Overview
- Plug Power reported Q4 2025 revenue of $225.2 million and an adjusted loss of $0.06 per share, topping estimates on both metrics.
- Shares spiked after results, climbing from about $1.81 before earnings to as high as $2.50, though trading has remained volatile.
- Full‑year 2025 revenue rose roughly 13% to a record $710 million, and quarterly gross margin turned positive following cost cuts under Project Quantum Leap.
- BMO Capital Markets lowered its price target to $1 with an Underperform rating, citing strategy refocus and ongoing pressures despite operational improvements.
- Management guided to revenue growth in 2026 roughly in line with 2025, targeted positive EBITDA in Q4 2026, and outlined paths to operating income in 2027 and profitability in 2028, while pursuing asset sales and lower capex to ease funding needs.