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
$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
PLUG POWER INC Q3 FY2025 Financial Summary
PLUG POWER INC reported revenue of $177.1M (up 1.9% YoY) for Q3 FY2025, with a net profit of $-361.9M (down 71.4% YoY) (-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 Period | Q3 FY2025 |
Revenue Breakdown
PLUG POWER INC Q3 FY2025 revenue of $177.1M breaks down across 7 segments, led by Sale Of Electrolyzers at $65.4M (36.9% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Sale Of Electrolyzers | $65.4M | 36.9% |
| Fuel Delivered To Customers And Related Equipment | $35.9M | 20.3% |
| Power Purchase Agreements | $24.6M | 13.9% |
| Services Performed On Fuel Cell Systems And Related Infrastructure | $19.7M | 11.2% |
| Sale Of Cryogenic Equipment | $18.4M | 10.4% |
| Sales Of Fuel Cell Systems | $10.6M | 6.0% |
| Sale Of Engineered Equipment | $1.6M | 0.9% |
PLUG POWER INC Revenue by Segment — Quarterly Trend
PLUG POWER INC revenue by segment across the last 4 reported quarters, showing how each business line (such as Sale Of Electrolyzers and Fuel Delivered To Customers And Related Equipment) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Sale Of Electrolyzers | — | $65.4M | — | $9.2M |
| Fuel Delivered To Customers And Related Equipment | — | $35.9M | $34.4M | — |
| Power Purchase Agreements | $36.1M | $24.6M | $23.6M | $23.2M |
| Services Performed On Fuel Cell Systems And Related Infrastructure | $41.5M | $19.7M | $16.4M | $16.9M |
| Sale Of Cryogenic Equipment | $20.0M | $18.4M | — | — |
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 |