PLUG POWER INCPLUGEarnings & Financial Report
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.
Revenue
$173.7M
Gross Profit
$-100.0M
Operating Profit
$-216.2M
Net Profit
$-211.2M
Gross Margin
-57.6%
Operating Margin
-124.4%
Net Margin
-121.5%
YoY Growth
-12.6%
EPS
$-0.25
PLUG POWER INC Q3 FY2024 Financial Summary
PLUG POWER INC reported revenue of $173.7M (down 12.6% YoY) for Q3 FY2024, with a net profit of $-211.2M (up 25.5% YoY) (-121.5% margin). Cost of goods sold was $273.8M, operating expenses totaled $116.1M.
Key Financial Metrics
| Total Revenue | $173.7M |
|---|---|
| Net Profit | $-211.2M |
| Gross Margin | -57.6% |
| Operating Margin | -124.4% |
| Report Period | Q3 FY2024 |
PLUG POWER INC Annual Revenue by Year
PLUG POWER INC annual revenue history includes year-by-year totals (for example, 2025 revenue was $709.9M).
| Year | Annual Revenue |
|---|---|
| 2025 | $709.9M |
| 2024 | $628.8M |
PLUG POWER INC Quarterly Revenue & Net Profit History
PLUG POWER INC results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $225.2M | +17.6% | $-846.0M | -375.6% |
| Q3 FY2025 | $177.1M | +1.9% | $-361.9M | -204.4% |
| Q2 FY2025 | $174.0M | +21.4% | $-227.1M | -130.5% |
| Q1 FY2025 | $133.7M | +11.2% | $-196.7M | -147.1% |
| Q4 FY2024 | $191.5M | -13.8% | $-1.3B | -697.5% |
| Q3 FY2024 | $173.7M | -12.6% | $-211.2M | -121.5% |
| Q2 FY2024 | $143.3M | -44.9% | $-262.3M | -183.0% |
| Q1 FY2024 | $120.3M | -42.8% | $-295.8M | -245.9% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $120.3M | $143.3M | $173.7M | $191.5M | $133.7M | $174.0M | $177.1M | $225.2M |
| YoY Growth | -42.8% | -44.9% | -12.6% | -13.8% | 11.2% | 21.4% | 1.9% | 17.6% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $4.85B | $4.78B | $4.72B | $3.60B | $3.63B | $3.35B | $3.10B | $2.59B |
| Liabilities | $1.92B | $1.79B | $1.70B | $1.80B | $1.70B | $1.59B | $1.61B | $1.59B |
| Equity | $2.93B | $2.99B | $3.03B | $1.73B | $1.86B | $1.68B | $1.42B | $978.1M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $-167.7M | $-254.7M | $-174.9M | $-131.2M | $-105.6M | $-191.8M | $-89.8M | $-148.6M |