Plug Power said it entered 2026 with positive gross profit in the fourth quarter of 2025 and roughly cut cash usage in half versus 2024 as it pushed Project Quantum Leap, its cost-cutting and execution program.
The company set three financial milestones: EBITDAS positive by the end of 2026, operating income positive by the end of 2027, and overall profitability by the end of 2028. It also said it reached “gross margin neutral” at year-end 2025.
On the operating side, Plug highlighted 74,000-plus GenDrive units installed across more than 280 locations, underscoring the scale of its material handling business. In hydrogen production, it listed live plant capacity of 15 tons per day in Georgia, 15 tons per day in Louisiana, and 10 tons per day in Tennessee.
For electrolyzers, Plug said it had achieved final investment decision on a 100 MW project with Galp Energia in Portugal, a 25 MW project with Iberdrola and BP in Spain, and a 30 MW project with Carlton Power at Barrow Green in the UK. It also said the Carlton Power project was the first of its 55 MW UK electrolyzer awards to move into execution.
Beyond those executed projects, Plug cited a 275 MW FEED award with Hy2gen in Canada, progress on the Allied Green Ammonia project in Uzbekistan, progress on a tax incentive agreement, and a memorandum of understanding with Uzbekistan Airports tied to SAF and e-SAF.
The company framed its current priorities around material handling, electrolyzers, and hydrogen plants, with the near-term financial focus on reaching EBITDAS positive in 2026, operating income positive in 2027, and full profitability in 2028. Following these announcements, the company's shares moved -0.52%, and are now trading at a price of $2.845. Check out the company's full 8-K submission here.
