Companies /Industrials

Plug Power Inc

NASDAQ: PLUG Electrical Equipment & Parts
$2.11
▼ $0.06 (−2.77%) today
Markets open · 10:57am ET

Q1 2025 Earnings

Reported May 12, 2025, 4:05pm ET · SEC source
$-0.21
Miss −6.82%
EPS · est. $-0.20
$133.7M
Beat +1.43%
Revenue · est. $131.8M
+57.5%
Beating market
PLUG vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−12%−8%−4%0May 12May 13report 4:05pm ETearnings+0.7%−9.7%
−12%−8%−4%0May 12May 13earnings+0.7%−9.7%
PLUG −9.7%S&P 500 +0.7%
−12%−8%−4%0May 12May 13report 4:05pm ETearnings+1.7%−9.7%
−12%−8%−4%0May 12May 13earnings+1.7%−9.7%
PLUG −9.7%NASDAQ +1.7%
−16%−8%0May 12May 20report 4:05pm ETearnings+1.5%−7.5%
−16%−8%0May 12May 20earnings+1.5%−7.5%
PLUG −7.5%S&P 500 +1.5%
−16%−8%0May 12May 20report 4:05pm ETearnings+2.2%−7.5%
−16%−8%0May 12May 20earnings+2.2%−7.5%
PLUG −7.5%NASDAQ +2.2%
−10.00%
Day of report
−2.47%
Next session
+2.47%
One week
+59.26%
30 days

S&P 500 over the same 30 days: +1.73%.

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 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

“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.”

Plug Power CEO, on the earnings call

Forward Guidance & Outlook

Plug expects Q2 2025 revenue between $140 million and $180 million, with additional improvement from Q1 2025 in gross margin and working capital performance anticipated throughout the year. The company plans to leverage its recently completed Louisiana hydrogen plant to enhance margin performance and reduce third-party fuel costs. Plug also plans to drive continued global adoption of its GenEco electrolyzer platform and advance financing initiatives such as investment tax credit transfers and project equity alignment to support long-term capital efficiency. The company launched Project Quantum Leap in Q1 2025 targeting over $200 million in annualized savings. Management does not anticipate additional dilutive equity offerings this fiscal year.

PLUG YoY Financials

Q1 2025 vs Q1 2024 · SEC filings Q1 2024 Q1 2025
$-200,000,000$-100,000,000$0$100.0M$120.3M$133.7MRevenue$-49,748,097$-73,861,000Gross Profit$-136,007,926$-178,456,000Operating Income$-147,526,229$-196,859,000Net Income
$-200,000,000$-100,000,000$0$100.0MRevenueGross ProfitOperating IncomeNet Income

PLUG Revenue by Segment

Sales of equipment, related infrastructure and other$63.5M
GenEco Electrolyzers
Fuel delivered to customers and related equipment$29.5M
Power purchase agreements$23.2M
Services performed on fuel cell systems and related infrastructure$16.9M

Figures from SEC filings and company reports. Not investment advice.