Plug Power Reaches Critical Financial Milestone on Path to Profitability

Plug Power reports its first positive gross margin in years for Q4 2025, a key turnaround milestone. New CEO Jose Luis Crespo leads as the firm targets profitability by 2028.

In a significant development for the long-struggling hydrogen technology firm, Plug Power has reported its first positive gross margin in years. The company's fourth quarter and full-year 2025 results, released on March 2, 2026, signal that its operational turnaround plan is gaining traction. This financial progress coincides with a leadership transition, as veteran executive Jose Luis Crespo assumes the role of Chief Executive Officer.

Leadership and Liquidity Strategy Take Center Stage

Effective March 2, 2026, Jose Luis Crespo has been appointed CEO. Crespo, previously the President and Chief Revenue Officer, brings deep institutional knowledge to the top position. Management is concurrently executing an asset monetization strategy designed to generate over $275 million in proceeds. A key component of this plan involves the sale of a site in New York, originally intended for a green hydrogen project, to a data center developer.

The company's long-term objectives remain unchanged and ambitious. Plug Power is targeting positive EBITDAS by the fourth quarter of 2026, followed by a positive operating income by the end of 2027, with the goal of achieving full profitability by the close of 2028. The newly achieved positive gross margin represents the first concrete step on this outlined roadmap.

Quarterly and Annual Financial Performance

For the final quarter of 2025, Plug Power generated revenue of $225.2 million. The pivotal figure was a gross margin of positive 2.4%, a dramatic reversal from the deeply negative margin of 122.5% reported in the same period a year earlier. This turnaround was driven by increased equipment sales, improved pricing, and operational efficiency gains.

For the full 2025 fiscal year, revenue grew by 12.9% to approximately $710 million.

Despite this progress on gross margin, the bottom line remained in negative territory. The fourth quarter was significantly impacted by non-cash charges totaling about $763 million. However, the company's adjusted loss per share showed improvement, narrowing to $0.06 compared to a loss of $0.29 per share in the prior-year quarter.