Plug Power (PLUG) Stock Rallies 8% After Q4 Earnings Beat

TLDR

• Plug Power reported a Q4 2025 adjusted loss of $0.06 per share, beating Wall Street’s estimate of a $0.10 loss
• Revenue hit $225.2 million in Q4, up from $192 million a year ago, with full-year 2025 sales reaching ~$710 million
• Gross margin swung from -122.5% in Q4 2024 to +2.4% in Q4 2025 — a 125-percentage-point turnaround
• Electrolyzer revenue hit a record $188 million in 2025, with growing demand from Amazon and Walmart
• The stock jumped 8.3% in after-hours trading; Plug ended 2025 with $368.5 million in unrestricted cash

Plug Power beat Wall Street’s expectations at the end of 2025, and the market noticed.

The hydrogen tech company posted an adjusted loss of $0.06 per share for Q4 2025, coming in better than the $0.10 loss analysts had penciled in. Revenue of $225.2 million also topped the $217 million estimate from FactSet.

That’s a big step forward from a year ago, when Plug reported a $1.48 per share loss on $192 million in sales.

Plug Power Inc., PLUG

The stock climbed 8.3% in after-hours trading to $1.96 after rising 1.1% during the regular session. The S&P 500 was flat and the Dow slipped 0.2% on the same day.

Coming into the week, PLUG was already up 11% over the past 12 months — not bad for a company that has been fighting to prove its business model works.

Full-year 2025 revenue came in at roughly $710 million, representing about 30% growth over the prior year. That’s a number Plug and its investors will want to build on.

Gross Margin Turns Positive

One of the more eye-catching numbers from the report was the gross margin swing.

In Q4 2024, Plug’s gross margin sat at a painful -122.5%. By Q4 2025, it had flipped to +2.4%. That’s a 125-percentage-point improvement in a single year.

It’s a small positive number, but direction matters here. Getting gross margin above zero is a milestone the company has been working toward.

The GAAP EPS for Q4 2025 came in at -$0.63, still deep in the red, largely due to $763 million in net charges — mostly noncash asset impairments.

Electrolyzer Business Sets a Record

Plug’s electrolyzer segment had a standout year, bringing in a record $188 million in revenue for 2025.

The business is expanding globally, with projects in Europe and growing interest from large customers. Amazon and Walmart are among the names cited as driving demand in the material handling segment.

The reinstatement of the investment tax credit is also expected to add tailwind to that segment going forward.

On the cash side, Plug ended 2025 with $368.5 million in unrestricted cash. It burned through $535.8 million during the year, down from $728.6 million in 2024 — a meaningful reduction in cash usage.

Plug still needs more capital to hit its longer-term sales targets. Planned asset sales are expected to fund operations through 2026.

Wall Street currently expects full-year 2026 sales of around $852 million and an EBITDA loss of $226 million. Analysts don’t project positive EBITDA until 2028, when sales estimates climb above $1.2 billion.

Plug has guided for positive EBITDA by Q4 2026.

The company ended the earnings call reaffirming its focus on cutting costs and reaching sustained profitability, with some new projects not expected to reach financial investment decisions for another 12 to 24 months.

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