Plug Power Inc

Latest Results (10.10.2025):

Plug Power Inc. reported its financial results for the first quarter of 2025, showcasing significant improvements in revenue, gross margin, and cash flow. The company continued to advance its hydrogen solutions through strategic operational milestones, enhancing its position in the global decarbonization and energy security markets.

Revenue Growth

In Q1 2025, Plug Power Inc. achieved a revenue of $133.7 million, up from $120.3 million in Q1 2024. The increase was driven by higher electrolyzer deliveries, sustained demand in material handling, and ongoing deployments within the company’s cryogenic platform.

Improved Gross Margin

The company reported a gross margin loss of -55% in Q1 2025, a significant improvement from -132% in Q1 2024. This enhancement resulted from optimized internal supply chains, continued cost reductions, price increases, and effective leveraging of Plug Power’s hydrogen platform.

Enhanced Cash Flow

Net cash used in operating and investing activities decreased to $152.1 million in Q1 2025, compared to $288.3 million in the same period last year. Plug Power ended the quarter with $295.8 million in unrestricted cash, supported by the launch of Project Quantum Leap and strategic financial management initiatives.

Liquidity Enhancements

In May 2025, Plug Power closed the first tranche of a $525 million secured credit facility with Yorkville Advisors, drawing $210 million. This move replaced the existing convertible debenture, reducing potential dilution risk and ensuring financial stability without additional dilutive equity offerings for the fiscal year.

Operational Milestones

The commissioning of a 15-ton-per-day hydrogen liquefaction plant in St. Gabriel, Louisiana, increased Plug Power’s U.S. hydrogen production capacity to approximately 40 TPD. Additionally, the GenEco electrolyzer business saw a 575% revenue increase year over year, and the company secured a notable 3 GW supply agreement for a green hydrogen-to-ammonia project in Australia.

Future Outlook

Plug Power projects Q2 2025 revenue between $140 million and $180 million, with further improvements in gross margin and working capital anticipated. The company remains committed to expanding its hydrogen infrastructure, advancing the GenEco electrolyzer platform, and driving global adoption of its comprehensive hydrogen solutions.