Plug Power (PLUG) Up More Than 20% Since Q4 2025 Earnings, Here’s What You Need to Know

Plug Power Inc. (NASDAQ:PLUG) is one of the Best Stocks Under $10 to Buy and Hold Forever. Plug Power Inc. (NASDAQ:PLUG) has gained more than 20% since its fiscal Q4 2025 earnings were reported on March 2.

​During the quarter, the company reported $225.22 million in revenue, up 17.63% year-over-year and topping Wall Street’s expectations by $7.84. However, the EPS of negative $0.63 fell short of the consensus by $0.53. Management attributed revenue growth to higher equipment sales volumes and continued commercial momentum across core markets. Notably, the fourth quarter gross margins came in at $5.5 million, reflecting 2.4% of sales compared to a gross margin loss of negative 122.5% of sales a year ago.

For the full-year, Electrolyzer segment revenue reached a record $188 million, driven by project shipments including 25 megawatts for Iberdrola and BP, and 100 megawatts for GALP in Portugal.

​Looking ahead, management expects 2026 revenue growth “directionally comparable to 2025.” The growth is expected to be driven by continued momentum in material handling and electrolyzer businesses. Moreover, management also aims for positive 2026 EBITDAS driven by the full-year benefit of Quantum Leap cost and efficiency initiatives.

​Plug Power Inc. (NASDAQ:PLUG) develops hydrogen fuel cell product solutions in North America, Europe, Asia, and internationally.

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