In the fourth quarter Plug Power posted revenue of $225.2 million compared with analysts’ $217.8 million consensus and recorded a $0.63 per-share loss while achieving positive gross margin. For the full year, net revenues rose 12.9% to $709.9 million and attributable net loss narrowed to $1.69 billion from $2.1 billion in the prior year.

Jose Luis Crespo, previously chief revenue officer and president, assumed the CEO role effective March 2, replacing Andy Marsh, who transitioned to chairman of the board under the previously announced leadership plan. Crespo has driven margin expansion, cost discipline and strategic partnerships with Amazon, Walmart, Home Depot and other global customers.

The company reiterated its goal of turning EBITDA positive by Q4 2026 and set a 2025 revenue target above $700 million. Liquidity measures include a planned $133 million sale of a New York green hydrogen site and initiatives expected to generate over $275 million in incremental funding in H1 2026.

Shares climbed 22% on Tuesday and rose a further 4.9% Wednesday as heavy short interest above 25% of the tradable float fueled a squeeze and trading volume nearly doubled the 100-day average. Analysts at major firms maintained neutral ratings, citing improving margins but cautioning on the broader outlook.