Just caught up on Plug Power's latest earnings and there's something interesting happening here. The hydrogen fuel cell company finally flipped to positive gross margin in Q4 — something it literally never managed before. We're talking 2.4% overall gross margin with a $5.5M profit, versus a brutal negative 122.5% a year prior.

For context, Plug Power's whole problem was structural: they were selling hydrogen fuel at a loss because they were buying it from third parties. Now they're building their own production network, which is starting to move the needle. Q4 revenue jumped nearly 18% year-over-year, helped by equipment sales picking up. Their adjusted EPS loss also improved significantly from $0.29 to just $0.06.

The cash situation is still something to watch though. Free cash flow was negative $661.5M for the full year, though they ended with $368.5M in unrestricted cash. They've also locked in $275M in asset monetization deals, which helps. Management is projecting similar 30% revenue growth for 2026 and claiming they'll hit EBITDA positive by Q4 this year.

Here's the thing: Plug Power was looking like a bankruptcy candidate not that long ago. Seeing them actually achieve positive gross margin is a real inflection point. If they can keep scaling the hydrogen production business and the restructuring gains stick, the operating leverage could be meaningful. But let's be real — this is still a speculative play. The company isn't profitable yet and cash burn is real.

That said, there's genuine momentum here. For the first time in years, there's something to actually be hopeful about. I'd be watching this one, but keeping any position size reasonable until we see more consistent execution. The market's definitely pricing in the turnaround narrative right now.