Plug Power’s Revenue Jumps 22% as New CEO Tackles Legal Probe and Cost Overruns

Plug Power shares surged nearly 10% to €3.32 in European trading on Tuesday, extending a jaw-dropping 356% annual gain, even as a newly launched legal investigation threatens to overshadow the hydrogen specialist’s operational turnaround.

The Shareholders Foundation has begun examining whether former management made false or misleading public statements during a turbulent 2025, when revenue collapsed and the net loss swelled beyond $2 billion. The probe centers on disclosures around several shelved production facilities that jeopardized a multibillion-dollar loan from the U.S. Department of Energy. In March 2026, the board ousted longtime CEO Andrew Marsh and installed Jose Luis Crespo at the helm.

Operational strides under new leadership

Despite the legal noise, Crespo’s early moves are already showing results. First-quarter revenue climbed 22% year over year to roughly $164 million, while the gross margin improved dramatically to minus 13% from far deeper losses a year earlier. The adjusted loss per share nearly halved, driven by higher sales volumes and aggressive cost-cutting. Electrolyzer revenue hit nearly $41 million, and the company’s own hydrogen plants in three U.S. states are now running at full tilt, churning out 40 tons of liquid hydrogen daily and slashing reliance on expensive third-party suppliers.

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The forklift business – anchored by major customers Amazon and Walmart – also contributed to the improvement, with service costs per fuel cell falling more than 30%. “We exceeded our internal expectations for the quarter,” Crespo said, citing better efficiency in fuel sourcing and lower overhead.

Cash cushion and asset sales

Plug Power ended the quarter with $802 million in cash. To further bolster liquidity, the company is selling off project stakes and expects to raise around $275 million this year from such divestitures. The first major deal, a $142 million transaction with Stream Data Centers, is expected to close in June.

The CEO’s roadmap calls for achieving a positive adjusted operating profit (EBITDAS) by the fourth quarter of 2026, with net profitability targeted for 2028. For now, the stock has added roughly 62% since the start of the year, though the legal cloud and the need to convert project pipeline into higher-margin revenue remain key risks.

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