Core Viewpoint - Plug Power is aiming for profitability under new CEO Jose Luis Crespo, who plans to achieve operating profitability by 2027 and net profitability by 2028, despite the company's current financial struggles [4][5][8]. Company Overview - Plug Power is a hydrogen fuel cell company that has faced significant challenges with profitability, having warned investors about its survival in the past [2][5]. - The company has been in operation for decades but continues to face uncertainty regarding its financial future [10]. Leadership Changes - Jose Luis Crespo will become the new CEO in March 2026, succeeding Andy Marsh, who will transition to the role of executive chair [4]. - Crespo has been with Plug Power since 2014 and previously served as the chief revenue officer [5]. Financial Performance - In the trailing 12 months, Plug Power reported net losses of $2.1 billion and operating losses of nearly $942 million, with no positive gross margin in the last four quarters [8]. - The company's operating margin has been negative, with operating losses sometimes exceeding revenue [6][8]. Market Position and Challenges - Plug Power's market capitalization is currently $3.2 billion, with a stock price of $2.16, reflecting a significant decline of 92% over the past five years [9][10]. - The company is focusing on the electrolyzer market and scaling back plans for new hydrogen factories in the U.S. due to reduced support for renewable energy projects [5]. Investor Sentiment - Investors have largely lost confidence in Plug Power due to ongoing losses and lack of meaningful progress, leading to skepticism about the company's future profitability [10][11]. - The cancellation of many clean energy projects by the U.S. government poses additional challenges for Plug Power in achieving its profitability goals [11][12].