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.
PLUG Q4 FY2025 Key Financial Metrics
Revenue
$225.2M
Gross Profit
$5.5M
Operating Profit
$-763.2M
Net Profit
$-846.0M
Gross Margin
2.4%
Operating Margin
-338.9%
Net Margin
-375.6%
YoY Growth
17.6%
EPS
$-0.70
PLUG POWER INC Q4 FY2025 Financial Summary
PLUG POWER INC reported revenue of $225.2M (up 17.6% YoY) for Q4 FY2025, with a net profit of $-846.0M (up 36.7% YoY) (-375.6% margin). Cost of goods sold was $219.8M, operating expenses totaled $768.6M.
Key Financial Metrics
| Total Revenue | $225.2M |
|---|---|
| Net Profit | $-846.0M |
| Gross Margin | 2.4% |
| Operating Margin | -338.9% |
| Report Period | Q4 FY2025 |
Revenue Breakdown
PLUG POWER INC Q4 FY2025 revenue of $225.2M breaks down across 6 segments, led by Sales Of Equipment And Related Infrastructure at $111.6M (49.6% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Sales Of Equipment And Related Infrastructure | $111.6M | 49.6% |
| Services Performed On Fuel Cell Systems And Related Infrastructure | $41.5M | 18.4% |
| Power Purchase Agreements | $36.1M | 16.0% |
| Sale Of Cryogenic Equipment | $20.0M | 8.9% |
| Sales Of Fuel Cell Systems | $11.2M | 5.0% |
| Other | $4.8M | 2.1% |
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 Sales Of Equipment And Related Infrastructure and Services Performed On Fuel Cell Systems And Related Infrastructure) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Sales Of Equipment And Related Infrastructure | $111.6M | — | $99.2M | $63.5M |
| Services Performed On Fuel Cell Systems And Related Infrastructure | $41.5M | $19.7M | $16.4M | $16.9M |
| Power Purchase Agreements | $36.1M | $24.6M | $23.6M | $23.2M |
| Sale Of Cryogenic Equipment | $20.0M | $18.4M | — | — |
| Sales Of Fuel Cell Systems | $11.2M | $10.6M | — | — |
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).
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 |