Plug Power reports Q4 revenue $225M, positive gross margin; appoints Jose Luis Crespo as CEO

PLUG POWER INC

Full year 2025 revenue ~$710M (+12.9% YoY); Q4 revenue $225.2M (+17.6% YoY, +27.2% QoQ).
Q4 GAAP gross margin turned positive at 2.4%, versus -122.5% in Q4 2024.
GAAP EPS ($0.63); adjusted EPS ($0.06), improving from ($0.29) a year ago.
Recorded ~$763M in non-cash asset impairment and capital transaction charges in Q4.
Jose Luis Crespo named CEO effective March 2, 2026; targets positive EBITDAS in Q4 2026.

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