In mid-April Plug Power secured a 275 MW electrolyzer contract for the Hy2gen Courant project in Québec and completed a $132.5 million definitive agreement with Stream Data Centers for its Project Gateway site in New York, providing immediate liquidity and entry into the data center power market. Investor sentiment was further bolstered by a $1.66 billion loan guarantee from the DOE, mitigating bankruptcy concerns and funding six new green hydrogen facilities across the U.S.

The company reported $225.2 million in Q4 revenue, up 17.6% year-over-year, and achieved a positive 2.4% gross margin for the first time, compared with a -122.5% margin a year earlier. Adjusted EPS loss narrowed to $0.06, beating expectations, and annual cash burn fell 26.5% to $535.8 million, signaling improved operational discipline.

These developments mark a shift from heavy cash burn to industrial profitability and strategic asset monetization. The data center partnership and federal guarantee position Plug Power to capitalize on growing demand for green hydrogen in backup power and industrial applications, while the planned six new facilities could drive scale efficiencies and further margin improvements.