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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.
The FlyPlug 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% | |
62 Neutral | $24.37B | -3,711.34 | 2.82% | ― | 44.53% | ― | |
51 Neutral | $396.21M | -0.99 | -26.12% | ― | 41.05% | -1.02% | |
51 Neutral | $974.22M | -9.40 | -23.63% | ― | 25.24% | -12.96% | |
50 Neutral | $1.20B | -34.22 | -39.01% | ― | 234.14% | 42.67% | |
49 Neutral | $4.59B | -1.67 | ― | ― | 324.10% | -214.91% | |
48 Neutral | $3.33B | -1.04 | -95.42% | ― | 2.53% | -2.83% |
Plug Power Corporate Events
On December 30, 2025, Plug Power entered into a 15-year Release Event License Agreement with Walmart that establishes a contingency framework for Walmart to access escrowed GenKey System-related software, documentation and materials solely for internal maintenance of its facilities if certain defined release events occur, while Plug Power retains all intellectual property rights. The agreement also sets out Plug Power’s efforts to qualify alternative fuel cell stack suppliers, gives Walmart limited conditional rights around stack sourcing, provides for compensation to Walmart under certain circumstances for costs to sustain industrial truck operations, and structures a tiered fee arrangement under which Walmart pays one-time and annual license fees that increase if a release event is triggered. As part of the deal, Walmart irrevocably terminated a 2017 transaction agreement and forfeited all vested portions of a warrant to purchase Plug Power common stock, with all unvested portions cancelled, thereby eliminating potential future dilution of up to 42,192,479 shares and removing 34,554,185 vested warrant shares and 7,638,294 unvested shares from Plug Power’s future share issuance overhang.
The most recent analyst rating on (PLUG) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.
On December 3, 2025, Plug Power Inc. announced changes to the record date and special meeting date for stockholders, moving the record date to December 12, 2025, and the meeting to January 29, 2026. This adjustment aims to provide stockholders additional time to recall shares on loan and ensure maximum participation in the voting process, with the purpose of the meeting remaining unchanged.
The most recent analyst rating on (PLUG) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.
On November 21, 2025, Plug Power Inc. completed a private offering of $431.25 million in Convertible Senior Notes due 2033, which included an option exercised by initial purchasers to buy additional notes. The proceeds, approximately $399.4 million after expenses, were used to repay existing debts and for general corporate purposes, positioning the company to strengthen its financial structure. The notes, which bear a 6.75% interest rate, are convertible into cash or stock and are part of Plug Power’s strategy to manage its financial obligations and enhance liquidity. This move is expected to impact the company’s market positioning by potentially improving its balance sheet and providing flexibility for future growth.
The most recent analyst rating on (PLUG) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Plug Power stock, see the PLUG Stock Forecast page.
On November 18, 2025, Plug Power hosted its seventh annual Plug Symposium at its Vista manufacturing facility in New York, highlighting its strategic vision in the hydrogen economy and providing a financial update. The event featured discussions on the company’s Project Quantum Leap initiatives, operational milestones, and leadership transition as CEO Andy Marsh prepares to hand over the role to Jose Luis Crespo in March 2026. The symposium emphasized Plug Power’s advancements in electrolyzer deployment, hydrogen production, and key partnerships, underscoring its role in strengthening energy independence.
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.
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.