The earnings call reflected positive momentum with significant revenue growth, improved gross margins, and strong sales in the electrolyzer segment. Despite the ongoing issue of negative gross margins and tariff impacts, the company is making progress with strategic initiatives and benefits from favorable policy changes.

Company Guidance -

Q3 2025

During Plug Power's second quarter earnings call for fiscal year 2025, CEO Andy Marsh emphasized the company's strategic priorities under Project Quantum Leap, targeting improvements in gross margins, operational efficiency, and cash discipline. The company reported a 21% year-over-year revenue increase to $174 million, driven by strong demand across its GenDrive, GenFuel, and GenEco platforms. Electrolyzer sales burgeoned to approximately $45 million, and gross margins improved from negative 92% in the previous year to negative 31% this quarter. The company's goal is to achieve gross margin neutrality by the fourth quarter, facilitated by pricing adjustments and enhanced service performance. The hydrogen plants in Georgia and Louisiana are operating effectively, and a new hydrogen supply agreement is projected to yield significant cost savings. Plug Power also forecasts approximately $700 million in revenue for the year, with a robust electrolyzer pipeline anticipated to contribute to future growth. The organization remains committed to maintaining strict cash discipline, reducing net cash outflows by over 40% year-over-year, ending the quarter with $140 million in cash and over $300 million in additional debt capacity.

Revenue Growth

Plug Power closed the second quarter with $174 million in revenue, up 21% year-over-year, driven by strong demand across the GenDrive, GenFuel, and GenEco platforms.

Electrolyzer Sales Surge

Electrolyzer sales more than tripled from a year ago, reaching roughly $45 million in the quarter.

Improved Gross Margins

Gross margins improved significantly from negative 92% in Q2 of last year to negative 31% this quarter.

Hydrogen Plant Performance

Hydrogen plants in Georgia and Louisiana are performing well, with the Louisiana plant offering the lowest cost support for the business.

Strong Cash Position

Ended the quarter with over $140 million in cash and have access to more than $300 million in additional debt capacity. Net cash in operating and investing activities declined over 40% year-over-year.

Policy Tailwinds

Recent legislation on production and investment tax credits provides long-term clarity and aligns with Plug Power's strategy to expand hydrogen production.

Plug Power (PLUG) Earnings, Revenues Date & History

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PLUG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 11, 2025	2025 (Q3)	-0.13 / -	-0.25	―	―	―
Aug 11, 2025	2025 (Q2)	-0.15 / -0.20	-0.36	44.44% (+0.16)	―
May 12, 2025	2025 (Q1)	-0.19 / -0.21	-0.46	54.35% (+0.25)	―
Mar 03, 2025	2024 (Q4)	-0.23 / -1.48	-1.08	-37.04% (-0.40)	―
Nov 12, 2024	2024 (Q3)	-0.24 / -0.25	-0.47	46.81% (+0.22)	―
Aug 08, 2024	2024 (Q2)	-0.31 / -0.36	-0.4	10.00% (+0.04)	―
May 09, 2024	2024 (Q1)	-0.33 / -0.46	-0.35	-31.43% (-0.11)	―
Mar 01, 2024	2023 (Q4)	-0.37 / -1.08	-0.38	-184.21% (-0.70)	―
Nov 09, 2023	2023 (Q3)	-0.30 / -0.47	-0.3	-56.67% (-0.17)	―
Aug 09, 2023	2023 (Q2)	-0.27 / -0.40	-0.3	-33.33% (-0.10)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

PLUG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 11, 2025	$1.58	$1.54	-2.53%
May 12, 2025	$0.90	$0.81	-10.00%
Mar 03, 2025	$1.61	$1.50	-6.83%
Nov 12, 2024	$1.99	$1.91	-4.02%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.