Q2 25 EPS
$-0.20
MISS 27.06%
Est. $-0.16
Q2 25 Revenue
$174.0M
MISS 5.26%
Est. $183.6M
vs S&P Since Q2 25
+33.7%
BEATING MARKET
PLUG +50.6% vs S&P +17.0%
Market Reaction
Did PLUG Beat Earnings? Q2 2025 Results
Plug Power delivered a double miss in Q2 2025, falling short on both lines as the hydrogen company posted revenue of $173.97 million, up 21.4% year-over-year but trailing the $183.63 million consensus by 5.26%, while its loss per share of $0.20 widen… Read more Plug Power delivered a double miss in Q2 2025, falling short on both lines as the hydrogen company posted revenue of $173.97 million, up 21.4% year-over-year but trailing the $183.63 million consensus by 5.26%, while its loss per share of $0.20 widened well beyond the $0.16 estimate, a 27.06% miss. The deeper-than-expected loss was driven in large part by roughly $80 million in non-cash charges tied to Project Quantum Leap, the company's sweeping cost restructuring initiative, compared to only about $6 million in similar charges a year ago. Still, the results carried genuine progress: gross margin improved dramatically to -31% from -92% in Q2 2024, and the electrolyzer business tripled year-over-year to approximately $45 million. With the recently passed preservation of the Section 45V hydrogen tax credit providing a policy tailwind, management is targeting gross margin breakeven on a run-rate basis by Q4 2025, backed by a renegotiated hydrogen supply agreement expected to reduce molecule costs in the second half of the year.
Key Takeaways
- • Electrolyzer revenue tripled year-over-year to approximately $45 million
- • Gross margin improved to -31% from -92% in Q2 2024
- • Project Quantum Leap driving cost structure gains through workforce optimization, facility consolidation, and renegotiated supply contracts
- • Robust demand for GenDrive fuel cells, GenFuel hydrogen infrastructure, and GenEco electrolyzer platforms
- • Net cash used in operating and investing activities declined over 40% year-over-year
PLUG YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
PLUG Revenue by Segment
With YoY comparisons, source: SEC Filings
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% |