Plug Power Inc. (NASDAQ: PLUG) Stock Update

Plug Power Inc. shares fell 2% in premarket trading on Wednesday after the company released softer-than-expected revenue guidance for 2025.

Revenue Guidance

In a press release prior to its sixth annual Plug Symposium at the company's Vista headquarters and manufacturing facility in Slingerlandshe, the hydrogen solutions provider outlined its revenue targets for 2025, aiming for a range between $850 million and $950 million. The projected gross margins are expected to improve to between -20% and -5%.

This cautious guidance comes amid the company’s ambitious growth and development plans within the green hydrogen sector.

Long-Term Projections

Despite the tempered expectations, Plug remains optimistic about its long-term prospects, forecasting a 30% compounded annual growth rate (CAGR) for its Energy and Applications segments from 2025 to 2030. The focus will be on Plug's electrolyzer and cryogenic solutions, as well as expanding middle-market applications in Material Handling and large-scale stationary products.

Leadership Changes

Additionally, Plug Power announced the promotion of Sanjay Shrestha to President. Previously, Shrestha served as the Chief Strategy Officer and General Manager of Energy Solutions. He played a crucial role in expanding the company's product offerings and enhancing hydrogen production capabilities.

In his new position, Shrestha will lead Plug's strategic initiatives aimed at improving shareholder value. He stated, "As I take on this new responsibility, I'm profoundly appreciative of the confidence vested in me to guide the strategic implementation of our path to profitability and delivering on our 2025 objectives."