Hydrogen fuel cell solutions provider Plug Power reported a revenue of $225.2 million in the fourth quarter (Q4) of the financial year (FY) 2025, up 17.6% year-over-year (YoY). Revenue exceeded analysts’ expectations of $217.4 million.

The company attributed the growth to higher equipment sales volumes and continued commercial momentum across core markets, while posting a positive gross margin of 2.4% compared to a negative 122.5% in Q4 2024.

The margin improvement was primarily attributable to increased sales volume, a favorable product mix, price increases on certain offerings, improvements in the fuel network, reduced service costs per unit, and manufacturing efficiency gains under the company’s Project Quantum Leap initiative.

The company recorded a net loss of approximately $1.63 billion for the quarter. Management stated it believes sustainable operational profitability has now been achieved in its material handling services offering.

The company’s diluted earnings per share (EPS) were $0.63 in Q4 2025, down from $1.48 in Q4 2024. Adjusted EPS was $0.06 compared to $0.29 a year earlier, outperforming the consensus estimate of a $0.10 loss.

During the quarter, Plug recorded approximately $763 million in net charges, predominantly non-cash asset impairments and capital-transaction-related items linked to strategic shifts and the continued implementation of Project Quantum Leap.

Paul Middleton, Executive Vice President, CAO and CFO, said, “Despite the progress we made, as conveyed in our filing, we determined it was prudent for Plug to record a net $763 million in various charges associated predominantly with noncash charges for asset impairments and the capital transactions we undertook in Q4.”

Full Year

For the full year ended December 31, 2025, the company reported revenue of $710 million, a 12.9% YoY growth. The company recorded a net loss of $1.69 billion during the year.

Electrolyzer revenue reached a record $188 million.

Net cash used in operating activities was $535.8 million, compared to $728.6 million in 2024, reflecting a reduction of over 26.5%. The company ended 2025 with $368.5 million in unrestricted cash.

Plug announced an agreement expected to generate more than $275 million through asset monetization tied to U.S. data center buildouts. The first of three transactions was signed in February 2026 and is targeted to close within six weeks, with the other two expected in the first half of 2026.

In Q4 2025, the company also restructured its debt, extending maturities, reducing future interest expenses, and enhancing liquidity.

Management described the company as effectively unleveraged following restructuring, with a cost of capital of approximately 7%. Capital expenditure in Q4 was described as among the lowest in a long period, though no absolute figure was disclosed.

Business Highlights

Plug stated that operational improvements under Project Quantum Leap contributed to margin recovery, including pricing increases, workforce streamlining, facilities consolidation, service cost-per-unit reductions, fuel network enhancements, and manufacturing efficiency gains.

The company said it believes it has achieved sustainable operational profitability in its material handling services offering. In material handling, Plug reported new deployments and fleet refresh programs, including the expansion of GenDrive and GenFuel systems at a distribution center in Washington.

The installed base now exceeds 72,000 GenDrive units across 275 locations, with more than 1 billion cumulative operational hours. Hydrogen dispensed exceeds 45 tons per day.

The company shipped over 300 MW of electrolyzers cumulatively and reported an estimated $8 billion in global sales. During 2025, it completed the installation of a 100 MW PEM electrolyzer array at a refinery in Portugal and delivered containerized systems to Spain.

Plug was selected to supply 55 MW of electrolyzers for three U.K. projects and advanced engineering work for large-scale green hydrogen projects in Australia and Uzbekistan. New basic engineering design packages totaling 750 MW were signed in the last two months of the year.

In fuel and energy, Plug operates hydrogen production facilities in Georgia (15 tons per day), Louisiana (15 tons per day), and Tennessee (10 tons per day), for a total live capacity of 40 tons per day.

The company delivers approximately 25 tons per day through a logistics network supported by 34 liquid hydrogen trailers and 89 gaseous trailers. A 45-ton-per-day plant in Texas remains under development. During 2025, Plug secured its first liquid hydrogen supply contract with NASA.

Outlook

Jose Luis Crespo, who assumed the role of Chief Executive Officer this month, said, “In 2025, we achieved approximately 13% revenue growth while turning gross positive margin in the fourth quarter. “We currently expect revenue growth in 2026 to be directionally comparable to 2025, driven primarily by our material handling and electrolyzer business.

Plug reiterated its target to achieve positive operating income by the end of 2027 and full profitability by the end of 2028. Management expects 2026 to reflect the full-year benefit of Project Quantum Leap initiatives, continued margin improvement, and further reduction in cash burn.

Plug Power’s Q3 revenue rose 1.89% YoY to $177 million from $173.7 million.