Plug Power Names Crespo CEO, Q4 Revenue Exceeds Estimates, Margins Turn Positive
Plug Power named Jose Luis Crespo CEO on March 2, 2026, kicking off a phase focused on disciplined growth after 30% revenue expansion in 2025. The company reported Q4 revenue of $225.2 million (vs. $217.8 million est.) with a 2.4% gross margin and expects positive adjusted EBITDA by Q4 2026.
1. CEO Appointment
On March 2, 2026, Jose Luis Crespo was appointed CEO to lead Plug Power's next phase of disciplined growth and focused execution, emphasizing margin improvement and cash management.
2. Q4 Financial Results
Plug Power reported Q4 revenue of $225.2 million, beating estimates of $217.8 million, while recording a loss of $0.63 per share. Gross margin swung to 2.4% from negative levels a year earlier, driven by scaled hydrogen production and lower service costs.
3. Strategic Growth Roadmap
Crespo outlined objectives for 2026: maintaining roughly 30% revenue growth, expanding material handling and electrolyzer segments, executing UK projects with Carlton and Schedders, and advancing FID processes on multi-gigawatt ammonia ventures in Australia and Uzbekistan.
4. Liquidity and Profitability Targets
The company ended 2025 with $368.5 million in unrestricted cash and expects €275 million from 2026 asset monetizations. After $763 million in noncash impairments, management aims for positive adjusted EBITDA in Q4 2026, operating income in 2027, and full profitability by 2028.