Q3 25 EPS
$-0.12
BEAT +8.19%
Est. $-0.13
Q3 25 Revenue
$177.1M
BEAT +0.57%
Est. $176.1M
vs S&P Since Q3 25
-19.9%
TRAILING MARKET
PLUG -9.8% vs S&P +10.1%
Market Reaction
Did PLUG Beat Earnings? Q3 2025 Results
Plug Power delivered a modest but meaningful beat in Q3 2025, posting an adjusted loss of $0.12 per share against a consensus estimate of $0.13, an 8.19% positive surprise that marked a sharp improvement from the $0.23 loss reported in the year-ago p… Read more Plug Power delivered a modest but meaningful beat in Q3 2025, posting an adjusted loss of $0.12 per share against a consensus estimate of $0.13, an 8.19% positive surprise that marked a sharp improvement from the $0.23 loss reported in the year-ago period. Revenue of $177.06 million edged past the $176.06 million consensus by 0.57%, rising 1.9% year over year, with the company's GenEco electrolyzer business emerging as the headline driver, contributing approximately $65 million in quarterly revenue, a 46% sequential jump. Those encouraging operational results came alongside a 49% year-over-year reduction in cash used in operating activities, easing concerns about the company's liquidity runway. A post-quarter capital raise generated roughly $370 million in gross proceeds, and a non-binding agreement to monetize electricity rights is expected to unlock more than $275 million in additional liquidity improvement. Management reaffirmed its target for EBITDAS-positive results in the second half of 2026, framing the quarter as a measured step toward financial stability.
Key Takeaways
- • GenEco electrolyzer revenue of ~$65 million, up 46% sequentially and 13% year-over-year
- • Volume growth in hydrogen fuel sales
- • Continued pricing enhancements across businesses
- • Project Quantum Leap driving margin and cash flow improvements
- • 49% year-over-year improvement in net cash used in operating activities
- • Georgia green hydrogen plant achieved record production of 324 metric tons in August with 97% uptime
PLUG YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
PLUG Revenue by Segment
With YoY comparisons, source: SEC Filings
“Plug continues to execute, follow through on its commitments, and prove the viability of hydrogen at scale. We're seeing real adoption, real projects, and real performance, and we're still only getting started.”
— Andy Marsh, Q3 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% |