Setting the Course: José Luis Crespo’s Early Priorities as CEO

In his first month as CEO, José Luis Crespo has made his priorities clear: to strengthen execution and operational discipline, drive financial performance and profitability, and convert Plug’s technology leadership into sustainable growth.

This is not a change in strategy, but a shift in phase. Plug’s direction remains rooted in its integrated hydrogen ecosystem, but the company has moved beyond building that foundation.

With manufacturing capacity, infrastructure, and global deployments now in place, Crespo’s focus is on turning that investment into consistent performance, stronger financial outcomes, and scalable growth, particularly across electrolyzers, hydrogen production, and fuel cells for logistics.

A Business Built for Scale—Now Focused on Execution

Crespo’s message to the organization is clear: Plug is entering a phase defined by delivery, performance, and consistency at scale.

The company has already established a meaningful global footprint, with more than 500 MW of fuel cells deployed, over 320 MW of electrolyzer capacity shipped, and three hydrogen production plants commissioned and operating with a combined capacity of over 40 tons-per-day. Plug has also built gigawatt-scale manufacturing capacity across its core technologies.

These are the results of years of investment. The priority now is not just bringing assets online, but ensuring they perform reliably, generate revenue, and contribute to margin expansion across the business.

Across the organization, that translates to a sharper focus on plant uptime, disciplined execution of global deployments, and consistent performance in the field where customer operations depend on Plug’s technology every day.

Delivering Measurable Value for Customers

A central theme of Crespo’s first month has been a renewed emphasis on customer outcomes.

Plug’s growth is being driven not just by adoption, but by tangible value delivered in the field, whether improving productivity in material handling operations, enabling the transition from traditional fuels to hydrogen in industrial applications, or providing reliable backup and resilient power solutions.

This is reflected in Plug’s base of leading global customers, including Iberdrola, BP, Galp, Amazon, and BMW. As deployments scale, reliability and execution are what convert these relationships into repeat business and long-term growth.

Discipline as a Driver of Growth

Alongside execution, Crespo has reinforced the importance of financial discipline as a core component of the company’s next phase.

The company’s top priority is delivering against the financial targets already shared with the market. Plug exited 2025 with positive margins in the fourth quarter and achieved 13% growth for the full year. These important proof points as the business continues to scale.

From there, the path forward is clearly defined: reaching positive EBITDA in the fourth quarter of 2026, positive operating income in 2027, and full profitability in 2028. As in 2025, the company remains focused on driving strong, sustained growth alongside improving financial performance.

Growth and profitability are not competing priorities, they are linked through continued efficiency and margin improvement initiatives, clear capital prioritization, and increasing operating leverage as deployment volumes scale.

As electrolyzer deployments ramp, hydrogen production scales, and the material handling business continues to grow, the company expects increased consistency in revenue and continued margin improvement.

Positioned for a Global Market Opportunity

This focus on execution comes at a time when the hydrogen market is no longer theoretical, it is active, global, and expanding.

Plug has spent the past decade building the infrastructure, manufacturing capacity, and commercial base required to compete at scale. With that foundation now in place, the company is positioned to convert its installed base, project pipeline, and manufacturing footprint into accelerated growth.

At the same time, broader energy trends like rising demand, grid constraints, and the need for resilient power are driving increased adoption across industrial and energy sectors.

Looking Ahead

One month in, Crespo’s priorities are clear: maintain strategic continuity, elevate execution, and deliver measurable performance across the business.

The foundation is already in place. The next phase will be defined by execution at scale, turning years of investment into sustained growth, expanding margins, 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 advancing hydrogen solutions: here.

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