Plug Power (PLUG) Q4-25 earnings: The $763M kitchen sink & the AI data center pivot

Plug Power's Q4 2025 report reveals a massive $763 million "kitchen sink" write-off that miraculously cleared the way for the company's first positive gross margin in recent history.In ~10 minutes:• Why the new CEO scrubbed $763M in dead weight.• How past impairments "bought" Q4's +2.4% gross margin.• Pivoting from strict DOE loans to fast AI money. 🔌• The massive stock dilution used to fund survival.Despite printing a devastating $904 million net loss, the stock surged over 8% after hours. Investors are rewarding the clean slate and Plug's clever backdoor strategy to monetize $275 million in electricity rights by selling directly to power-hungry hyperscalers. Plus, we highlight a bizarre AI hallucination that interrupted the analyst Q&A.Plug Power Inc. (PLUG) | Q4 FY2025AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.