Plug Power, Inc.

Greetings and welcome to the Plug Power Q4 and year-end 2025 earnings conference call and webcast. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star 1 on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Teal Hoyos, Vice President, Marketing and Communications. Please go ahead, Teal.

Thank you. Welcome to the 2025 fourth quarter earnings call. This call will include forward-looking statements. These forward-looking statements contain projections of our future results of operations, of our financial position, or other forward-looking information. We intend these forward-looking statements to be covered by the Safe Harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We believe that it is important to communicate our future expectations to investors. However, investors are cautioned not to unduly rely on forward-looking statements, and such statements should not be read or understood as a guarantee of future performance or results. Such statements are subject to risks and uncertainties that could cause actual results or performance to differ materially, from those discussed as a result of various factors, including but not limited to risks and uncertainties discussed under Item 1A, Risk Factors, in our annual report on Form 10-K for the fiscal year ending December 31, 2024, or quarterly reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025, and September 31, 2025, as well as other reports we file from time to time with the SEC. These forward-looking statements speak only as of the day in which the statements are made, and we do not undertake or intend to update any forward-looking statements after this call or as a result of new information. At this point, I would like to turn the call over to Plug Power's new CEO, Jose Luis Crispo.

Good afternoon, everyone, and thank you for joining us. As many of you know, today is my first earnings call as CEO. I would like to begin by acknowledging the foundation I am inheriting. Andy led this company for almost 20 years with vision and determination, building Black into a global leader in the green hydrogen ecosystem. That is a platform few CEOs are fortunate to inherit, and I am grateful for it. My mandate is clear. I will work to convert this leadership position into sustained profitable growth. I have been part of building this company, setting and executing on each strategy. I deeply understand both the opportunity in front of us and the discipline required to realize it. We entered 2025 focused on these objectives. Grow the top line, improve margins, targeting margin neutral in Q4, reduce cash usage, expand hydrogen production, including commissioning the Louisiana plant, all while strengthening liquidity. We deliver against those objectives. In 2025, we achieved approximately 30% revenue growth while turning gross positive margin in the fourth quarter. Gross margin improved by 125% points from negative 122.5% in Q4 2024 to positive 2.4% in Q4 2025. A 125 percentage point improvement in gross margin is a meaningful milestone in strengthening our operating performance. The results we delivered were not accidental. They reflect ambition paired with discipline, focused execution, and the hard work of the entire PLAC team. 2025 was a defining year for PLAC. In a highly uncertain macroeconomic environment, we grew revenue at double-digit rates and achieved positive margins, a combination that has been challenging for many companies in our sector. We believe this represents an inflection point. Now, that said, we are not done. We still have work to do to achieve sustained profitability while maintaining growth. My responsibility now is to build on this momentum and continue progressing toward profitability. In 2026, our focus remains on advancing toward profitable growth. We currently expect revenue growth in 2026 to be directionally comparable to 2025, driven primarily by our material handling and electrolyzer business. In material handling, favorable conditions have emerged. The reinstatement of the investment tax credit in January, combined with increased demand from pedestal customers such as Amazon and Walmart, positioned us for renewed growth in this segment. We are seeing new developments and fleet refresh programs at key customer sites, while activity increased across both new and repeat customers. Our electrolyzer business continues to develop and expand globally. Today, the company has shipped over 300 megawatts of our Genco electrolyzers globally and are now deployed on six continents. demonstrating significant operating experience across multiple markets. In 2025, we deliver equipment for major projects, including a 25-megawatt project with Iberdrola MVP in Spain and a 100-megawatt project with GALP in Portugal, resulting in a record $188 million in electrolysis revenue. EUROPE'S REGULATORY MANDATES AND FUNDED INCENTIVE PROGRAMS PROVIDE STRUCTURAL SUPPORT FOR HYDROGEN ADOPTION. WE SEE SIGNIFICANT OPPORTUNITY IN REFINERY DECARBONIZATION AND IN THE PRODUCTION OF E-METHANE, E-METHANOL, SYNTHETIC JET FUEL, AND AMMONIA. WE ESTIMATE THAT MEETING EUROPEAN MANDATES JUST FOR TRANSPORTATION COULD REQUIRE 4 TO 6 GIGAWATTS OF ELECTROLYZER CAPACITY BY 2030, AND WE INTEND to compete for a meaningful portion of that opportunity. We remain focused on converting as much as possible of our approximately 8 billion electrolyzer funnel into revenue-generating projects that will support PLAC's long-term growth. In 2026, we expect to begin executing projects with Carlton and Shredders in the UK and we will continue progressing with allied green ammonia towards FID on the three gigawatt project in Australia and the two gigawatt project in Uzbekistan. As an example of the activity in the market, over the last two months, we executed 750 megawatts of new basic engineering design packages agreements. In 2026, we expect to see full-year benefit of the Quantum Leap initiatives launched in 2025. These improvements are expected to be further supported by continued cost reductions and optimization efforts across the business. Together with revenue growth, these actions position us to achieve positive EBITDAs in the fourth quarter of 2026, consistent with our previously stated targets. We also intend to continue reducing costs cash usage in 2026. We ended 2025 with $368.5 million in unrestricted cash. We currently expect continued improvement in cash usage similar to the reduction achieved in 2025. With ongoing cash flow improvements and the planned $275 million proceeds from the monetization of assets and associated rights announced in Q4 2025, which we expect to close in the first half of 2026, we believe we are well positioned to support our operation plans through 2026. In conclusion, we continue our journey towards profitability. 2025 was about margin progression, optimizing the platform we have built, enforcing cost discipline, strengthening infrastructure control, improving liquidity, and sharpening our strategic focus. 2026 will be about continued sales growth and advancing the financial milestones outlined in our roadmap, including our target of achieving positive EBITDAs in Q4 2026, a milestone within our roadmap towards positive operating income in 2027, and full profitability in 2028. With that, I will now turn the call over to Paul for a detailed review of the fourth quarter and full year financial results.