Plug Power Sees 2.4% Q4 Gross Margin, $225M Revenue and New CEO
Plug Power reported Q4 revenue of $225.2 million, beating estimates, but posted a loss of $0.63 per share, missing analyst forecasts. The company achieved over $710 million in 2025 revenue, delivered a positive 2.4% gross margin for Q4, secured $275 million in asset monetization deals and appointed Jose Luis Crespo as CEO.
1. Q4 Results and Earnings
In Q4 2025 Plug Power reported revenue of $225.2 million, a 17.6% increase year-over-year, and a per-share loss of $0.63, wider than the $0.10 loss analysts expected.
2. 2025 Full-Year Performance
Full-year revenue reached approximately $710 million, up 12.9% year-over-year, driven by higher equipment sales volumes and pricing increases; the fourth quarter delivered $5.5 million in positive gross profit, a 2.4% margin compared with a 122.5% loss in the prior-year period.
3. Asset Monetization and Liquidity
The company secured over $275 million through three asset monetization transactions targeted to close by mid-2026, restructured debt to reduce interest expenses and extended maturities, and ended 2025 with $368.5 million in unrestricted cash while reducing annual cash burn by over 26.5%.
4. Leadership Transition
Effective immediately, Chief Revenue Officer Jose Luis Crespo assumes the role of CEO as part of the leadership transition aimed at accelerating margin improvement and strategic execution in 2026.