Plug Power (PLUG) Q4 2025 earnings summary

Executive summary

• Achieved over $710 million in revenue for 2025, up 12.9% year-over-year, with Q4 revenue of $225.2 million, a 17.6% increase over Q4 2024 and 27.2% sequential growth from Q3 2025.

• Achieved approximately 30% revenue growth in 2025, with a significant turnaround to positive gross margin in Q4, marking a 125 percentage point improvement year-over-year.

• Reached positive gross margin in Q4 2025 (2.4% of sales), a significant turnaround from a -122.5% margin in Q4 2024.

• Implemented Project Quantum Leap, optimizing operations, streamlining workforce, consolidating facilities, increasing pricing, and reducing working capital.

• Positioned for EBITDAS-positive Q4 2026, positive operating income by end of 2027, and full profitability by end of 2028.

Financial highlights

• Full-year 2025 revenue: $710 million (+12.9% YoY); Q4 2025 revenue: $225.2 million (+17.6% YoY, +27.2% QoQ).

• Q4 2025 gross margin improved to +2.4% from -122.5% in Q4 2024.

• GAAP EPS for Q4 2025 was -$0.63, improved from -$1.48 in Q4 2024; Adjusted EPS was -$0.06 versus -$0.29 year-over-year.

• Ended 2025 with $368.5 million in unrestricted cash.

• Recorded ~$763 million in non-cash charges for asset impairments and capital transactions in Q4.

Outlook and guidance

• 2026 revenue growth expected to be directionally similar to 2025, driven by material handling and electrolyzer businesses.

• Targeting positive EBITDA/EBITDAS in Q4 2026, positive operating income in 2027, and full profitability in 2028.

• 80% of 2026 revenue outlook is highly confident, with the remaining 20% in advanced negotiations.

• 2/3 of 2026 sales expected in the second half of the year.

• Expects continued growth in material handling, electrolyzers, cryogenic equipment, and hydrogen fuel in 2026 and beyond.