Q1 25 EPS
$-0.21
MISS 6.82%
Est. $-0.20
Q1 25 Revenue
$133.7M
BEAT +1.43%
Est. $131.8M
vs S&P Since Q1 25
+145.4%
BEATING MARKET
PLUG +173.5% vs S&P +28.1%
Market Reaction
Did PLUG Beat Earnings? Q1 2025 Results
Plug Power delivered a mixed first quarter in 2025, beating on revenue while falling short on the bottom line, as the hydrogen company continues its slow grind toward profitability. Revenue came in at $133.67 million, up 11.2% year over year and just… Read more Plug Power delivered a mixed first quarter in 2025, beating on revenue while falling short on the bottom line, as the hydrogen company continues its slow grind toward profitability. Revenue came in at $133.67 million, up 11.2% year over year and just ahead of the $131.79 million consensus estimate, while an adjusted loss of $0.21 per share missed the $0.20 consensus by 6.82%, underscoring that meaningful cost challenges persist. The most material driver of the quarter was a dramatic improvement in gross margin loss, narrowing to -55% from -132% a year ago, fueled by optimization of internal supply chains, price increases, and the commissioning of Plug's 15-ton-per-day hydrogen liquefaction plant in Louisiana, which is expected to reduce costly third-party fuel purchases going forward. The company also closed a $525 million secured credit facility with Yorkville Advisors, retiring $82.50 million in convertible debt and eliminating roughly 55 million shares of potential dilution. Management guided Q2 2025 revenue of $140 million to $180 million, while its Project Quantum Leap initiative targets more than $200 million in annualized savings.
Key Takeaways
- • Growing electrolyzer deliveries with 575% YoY revenue growth
- • Continued demand in material handling segment with 848 fuel cell units deployed in Q1
- • Ongoing deployments in cryogenic platform
- • Commissioning of Louisiana hydrogen plant increasing capacity to ~40 TPD
- • Gross margin improvement from -132% to -55% YoY driven by supply chain optimization, cost reductions, and price increases
- • Cash flow improvement with net cash used in operating and investing declining to $152.1M vs $288.3M in Q1 2024
PLUG YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
PLUG Revenue by Segment
With YoY comparisons, source: SEC Filings
“With new capacity online in Louisiana, accelerating adoption of our GenEco electrolyzers, and improved cash flow discipline, Plug is executing with focus and urgency. We're delivering real progress toward profitability and scaling our hydrogen ecosystem to meet growing global demand for clean energy.”
— Andy Marsh, Q1 2025 Earnings Press Release
PLUG Earnings Trends
PLUG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PLUG EPS Trend
Earnings per share: estimate vs actual
PLUG Revenue Trend
Quarterly revenue: estimate vs actual
PLUG Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.10 | $-0.08 | +22.56% | $163.5M | +16.99% |
| Q4 25 BEAT FY | $-0.11 | $-0.06 | +43.93% | $225.2M | +3.60% |
| FY Full Year | $-0.67 | $-1.42 | -110.46% | $709.9M | +1.13% |
| Q3 25 BEAT | $-0.13 | $-0.12 | +8.19% | $177.1M | +0.57% |
| Q2 25 MISS | $-0.16 | $-0.20 | -27.06% | $174.0M | -5.26% |
| Q1 25 MISS | $-0.20 | $-0.21 | -6.82% | $133.7M | +1.43% |