Plug Power achieved approximately 30% revenue growth in 2025 and swung its Q4 gross margin from -122.5% to +2.4%, driven by cost-reduction initiatives, Project Quantum Leap optimizations and higher unit volumes. Record electrolyzer revenue of $188 million was supported by over 300 megawatts of GenEco shipments, including major projects in Spain and Portugal.

Management expects 2026 revenue to be directionally comparable to 2025, led by material-handling demand benefiting from the reinstated Investment Tax Credit and large customers, and by the electrolyzer business backed by an $8 billion project funnel. The company reiterated targets of positive EBITDA in Q4 2026, operating income in 2027 and full profitability by 2028.

Plug Power closed 2025 with $368.5 million of unrestricted cash, plans to monetize assets for $275 million in proceeds in the first half of 2026 and has an effectively unleveraged balance sheet after debt restructuring. The company recorded $763 million of primarily non-cash impairments in Q4, which will reduce future depreciation and bolster near-term cash flow.