash running low makes the clock a factor.
Shares of other U.S.-listed hydrogen and fuel-cell players moved up as well. Bloom Energy picked up 6.6%. Ballard Power tacked on roughly 0.9%, while FuelCell Energy climbed 2.5%. The group caught a wider bid.
The risk hasn’t gone away. Weakening demand, rising service costs, or any stumbles with asset sales could force Plug back to raise fresh capital faster than bulls would like — and for this shareholder crowd, dilution still stings.
Traders now turn to the Stream Data Centers deal—the sale of the data-center site, announced in the SEC filing. The agreement sets a June 30 closing deadline, dependent on certain conditions like approvals and a tenant lease. Any fresh news on timing could push PLUG shares one way or the other over the coming weeks.
