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Plug Power
(NASDAQ:PLUG)
Plug Power (PLUG) vs. SPDR S&P 500 ETF (SPY)
Plug Power Business Overview & Revenue Model
Plug Power Key Performance Indicators (KPIs)
Analyzes revenue from different business segments, highlighting which areas are driving growth and profitability, and indicating the company's strategic focus and market opportunities.
Main Street DataPlug Power Earnings Call Summary
Plug Power Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 676.17M | 628.81M | 891.34M | 701.44M | 502.34M | -93.24M |
| Gross Profit | -482.02M | -624.89M | -507.79M | -194.36M | -171.31M | -469.42M |
| EBITDA | -2.01B | -1.98B | -1.26B | -632.53M | -409.57M | -550.92M |
| Net Income | -2.12B | -2.10B | -1.37B | -724.01M | -459.96M | -596.15M |
Balance Sheet | ||||||
| Total Assets | 3.10B | 3.60B | 4.90B | 5.76B | 5.95B | 1.36B |
| Cash, Cash Equivalents and Short-Term Investments | 165.90M | 205.69M | 135.03M | 2.16B | 3.87B | 448.14M |
| Total Debt | 991.43M | 1.08B | 1.13B | 898.73M | 810.15M | 560.10M |
| Total Liabilities | 1.61B | 1.80B | 2.00B | 1.70B | 1.34B | 769.83M |
| Stockholders Equity | 1.42B | 1.73B | 2.90B | 4.06B | 4.61B | 586.26M |
Cash Flow | ||||||
| Free Cash Flow | -667.19M | -1.06B | -1.80B | -1.08B | -551.44M | -205.70M |
| Operating Cash Flow | -518.43M | -728.64M | -1.11B | -620.83M | -358.18M | -155.48M |
| Investing Cash Flow | -161.54M | -402.36M | 728.05M | -679.37M | -1.74B | -95.33M |
| Financing Cash Flow | 517.08M | 983.17M | 6.12M | -77.46M | 3.60B | 1.52B |
Plug Power Technical Analysis
Plug Power Risk Analysis
Plug Power Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $22.60B | ― | 2.82% | ― | 44.53% | ― | |
51 Neutral | $1.41B | ― | ― | ― | 209.20% | 4.24% | |
50 Neutral | $3.78B | ― | ― | ― | 324.10% | -214.91% | |
46 Neutral | $2.73B | ― | -95.42% | ― | 2.53% | -2.83% | |
45 Neutral | $974.22M | ― | -23.63% | ― | 25.24% | -12.96% | |
41 Neutral | $193.77M | ― | -29.51% | ― | 78.82% | -20.81% |
Plug Power Corporate Events
Plug Power Inc.’s recent earnings call conveyed a generally positive sentiment, underscored by robust revenue growth and strategic initiatives that bolstered liquidity and operational efficiency. Despite facing challenges such as a noncash charge and plant issues impacting the fuel business, the overall tone was optimistic, driven by significant growth and strategic positioning.
Plug Power Inc., a leader in hydrogen solutions, is at the forefront of the hydrogen economy, providing a comprehensive ecosystem for hydrogen production, storage, delivery, and power generation across various industries. The company is recognized for its pioneering efforts in deploying industrial-scale hydrogen solutions globally.
Plug Power reported $177 million in revenue for the third quarter of 2025, driven by strong performance in its electrolyzer business and increased hydrogen fuel sales. The company saw a significant improvement in cash flow and reduced operational cash burn, ending the quarter with $166 million in cash and completing a $370 million capital raise. Strategic initiatives under Project Quantum Leap are enhancing margins and cash flow, while the company continues to expand its global market presence with significant projects in Europe, Australia, and North America. Plug Power is also focusing on new markets, such as large-scale stationary power and mobility, and has extended a multi-year hydrogen supply contract to strengthen its domestic position. The company is poised for future growth with a planned leadership transition and ongoing operational improvements.
The most recent analyst rating on (PLUG) stock is a Buy with a $3.50 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.
On November 10, 2025, Plug Power announced a non-binding letter of intent to monetize its electricity rights and collaborate with a U.S. data center developer to provide auxiliary and back-up power solutions using its advanced fuel cell technology. This initiative is expected to generate over $275 million in liquidity improvement through asset monetization, release of restricted cash, and reduced maintenance expenses. The collaboration highlights Plug Power’s growing presence in the data center sector, emphasizing the need for reliable, low-carbon energy. Additionally, Plug Power will suspend activities related to the Department of Energy loan program, reallocating capital towards higher-return opportunities in its hydrogen network. This strategic move reflects Plug Power’s agility and financial discipline, expanding its reach into a high-growth market that values reliability, resiliency, and sustainability.
The most recent analyst rating on (PLUG) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.
On October 8, 2025, Plug Power Inc. entered into a Warrant Inducement Agreement with an investor, which involves the exercise of existing warrants and the issuance of new warrants to purchase up to 185,430,464 shares of common stock. This transaction, expected to close on October 9, 2025, could generate approximately $371 million in gross proceeds initially, with the potential for an additional $1.4 billion if the new warrants are fully exercised. The proceeds are intended for working capital and general corporate purposes, potentially impacting the company’s financial flexibility and market positioning.
The most recent analyst rating on (PLUG) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.
On October 3, 2025, Plug Power announced the resignation of Sanjay Shrestha as President, effective October 10, 2025, and the appointment of Jose Luis Crespo as the new President, with a transition to CEO expected in March 2026. Crespo, who has been with the company since 2014, is credited with driving significant sales growth and strengthening key customer relationships, ensuring continuity and strategic focus during this leadership transition. These changes reflect Plug Power’s commitment to maintaining its leadership in the hydrogen economy and ensuring long-term shareholder value.
The most recent analyst rating on (PLUG) stock is a Buy with a $7.00 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.
Plug Power Inc. has expanded its At Market Issuance Sales Agreement by adding Yorkville Securities, LLC as an additional sales agent or principal, allowing the company to offer and sell shares of its common stock through this new partner. The agreement, originally established in January 2024 and amended multiple times, enables Plug Power to raise up to $1 billion through an at-the-market offering, with the latest amendment made on September 29, 2025, keeping the material terms and conditions unchanged.
The most recent analyst rating on (PLUG) stock is a Buy with a $4.00 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.
On March 19, 2025, Plug Power Inc. sold warrants to purchase 185,430,464 shares of its common stock, with an exercise price of $2.00 per share, expiring on March 20, 2028. This move, part of an underwriting agreement with Oppenheimer & Co. Inc., aims to bolster the company’s financial position and market presence. The company filed a new registration statement on May 27, 2025, to replace an expiring one, and on September 22, 2025, registered for resale the shares issuable upon exercise of the warrants, indicating a strategic effort to manage its stock offerings and maintain investor interest.
The most recent analyst rating on (PLUG) stock is a Buy with a $4.00 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.
Plug Power Inc.’s recent earnings call conveyed a positive sentiment, underscored by notable revenue growth and improved gross margins. The company is experiencing strong sales in its electrolyzer segment, despite ongoing challenges with negative gross margins and tariff impacts. Strategic initiatives and favorable policy changes are contributing to the company’s forward momentum.
Plug Power Inc. has extended its At Market Issuance Sales Agreement with B. Riley Securities, Inc. through Amendment No. 3, dated August 15, 2025. This amendment allows the company to continue offering and selling its common stock, with a total potential gross sales price of up to $1 billion, until August 15, 2027, or until all shares are sold, under its automatic shelf registration statement filed with the SEC.
The most recent analyst rating on (PLUG) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.