Plug Power Inc. announced the appointment of Sanjay Shrestha as its new President, effective immediately, while Andy Marsh will retain his position as CEO. Shrestha will be responsible for the strategic execution of Plug’s business priorities to achieve profitability targets for 2025.
During its 2024 Plug Symposium, the company provided a financial outlook, projecting 2025 revenue between $850 million and $950 million, with a gross margin target of -20% to -5%. This 2025 revenue guidance was below the street's view of $1.185 billion.
Looking further ahead, Plug Power aims for a target revenue of approximately $3.75 billion by 2030 and a target gross margin of over 30%. The company emphasized its focus on driving sustainable growth and profitability through its comprehensive portfolio of deployed solutions.
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