Plug Power Stock Takes Off: Plug Power Increases 2025 Revenue to $710 Million and Achieves Positive Gross Margin in Q4
Slingerlands (USA) – Plug Power has released its fourth-quarter and full-year 2025 results. The figures came in better than analysts had expected.
In the fourth quarter of 2025, Plug Power generated revenue of $225.2 million, an increase of 17.6 percent. Gross profit for the quarter was $5.5 million, with a gross margin of 2.4 percent, representing a significant improvement compared to the same quarter last year (Q4 2024: -122.5%). GAAP earnings per share (EPS) improved to -$0.63 (Q4 2024: -$1.48), adjusted to -$0.06 (Q4 2024: -$0.29). According to Plug Power, these improvements were primarily driven by higher sales volume, a favorable product mix, increased pricing, enhancements to the fuel network, reduced service costs per unit, and efficiency gains in manufacturing as part of the company-wide “Project Quantum Leap” initiative.
For the full year 2025, Plug Power reported revenue of approximately $710 million, up 12.9 percent from $629 million in 2024. At year-end, Plug Power held $368.5 million in unrestricted cash. Net cash used in operating activities for 2025 amounted to -$535.8 million, compared to -$728.6 million for 2024, a reduction of over 26.5 percent year-over-year.
The company also plans asset sales totaling more than $275 million, including a finalized agreement with Stream Data Centers for at least $132.5 million, to strengthen liquidity.
With Project Quantum Leap, site optimizations, and pricing adjustments, Plug Power believes it has laid the foundation for further profitable growth. The new CEO, Jose Luis Crespo, sees Plug Power on track: “I’m honored to have the opportunity to lead Plug Power at this pivotal stage of growth and transformation. Our targets remain consistent in achieving positive EBITDAS* in Q4 of 2026, positive operating income by the end of 2027, and full profitability by the end of 2028, while still growing the Company substantially.”
The numbers and the leadership change have been well received by shareholders. Plug Power’s stock surged in yesterday’s trading, despite an overall weak market due to the Iran conflict. The stock of the RENIXX-listed company rose 23.9 percent to €1.92 (closing price, March 3, 2026, Stuttgart Stock Exchange).
* According to the company, EBITDAS refers to earnings before interest, taxes, depreciation, and other items that may affect operating results on a one-time or non-cash basis.
Source: IWR Online, 04 Mar 2026
