Plug Power (PLUG) Achieves $710M 2025 Revenue and First Positive Quarterly Gross Margin

Plug Power Inc. (NASDAQ:PLUG) is one of the best low cost stocks to buy under $5. On March 2, Plug Power announced the earnings report for 2025, where the company made $710 million in total revenue, marking a 12.9% year-over-year increase. Most notably, the company reached a positive gross margin in Q4 2025, which was a recovery from a 122.5% margin loss in the same period the previous year. This improvement was driven by ‘Project Quantum Leap,’ which is a strategic initiative focused on price increases, manufacturing efficiencies, and workforce streamlining, which the company credits for establishing sustainable profitability in its material handling services.

The company expanded its global footprint, shipping over 300 megawatts of electrolyzers across six continents and securing $187 million in electrolyzer revenue. Key milestones included the commissioning of a 100-megawatt array in Portugal and a liquid hydrogen supply contract with NASA. To support liquidity through 2026, Plug Power Inc. (NASDAQ:PLUG) entered into a $275 million asset monetization agreement related to US data centers and restructured its debt to extend maturities and reduce future interest expenses.

The announcement coincided with a leadership transition, as Jose Luis Crespo assumed the role of CEO on March 2 as well. Formerly the company’s President and CRO, Crespo is tasked with converting this operational momentum into long-term financial performance. The company’s roadmap remains ambitious: targeting positive EBITDA by Q4 2026, positive operating income by the end of 2027, and achieving full profitability by 2028.

Photo by Tommy Krombacher on Unsplash

Plug Power Inc. (NASDAQ:PLUG) develops hydrogen fuel cell product solutions in North America, Europe, Asia, and internationally.

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