Plug Power Inc. (NASDAQ: PLUG) is set to release its first-quarter financial results after the market close on Monday, May 11, followed by a conference call at 4:30 p.m. ET. The report comes on the heels of the company achieving its first-ever positive gross margin in the fourth quarter of 2025, a significant milestone in its ongoing turnaround efforts.
Shares of the hydrogen fuel-cell company closed at $3.12 on Friday, down 0.3% from the prior session. The stock has rallied 14.2% over the past month, according to a StockStory preview, but remains vulnerable to a sharp move if results fall short of expectations.
Key Metrics Under the Microscope
Wall Street is projecting 5.6% year-over-year revenue growth for the first quarter. However, Plug Power has missed revenue estimates multiple times over the past two years, adding to the uncertainty. In the fourth quarter, revenue rose 17.6% year over year to $225.2 million, bringing full-year 2025 revenue to approximately $710 million, up 12.9%. Gross profit in Q4 was $5.5 million, or 2.4% of sales, a dramatic improvement from a gross margin loss of 122.5% in the prior year.
Investors are also zeroing in on cash burn. Plug Power ended 2025 with $368.5 million in unrestricted cash, after using $535.8 million in operating activities during the year—down from $728.6 million in 2024. The company has pointed to planned sales of data-center assets and reduced capital requirements as key levers to fund operations into 2026.
Leadership and Strategic Shift
CEO Jose Luis Crespo, who took the helm in March, has emphasized disciplined execution and a target of achieving positive EBITDAS (earnings before interest, taxes, depreciation, amortization, and stock-based compensation) by the fourth quarter of 2026. He described the margin improvement as “not accidental” and called it an “inflection point” for the company, per the Times Union.
The company is increasingly pivoting toward higher-yield projects and backup power systems for data centers, a strategy that includes an asset-sale program aimed at freeing up over $275 million through sales of restricted cash and maintenance cost reductions, as reported by Reuters in November.
Industry Comparisons
Plug Power’s results come amid a mixed picture for the hydrogen and fuel-cell sector. Ballard Power Systems (NASDAQ: BLDP) reported first-quarter revenue of $19.4 million, up 26% year over year, with a gross margin of 14%. CEO Marty Neese cited “continued progress toward positive cash flow.”
Bloom Energy (NYSE: BE), a larger player in on-site power systems with greater exposure to data-center electricity demand, posted a first-quarter revenue surge of 130.4% to $751.1 million and raised its full-year 2026 outlook. That puts additional pressure on Plug Power to demonstrate it can convert its hydrogen equipment and fuel supply business into a more profitable power operation.
Risks and Challenges
Despite the recent progress, Plug Power faces significant headwinds. The company has warned of risks including the ability to sustain positive gross margins, delays in asset sales, liquidity pressures, and potential shifts in regulations. Dilution remains a concern: the weighted average share count grew to about 1.15 billion in 2025, up from 785 million in 2024.
Monday’s report is about more than just quarterly numbers. Investors are looking for evidence that cost-cutting measures, electrolyzer orders, and hydrogen network development can support the stock’s recent rebound. One solid quarter is in the books; the market is now asking for a repeat performance.
