Plug Power Shares Jump on Q4 Beat as Margins Turn Positive
Management targets positive EBITDA by late 2026, with near-term cash needs addressed through planned asset sales.
Overview
- Adjusted Q4 2025 loss was $0.06 per share, beating the $0.10 loss expected, as revenue reached $225.2 million versus a $217 million estimate and $192 million a year earlier.
- Gross margin improved to 2.4% in Q4 2025 from -122.5% in Q4 2024, signaling a sharp recovery in unit economics.
- GAAP EPS came in at -$0.63 for Q4, reflecting $763 million in mostly noncash asset impairment charges.
- Full-year 2025 sales totaled roughly $710 million, including a record $188 million from the electrolyzer business, with demand from large customers such as Amazon and Walmart.
- Shares rose 8.3% after-hours to $1.96 as the company detailed asset sales to fund operations through 2026 and reaffirmed a Q4 2026 positive-EBITDA goal, while analysts model about $852 million in 2026 sales and a slower path to profitability.