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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 | 672.84M | 628.81M | 891.34M | 701.44M | 502.34M | -100.47M |
| Gross Profit | -461.88M | -624.89M | -507.79M | -194.36M | -99.32M | -69.72M |
| EBITDA | -1.84B | -1.98B | -1.26B | -632.53M | -409.57M | -550.95M |
| Net Income | -1.97B | -2.10B | -1.37B | -724.01M | -459.96M | -596.15M |
Balance Sheet | ||||||
| Total Assets | 3.35B | 3.60B | 4.90B | 5.76B | 5.95B | 2.42B |
| Cash, Cash Equivalents and Short-Term Investments | 140.74M | 205.69M | 135.03M | 2.16B | 3.87B | 1.31B |
| Total Debt | 546.67M | 1.08B | 968.85M | 898.73M | 810.15M | 560.10M |
| Total Liabilities | 1.59B | 1.80B | 2.00B | 1.70B | 1.34B | 910.10M |
| Stockholders Equity | 1.68B | 1.73B | 2.90B | 4.06B | 4.61B | 1.47B |
Cash Flow | ||||||
| Free Cash Flow | -770.41M | -1.06B | -1.80B | -1.29B | -551.44M | -206.53M |
| Operating Cash Flow | -603.55M | -728.64M | -1.11B | -828.62M | -358.18M | -156.31M |
| Investing Cash Flow | -221.02M | -402.36M | 728.05M | -679.37M | -1.74B | -95.33M |
| Financing Cash Flow | 682.48M | 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 |
|---|---|---|---|---|---|---|---|
| ― | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
| ― | $1.76B | ― | ― | ― | 209.20% | 4.24% | |
| ― | $1.77B | ― | -33.65% | ― | 20.84% | 24.84% | |
| ― | $1.14B | ― | -22.60% | ― | 14.82% | -19.27% | |
| ― | $4.48B | ― | ― | ― | 128.49% | -697.81% | |
| ― | $3.31B | ― | -84.40% | ― | -1.70% | 9.93% | |
| ― | $289.04M | ― | -29.51% | ― | 78.82% | -20.81% |
Plug Power Corporate Events
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.
On August 11, 2025, Plug Power reported its financial results for the second quarter of 2025, highlighting a 21% year-over-year revenue increase to $174 million, driven by strong demand across its platforms. The company made significant strides in improving gross margins, reducing them from negative 92% to negative 31%, and emphasized its commitment to operational efficiencies under Project Quantum Leap. Plug Power is on track to achieve gross margin neutrality by the fourth quarter and aims for $700 million in revenue for the year. The company is also expanding its hydrogen generation network and securing early-stage agreements in its electrolyzer business, positioning itself as a leader in the growing hydrogen economy.
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.
Plug Power Inc., a pioneer in hydrogen solutions, is at the forefront of the hydrogen economy, offering a comprehensive ecosystem for production, storage, delivery, and power generation across various industries. In its latest earnings report for the second quarter of 2025, Plug Power highlighted significant revenue growth and strategic advancements, underscoring its expanding role in the global hydrogen market.
Plug Power reported a 21% increase in Q2 2025 revenue compared to the previous year, driven by strong demand for its hydrogen solutions, including GenDrive fuel cells and GenEco electrolyzer platforms. The company achieved significant improvements in gross margin, reduced operating expenses, and enhanced cash flow, largely due to Project Quantum Leap, which optimized workforce and renegotiated supply contracts. Plug Power is expanding its global reach with over 230 megawatts of GenEco electrolyzer programs in development across Europe, Australia, and North America, and it continues to strengthen its market position with strategic partnerships and tax credit benefits, setting the stage for future growth in the hydrogen economy.
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.