Plug Power Achieves First Quarterly Gross Profit Amid Strategic Asset Sales

Quarterly Financial Turnaround

• Q4 gross profit reached positive territory at $5.5 million, marking a significant operational milestone1, 5
• Fourth-quarter revenue increased 17.6% year-over-year, totaling $225.2 million1
• The company reported 2025 total revenue of $710 million, with Q4 gross margins hitting 2.4%2

Liquidity Strategy and Asset Monetization

• A definitive agreement was signed to sell a data-center asset to Stream Data Centers for at least $132.5 million1
• This cash infusion is intended to cover operational needs extending into 20261
• The company ended 2025 with $368.5 million in unrestricted cash, aiming to manage cash burn1

Profitability Targets and Strategic Focus

CEO Jose Luis Crespo reaffirmed targets

• PLUG has withdrawn from the U.S. Department of Energy's loan program to redirect focus toward data-center power projects1
• The company is emphasizing disciplined execution and customer delivery as part of its turnaround plan2

Regulatory Tailwinds and Operational Risks

• Clarity on U.S. hydrogen production (45V) and investment (48E) tax credits is accelerating customer adoption and improving project economics4
• Management flagged risks including potential delays in asset sales, project slippage, and liquidity squeezing1
• The company faces ongoing securities class action litigation, presenting a potential dilution risk2