Skepticism Over Plug Power's Financial Targets and Emerging Opportunities Leads to Sell RatingWe highlight takeaways below. Financial targets require meaningful revenue growth along with continued cost declines. The company laid out intentions to achieve EBITDA positive exiting 2026, operating income positive exiting 2027, and overall profitability exiting 2028. In 2026, a quarterly revenue level of $300m and 15% gross margin would be the target level that would enable breakeven EBITDA. On the cost side, initiatives are focused on service cost reduction, fuel cost reduction, and manufacturing efficiencies. On the balance sheet and cash flow, managements intends to hold to lower capex levels (3-4% of revenue going forward) and lower working capital demands particularly through inventory management. Interesting new revenue opportunities to track.