Plug Power said it is targeting EBITDAS-positive results by the fourth quarter of 2026, operating income positivity by the end of 2027, and overall profitability by the end of 2028. The company also said it has already cut cash usage by about 50% versus 2024 and delivered positive gross profit in the fourth quarter of 2025.
The company’s GenDrive material handling business now has more than 74,000 installed units across more than 280 locations.
On electrolyzers, Plug highlighted three projects already in execution: a 100 MW Galp Energia project in Portugal, a 25 MW Iberdrola/BP project in Spain, and a 30 MW Carlton Power/Barrow Green project in the UK. It said the Carlton Power project is the first of its 55 MW UK electrolyzer awards to move into execution.
The development pipeline includes a 275 MW FEED award with Hy2gen in Canada, plus progress on Allied Green Ammonia in Uzbekistan. Plug also pointed to progress on a tax incentive agreement and an SAF/e-SAF memorandum of understanding with Uzbekistan Airports.
On hydrogen plants, Plug listed live capacity of 15 tons per day in Georgia, 15 tons per day in Louisiana, and 10 tons per day in Tennessee. Today the company's shares have moved -1.57% to a price of $2.815. For more information, read the company's full 8-K submission here.
