PLUG
Plug Power Inc.2.2900
+0.0700+3.15%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
80% 2026 revenue confidence
Q&A sharpened Plug's 2026 revenue growth outlook—directionally matching 2025's 13%—with 80% high-confidence visibility from firm deals and imminent closes, while the rest hinges on near-term electrolyzer FIDs. Material handling gains traction via Amazon/Walmart fleet refreshes after 5-7 years, Floor & Decor ramp, and fuel cells easing utility constraints. Electrolyzer nuggets: 750MW fresh BEDPs, including one ousting a rival for potential 2026 FID. Fuel margins advance on plant efficiencies and volumes; cash ample with $275M inflows, dodging dilution by monetizing NY plant. Management dodged specifics on Q1 margins, citing seasonal dips. 80% locked in.
Key Stats
Market Cap
3.19BP/E (TTM)
-Basic EPS (TTM)
-2.38Dividend Yield
0%Recent Filings
8-K
CEO joins Plug board
8-K
Q4 margins turn positive
Plug Power posted $710M in 2025 revenue, up 12.9% YoY, with Q4 hitting $225.2M and positive $5.5M gross profit—2.4% margin, flipping from -122.5% last year. Cash burn slashed 26.5% to $535.8M; unrestricted cash ended at $368.5M, bolstered by >$275M data center asset deals and debt tweaks. New CEO Crespo targets Q4 2026 EBITDAS positivity. Leadership shift fuels momentum.
10-K
FY2025 results
Plug Power posted FY2025 net losses of $1.7B on $710M revenue, improved from $2.1B losses on $629M revenue in FY2024, with operating cash burn narrowing to $536M from $729M. Revenue rose 13% y/y, driven by 36% growth in fuel delivery to $133M and 38% in PPAs to $108M, while equipment sales dipped 5% to $371M amid U.S. hydrogen demand weakness; Q4 saw Louisiana plant commissioning in April adding network capacity. Gross margins swung to (34.1)% from (99.4)%, with services flipping positive at 25.5% on pricing and stack reliability gains, yet fuel and PPAs lagged. Cash ended at $369M unrestricted plus $187M current restricted, total debt $704M including $432M 6.75% notes due 2033; $630M financing inflows funded ops/capex. Orders stood at $724M. Hydrogen supply constraints threaten quarterly momentum.
8-K
Sells NY site for $132.5M-$142M
Plug Power signed a deal on February 24, 2026, to sell its New York Project Gateway property—land, mini substation, and related assets—to Stream US Data Centers for $132.5M to $142M, based on closing timing and hydrogen sphere removal. Closing targeted by June 30, 2026, hinges on title, permits, approvals, and Stream securing a tenant lease. First step unlocks liquidity; two more phases eyed for $275M total. Closing risks loom if conditions fail.
8-K
Authorized shares doubled
IPO
Website
Employees
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