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Plug Power
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plugpower.com ↗
Plug Power has been a public hydrogen story for *25 years* — and a money-losing one for nearly all of them. Now, after a restructuring called 'Project Quantum Leap,' management is targeting positive EBITDAS by Q4 2026. Can the numbers finally bend?
Updated · Q1 2026 · May 2026
6
Chapters
~18
Min read
~$740M / yr revenue · ~2,580 employees · public since 1999
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Spice: Ghost (5/5)
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0 of 6
1
Growth
~3 min
The Margin Bend
Plug grew revenue 22%. The bigger news: it *lost less per dollar of sales* than it has in years.
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2
Financial Health
~3 min
Cash on Hand, Cash Out the Door
Plug ended Q1 with *$802 million* of cash. It used *$150 million* of it in a single quarter.
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3
Moat
~4 min
First Mover, Long Field
Plug has been building the hydrogen ecosystem longer than anyone — and that's both the moat and the risk.
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4
Management
~3 min
A New CEO, an Old Problem
Jose Luis Crespo took over in March 2025. His job: turn 25 years of red ink black by Q4 2026.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
The quarter looked good. The *non-cash charges* below the line tell a more complicated story.
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6
Risk
~3 min
Capital, Customers, and the Clock
Three of the four biggest risks all reduce to one question: can Plug get to positive cash flow before its options narrow?
↻ Next update · Aug 11
est. Aug 11, 2026 · Q2 2026 · Plug Power IR ↗
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You're reading the 6 opening chapters. After that, every time Plug Power files a new report, the chapters get updated here.