In his first month as CEO, José Luis Crespo has made his priorities clear: strengthening operations and operations, driving financial performance and profitability, and transforming Plug's technological leadership into sustainable growth.
This is not a change of strategy, but a change of phase. Plug's direction remains firmly rooted in its integrated hydrogen ecosystem, but the company has gone beyond building that foundation.
With production capacity, infrastructure, and global shipping now in place, Crespo is focused on turning that investment into consistent operations, strong financial results, and sustainable growth, especially across electrolyzers, hydrogen production, and fuel cell operations.
Business Built for Scale—Now Focused on Execution
Crespo's message to the organization is clear: The plug is entering a category defined by delivery, performance, and consistency at scale.
The company has already established a significant global footprint, with more than 500 MW of fuel cells deployed, more than 320 MW of electrolyzer capacity deployed, and three hydrogen production plants commissioned as well. operating at a combined capacity of more than 40 tons per day. Plug is also building gigawatt-scale manufacturing capacity across its core technologies.
These are the results of years of investment. The priority now is not just to bring goods online, but to ensure that they operate reliably, generate revenue, and contribute to increasing margins throughout the business.
Across the organization, that translates into a sharp focus on plant uptime, global shipping optimization, and consistent performance in a field where customer performance depends on Plug technology every day.
Delivering Measurable Customer Value
A key theme of Crespo's first month has been a renewed emphasis on customer outcomes.
The growth of the plug is motivated not only by the adoption, but by the practical value it brings to the field, whether it is to improve productivity in material handling operations, allowing the switch from traditional fuel to hydrogen in industrial applications, or to provide reliable backups and sustainable energy solutions.
This is reflected in Plug's base of leading customers around the world, including Iberdrola, BP, Galp, Amazon, and BMW. As with deployment scale, reliability and performance are what turn these relationships into repeat business and long-term growth.
Discipline as a Promoter of Growth
Along with the execution, Crespo emphasized the importance of financial direction as a key part of the company's next phase.
The company's priority is to deliver the financial services that have been shared with the market. The plug came out in 2025 with good margins in the fourth quarter and achieved 13% growth for the year. These proof points are important as the business continues to grow.
From there, the way forward is clearly defined: reaching positive EBITDA in the fourth quarter of 2026, positive operating income in 2027, and total profit in 2028. As of 2025, the company remains focused on driving strong, sustainable growth and improving financial performance.
Growth and profitability are not competing priorities, they are linked through continuous efficiency and margin improvement initiatives, prioritizing cash flow, and increasing operational capacity as the scale of export volumes.
As the electrolyzer deployment ramp, hydrogen production scales, and material handling business continue to grow, the company expects increased consistency in revenue and continued margin improvement.
Positioned for Global Market Opportunity
This focus on execution comes at a time when the hydrogen market is no longer theoretical, it is practical, global, and expanding.
Plug has spent the last decade building the infrastructure, manufacturing capacity, and commercial base needed to compete at scale. With that foundation now in place, the company is in a position to turn its installed base, project pipeline, and manufacturing footprint into rapid growth.
At the same time, broader energy trends such as rising demand, grid constraints, and the need for more consistent energy are driving adoption across all industrial and energy sectors.
Looking Forward
One month later, Crespo's priorities are clear: maintain strategic continuity, increase performance, and deliver measurable performance across the business.
The foundation is already there. The next section will explain how to use the scale, turning investment years into sustainable growth, expanding limits, and a clear path to profitability.
Hear directly from CEO, Jose Luis Crespo, as he sits down with Nasdaq Market Site to discuss strategic execution, global growth, and advanced hydrogen solutions: here.