PLUG POWER INC Q4 FY2025 earnings call

• Jose Luis Crispo took over as CEO, acknowledged the foundation built by Andy, and stated mandate to convert leadership into sustained profitable growth. - Entered 2025 focused on growing top line, improving margins, reducing cash usage, expanding hydrogen production (including commissioning Louisiana plant). - 2025 was a defining year with 30% revenue growth and turning gross positive margin in Q4. - 2026 focus on advancing toward profitable growth, with revenue growth directionally comparable to 2025 driven by material handling and electrolyzer business. - Material handling sees favorable conditions with reinstatement of tax credit and increased demand from pedestal customers. - Electrolyzer business continues to develop globally, with over 300 MW shipped and deployed on six continents, and significant projects in 2025. - Project Quantum Leap initiatives launched in 2025 expected to have full-year benefit in 2026, with continued cost reductions and optimization efforts. - Ended 2025 with $368.5 million in unrestricted cash and plan to monetize $275 million of assets.

In 2025, Plug Power achieved approximately 30% revenue growth. In Q4 2025, gross margin improved by 125 percentage points from negative 122.5% to positive 2.4%. Material handling and electrolyzer business are key drivers for 2026 revenue growth. Material handling benefits from reinstatement of investment tax credit and increased demand from pedestal customers like Amazon and Walmart. Electrolyzer business has shipped over 300 megawatts of Genco electrolyzers globally and is deployed on six continents, with revenue from major projects in 2025 totaling $188 million.

• 2026 revenue growth expected to be directionally comparable to 2025, driven by material handling and electrolyzer business. - Target of achieving positive EBITDAs in Q4 2026, with roadmap towards positive operating income in 2027 and full profitability in 2028. - 2026 focus on executing projects with Carlton and Shredders in the UK and progressing with allied green ammonia projects. - Expect continued improvement in cash usage similar to 2025, with full-year benefit from Project Quantum Leap initiatives.

Q: As you look at 2026 from a revenue growth perspective, can you give more color on drivers?

A: Main drivers are material handling (pedestal customers going back to growth, refreshes, new customers, and value proposition) and electrolyzer business (projects moving into FID, like agreement with Carlton Power for 55 MW).

Q: How quickly can start driving fuel margins closer to break-even?

A: Better leverage on facilities with learnings, greater volume leverage from more sites and customers, progression in logistics network and site efficiencies, and working with third-party gas company to reduce prices.

Q: Update on cash needs this year?

A: Improvements in margin, profitability, working capital, reduction in CapEx, with 275 million asset sales and opening cash position almost enough to cover, expecting similar cash burn reduction.

Q: Color on 750 megawatts new engineering design package agreements?

A: All new projects, different timelines for FID, some in North America and Europe, one project already advanced with BEFID in 2026.

Q: How expect activity on hydrogen pipeline front in Europe to progress?

A: Positive development with pipeline allowing generation, several projects discussing putting into pipeline.

Q: Updated thoughts on data center opportunity?

A: Concentrating on closing deal with Stream, open discussion on stationary applications once closed.

Q: Other asset monetizations?

A: Portfolio of assets with opportunities to monetize, like data center sales, and assets in different markets.

Q: Balance cash with hydrogen fuel demand?

A: Have agreement with IGC for hydrogen, comfortable with path to cover demand based on growth projections, putting growth plans for production on hold.

Q: Retool supply chain for IPC?

A: Requirements for IPC tax credit simplified, making it easier for customers to take advantage.

Q: Segment mix for 2026?

A: Material handling to be 30 - 40% of revenues, electrolyzers a bit less, rest fuel and cryo business.

Q: 20% of 2026 revenue outlook?

A: 20% are projects being negotiated and expected to close within year, 80% are projects with firm commitment or being finalized