Plug Power demonstrated strong financial and operational performance in Q1 2025, with progress in hydrogen production and significant cost reductions. The company is strategically positioned in the European market, although it faces challenges with tariffs and US policy uncertainties.

Company Guidance -

Q1 2025

During the Plug Power First Quarter 2025 earnings call, the company reported meeting its financial and operational targets despite a challenging macro environment. Revenue for Q1 was $134 million, aligning with guidance, and the company is projecting between $140 million to $180 million for the second quarter. Significant improvements were made in margins and cash burn, with the latter reducing by nearly 50% year-over-year. Plug Power's Quantum Leap program aims for over $200 million in annualized cost reductions. The company raised $280 million in equity and secured a $525 million structured financing facility to bolster liquidity. Additionally, Plug Power is actively navigating tariff impacts and engaging with policymakers on the future of hydrogen tax credits. The company also highlighted a $21 billion opportunity in Europe's electrolyzer market, driven by regulatory mandates and funded incentives, with Plug Power strategically positioned to capitalize on these opportunities.

Revenue and Financial Performance

Plug Power met its Q1 2025 financial and operational targets with revenue at $134 million, in line with guidance. The company projects $140 million to $180 million in revenue for Q2. Cash burn was down nearly 50% year-over-year.

Progress in Hydrogen Production

The 15-ton per day Louisiana hydrogen plant was commissioned on time, and together with Georgia and Tennessee, the company now has 40 tons per day in internal production capacity.

Significant Cost Reduction Efforts

The Quantum Leap program targeted over $200 million in annualized run rate reductions, and most of these savings have been executed.

Strategic Position in Europe

Plug Power is strategically positioned in the European electrolyzer market, with significant opportunities in Denmark, Spain, Portugal, and the UK, supported by regulatory frameworks and subsidies.

Financial Flexibility and Infrastructure Support

In March, Plug Power raised $280 million in equity and secured a $525 million structured financing facility. The company holds nearly $300 million in unrestricted cash.

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
Aug 07, 2025	2025 (Q2)	-0.15 / -	-0.36	―	―	―
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)	―
May 09, 2023	2023 (Q1)	-0.27 / -0.35	-0.27	-29.63% (-0.08)	―

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
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%
Aug 08, 2024	$2.08	$2.08	0.00%

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.