Key Highlights
- Fourth-quarter 2025 financial results due March 2 after market hours
- Wall Street consensus calls for -$0.11 EPS with $217.3M in revenue
- New CEO Jose Crespo takes helm March 1, facing immediate earnings test
- Stock down more than 7% year-to-date amid Hold recommendations from analysts
- Company reaffirms $700M full-year revenue guidance with path to EBITDA profitability
Meta Description: Plug Power (PLUG) releases Q4 2025 results Monday under new leadership, with -$0.11 EPS forecast and $217.3M revenue expectations from analysts.
Hydrogen technology provider Plug Power will report its fourth-quarter 2025 earnings on Monday, March 2, after the closing bell. The announcement arrives at a pivotal moment, coinciding with a major executive transition at the company.
Analyst consensus estimates point to a loss per share of $0.11, while revenue projections cluster around $217.3M. Recent months have seen evenly balanced adjustments to revenue forecasts—three analysts raising estimates while three lowered them—suggesting uncertainty about the company’s near-term trajectory.
Last quarter, PLUG managed to beat earnings forecasts marginally, reporting -$0.12 versus the expected -$0.13. Yet investors showed little enthusiasm, sending shares down 1.17% the following day.
This tepid market reaction reflects a recurring theme. When Plug Power reported Q2 2025 results, missing estimates by $0.04, shares dropped 2.53%. The Q1 2025 report proved even more punishing, with the stock tumbling over 10% post-announcement. Investors have repeatedly demonstrated skepticism regarding the company’s execution.
Shares traded at $1.91 as of February 26. The stock has shed more than 7% since January 1, underperforming relative to broader market indices over the same stretch.
Zooming out to the full 52-week view reveals a different picture—PLUG has climbed 22.33%, offering some consolation to patient investors.
New CEO Steps Into Spotlight
Monday’s quarterly disclosure represents Jose Crespo’s inaugural earnings call as chief executive officer. With his official appointment effective March 1, Crespo will face investors less than 48 hours after assuming the top position.
Investors will be listening closely for any strategic pivots or priority adjustments Crespo intends to pursue.
The company’s chief financial officer has previously highlighted the second half of 2026 as a critical inflection point, citing improved sales momentum, higher volumes, and cost discipline. On the topic of achieving EBITDA profitability, leadership suggested it’s “definitely in the art of the possible to go sooner.”
Company executives have also referenced past operational headwinds that have weighed on performance, though they’ve been vague about specifics.
Balance Sheet Reveals Persistent Headwinds
Plug Power’s financial fundamentals continue to reflect significant challenges. The company reports a net margin of -204.38%, return on equity of -23.36%, and return on assets of -11.21%—all substantially below industry averages.
One bright spot: the debt-to-equity ratio of 0.7 sits below typical sector levels. This relatively modest leverage gives management room to maneuver strategically.
For the quarter ending September 30, 2025, revenue growth came in at 1.91%. Though positive, this expansion rate falls short of the broader Industrials sector performance.
Leadership has highlighted the electrolyzer business as a key growth driver, expressing optimism about opportunities to scale this segment during the current fiscal year.
The $700M revenue target for full-year 2025 remains intact.
Both Seeking Alpha’s quant system and the broader Wall Street analyst community currently rate the stock as a Hold.
Monday’s fourth-quarter report will offer the first glimpse into how Crespo plans to address the company’s operational challenges and chart a path forward.
