Plug Power reported improved financial results for Q4 and FY2025, driven by strong sales growth and positive gross margin in the fourth quarter, signaling a pivotal commercial inflection point. The company also strengthened its liquidity position and reduced cash burn, setting the stage for future profitability targets.
Full year 2025 revenue increased 12.9% year-over-year to approximately $710 million.
positiveQ4 2025 revenue totaled $225.2 million, a 17.6% growth over Q4 2024 and a 27.2% increase from Q3 2025.
positiveAchieved positive gross profit of $5.5 million (2.4% of sales) in Q4 2025, a significant improvement from a gross margin loss of -122.5% in Q4 2024.
positiveNet cash used in operating activities decreased by over 26.5% year-over-year, from $728.6 million in FY2024 to $535.8 million in FY2025.
positiveElectrolyzer revenue reached a record $187 million in 2025.
positiveFull year 2025 net loss was $1,693.7 million, compared to a net loss of $2,104.9 million in FY2024.
negativeFull year 2025 operating loss was $1,467.4 million, compared to an operating loss of $2,019.8 million in FY2024.
negativeThe company recorded approximately $763 million in various net charges in Q4 2025, predominantly associated with non-cash charges for asset impairments and capital transactions.
attentionInventory levels decreased from $682.6 million in FY2024 to $521.0 million in FY2025, but still represent a significant portion of assets.
attentionGAAP EPS for Q4 2025 was ($0.63), and adjusted EPS was ($0.06).
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Sales of equipment, related infrastructure and other | N/A | — | — | — |
Services performed on fuel cell systems and related infrastructure | N/A | — | — | — |
Power purchase agreements | N/A | — | — | — |
Fuel delivered to customers and related equipment | N/A | — | — | — |
Other | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
This past year marked a pivotal commercial inflection point for Plug.
In 2025, we achieved $710 million in revenues and Q4 margin positive as we projected at the start of the year.
In 2026, we will continue executing with discipline, driving margin improvement, and delivering exceptional outcomes for our customers.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.