10q10k10q10k.net
PLUG POWER INC

PLUG POWER INCPLUGEarnings & Financial Report

Nasdaq

Plug Power Inc. is an American company engaged in the development of hydrogen fuel cell and electrolyzer systems that replace conventional batteries in equipment and vehicles powered by electricity. The company is headquartered in Slingerlands, New York, and has facilities in Spokane, Washington, and Rochester, New York.

PLUG Q3 2025 Key Financial Metrics

Revenue

$177.1M

Gross Profit

$-120.2M

Operating Profit

$-348.8M

Net Profit

$-361.9M

Gross Margin

-67.9%

Operating Margin

-197.0%

Net Margin

-204.4%

YoY Growth

1.9%

EPS

$-0.31

Financial Flow

PLUG POWER INC Q3 2025 Financial Summary

PLUG POWER INC reported revenue of $177.1M for Q3 2025, with a net profit of $-361.9M (-204.4% margin). Cost of goods sold was $297.2M, operating expenses totaled $228.6M.

Key Financial Metrics

Total Revenue$177.1M
Net Profit$-361.9M
Gross Margin-67.9%
Operating Margin-197.0%
Report PeriodQ3 2025

PLUG POWER INC Annual Revenue by Year

PLUG POWER INC annual revenue history includes year-by-year totals (for example, 2024 revenue was $628.8M).

YearAnnual Revenue
2024$628.8M
2023$891.3M
2022$701.4M

Income Statement

Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Revenue$222.2M$120.3M$143.3M$173.7M$191.5M$133.7M$174.0M$177.1M
YoY Growth0.6%-42.8%-44.9%-12.6%-13.8%11.2%21.4%1.9%

Balance Sheet

Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Assets$4.90B$4.85B$4.78B$4.72B$3.60B$3.63B$3.35B$3.10B
Liabilities$2.00B$1.92B$1.79B$1.70B$1.80B$1.70B$1.59B$1.61B
Equity$2.90B$2.93B$2.99B$3.03B$1.73B$1.86B$1.68B$1.42B

Cash Flow

Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Operating CF$-242.7M$-167.7M$-254.7M$-174.9M$-131.2M$-105.6M$-191.8M$-89.8M