Overview
- Susquehanna raised its price target to $3.50 with a Neutral rating, while Clear Street cut its view to Hold with a $3.50 target following recent outperformance.
- An institutional investor exercised $2.00 warrants for roughly $370 million in proceeds, and received new $7.75 warrants that could add about $1.4 billion if exercised.
- Leadership changes continue, with Jose Luis Crespo becoming president now and slated to succeed longtime CEO Andy Marsh as chief executive in spring 2026; President Sanjay Shrestha resigned.
- Operational updates show Q2 2025 revenue up 21% to $174 million, electrolyzer sales more than tripled to $45 million, and gross margin improved to negative 31%, with management targeting margin neutrality by Q4 2025.
- Recent milestones include delivery of a 10-megawatt electrolyzer system to a major energy company in Portugal, as shares trade near $3.80–$3.90 after sharp swings this month.