Plug Power Delivers $225M Q4 Revenue, Eyes Profitability by 2028
Plug Power reported Q4 revenue of $225.2 million, up 17.6% year over year, with EPS of -$0.06 versus the -$0.10 estimate and gross margin of 2.4% compared with -122.5% a year earlier. The company cited an $8 billion global pipeline and expects positive EBITDA by Q4 2026 and full profitability by end-2028.
1. Q4 Financial Performance
Plug Power posted $225.2 million in Q4 revenue, up 17.6% year over year, and delivered EPS of -$0.06 versus the -$0.10 forecast. Gross margin turned positive at 2.4%, reversing a negative 122.5% margin a year earlier, driving a 10% stock jump.
2. Segment Revenue Trends
Equipment sales generated $111.6 million, missing estimates, while services revenue surged 246.7% to $41.5 million. Power purchase agreements climbed 86.2% to $36.1 million, fuel deliveries rose 68.9% to $33.6 million, and other revenue reached $2.3 million, all beating forecasts.
3. Pipeline and Profitability Outlook
Plug Power highlighted an $8 billion global sales pipeline across hydrogen production and fuel cell businesses. New CEO Jose Luis Crespo reiterated targets of positive EBITDA by Q4 2026, operating income by end-2027 and full profitability by end-2028.