Revenues increased 12.9% year-on-year to $710m due to higher equipment sales, while in Q4, it posted a gross profit of $5.5m, compared to a margin loss of 122.5% a year earlier.

Plug attributes the margin improvement to increased sales volumes at higher prices, fuel network enhancements, and manufacturing efficiency gains.

It ended 2025 with $368.5m in unrestricted cash, with cash burn from operating activities reduced to $535.8m from $728.6m in 2024. Despite the reduction, liquidity remains tight.

Despite those improvements, the company recorded around $763m in non-cash charges on asset impairments and capital transactions, related to its cost-cutting program.

Plug said these impaired assets will reduce future depreciation and amortisation.

However, the firm posted a net loss of $1.7bn in 2025 – down from the $2.1bn posted in 2024.

“We continue our journey to profitability,” said new CEO Jose Luis Crespo, a metric that has eluded the firm in its 29-year history.

“2025 was about margin progression, optimising the platform we have built, enforcing cost discipline, strengthening infrastructure control, improving liquidity, and sharpening our strategic focus,” he added.

Crespo said efforts in 2026 will be focused on sales growth and securing a positive EBITDA in Q4 2026 before reaching a positive operating income in 2027.

As for what will drive that growth, Crespo said the company’s material handling segment will do much of the heavy lifting.

“Favourable conditions have emerged,” he said. “The reinstatement of the investment tax credit in January, combined with increased demand from pedestal customers such as Amazon and Walmart position us for renewed growth in this segment.”

Electrolysers, too are a key area. In the “next couple of months,” Plug expects an order agreement from an Australian project, with “a lot of other projects” beginning to move further toward final investment decisions.

“We remain focused on converting as much as possible of our approximately $8bn electrolyser funnel into revenue-generating projects,” Crespo said.

The positive outlook comes as Plug faces a growing number of potential lawsuits as the firm calls on investors to join class actions alleging the company overstated its potential to cash in on the $1.66bn DOE loan – something the firm did not discuss during the results.

At least eight firms have been issuing statements calling on investors to submit information about allegations that Plug “misled” investors about its ability to receive and use the DOE loan.

US plaintiff law firms routinely announce investigations following sharp share-price moves. Such notices are typically preliminary investor solicitations and do not imply that a lawsuit has been filed or that wrongdoing has been established.

Plug has not publicly responded to the allegations.