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PLUG

Plug Power Inc.

PLUG

Plug Power Inc. • NASDAQ
$2.02 ▲ 2.27% (+0.04)
Market Cap $2.09 B
52w High $4.58
52w Low $0.69
Dividend Yield 0%
P/E -0.85
Volume 44.83M
Outstanding Shares 1.03B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $177.055M ▲ $228.624M ▲ $-361.869M ▼ -204.382% ▼ $-0.31 ▼ $-336.819M ▼
Q2-2025 $173.97M ▲ $123.481M ▲ $-227.099M ▼ -130.539% ▲ $-0.2 ▲ $-198M ▼
Q1-2025 $133.674M ▼ $104.595M ▼ $-196.656M ▲ -147.116% ▲ $-0.21 ▲ $-171.232M ▲
Q4-2024 $191.47M ▲ $1.065B ▲ $-1.335B ▼ -697.459% ▼ $-1.46 ▼ $-1.303B ▼
Q3-2024 $173.73M $116.143M $-211.168M -121.55% $-0.25 $-180.129M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $165.895M ▲ $3.105B ▼ $1.606B ▲ $1.417B ▼
Q2-2025 $140.736M ▼ $3.354B ▼ $1.59B ▼ $1.681B ▼
Q1-2025 $295.844M ▲ $3.633B ▲ $1.701B ▼ $1.857B ▲
Q4-2024 $205.693M ▲ $3.603B ▼ $1.795B ▲ $1.734B ▼
Q3-2024 $93.94M $4.725B $1.696B $3.029B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-363.505M ▼ $-89.814M ▲ $-30.392M ▲ $87.02M ▲ $-27.779M ▲ $-119.914M ▲
Q2-2025 $-228.727M ▼ $-191.81M ▼ $-40.743M ▲ $32.832M ▼ $-199.81M ▼ $-230.428M ▼
Q1-2025 $-196.859M ▲ $-105.568M ▲ $-46.573M ▼ $193.232M ▼ $35.902M ▼ $-146.019M ▲
Q4-2024 $-1.336B ▼ $-131.241M ▲ $-43.835M ▲ $203.995M ▼ $40.514M ▲ $-170.828M ▲
Q3-2024 $-211.168M $-174.936M $-89.871M $252.424M $-18.711M $-264.652M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Fuel Delivered To Customers
Fuel Delivered To Customers
 $20.00M ▲$0 ▼$30.00M ▲$40.00M ▲
Other Product And Services
Other Product And Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Power Purchase Agreements
Power Purchase Agreements
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Sale of cryogenic equipment
Sale of cryogenic equipment
 $30.00M ▲$30.00M ▲$30.00M ▲$20.00M ▼
Sale Of Electrolyzers
Sale Of Electrolyzers
 $60.00M ▲$10.00M ▼$40.00M ▲$70.00M ▲
Sale Of Engineered Equipment
Sale Of Engineered Equipment
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Sale Of Hydrogen Infrastructure
Sale Of Hydrogen Infrastructure
 $30.00M ▲$10.00M ▼$10.00M ▲$0 ▼
Sales Of Fuel Cell Systems
Sales Of Fuel Cell Systems
 $0 ▲$20.00M ▲$20.00M ▲$10.00M ▼
Services Performed On Fuel Cell Systems And Related Infrastructure
Services Performed On Fuel Cell Systems And Related Infrastructure
 $10.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Fuel Delivered To Customers And Related Equipment
Fuel Delivered To Customers And Related Equipment
 $0 ▲$30.00M ▲$0 ▼$0 ▲
Sale Of Fuel Cell Systems And Other Infrastructure
Sale Of Fuel Cell Systems And Other Infrastructure
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Plug Power’s revenue has grown over the past several years but recently slipped, and the company has never translated that growth into profitable operations. Gross margins have been consistently negative, meaning it often sells products and services for less than they cost to provide. Operating losses and net losses have widened over time as the company scaled up, indicating that higher sales have not yet brought the efficiencies management is targeting. Overall, the income statement reflects a business still in heavy investment and build‑out mode, with profitability not yet in sight and strong dependence on future margin improvement plans actually working.

Balance Sheet

Balance Sheet The balance sheet shows a company that once built up a sizeable asset base and cash cushion but has since drawn that cushion down while losses continued. Cash has fallen sharply from earlier levels, while debt has crept higher and shareholders’ equity has declined. This pattern suggests pressure on the company’s financial flexibility: it still has meaningful assets, but its margin for error is narrower than a few years ago. Continued losses, unless reversed, could further erode equity and may leave the company more reliant on external funding or partnerships to support its growth plans.

Cash Flow

Cash Flow Plug Power’s cash flow profile is clearly that of a company consuming cash rather than generating it. Operating cash flow has been deeply negative for years, reflecting sizable losses, working capital needs, and the complexity of building out hydrogen infrastructure. Capital spending has also been heavy, leading to persistently large negative free cash flow. Although investment levels may fluctuate year to year, the core story is that the business model has not yet become self‑funding. Future progress will depend on narrowing operating losses, improving project economics, and possibly using partnerships to reduce the company’s own capital burden.

Competitive Edge

Competitive Edge Competitively, Plug Power is a recognized early mover in green hydrogen and fuel cells, especially in material handling equipment like forklifts. Its main strength is an integrated, “one‑stop” solution that bundles fuel cells, hydrogen supply, and long‑term service, supported by a sizable installed base and relationships with large corporate customers. It also benefits from accumulated operating data, patents, and an established service network that new entrants would find difficult to replicate quickly. However, the broader hydrogen and clean‑energy space is becoming more crowded, substitute technologies such as batteries continue to advance, and many projects are sensitive to policy support and financing conditions. This leaves Plug with a meaningful strategic position but also significant competitive and policy risk.

Innovation and R&D

Innovation and R&D Innovation is at the core of Plug Power’s strategy. The company is investing across the hydrogen value chain: fuel cells, electrolyzers, and green hydrogen production itself. Its modular electrolyzer designs, turnkey “GenKey” offering, and focus on large industrial and data‑center power markets highlight a push toward higher‑value, system‑level solutions rather than just components. A sizable patent portfolio and long operating history provide some technical edge. At the same time, the company must prove that these innovations can be delivered reliably, at scale, and at attractive economics. Initiatives like “Project Quantum Leap” aim to cut costs and lift margins, but their success remains to be demonstrated over the next few years.

Summary

Overall, Plug Power is a technology‑driven hydrogen pioneer with an ambitious, vertically integrated model and notable commercial traction, especially with large industrial and logistics customers. Its strategic position and innovation pipeline are clear strengths, but they are paired with very weak current economics: persistent losses, heavy cash burn, and a thinner balance sheet than in prior years. The company’s future hinges on executing its cost‑reduction plans, scaling its electrolyzer and stationary power businesses, and securing enough funding and partnerships to bridge the gap to a more sustainable business model. The upside potential tied to the energy transition is significant, but so are the execution, financing, and policy risks along the way.

NEWS

November 21, 2025 · 3:35 PM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Plug Power Inc. - PLUG

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November 21, 2025 · 1:00 PM UTC

Plug Power Announces Special Meeting of Stockholders and Filing of Preliminary Proxy Statement

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November 21, 2025 · 11:51 AM UTC

Plug Power Nets $399 Million in Cash Following Successful Financing; Eliminates First Lien and Fully Funds Current Business Plan

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November 20, 2025 · 6:36 PM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Plug Power Inc. - PLUG

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November 18, 2025 · 11:32 PM UTC

Plug Power Inc. Announces Pricing of Offering of $375.0 Million of 6.75% Convertible Senior Notes

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