Companies /Industrials
Plug Power Inc
NASDAQ: PLUG Electrical Equipment & Parts
$1.37
▼ $0.01 (−0.72%) today
Markets closed · 7:13pm ET

Plug Power (PLUG) Q2 2025 Earnings

Reported Aug 11, 2025, 4:49pm ET · SEC source
$-0.20
Miss −27.06%
EPS · est. $-0.16
$174.0M
Miss −5.26%
Revenue · est. $183.6M
−3.6%
Trailing market
PLUG vs S&P since report
4 quarters
Consecutive EPS beats

How Did PLUG Stock React to Q2 2025 Earnings?

% change · around the report
−4%0+4%Aug 11Aug 12report 4:49pm ETearnings+1.2%+0.7%
−4%0+4%Aug 11Aug 12earnings+1.2%+0.7%
PLUG +0.7%S&P 500 +1.2%
−4%0+4%Aug 11Aug 12report 4:49pm ETearnings+1.4%+0.7%
−4%0+4%Aug 11Aug 12earnings+1.4%+0.7%
PLUG +0.7%NASDAQ +1.4%
−6%0+6%+12%Aug 11Aug 19report 4:49pm ETearnings+0.7%+3.3%
−6%0+6%+12%Aug 11Aug 19earnings+0.7%+3.3%
PLUG +3.3%S&P 500 +0.7%
−6%0+6%+12%Aug 11Aug 19report 4:49pm ETearnings−0.6%+3.3%
−6%0+6%+12%Aug 11Aug 19earnings−0.6%+3.3%
PLUG +3.3%NASDAQ −0.6%
−2.53%
Day of report
+7.79%
Next session
+2.60%
One week
−1.30%
30 days

S&P 500 over the same 30 days: +2.29%.

Did PLUG Beat Earnings? Q2 2025 Results

No. Plug Power reported Q2 2025 earnings of $-0.20 a share on Aug 11, 2025, missing the $-0.16 consensus estimate by 27.1%. Revenue was $174.0M against a $183.6M estimate.

Plug Power delivered a double miss in Q2 2025, <a href="https://247wallst.com/investing/2025/08/11/live-will-plug-power-plug-move-after-tonights-earnings/">falling short on both lines</a> 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

What Was Plug Power's Outlook in Q2 2025?

Plug Power expects to achieve gross margin breakeven on a run-rate basis in Q4 2025, supported by continued cost discipline, enhanced service execution, and scale benefits from GenEco deployments. A renegotiated hydrogen supply agreement is expected to lower molecule costs in H2 2025 and onward. The extension of the ITC through 2026 is expected to drive new GenDrive bookings in H2 2025, setting the stage for significant growth in 2026. The GenEco electrolyzer sales funnel remains strong with additional customer commitments expected this year and multiple large-scale projects moving toward final investment decisions in 2026. The Energy Transition business is expected to open new revenue opportunities in H2 2025. The company is positioned to benefit from monetization of tax credits under Sections 45V and 48E.

PLUG YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$-200,000,000$0$143.4M$174.0MRevenue$-33,568,783$-53,465,000Gross Profit$-138,585,526$-176,946,000Operating Income$-200,210,703$-227,099,000Net Income
$-200,000,000$0RevenueGross ProfitOperating IncomeNet Income
PLUG income statement, Q2 2025 versus Q2 2024
Metric Q2 2025 Q2 2024 Year over year
Revenue $174.0M $143.4M +21.4%
Gross Profit −$53.5M −$33.6M +59.3%
Operating Income −$176.9M −$138.6M +27.7%
Net Income −$227.1M −$200.2M +13.4%

PLUG Revenue by Segment

Sales of equipment, related infrastructure and other$99.2M
GenEco Electrolyzers$45.0M
Fuel delivered to customers and related equipment$34.4M
Power purchase agreements$23.6M
Services performed on fuel cell systems and related infrastructure$16.4M

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