Companies /Industrials

Plug Power Inc

NASDAQ: PLUG Electrical Equipment & Parts
$2.26
▲ $0.09 (+4.15%) today
Markets open · 9:49am ET

Q3 2025 Earnings

Reported Nov 10, 2025, 4:01pm ET · SEC source
$-0.12
Beat +8.19%
EPS · est. $-0.13
$177.1M
Beat +0.57%
Revenue · est. $176.1M
−8.1%
Trailing market
PLUG vs S&P since report
4 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−8%−4%0+4%Nov 10Nov 11report 4:01pm ETearnings+0.3%−3.8%
−8%−4%0+4%Nov 10Nov 11earnings+0.3%−3.8%
PLUG −3.8%S&P 500 +0.3%
−8%−4%0+4%Nov 10Nov 11report 4:01pm ETearnings−0.2%−3.8%
−8%−4%0+4%Nov 10Nov 11earnings−0.2%−3.8%
PLUG −3.8%NASDAQ −0.2%
−20%0Nov 10Nov 18report 4:01pm ETearnings−3.2%−33.9%
−20%0Nov 10Nov 18earnings−3.2%−33.9%
PLUG −33.9%S&P 500 −3.2%
−20%0Nov 10Nov 18report 4:01pm ETearnings−4.5%−33.9%
−20%0Nov 10Nov 18earnings−4.5%−33.9%
PLUG −33.9%NASDAQ −4.5%
−1.17%
Day of report
+7.91%
Next session
−15.42%
One week
−8.30%
30 days

S&P 500 over the same 30 days: −0.18%.

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 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 <a href="https://247wallst.com/investing/2025/11/10/plug-power-misses-earnings/">encouraging operational results</a> 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 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.”

Plug Power CEO, on the earnings call

Forward Guidance & Outlook

Plug Power is targeting EBITDAS-positive results in the second half of 2026, supported by ongoing reductions in cash burn, pricing improvements, and revenue growth. The company expects to generate more than $275 million in liquidity improvement through asset monetization of electricity rights, release of restricted cash, and reduced maintenance expenses via a non-binding LOI with a major U.S. data center developer. Plug will suspend DOE loan program activities and reallocate capital to higher-return opportunities. The company will provide further strategic insight at its 7th annual Plug Symposium on November 18, 2025.

PLUG YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$-1,000,000,000$-500,000,000$0$173.7M$177.1MRevenue$-150,450,732$-120,165,000Gross Profit$-902,429,495$-348,789,000Operating Income$-1,263,950,402$-361,869,000Net Income
$-1,000,000,000$-500,000,000$0RevenueGross ProfitOperating IncomeNet Income

PLUG Revenue by Segment

Sales of equipment, related infrastructure and other$96.8M
GenEco Electrolyzers$65.0M+13.0%
Fuel delivered to customers and related equipment$35.9M
Power purchase agreements$24.6M
Services performed on fuel cell systems and related infrastructure$19.7M

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