PLUG POWER INC (PLUG) Earnings History

PLUG POWER INC - Q3 FY2025 Earnings

Filed at: Nov 10, 2025, 4:01 PM EST|Read from source

EXECUTIVE SUMMARY

Plug Power reported mixed Q3 results with revenue growth driven by electrolyzers and hydrogen fuel sales, but significant gross losses and operating expenses persist. The company is focusing on cost reductions and strategic initiatives to improve margins and cash flow, while also completing a capital raise.

POSITIVE HIGHLIGHTS

  • •

    Quarterly revenue reached $177 million, up 2% year-over-year, driven by electrolyzer and hydrogen fuel sales.

    positive
  • •

    GenEco electrolyzer revenue increased 46% sequentially and 13% year-over-year to ~$65 million.

    positive
  • •

    Net cash used in operating activities improved 49% year-over-year to ~$90 million.

    positive
  • •

    Completed a capital raise with gross proceeds of ~$370 million, reflecting investor confidence.

    positive
  • •

    Georgia Green Hydrogen Plant achieved record production performance in August with high uptime and efficiency.

    positive

CONCERNS & RISKS

  • •

    GAAP gross loss was ~($120 million), an increase from ~($100 million) in the prior year quarter.

    negative
  • •

    Recorded ~$226 million in charges predominantly associated with non-cash costs for Project Quantum Leap, including impairments and restructuring.

    attention
  • •

    GAAP basic and diluted net loss per share was ~($0.31), a wider loss than ~($0.25) in Q3 2024.

    negative
  • •

    Inventory levels decreased to $555 million from $682 million at year-end 2024, but still represent a significant cost.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$177.06M
+1.9%
Prior year: $173.73M
Annual (YTD)
$484.70M
N/A
Prior year: $437.34M
Net Income
Quarterly
$-361.87M
-71.4%
Prior year: $-211.17M
Annual (YTD)
$-785.62M
N/A
Prior year: $-769.28M
EPS (Diluted)
Quarterly
$-0.31
-24.0%
Prior year: $-0.25
Annual (YTD)
$-0.73
N/A
Prior year: $-1.03
Operating Income
Quarterly
$-348.79M
-61.4%
Prior year: $-216.17M
Annual (YTD)
$-704.19M
N/A
Prior year: $-720.25M
EPS (Basic)
Quarterly
$-0.31
-24.0%
Prior year: $-0.25
Annual (YTD)
$-0.73
N/A
Prior year: $-1.03

MARGIN ANALYSIS

Margin metrics will be available once backend extracts data from insights_json

SPECIAL ITEMS & ADJUSTMENTS

Q3 2025
Charges predominantly associated with non-cash costs for the ongoing Project Quantum Leap strategic platform.
Includes impairments, restructuring, inventory valuation adjustments, and other costs.
+$226M

Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.

MANAGEMENT COMMENTARY

Plug continues to execute, follow through on its commitments, and prove the viability of hydrogen at scale.

— PLUG POWER INC, Q3 FY2025 2025 Earnings Call

Seeing real adoption, real projects, and real performance.

— PLUG POWER INC, Q3 FY2025 2025 Earnings Call

Revenue performance reflects accelerating customer adoption and sets a solid foundation to meet year-end goals.

— PLUG POWER INC, Q3 FY2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Adjusted Eps
-0.1
+47.8% YoY
Prior year: -0.2
dollars
Adjusted Gross Loss
-36.5M
+57.3% YoY
Prior year: -85.5M
dollars
Geneco Electrolyzer Revenue Sequential Increase
46
percent
Georgia Green Hydrogen Plant Availability
99.7
percent
Georgia Green Hydrogen Plant Efficiency
92.8
percent
Georgia Green Hydrogen Plant Production
324
metric tons
Georgia Green Hydrogen Plant Uptime
97
percent
Net Cash Used In Operating Activities Sequential Improvement
53
percent
Net Cash Used In Operating Activities Yoy Improvement
49
percent

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.