Plug Power (PLUG 3.94%) confirmed last month that its new hydrogen plant in Louisiana was on track to start operations in the first quarter. The hydrogen stock still fell another 13.4% in February after dropping by a similar percentage in the previous month, according to data provided by S&P Global Market Intelligence.

Plug Power's earnings were around the corner, and investors clearly weren't taking a chance. They were right to be cautious -- although the hydrogen fuel-cell maker expects 4% to 16% revenue growth in its first quarter, it is also slashing costs and didn't say much about its outlook for 2025.

Plug Power's cost-cutting moves

Plug Power closed a $1.66 billion loan guarantee from the Department of Energy (DOE) earlier this year and expected to use the money to build up to six green hydrogen plants. However, President Donald Trump's decision in January to freeze the previous government's funding for the clean energy industry has put Plug Power's loan in limbo.

That has left Plug Power in a spot, forcing the company to look for investors for its new projects and cut costs to preserve cash. Plug Power expects to reduce its workforce, discretionary spending, and inventory and cut down on its capital spending. The company has given its cost-cutting initiatives a fancy name -- Project Quantum Leap -- and expects to cut its annual expenses by $150 million to $200 million.

What should you expect from Plug Power stock?

Although Plug Power announced these numbers and Project Quantum Leap after February, they revalidated investors' concerns about the company's ongoing cash woes and uncertainty about growth, especially under the Trump administration. While Plug Power's efforts to cut costs may sound prudent, they are a dire attempt to save whatever money it can now. That's not a great situation to be in and explains why several analysts have slashed their ratings and price targets on Plug Power stock over the last few days.

Importantly, unlike in recent years, Plug Power also refrained from providing any guidance for 2025. There's not much to look forward to anyway, given that Plug Power reported a negative gross margin of 122% and recorded a massive impairment of $971 million in the fourth quarter "due to strategic shifts in its business operations stemming from pushouts of market demand and overall market dynamics." If the end markets aren't favorable and cash is drying up, there's not much to expect from a company or its stock price.